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.

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. Spirit is in the process of bringing several mines into production. We also have an option to purchase the Emerson Tungsten Mine near Rachel, Nevada.

Further information is available on the company website: www.spirit-exploration.com

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

IR Contact: Dan Gravelle Goal Capital LLC
Phone: 877 887 2118
Email: danny@spirit-exloration.com

Up to 2005 it was not economically feasible to consider opening the Emerson Mine with tungsten below $65 per unit. In 2005 Tungsten reached $270 USD and has remained at least $250 per unit since.

Union Carbide summarized the geology of the Emerson tungsten deposit: “There are two main tactite horizons found at Emerson Mine which is referred to as the Moody Zone and the Grabstake Zone. They are separated by a belt of hornfels having a variable width of 25 to 110 feet. The Moody Zone has been the most significant scheelite-bearing tactite. It has a strike length of 6,000 feet, varies in thickness from 15 to 110 feet and has a known vertical range of at least 1500 feet. The Grubstake Zone is not as persistent as the Moody, but thickness up to 100 feet is noted. This cone is most prominent around the 200 N. Callahan level and extends to the 900 level. Other tactite zones include the Middle Tactite Zone, the Contact Tactite Zones, and the Schofield Mine Tactite Zone.” Union Carbide Corporation drilled and did extensive sampling and reported ore reserves of 6,303,300 tons that averaged 0.44% tungsten and 0.60% zinc. This equates to over 3,000,000 units (STU) of tungsten, which is priced at $250 per unit. The ore reserves also contain significant amounts of zinc.

                                    Tons                 % WO3 (Pounds)                %Zn (Pounds) 

Measured Ore       1,490,800        0.44 (14,430,944)              0.60 (19,668,000) 

Indicated Ore       4,812,500        0.46 (48,702,500)              0.60 (19,668,000)

Total                         6,303,300                                                           

 Terry Fields, CEO of Spirit commented “ Spirit will be verifying these findings with an independent geologist as soon as possible but these are extraordinary reserve numbers, giving this project a minimum 25 year mine life based on a 1000 ton a day operation.”

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. Spirit is in the process of bringing several mines into production. We have acquired, and we have additional options to acquire, a diverse range of mineral production and exploration properties in Ecuador.

Further information is available on the company website: www.spirit-exploration.com

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

IR Contacts:
Toronto:
Martti Kangas
The Equicom Group
Phone: 416 815-0700 x 243
mkangas@equicomgroup.com

Dan Gravelle
Goal Capital LLC
Phone: 877 887 2118
danny@spirit-exloration.com

The mine and plant were built and developed by Union Carbide Corporation in 1984 and operated for 9 years. After a substantial investment, Union Carbide decided to stop operations in 1993 due to the collapse of tungsten prices. Up to 2005 it was not economically feasible to consider opening the Emerson Mine with tungsten below $65 per unit in market value. In 2005 Tungsten reached $270 USD and has remained at least $250 per unit since. The Emerson Project will be a complete mining operation, which would include an underground mine, major rail and conveyor systems, laboratory and testing facility and a completely enclosed in-house floatation plant. The plant and operation is placed on 400 patent acres near Rachel Nevada. Spirit has sent a geologist to the site who is reviewing previous work conducted by Union Carbide and conducting a site inspection. Spirit will be reporting on the details of this work.

About Tungsten

Tungsten has the highest melting point of any metal and hence its usage in lighting filaments. As tungsten carbide, it is an exceptionally hard material, used in machinery, cutting, drilling and wear applications. It is one of the heaviest metals – a property that finds use in counterweights and armaments (armor-piercing ammunition and armor-plate). It is a key element in tool-steels- most notably in high speed cutting steels. It is primarily used as carbide to harden metal-cutting tools and as an alloying agent in steel-making.
The combination of these properties, particularly in ordinance and specialist machining operations, gave it status as a component of the US strategic metals stockpiles.

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. Spirit is in the process of bringing several mines into production. We have acquired, and we have additional options to acquire, a diverse range of mineral production and exploration properties in Ecuador.

Further information is available on the company website: www.spirit-exploration.com

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

IR Contacts:
Toronto:
Martti Kangas
The Equicom Group
Phone: 416 815-0700 x 243
mkangas@equicomgroup.com

Dan Gravelle
Goal Capital LLC
Phone: 877 887 2118
danny@spirit-exloration.com

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.

CONTACT:
Goal Capital LLC
Dan Gravelle
1-877-887-2118
Email: danny@spirit-exploration.com
Website: www.spirit-exploration.com

Mr. Cunningham was previously with Tri Valley Corporation as Vice President and Chief Administrative Officer responsible for accounting, finance and human resources. Tri-Valley is an AMEX listed company with several subsidiaries including Tri-Valley Oil & Gas which is an oil and gas exploration company with activities in California and Nevada and Select Resources, which is a mining exploration company with gold mining claims in Alaska.

Mr. Cunningham will be replacing Mr. Peter Laipnieks who has agreed to remain a Director. Mr. Laipnieks will remain President of ECUADORGOLDCORP, S.A, Spirit’s Ecuadorian subsidiary. Terry Fields, CEO, commented: “ Thomas will add tremendous experience to the team and help guide Spirit to a senior exchange while allowing Peter to help manage our rapid expansion of operations in Ecuador.”

About Spirit Exploration, Inc.: Spirit Exploration, Inc., a Nevada Corporation, is an early production mining company. Through its subsidiary ECUADORGOLDCORP, S.A., of which we own 99%, we are in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is in the process of bringing several mines into production. We have acquired, and we have additional options to acquire, a diverse range of mineral production and exploration properties in Ecuador.

Further information is available on the company website: www.spirit-exploration.com

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

IR Contact: Dan Gravelle, Goal Capital LLC
Phone: 877 887 2118
Email: danny@spirit-exloration.com

WASHINGTON, D.C., November 26th, 2007— In a move signaling his administration’s support for large-scale mining, last week President Rafael Correa invited Corriente Resources (TSX:CTQ) to participate in his trade mission to China, where he signed bilateral agreements covering different areas, including mining. This follows Correa’s pro-mining statement a few weeks ago during his weekly radio program. View President Correa YouTube video

The news of the trade mission arrives one week prior to the convening of Ecuador’s Constituent Assembly, which on November 29th will begin altering the rules for international mining companies operating in the Andean country. The 130-member legislature body will rewrite the constitution and amend the attractive mining law, which was modified only seven years ago abolishing royalties and expensive concession fees to favor foreign investment.

But, alongside investors’ relief with Correa’s pro-mining position, there have been conflicted messages. Former MEM minister Alberto Acosta, presumptive speaker of the Assembly, is a mining critic who assures that there will be no large-scale mining operations in Ecuador. The result: nervousness in the stock market, and major companies’ indecision to merge with junior firms already in Ecuador until the Assembly debates the mining issue, probably next January 2008.

Despite Acosta’s threats to prevent large-scale mining from operating in the country, the current minister of mines and petroleum, Galo Chiriboga, has dismissed Acosta’s statements. In an interview with El Comercio newspaper, Chiriboga assured that the government’s position on mining differs from Acosta’s. Read El Comercio article

In addition to Chiriboga’s clarification, there are more positive signals for the mining industry in Ecuador. As mentioned above, last week President Correa invited representatives of Corriente to meet President Hu Jintao of the People’s Republic of China. “We continue to see strong signs that Ecuador is open to foreign investment and view this trip as an important step by the Ecuadorian Government in focusing on the urgent investment needs of the country,” wrote Corriente’s Senior Vice President, Dan Carriere, in an e-mail to investors.

Correa’s statement [in the YouTube video] about how the “future of this country might be mining,” and the China invitation to Corriente are both important to the industry due to the president’s influence over the Constituent Assembly. Eighty of the Assembly’s 130 members hail from Correa’s own political party, Alianza Pais. That gives him 61 percent of the votes, more than the necessary majority to pass any constitutional draft or new law. The Partido Sociedad Patriotica of former president Lucio Gutierrez has only 18 members, the Prian party of former presidential candidate Alvaro Noboa has nine, and other groups have five or less representatives each.

Correa’s requirements [with respect to the environment, communities, workers, and environment] for international mining firms are nothing new. Most companies are already running ambitious medical and educational programs in the communities where they operate. Thus, experienced international mining entrepreneurs are prepared to lead the nation in producing its natural resources with the best environmentally-friendly practices, and with corporate social responsibility programs.

This could be the beginning of a better future for the abandoned and impoverished remote towns with no other hope to develop, but mining. And judging from his statement about mining perhaps contributing to the nation’s future, Correa might sense this. “Several American cities, such as San Francisco and Denver, started with mining. They made this industry sustainable investing their revenue building schools and roads,” states Paul Driessen, author of Eco-Imperialism: Green Power, Black Death.

The thirty international mining companies operating in Ecuador received Carondelet’s backing when President Rafael Correa stated that mining will be the engine of the country’s development.

The metallic mineral wealth of Ecuador has world-class deposits. Aurelian Resources’ Fruta del Norte project has proven resources of 13.7 million ounces of gold and Corriente Resources’ Mirador project has 11 billion pounds of copper. In monetary terms, they are equivalent to $11 billion and $33 billion, respectively.

Mining’s benefit, however, goes beyond the simple income that the government can achieve via royalties, which will be imposed during the Constituent Assembly. This industry generates jobs and community projects, and invests hundreds of millions of dollars to revitalize the national economy.

But foreign mining firms also need reassurance and depend on Montecristi’s decisions to continue their operations in Ecuador.

If the new legal framework imposes a disproportionate royalty that reverses the viability of their projects, revokes their concessions, or bans open-pit mining, the companies will migrate to neighboring countries that offer better conditions, such as Peru and Chile.

Violent demonstrations by some members of the communities surrounding the mining projects also diminish international confidence. These people are inflamed by the apocalyptic predictions of environmentalists who forecast total destruction if mining operations begin. Thus, the Assembly has an historic opportunity to limit the role of internationally-financed extremist NGOs.

If Montecristi catches Carondelet’s optimism, foreign mining companies will be the country’s best allies in the drive to reduce poverty and eliminate the irony of maintaining impoverished communities literally settled on million-dollar deposits of gold, silver and copper. Read original in El Comercio

[*Originally published in Spanish in the Sunday, December 16, 2007 edition of El Comercio newspaper, Quito, Ecuador.]

Article Source: ecuadorminingnews.com

Quito, December 1, 2007 — “How do we finance development?” the head of state asked the audience during his radio program on Saturday. And his answer was focused on mining: “We have one hundred billion dollars worth of copper,” he said, referring to the metal reserve located in the Zamora Chinchipe province.

“We have to tolerate the environmental impact that would affect us all,” he stated when suggesting that there is no way to ignore the cost-benefit factor if we want to end the poverty of most Ecuadorians.

Should we leave everything intact or should we access the country’s mineral wealth, which nears $200 billion? The dilemma is underlying for the president, especially because he understands the issues of environmental degradation and global warming.

In any case, the balance is weighted toward the need to guarantee the people’s welfare. “If there is such an income we are going to have to allow mining to benefit the development of the Ecuadorian people,” he stressed.

Finally, speaking about this issue, he warned that the proposal to have the oil remain underground in the Yasuni National Park will experience the same fate, if there is no response from the international community to compensate non-exploitation.

Article Source: ecuadorminingnews.com

Very significantly, foreign mining companies can now own 100% of an Ecuadorian concession, without local partners. The exploration-to-exploitation process is now unified under one license—a first in the developing world. The tenure of mining concessions has been extended to 30 years, and mining companies are provided with credible legal guarantees to mine a property following a positive feasibility. Why then all this talk of Rafael Correa’s socialist credentials?

Foreign investors in Ecuador were certainly not celebrating on the night of December 04, 2006. Rafael Correa, who had been officially declared Ecuador’s president earlier in the day, had warned that “Ecuador’s substantial resources must be used for the benefit of Ecuador’s poor, and Ecuador’s foreign debt must be rationalized if Ecuador has to survive as a nation.” Shades of Venezuela’s Hugo Chavez?

No. As legislative developments during the course of 2007 were to prove, President Correa’s policies were predicated on two fundamental realities: Ecuador’s need to upgrade the lives of its impoverished majority and Ecuador’s almost total dependence on foreign capital to achieve meaningful social change. “The laws governing oil and mining were archaic, heavily skewed in favour of foreign, mainly American, investors for decades,” a Quito editor wrote in an opinion piece earlier this month. “What Correa did was to find a balance between the interests of his electorate on one hand and the requirements of foreign corporations on the other. What we are seeing, in effect, is the creation of a highly conducive and realistic investment environment.”

Very significantly, foreign mining companies can now own 100% of an Ecuadorian concession, without local partners. The exploration-to-exploitation process is now unified under one license—a first in the developing world. The tenure of mining concessions has been extended to 30 years, and mining companies are provided with credible legal guarantees to mine a property following a positive feasibility. Why then all this talk of Rafael Correa’s socialist credentials?

Much of the sabre rattling concerning Ecuador’s slide into socialism is influenced by President Correa’s call to revise and renegotiate petrochemical deals even prior to his victory in December 2006. “Of every five barrels of oil the multinationals produce, they take four and leave one for the State—that is unacceptable,” Mr. Correa said at a public meeting in October 2006. A trained economist, Rafael Correa called for a “fair and equitable” distribution of oil revenues.

In other words, while international investors seek above-average returns when they invest in a country like Ecuador, the level of those returns must be determined pursuant to a reasonable reward ratio for Ecuador itself. Given the widespread notion inside South America that the free-wheeling era of multinational deal-making is over, Ecuador’s recent amendments to Hyrdrocarbon and Mining laws do, in fact, serve to create a sustainable long-term regulatory matrix for foreign investment.

Make no mistake about Ecuador’s mining resources. The Incas were extracting gold in the south-western hills of Ecuador when the Spanish arrived in the region, around 1550. No actual records of gold production were available until 1887, when South American Development Company [SADCO] acquired control over key gold deposits; in the fifty years that followed, SADCO recovered 3.5 million ounces of gold and 17 million ounces of silver from 8 million tonnes of ore, according to official figures; unofficial estimates are much higher. SADCO’s departure from Ecuador, triggered by rising costs and an extremely erratic supply-demand market a that time (1950s), did not bode well for gold mining; government bureaucrats, who ended up running SADCO’s properties, did nothing of value to either improve efficiency or identify new reserves.

Today, the historical mismanagement of Ecuador’s mineral reserves presents a unique opportunity for mining companies; the bulk of the mining wealth in Ecuador’s south-western terrain remain unexploited while the ongoing work of thousands of small-scale miners clearly suggests an abundance of gold and silver resources spread over a vast area bordering mineral-rich Peru and Chile.

Without doubt, Rafael Correa’s vision is dominated by his desire to improve the day-to-day existence of his countrymen. But he knows that an investor-friendly legal and regulatory framework is critical, if that vision is to become a reality.

About Author  
Authored by: Elena Sukikova, a political and economic analyst specializing in the Andes region. Opinions expressed herein are solely those of the author, and no related or unrelated entity bears any responsibility for the author’s conclusions.
Email: info@momentumgain.com
URL: www.spirit-exploration.com

Article Source: http://www.1888articles.com

“These oversold notes confirm that the investment community is convinced of the future of the world gold market and validates Spirit Exploration’s position in the industry” stated Terry Fields, CEO.

Quote Platform Syndicate Inc. is a syndicate of brokerages, investors, and institutional financiers domiciled in Europe and Asia. Their niche market is high yield instruments in the world’s emerging markets.

About Spirit Exploration, Inc.: Spirit Exploration, Inc., a Nevada Corporation, is an early production mining company. Through its subsidiary ECUADORGOLDCORP, S.A., of which we own 99%, we are in the business of acquiring, exploring and developing mineral (gold, silver, copper) concessions in Ecuador. Spirit is 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. Included in these properties are several land packages that can be joint-ventured, allowing us to advance these properties with little of our own capital while still participating in the upside.
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.

CONTACT: Goal Capital LLC
Dan Gravelle
1-877-887-2118
Email: danny@spirit-exploration.com
Website: www.spirit-exploration.com