Spur Ventures Inc SPVEF

We got the license!

[mtsuit]

Now all we need is the license




VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 27, 2010) -
All amounts are expressed in U.S. dollars, unless otherwise stated
Spur Ventures Inc.  announced today that a key approval has been received which is critical for the transfer of the mining licenses from its partner, Yichang Phosphorous Chemical Co. ("YPCC") to its Chinese joint venture, Yichang Maple Leaf Chemicals ("YMC").

YMC Business License
Hubei Administration for Industry and Commerce ("Hubei AIC") has extended YMC's Business License from its formal expiry date of November 24, 2009 to October 31, 2010.

This extension serves two purposes. Firstly, it allows sufficient time for all of the required government approvals necessary for the pending transfer of the two mining licenses from YPCC to YMC as explained in our March 31, 2010 press release. Secondly, it allows time for both JV partners to complete their Registered Capital contributions to YMC.

"This unusual administrative extension reflects the commitment of our partner, YPCC and of all levels of the Yichang City, Hubei Province and Central China governments to the orderly transfer of the two mining licenses and ultimately to the viability of both YMC and our Integrated Phosphate Project," Dr. Rob Rennie, Spur's President & CEO stated.
The term of YMC's business license remains valid until November 24, 2033 but, as with all companies in China, AIC will undertake an annual review to ensure that YMC is operating consistently with its approved JV contract and Articles of Association.