Spur Ventures Provides Update on Zhong Chuan Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 29, 2008) - Spur Ventures Inc. ("Spur" or the "Company") (TSX: SVU.TO)(OTCBB: SPVEF.OB) announced today that the Company has not yet received funds from Zhong Chuan International Mining Holding Company Limited ("Zhong Chuan") in connection with the private placement originally announced by the Company in its press release of April 14, 2008. The extension granted by the Company to Zhong Chuan and approved by the Toronto Stock Exchange, as announced in Spur's press release of August 28, 2008, has expired.

Zhong Chuan has advised the Company that it has not yet received all relevant government approvals for the funds transfer to Spur, but expects them imminently. All Chinese government offices and banks are however closed for a week long national holiday until October 6, 2008.

The Company is continuing discussions with Zhong Chuan pursuant to the financing agreement, however is also considering other options for a strategic partner in China.

Spur retains its strong cash position with cash and cash equivalents and short-term investments of $22,228,585 (approximately Cdn$0.38 per share), of which $20.95 million is held in Canada. Of the $1.28 million held in China, $860,000 is held in Canadian dollars.

Spur Ventures Inc. aims to be the premier integrated fertilizer manufacturer in China, with plans to produce up to one million tonnes per year of high -quality compound phosphate fertilizer for domestic consumption in the central province of Hubei, China. These expansion plans include the development of the largest phosphate deposit in China, located near Yichang City.

This news release includes certain statements that may be deemed to be "forward-looking statements" regarding the timing and content of upcoming programs. Although Spur Ventures believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include phosphate and potash prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contacts

Dr. Robert Rennie
Spur Ventures Inc.
(604) 689-5564 or Toll Free: 1-877-689-5599
(604) 682-2802 (FAX)
Email: rrennie@spur-ventures.com

Mr. Michael Kuta
Spur Ventures Inc.
(604) 697-6201
Email: mkuta@spur-ventures.com
Website: www.spur-ventures.com