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Message: Spirit Exploration, Inc. Comments on Recent Developments in Ecuador
Spirit Exploration, Inc. Comments on Recent Developments in Ecuador
Wednesday, June 25, 2008; Posted: 07:45 PM
BAKERSFIELD, CALIFORNIA, Jun 25, 2008 (Marketwire via COMTEX) -- SPXP | Quote | Chart | News | PowerRating -- Spirit Exploration, Inc. (PINK SHEETS:SPXP) has been informed by their legal counsel in Ecuador that its exploratory concessions held by Ecuadorgold S.A., Spirit's Ecuadorian subsidiary and by Minera Del Pacifico Noreste, S.A., Spirit's operator in Ecuador, have been appropriated by the Ecuadorian Government under its new mining mandate adopted by Ecuador's Constituent Assembly on April 18, 2008. The new mining mandate invoked an immediate 180-day suspension of activities on virtually all mining concessions in Ecuador.
Spirit's gold producing property, the Muluncay, has not been affected by the new mining policy. We are continuing to produce gold from this operation which allows us to continue employment of key personnel and necessary miners. Spirit's management is committed to working to create value for shareholders as it continues to monitor the ever evolving situation in Ecuador. Spirit is seeking further clarification from government officials on how the new mining mandate will be further implemented and will provide additional commentary as more detail becomes available.
About Spirit Exploration, Inc.
Spirit Exploration, Inc., a Nevada Corporation, is an exploration stage mining company. Through its 99% owned subsidiary ECUADORGOLDCORP, S.A., Spirit Exploration is in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador.
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