OTC Bulletin Board : SPVEF


March 31, 2011 11:05 ET

Spur Ventures Announces Year End 2010 Results and a Strong Cash Position in Excess of $23 Million

VANCOUVER, BRITISH COUMBIA--(Marketwire - March 31, 2011) -

All amounts are expressed in U.S. dollars, unless otherwise stated

Spur Ventures Inc. ("Spur" or the "Company") (TSX:SVU)(OTCBB:SPVEF) announces its results for the year ending December 31, 2010.

The Company posted a net loss of $1,785,000 ($0.03 per share) in 2010 compared to a net loss in 2009 of $1,543,000 ($0.026 per share). Although the Company reduced its operating expenses by approximately $393,000 (16%) in 2010, a lower foreign exchange gain recorded in 2010 coupled with a gain recorded by the Company in 2009 related to the sale of marketable securities led to a year on year increase in net loss.

Net cash used in operating activities (before working capital changes) for the year was $1.29 million, a 20% ($312,000) reduction from the same period in 2009 reflecting the reduction in operating expenses noted above and the Company's continued focus on cost control.

Spur's cash position remains strong with approximately $23.35 million ($CDN 0.38 per share) in cash and short-term investments as of December 31, 2010 compared to $23.31 million at December 31, 2009 and $20.87 million at December 31, 2008.

More information can be found in the audited financial statements and the related notes and the management discussions and analysis of the period filed with Canadian regulators on SEDAR at www.sedar.com and on the company's website: www.spur-ventures.com.

This news release contains "forward-looking statements". Forward-looking statements include, but are not limited to, statements with respect to the estimation of mineral resources, the timing and content of upcoming programs, the realization of mineral resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to international operations; actual results of planned expansion activities; changes in project parameters as plans continue to be refined; future prices of resources; exchange rates for Canadian, U.S. and Chinese currencies; possible variations in grade or recovery rates, accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; Chinese government policies on fertilizer and agriculture; general economic, market or business conditions as well as those factors discussed under "Description of the Business – Risk Factors" in the Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements or information made in this press release, except as required under applicable securities legislation.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information