May 19, 2010 (Marketwire Canada) -- VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 19, 2010) -
All amounts are expressed in U.S. dollars, unless otherwise stated
Spur Ventures Inc. ("Spur" or the "Company") (TSX:SVU)(OTCBB:SPVEF) announced today that the Central Ministry of Land and Resources ("MOLAR") has approved the extension of the Shukongping mine license, setting the new expiry date as October 09, 2011. The Dianziping mining license is currently valid until February 11, 2014.
The extension of the Shukongping license is key to the pending transfer of the Shukongping mine from Spur's joint venture partner Hubei Yichang Phosphorus Chemical Co. ("YPCC") to its Chinese joint venture, Yichang Maple Leaf Chemicals ("YMC").
With the approval of the Revised JV Agreement and extension of YMC's business license announced respectively in the Company's May 11, 2010 and April 27, 2010 press releases, and given that both the Shukongping and Dianziping mines now have valid mining licenses, the process of orderly transfer of the two mines from YPCC to YMC is now able to commence.
Once the two mining licenses have been transferred from YPCC to YMC, MOLAR will issue new mining licenses in the name of YMC with an expected term for each license of twenty years subject to continual renewal for the life of the mines. YMC will be able, however, to commence the steps toward development of the mines once the transfer from YPCC is complete.
According to the newly approved Revised JV Agreement, the transfer of the two mines must occur no later than August 31, 2010. Further announcements will be made 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.
For more information please contact Dr. Robert Rennie at email@example.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.