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Past Profile

eBlast
Spirit Exploration, Inc. (Pink Sheets: SPXP)
February 11th, 2008.

 
 Spirit Exploration Inc., (Pink Sheets: SPXP)

Dear Reader,

Credit problems, inflationary pressures and the weakening U.S. dollar are contributing to investor anxiety and pushing the price of gold higher and higher.  People fearing continued financial uncertainty are turning to traditional safe havens - hard assets.  This is stoking the fire and, as we've seen in the past, we are witnessing a flight to gold.

Gold is a chemical element with the symbol Au. Gold is the most malleable and ductile metal.  A single gram can be beaten into a sheet of one square meter, or an ounce into 300 square feet. Interesting, but how does it perform in the market as a value product?

In 1910 an ounce cost $20.67. In 1970, $37.60. In 1980, $641.20. What a jump during the 70's with that decade's 'stagflation' and 'inflation.' In 2000, gold had fallen back into realistic pricing at $272, while the world economies flourished.  But as economies around the world began slowing down in the early years of the new millennium, up went the price of gold.  In 2005, $513.00 and in 2007, $807.00.
 

Just take a look at the jump in the 
Dow Jones
U.S. Platinum & Precious Metals Index

With the bundled mortgage and mortgage insurance markets generally forecasted to be at best - flat in 2008, there has been a flight to gold and the company we bring you today, Spirit Exploration, is deeply entrenched in the gold mines of Ecuador, one of the world's most gold-productive regions. 

As many investors have recently looked at the balance wheels and pie charts of their assets and diversification, we think our featured profile today is well worth your review.  Do you own any gold related stocks?  Take a look...
<<<Spacer>>>
    Breaking *NEWS* >From Spirit Exploration Inc.
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Press Release Source: Spirit Exploration, Inc.
Monday February 11, 9:00 am ET

Spirit Exploration, Inc. Updates Shareholders on Recent Events and Positive Company Direction Going Forward

BAKERSFIELD, CALIFORNIA--(MARKET WIRE)--Feb 11, 2008 -- Spirit Exploration, Inc. (Other OTC:SPXP.PK - News) today announced an update for shareholders. The update includes certain recent Company developments as well factors in the Company's future direction. Many positive developments have occurred since Spirit last updated shareholders in early December of last year. The update covers the Company's goal of a listing on a senior exchange, funding, mining operations as well as management changes. The individual topics are discussed below.

Becoming Fully Reporting Company and Listing on a Senior Exchange

Over the last 2 months, Spirit Exploration has filed its audited consolidated financial statements on Pinksheets for 2006 and 2007. Additionally the Company has filed its Form 10 with the Security and Exchange Commission which included those audited financial statements. The SEC has responded with comments and our response to those comments is close to completion pending only final engineering confirmations. At the completion of the SEC review process, Spirit will be a fully reporting Company. We expect this process to be completed within the next few weeks. The Company intends to apply for a listing on a senior stock exchange immediately upon completion of the Form 10 review process.

Funding of Spirit Exploration
As previously announced, Spirit Exploration is in the process of obtaining multiple financings that will enable the Company to aggressively pursue its business plan throughout 2008 and into 2009. The Company has presented what we believe to be all documentation required to be presented to the underwriting group to complete a subscription of $20 Million in Asset Backed Notes. The Company is also pursuing additional short-term funding opportunities that will enable the Company to properly pursue its business plan.

Mining Operations
Last year's election of President Correa is seen as very encouraging for mining companies working in Ecuador. President Correa has commented that Ecuador's path out of poverty and growth as a nation is through mining and Spirit believes he will continue to strongly support laws and regulations that enable foreign companies such as Spirit Exploration to conduct full-scale operations.

Currently, Spirit through its wholly owned subsidiary, ECUADORGOLDCORP, S.A has a number of projects under way. Spirit, with its new funding, will aggressively move forward and increase the number of gold and other precious metal projects dramatically over the next two years. For more information on current projects see: http://www.spirit-exploration.com/projects/.

Management
Thomas J. Cunningham has joined the company as President effective January 15, 2008. Mr. Cunningham has over thirty years experience in natural resource exploration and development. His experience with publicly traded companies, the Securities Exchange Commission and the American Stock Exchange will be very valuable as the company moves forward with application for listing on the AMEX and/or other stock exchanges.

About Spirit Exploration, Inc.
Spirit Exploration, Inc. (an exploration stage company), through its 99% owned subsidiary ECUADORGOLDCORP, S.A., is a natural resource exploration company with an objective of acquiring, exploring and if warranted and feasible, developing natural resource properties. Activities during the exploration stage include developing the business plan, raising capital, and acquiring properties in Ecuador which have mining concessions granted by the Ecuadorian government.

Forward-Looking Statements: Certain information and statements included in this release are intended to constitute "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such 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 in such forward-looking statements.

     Contacts:
     Goal Capital LLC
     Dan Gravelle
     1-877-887-2118
     Email: danny@spirit-exploration.com
     Website: http://www.spirit-exploration.com
      
Source: Spirit Exploration, Inc.
<<<Spacer>>>
    About Spirit Exploration Inc.
a

Spirit Exploration Inc., ("Spirit""SPXP") through its 99% owned subsidiary ECUADORGOLDCORP, S.A., is a natural resource exploration company with an objective of acquiring, exploring and if warranted and feasible, developing natural resource properties. Activities during the exploration stage include developing the business plan, raising capital, acquiring mining properties in Ecuador. We are in the process of bringing several mines into production. We have acquired, and we have options to acquire, a diverse range of mineral production and exploration properties in Ecuador.
 

Ecuador is one of the world's most exciting mineral resource countries. 

Spirit Exploration's mission is to identify and acquire lucrative mineral resource properties and mines in Ecuador.

Southern Ecuador has rapidly become an attractive choice for mineral exploration/development companies. Permissive geology in unexplored or under explored areas, a stable mining code, an opportunistic labor pool, no restrictions on capital flows, and relatively good infrastructure has led to the recent interest in the country. Ecuador is mineral rich with the same geological framework and mineral potential as its neighbors, Peru, Chile, and Colombia although it remains under explored compared to those countries.

Spirit activities during the exploration stage include: developing the business plan, raising capital, acquiring mining properties in Ecuador. Spirit is in the process of bringing several mines into production. Spirit has acquired, and has options to acquire, a diverse range of mineral production and exploration properties in Ecuador. Spirit has interest in gold camps near Aurelian's Del Norte Discovery, Nambija, and Portovelo. Spirit also owns three mines and a flotation processing plant in the Muluncay Mining District near Portovelo in Southern Ecuador. The company is based in Victoria, Canada.
aa
    Gold Mining 


GOLD MINING IN 1951

Mineral Exploration and Development in Ecuador

Although gold has been mined in Ecuador for centuries most of this mineral rich country has been unexplored by modern techniques and is dominated by small-scale artisanal miners that are inefficient; the use of modern exploration and mining methods and equipment can be applied to great benefit Ecuador’s low costs of labor and fuel make mining very profitable. High overall ore grades with cut off grades often exceeding 10 grams gold per ton allow high margin mining. Improvements in mining laws in the last decade have provided an opportunity to confidently stake claims and recent discoveries indicate the opportunities available to mineral claim holders. In addition, Ecuador’s low costs of labor and fuel make mining in Ecuador relatively cost effective in comparison to other regions. 

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Quito is the capital of Ecuador
The mines in RED are Spirit Exploration properties

The Spirit Exploration Strategies

  • To acquire existing mines and processing facilities that can be upgraded inexpensively and produce significant cash flow quickly. 
  • To establish strong in country ties and partnerships to get an inside track on new acquisitions; and to add to the many local “agents” working on Spirits behalf in all the gold camps.
  • To structure acquisitions to minimize upfront cash payments thereby maximizing exploration funds; Spirit has negotiated favorable acquisition terms that allow us to preserve cash and fully test our optioned properties. 
  • To establish a large strategic land position in the major gold camps of Southern Ecuador: near Aurelian’s Del Norte Discovery, Nambija and Portovelo. To cost effectively conduct mineral exploration by joint venturing which allows Spirit to advance these properties with little capital while still participating in the upside. 
  • To build strong local relations and take advantage of local knowledge and cost effective local mining and administrative talent. 
Spirit strictly observes all the Environmental and Other Regulatory Requirements of Ecuador and its mining regions 

A Gold Industry Statistic: Market Capitalization: 226 Billion 

... other publicly traded companies in the gold and gold mining industry ...

LIHIR GOLD LTD ADR (NasdaqGS: LIHR) - BARRICK GOLD CP (NYSE: ABX) 
GOLDCORP INC (NYSE: GG) - NEWMONT MIN CP HLDG (NYSE: NEM)
RANDGOLD RES LTD (NasdaqGS: GOLD) - COMPANIA DE MINAS BUENAVENTURA (NYSE: BVN) 
INTL TOWER HILL MINE (AMEX: THM) - SOLITARIO RESOURCES (AMEX: XPL)
VISTA GOLD NEW (NYSE: VGZ) - YAMANA GOLD INC (NYSE: AUY)

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    Spirit Exploration Projects

AN OVERVIEW

Spirit has finalized the acquisition of three mines and a flotation processing plant in Southern Ecuador – the “Muluncay Project.” The initial acquisitions provide properties from which Spirit can start producing gold immediately. These acquisitions are presently being upgraded. This area has historically yielded in excess of 4.5 million oz. of gold from epithermal gold/silver vein systems. Spirit’s holding encompasses 2100 hectares. Spirit has also acquired another
concession – the “Maria Olivia” – in the same region. Both the Muluncay Project and the Maria Olivia Project are open to depth and we believe could yield substantial reserves. We plan on building our reserve base with an extensive underground drilling program. Spirit Exploration has acquired and has options to acquire other mineral production and exploration properties as referenced more fully below in Ecuador totaling in excess of 80,000 hectares. These optioned
properties include Fierro Urco I, Fierro Urco II and Campo de Oro.


the
M u l u n c a y
project

The Muluncay Project is situated about 109 miles southeast and 37 miles east of the major Pacific port cities of Guayaquil and Machala, respectively.
It lies on the western slope of the Andes Mountains, part of the Western Cordillera which runs the length of the west coast of North and South America. 

Highlights

  • Currently being upgraded to 110 tons of ore per day. 
  • Inferred Resource 600,000 ounces of gold. 
  • Located in the world-class gold belt in the Province of El Oro, Ecuador. 
  • High-grade vein structures with an average grade of 6 to 8 gT gold with 1% copper. 
  • Estimated final production at 500 tons of ore per day 
"Look for new deposits near old deposits." 

This is why the Company has entered into the mining business in Ecuador and more particularly in the Portovelo area. Within El Oro Province the Portovelo-Zaruma-Muluncay mining camp has conservatively produced in excess of 4.5 million ounces of gold since 1905.

Spirit has  finalized the acquisition of three mines and a flotation processing plant in Southern Ecuador – the Muluncay Project. These acquisitions provide properties from which Spirit is already producing gold. While Spirit has already produced our first shipment of concentrate, it has become apparent that an upgrade to our processing capacity is necessary to take advantage of the tremendous opportunity presented at Muluncay. These mines and processing plant are presently being upgraded.

Spirit has acquired the workings contained by the Aguacate Mine from Sr. Manuel Lopez of Muluncay, Province of El Oro, state of Ecuador. This is located within the centre of the Muluncay concession. The Muluncay concession lies in the centre of the Portovelo-Zaruma mining camp, which is found in the Parishes of Arcacapampa and Muluncay Grande, Province of El Oro, southern Ecuador. It is centered at Latitude 03º 36’ 30” South and Longitude 79º40’ West. It covers an area of 374 hectares.

... the development phase ...

1. Initially through continuation of mine preparation and modernization with equipment for proper mining excavation for the tonnage required for the production plant(s). The Company intends to acquire 100 hectares for the new Central Processing Plant for growth and tailing ponds to fulfill the required Environmental Impact Studies for this future site. The Company will acquire new equipment to bring the current plant to 150 tons per day at the Company’s Esperanza location and acquire equipment for the new flotation plant that will begin under construction during Phase 2.

2. In Phase 2, the Company intends to construct a new central flotation plant, with clearing of land, preparation of utilities and pouring footers to begin immediately. During concrete curing, the Company will begin tailing pond preparation and equipment transportation to the site. The Company will then begin on site assembly of tanks and crushing line assembly for installation. The Company intends to apply equipment in order of placement and continue through a test run of plant at 250 tons per day operation.

3. In Phase 3, the Company will continue the mine development and slashing process to continue to create proper ore feed. The Company will develop holding deposits for extracting ore for proper blending for the plant. After plant runs at approximately 250 tons per day for 90 consecutive days, the Company will begin the process to add additional equipment to raise production to 500 tons per day. Ore volume per day will dictate the growth stages (50 ton tanks can be added quickly) based on the mining progress for vein quality.

Accessibility, Climate, Physiography, Local Resources, Infrastruture and People
Access to the district from the coast is by a paved two lane road in good condition. It is approximately a two hour drive from the coastal city of Machala to the town of Portovelo, at the confluence of the Rio Amarillo and Rio Calera. Access to these sites from Portovelo takes approximately 30 minutes. The climate is subtropical and humid with temperatures ranging from 64 to 86 F. Yearly rainfall averages 52 inches, with heaviest rainfalls occurring in the months from January to June. The population has extensive experience in the recognition and mining of narrow vein high-grade gold deposits, making them a valuable asset for future exploration, development and production throughout the entire region. 

Three main types of gold bearing veins are present in the district. 

  • 1) Quartz veins with disseminated pyrite, minor chlorite as streaks, bands and patches, 
  • 2) Quartz veins with abundant pyrite and subordinate chalcopyrite, galena and sphalerite occurring as bands, patches and coarse disseminations, 

  • 3) Carbonate veins with coarse calcite and calcite-quartz gangue occasionally with coarse galena, sphalerite and chlorite beside ubiquitous pyrite. 
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the
M a r i a   O l i v i a
project

The Maria Olivia concession lies in the northwest corner of the Portovelo-Zaruma mining camp, which is found in the cantons of Ayapamba and Paccha, Province of El Oro, southern Ecuador. It is centered at Latitude 03º 36’ 30” South and Longitude 79º40’ West. It covers an area of 1,067.2 hectares. 

Highlights

  • Inferred Resource 600,000 ounces of gold. 
  • Located in the historic gold producing area of Portovelo, Ecuador 
  • High-grade gold, expected average grade of 12 g/T 
... the development phase ...

Spirit has signed a letter of intent to joint venture this project with Franzosi S.A., an exploration company based in Quito, Ecuador. Maria Olivia has similar geology, structures and mineralization as Muluncay. The project is situated about 108 miles southeast and 37 miles east of the major Pacific port cities of Guayaquil and Machala, respectively. It lies on the western slope of the Andes Mountains, part of the Western Cordillera which runs the length of the west coast of North and South America.

1. Initially in Phase 1 through startup exploration, completion of an environmental impact study, undertaking soil and water studies to begin with laboratory results and engaging mining engineers to begin surface evaluations for possible entry points of the main tunnel.

2. In Phase 2, the Company will put its drill program into place. This will including (i) hiring a drill team with an approved North American Geologist to prepare cores for booking and lab preparation; (ii) building a security shelter for cores and equipment; (iii) moving equipment on site and beginning drilling; (iv) preparing a model from drilling results of the ore body after the first 16,000 feet have been drilled and sampled; (v) beginning calculation of provable resources based upon early lab reports; (vi) starting a second round of drilling (16,000 feet); (vii) using these results to assure mining tonnage and grade for valuations and (viii) repeating the above based upon distance, depth and width of findings.

3. In Phase 3, the Company will begin underground extraction (mining). The Company will need to complete an environmental impact study for extraction. The Company’s mining engineers will begin construction for the entry of the main tunnel and its mechanical engineers will approve final drawings of the flotation processing plant. Key paperwork will be completed include approval of budgets, flow charts and objectives from financing to construction, and setting production objectives.

4. In the final Phase 4, the Company will begin construction of a 200 ton plant and mining extraction. Included in this phase will be (i) setting footers for 400 ton per day Processing flotation plant; (ii) purchasing equipment to set 200 ton per day in this Phase; (iii) developing a tailings pond for five year production at 200 ton per day for a key impact study; (iv) providing rail, water, air and electricity mine for extraction of a 200 ton per day operation; (v) building a laboratory on site and (vi) setting a security perimeter around the active plant and mine area.

Spirit's primary business strategies at Maria Olivia are 

Geological Setting of the Maria Olivia Concession
Bedrock underlying the Maria Olivia concession consists of Lower Cretaceous age Celica Formation massive volcanic lavas of andesitic composition. No detailed mapping has been carried out on these host rocks. Within these host rocks, and on the western margin of an andesitic sub-volcanic intrusion of the Portovelo Series, a series of parallel structures is grouped under the name Cerro de Oro. To the west are a series of basalt flows of Mesozoic age. 

These local area structures encompass both those veins found within the Maria Olivia concession, such as Tres Diablos, Bolivar and San Antonio, as well as those immediately outside the concession boundaries but considered to be part of the same Ayapamba area mineralizing system (e.g. La Sucre Vein). This system of veins is the northwest continuation of the large system of veins (e.g. Abundancia) which have been so vigorously mined in the Zaruma-Portovelo area for the last 400 years.

Exploration - Current
Current exploration by Franzosi S.A. on behalf of the Company has thus far involved a site visit by a consulting geologist engaged by Franzosi S.A. to the general area of the Maria Olivia concession. The geologist also made a visit underground at the Tres Diablos Mine (Tres Diablos Vein) on June 30, 2006. A single sample of vein material was taken by the author from that vein. 

Spirit optioned properties include The Kylee Concession, Fierro Urco I, Fierro Urco II and Campo de Oro.

The Kylee Concession

We have also acquired the Kylee Concession subject to a mortgage. This project contains at least one major vein of 1 metre width, and is suggested to be 2.3 kilometres long, trending from northeast to southwest, width of vein suggests strength, continuity and depth. Our current workings are on a vein exposed along Quebrada Zuro of Rio San Francisco, which lies northeast of the major river, Rio Jubones. There are possible parallel veins in Quebrada Cuchicorral, which appears to be a gully trending northwest where another vein may exist. The area has not been explored for parallel structures which may host similar mineralization. Our proposed exploration program would consist of stream sediment sampling of all creeks in the concession, where accessible, at approximately 100 meter separation along each creek.

Fierro Urco I and II

We have an option to acquire the Fierro Urco I and II Projects (both subject to existing mortgages). The Company’s strategic land package, Fierro Urco II, is comprised of 11 concessions totaling 13,503 hectares (approximately 28,000 acres) inside the Regional Mining District of Loja. This land package is north of Loja, Ecuador and just west of the Aurelian Resources, Inc.(TSX) Fruta Del Norte Gold-Silver Deposit, which recently reported an inferred resource of 13.7 million oz. of gold equivalent. In addition to the Fierro Urco II project, we have a purchase agreement to acquire the Fierro Urco I project. This is a very strategic package and is on the same geological trend as the Fierro Urco II project.

There have been numerous exploration programs carried out on this property under the auspices of the British Geological Commission, the United Nations and Geología del Ecuador. Our geological team in Ecuador has conducted an extensive document search and review of previous work in this very strategic area in Southern Ecuador. The 11 mining concessions we have obtained options for in this package presented 134 areas of interest to our experts. This project will be fully evaluated with a preliminary exploration program already initiated with soil sampling. The program will include detailed mapping, prospecting, stream sediment sampling, and chip and channel sampling to confirm the previous exploration data. We intend to very aggressively define each phase of our exploration results based on these lab tests and intend to move quickly into a drill program.

Campo De Oro

Campo De Oro is an exploration land package in the south-east sector of the Oro Province of Ecuador, just south of the gold camp area of Portovelo. During early exploration, our geological team has discovered a 6 meter wide exposed quartz vein on the surface. Sampling has been done and forwarded to third party lab in Peru for analysis. 

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photo courtesy of Sveriges Riksbank
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     Recent News for Spirit Exploration 

Press Release Source: Spirit Exploration, Inc. 
Friday February 8, 12:06 pm ET

Spirit Exploration retains leading investor relations firm 

BAKERSFIELD, CA, Feb. 8 /PRNewswire-FirstCall/ - Spirit Exploration, Inc. ("Spirit Exploration" or the "Company"), (SPXP.PK) today announced that it has retained the Equicom Group ("Equicom") to provide the Company with strategic investor relations and financial communications services.

Equicom provides strategic communications services to more than 100 public companies across a diverse range of industries. Under the terms of the agreement, Spirit Exploration will pay Equicom a monthly retainer fee of $7,500 for professional services. The initial contract term is 12 months. Neither Equicom nor any of its principals has an ownership interest, directly or indirectly, in Spirit Exploration or its securities, and Spirit Exploration has not granted Equicom or its principals any right to acquire such an interest. Equicom is a wholly owned subsidiary of TSX Group Inc. More



Press Release Source: Spirit Exploration, Inc. 
Thursday January 17, 9:29 am ET 
Spirit Exploration, Inc. Hires New President

BAKERSFIELD, CALIFORNIA--(MARKET WIRE)--Jan 17, 2008 -- Spirit Exploration, Inc. (Other OTC:SPXP.PK - News) Mr. Terry R. Fields, Chief Executive Officer of Sprit Exploration, announced today that Thomas J. Cunningham has joined the company as President effective January 15, 2008. Mr. Cunningham has over thirty years experience in natural resource exploration and development. His experience with publicly traded companies, the Securities Exchange Commission and the American Stock Exchange will be very valuable as the company moves forward with possible listings on the AMEX and/or other stock exchanges. More


Press Release Source: Spirit Exploration, Inc. 
Wednesday December 12, 6:04 pm ET 

Spirit Exploration, Inc. Finalizes Documentation on $20 Million Notes
and Has Been Advised That the Notes Are Oversold

VICTORIA, BRITISH COLUMBIA--(MARKET WIRE)--Dec 12, 2007 -- Spirit Exploration, Inc. (Other OTC:SPXP.PK - News) - Spirit is pleased to announce that with the filing of its audits and the 10-SB registration statement with the Securities Exchange Commission, it has completed the extensive documentation required by Quote Platform Syndicate Inc. on its $20 Million in Asset Backed Notes. Quote Platform Syndicate Inc. has further advised us that the notes have been oversubscribed. We will be advised of the oversold amount within the next week. This additional funding will allow Spirit to implement its aggressive business strategy for 2008. More
a
     Management at Spirit Exploration

Spirit Exploration’s diverse and experienced management team has a proven track record within the mining industry. With decades of experience and a history of success the company is well positioned to prosper led      by its impressive management team. Spirit Exploration is committed to conducting business ethically, legally,      and in a manner that is fiscally, environmentally, and socially responsible, while maximizing shareholder value.

Terry Fields - Director and CEO
Mr. Fields graduated from UCLA (BS, 1965) and obtained his Doctorate of Law degree from Loyola University School of Law (1969). He has over 30 years experience as a practicing attorney in California. He is presently an inactive member in good standing of the California State Bar since 2000. Mr. Fields has extensive knowledge of corporate business and finance matters, both international and domestic, having lived in Europe from 1995 to 1999. He has been involved in the resource area since 1987 when he became President of High Desert Mineral Resources (HDMR, BB) until it was sold to Royal Gold Corp in 2001. He was also President of Apogee Minerals (APE, TSX) from 1993 to 2004 and Yankee Hat Minerals (KHT, TSX) from August 2006 until August 2007. Presently, Mr. Fields is President of First Pursuit Ventures (FPV, TSX) since 2002 and Meadow Bay Capital Corp (MAY.P, TSX) since April 2005. He is still a Director of Yankee Hat Minerals and is a Director of Advanced I.D. Corp (AIDO, BB) since 2004.

Thomas Cunningham - President 
Previous to joining Spirit Exploration, Thomas was Vice President of Tri Valley Corporation and Chief Administrative Officer responsible for accounting, finance and human resources. Prior to that he was the Chief Financial Officer reporting directly to the President. Tri-Valley is an AMEX listed company with several subsidiaries; Tri-Valley Oil & Gas which is an oil and gas exploration company with activities in California and Nevada, another subsidiary is Select Resources which is a mining exploration company with gold mining claims in Alaska. From 1987 until 1997 he was a self-employed management consultant in finance, marketing and human resources. Prior to that he was the Executive Vice President and Chief Financial Officer with Star Resources an oil and gas exploration and production company.

Peter Laipnieks - Director 
Mr. Laipnieks graduated from Wilfred Laurier in 1979 (Hon. BA) and received an MA degree from University of Alberta in 1985. He has over 25 years professional experience as a consultant, senior manager and as President of a public company. From April, 2003 until October, 2005, Mr. Laipnieks was President, Acting Chief Financial Officer and Director of NetMeasure Technologies, Inc. (NMTH, BB). NetMeasure merged with Sorell Inc. (SLLI, PINK), a Korean company in the business of manufacturing, research and development and sales of consumer electronics. He was President of Alliance Corporate Services from 1998 to 2004 and helped raise over $40 million for various clients. He also provided corporate development services to public and private companies, including strategic advice in the areas of financing and public offerings. Mr. Laipnieks was previously Director of Investor Relations for JCI Technologies, a public Canadian high technology company. Mr. Laipnieks spent ten years as a senior manager in the public service, where he was an Executive Director with 120 employees.

Duncan Bain - Consultant - Independent Geological Consultant
Mr. Bain graduated from The University of Western Ontario in 1977, with a Bachelor of Science Degree in Geology. He is currently a doctoral candidate at the University of Western Ontario, working to complete a Ph.D. Geology in Mineral Deposits, with a thesis involving work on the Shakespeare Cu-Ni-PGE deposit, in the Sudbury area, Ontario, Canada. Mr. Bain has been an experienced Exploration and Mining Geologist since 1975. He meets the requirements of an independent ‘Qualified Person’ (QP) under National Instrument 43-101 and has submitted numerous technical reports to securities commissions. He has worked on several major exploration projects around the world. His recent activities have involved examination of gold and base metal properties in Central and South America. .

Allen Beaton - Mining Operations 
Mr. Beaton has 35 years of professional mining experience in both big and small mine operations, contracting, consulting, and with public companies. 
A senior Mining Engineer with vast experience underground operations including seven years as mine manager of Erickson Gold Mine.
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    Financial Highlights For SPXP

Primary SIC Code: 1000, Metal Mining

SPXP
Recent Trade: 2.00 (02/11/08) 
52wk Range: 1.15 - 3.60 
Avg Vol (3m): 22,612
Market Cap. $122 million (approx)

Transparency and Governance

One of the great strengths of SPXP is the Company's responsibility and respect of its shareholders.
While most Pink Sheet companies have obscured financial records and post no filings anywhere,
Spirit Exploration keeps its corporate operations and accounting records: Open.

Below you will find the latest filings PDF documents to download and view.
For the latest links and information about Spirit Exploration, including Updated Filings please visit Pinksheets.com.
or simply click on the links below. The information is in PDF form and if you need the latest free version of Adobe Reader
for PDF files from the Adobe site, just click on the logo below. 

SPXP FILINGS
Interim Financial Report
Spirit Exploration Audited Consolidated Financial Statements 12-31-06 and 9-30-07.
Attorney Letter with Respect to Current Information
Spirit Exploration, Inc. Attorney Letter with Respect to Adequate Current Information. 
Semi-Annual Report
Spirit Exploration Information and Disclosure Statement pursuant to Rule 15c2-11. 
Interim Financial Report
Consolidated Financial Statements at September 30, 2007 and December 31, 2007
Interim Financial Report
Spirit Exploration, Inc. Notes to Financial Statements September 30, 2007 


For the latest trading information on SPXP from the Pink Sheets Web site, just click the logo below.


SPXP

Counsel: Cutler Law Group
3206 West Wimbledon Dr
Augusta, GA 30909
(706) 737-6600
(706) 738-1966 fax
rcutler@cutlerlaw.com
Accountant or Auditor
Gruber & Company LLC
400 Lake St. Louis Blvd
Lake St. Louis, Missouri 63367
Steve Corso
Scorso2@comcast.net
(310) 488-7019
Transfer Online, Inc.
317 SW Alder Street - 2nd Floor
Portland, OR 97204
Phone: 503-227-2950
Fax: 503-227-6874
www.transferonline.com

Factors such as precious and base metal commodity prices, government regulation, interest rates, share price movements of the Company’s peer companies and competitors, as well as overall market movements, may have a significant impact on the market price of the Company’s securities.

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    TO CONTACT SPIRIT EXPLORATION (PK: SPXP)

Spirit Exploration, Inc.
118 Howe Street - Victoria, BC V8V 4K4 Canada
Phone: 250-384-2077 - Fax: 250-384-2076
Corporate Web site: http://www.spirit-exploration.com
E-mail: Peter@spirit-exploration.com

Investor Relations contact:
Goal Capital LLC
29773 Niguel Road #A, Laguna Niguel, CA 92677
Attn: Danny Gravelle
Phone: 949-481-5396 - Fax: 949-481-5396
Gravelle247@yahoo.com

Corporate Offices:
Tom Cunningham, President
7305 Calle Sagrada, Bakersfield, CA 93309
Direct: 661-345-1125 - Fax: 661-835-3593
E-mail: tom@spirit-exploration.com

The Company also maintains an office through its subsidiary, Mineras ECUADORGOLDCORP S.A. in Machala, Ecuador
at Circunvalacion Norte #511, Y12 AVA, Machala, Ecuador. The Machala office consists of a two story building of approximately 4,000 sq. ft.


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