(All amounts are expressed in Canadian dollars, unless otherwise stated)
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 11, 2012) - Spur Ventures Inc. ("Spur" or the "Company") (TSX VENTURE:SVU)(OTCBB:SPVEF) is pleased to announce the appointment of John Morgan as president, CEO and a director of the Company effective immediately.
Mr. Morgan will succeed Dr. Rob Rennie, who has retired as President and CEO following the completion of the Company's sale of its phosphate business in China. Dr. Rennie will remain with the Company as a Director and has agreed to remain as an advisor to the Spur Board in order to ensure an orderly transition.
Mr. Morgan is a geologist with a 35 year career as a mining executive. He has been involved in all phases of mine exploration, planning and development, primarily in gold and coal in a variety of jurisdictions including Central and South America and Canada. He has participated in a diverse range of corporate activities, including technical reports and feasibility studies, corporate mergers and acquisitions and major corporate financings. Mr. Morgan is also a fluent Spanish speaker.
Mr. Morgan will be responsible for executing the Company's strategy to pursue potential acquisitions in gold, base metals or other mineral assets or businesses that are in more advanced stages of development where the balance of technical and geopolitical risk is intended to result in increased value to Spur's shareholders within a relatively short time frame.
Steven Dean, Chairman of Spur, noted: "We are delighted to have someone of John's calibre join the Company as President and CEO. John's extensive experience in all phases of mine exploration, planning and development will be a significant asset as the Company looks to take advantage of current financial market volatility to make a strategic investment or investments on favourable terms."
Mr. Dean added: "We are also pleased to have Dr. Rennie remain with the Company as a Director. His tireless efforts in China have been very much appreciated by the board and by the Company's main shareholders and we wish him well in his future endeavours outside of Spur."
The Company announced the granting to Mr. Morgan a total of 1 million stock options pursuant to the Company's stock option plan at $0.40 per share for 5 years subject to regulatory approval.
This news release contains "forward-looking statements". Forward-looking statements include, but are not limited to, statements with respect to the plans for completion of the disposition of all or substantially all of the Company's undertaking, future plans and objectives of the Company, 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, delays in obtaining regulatory approvals on acceptable terms; delays in obtaining shareholder approval; 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.
Neither TSX Venture Exchange nor its Regulation Services Provider, as defined in the policies of the TSX Venture Exchange, accepts responsibility for the adequacy or accuracy of this release.