OTC Bulletin Board : SPVEF


October 19, 2010 09:01 ET

Spur Ventures Confirms New Joint Venture Partner in Yichang Maple Leaf Chemicals and Updates Project Progress

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 19, 2010) -

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

Spur Ventures Inc. ("Spur" or the "Company") (TSX:SVU)(OTCBB:SPVEF) confirmed today that Yichang Xingfa Group Company Ltd. ("Xingfa") has been authorized by the Yichang City authorities to acquire 100% of the shares of Yichang SASAC in Hubei Yichang Phosphate Chemicals Industry Group Ltd. ("YPCC"), Spur's joint venture partner in China, giving Xingfa 95.9% ownership in YPCC.

Xingfa is a State Owned Enterprise with 19 subsidiaries which are involved in the mining and processing of phosphorus, coal mining and distribution, as well as explosives engineering.

Xingfa has five mines near Yichang Maple Leaf Chemical's ("YMC") Shukongping and Dianziping mines with reserves of 150 million tonnes which supply 1.6 million tonnes of rock phosphate annually for the production of high value industrial, feed and phosphate chemicals. Xingfa has also recently begun construction of a 600,000 tonnes/yr DAP fertilizer facility in Yidu near Yichang Spur Chemicals ("YSC") current NPK fertilizer plant.

One Xingfa subsidiary, Hubei Xingfa Chemicals Group Company Ltd. ("Xingfa Chemicals") is publicly listed on the Shanghai Stock Exchange (Stock Code 600141) with a current market capitalization of approximately $ 1.2 billion. Spur understands that Xingfa intends to eventually transfer its ownership interest in YPCC to Xingfa Chemicals.

YMC Project Update

Yichang City has now completed the documentation necessary for the transfer of the two mining licenses based on their approvals announced in Spur's August 13 press release. The mining license transfer is now being reviewed by the relevant authorities at the Hubei Province Level after which the Central Ministry of Land and Resources in Beijing must give its final approval.

Further updates will be issued as appropriate.

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 includes certain statements that may be deemed to be "forward-looking statements" regarding the timing and content of upcoming programs. Although Spur believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include phosphate and potash prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.

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

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