Spirit Exploration, Inc. Comments on Recent Political Developments in Ecuador
Friday April 25, 7:22 pm ET
BAKERSFIELD, CALIFORNIA--(MARKET WIRE)--Apr 25, 2008 -- Spirit Exploration, Inc. (Other OTC:SPXP.PK - News) provides the following comment on recent developments following the publication of a new mining mandate adopted by Ecuador's Constituent Assembly on April 18, 2008. The new mining mandate invokes an immediate 180-day suspension of activities on virtually all mining concessions in Ecuador while a new mining law is drafted and adopted. Spirit is awaiting formal notification from the Ministry of Mines and Petroleum of the effects of the mining mandate on the company's operations, as defined in the final provisions of the mandate. Spirit's management is committed to working to create value for shareholders as it continues to monitor the situation in Ecuador. Spirit is seeking further clarification from government officials on how the new mining mandate will be implemented and will provide additional commentary as more detail becomes available.
Due to the negative volatility of the world derivative market and the upheaval in the mining sector in Ecuador, Spirit Exploration, Inc. has suspended its funding negotiations with Quote Platform Syndicate. We are pursuing other avenues of funding and will be updating our shareholders in the very near future.
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