Document:

Exhibit 10.4

                                    Agreement

     THIS  ACQUISITION AND OPERATIONS AGREEMENT ("Agreement") is entered into as
of  this  the 21st day of April, 2007, by and between Spirit Exploration Inc., a
Nevada  corporation  (  "Spirit"  ), with its principal business address of 3132
West  Post Road, Las Vegas, NV 89118, and Minera Del Pacifico Noroeste, S.A., an
Ecuadorian  corporation  ("Pacifico"),  of  Machala,  Oro  Province,  Ecuador;

                                   WITNESSETH:

     WHEREAS, Spirit is a United States publicly traded company in the business
of acquiring and, through its subsidiaries and affiliates, operating various
Mining Property in the country of Ecuador, South America, and

     WHEREAS,  Spirit  operates  in  Ecuador through its wholly-owned subsidiary
Minera  EcuadorGoldCorp S.A., an Ecuadorian corporation ("EcuadorGoldCorp"); and

     WHEREAS, Pacifico is in the business of developing and operating of Mining
Properties in the country of Ecuador, South America , and

     WHEREAS,  Pacifico  has identified and negotiated for the option to acquire
certain mining properties in Ecuador which it desires to assign to Spirit and/or
EcuadorGoldCorp;  and

     WHEREAS,  the  parties  hereto  desire  to work together for the purpose of
developing  mining  property  in  Ecuador,  South  America,

     NOW  THEREFORE,  for  good  and valuable consideration, receipt of which is
hereby  acknowledged,  and the mutual promises and benefits to be derived by the
parties,  they  do  hereby  agree  to  the  following  terms  and  conditions:

                                    ARTICLE 1

                                  ORGANIZATION

Section 1.1 PURPOSES, SCOPE, RIGHTS AND DUTIES UNDER THIS AGREEMENT.

     1.1.1 PRIOR AGREEMENT. This Agreement supercedes and terminates that
certain Agreement dated April 20, 2007 (the "Prior Agreement") among Pacifico,
Spirit, EcuadorGoldCorp and Roger McClay. The parties hereto hereby acknowledge
and agree that the Prior Agreement is terminated with no liabilities or further
requirements on the part of any of the parties hereto.

     1.1.2 ASSIGNMENT OF PROPERTIES. Pacifico hereby agrees to assign and sell
to Spirit those certain assets relating to mining concessions and interests and
related obligations (the "Properties") as more fully set forth on Exhibit A
hereto. Without limitation to the generality of the foregoing, Pacifico agrees
to provide whatever title documents, legal opinions, property descriptions or
other definitive documentation required to formally effectuate legal title, to
register legal title and/or record in the appropriate registration and recording
offices transfer of and title to such Properties set forth therein with Spirit
and/or EcuadorGoldCorp as the case may be under applicable Ecuadorian law to the
reasonable satisfaction of counsel to Spirit and/or EcuadorGoldCorp, sufficient
to assure that Spirit and/or EcuadorGoldCorp has full legal right, title and
interest to such properties including without limitation any and all mineral
rights and mining rights thereto.

     1.1.3  CAPITALIZATION OBLIGATIONS.  Spirit agrees to obtain capitalization
and funding required for the operation of the Properties, including without
limitation development, exploration and mining operations

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for the Properties.  Such funding shall be pursuant to mutually agreed upon
budgets between Spirit and Pacifico.  Pacifico agrees to provide Spirit with
separate accounts for each of the individual Properties which shall be compiled
in accordance with generally accepted accounting principles consistently applied
in the United States, and which shall be subject to an annual audit.  Pacifico
shall provide such accounting on a monthly basis and Spirit may inspect such
books upon reasonable notice and at any reasonable time.  It is understood and
agreed that the method of accounting used by Pacifico shall be the accrual
method and that the accounting year shall be the calendar year.  Pacifico
acknowledges and agrees that Spirit shall have formal reporting obligations with
the United States Securities and Exchange Commission and any and all books and
records shall be required to comply with the rules and regulations required for
such periodic financial reporting.

Section 1.2 RIGHT OF FIRST REFUSAL.  During the term of this Agreement, Pacifico
may joint venture, option, sell, transfer and enter into any transaction for any
mineral property interest in Ecuador (each being a "Property Interest") except
in accordance with the terms of this Agreement.   Pacifico hereby grants to
Spirit a 30 calendar day right of first refusal to acquire any Property that is
offered to either acquire, lease, joint venture, option or otherwise enter into
a transaction of in any manner that may be presented by Pacifico. If Spirit does
not respond or refuses Spirit acknowledges that Pacifico may use its best
efforts to secure such property into Pacifico through other relationships.

Section 1.3 TERM.   The Term of this Agreement (the "Term") is for a period of
60 months commencing upon the execution date hereof (the "Effective Date"),
subject to the terms hereafter set forth.

     a. This Agreement shall renew automatically for subsequent 60 month periods
if not specifically terminated in accordance with the following provisions.
Either Party hereto agrees to notify the other Party hereto in writing at least
180 calendar days prior to the end of the Term of its intent not to renew this
Agreement (the "Non-Renewal Notice"). Should both Parties fail to provide a
Non-Renewal Notice this Agreement shall automatically renew. Such renewal shall
be on the same terms and conditions contained herein unless modified and agreed
to in writing by the Parties.

     b. Notwithstanding any other provision of this Agreement, this Agreement
may be terminated by either Party upon written notice to the other Party if:

          (i) the other Party fails to cure a material breach of any provision
     of this Agreement within 30 calendar days from its receipt of written
     notice from said Party (unless such breach cannot be reasonably cured
     within said 30 calendar days and the other Party is actively pursuing
     curing of said breach); or

          (ii) the other Party commits fraud or serious neglect or misconduct in
     the discharge of its respective duties hereunder or under the law; or

          (iii) the other Party becomes adjudged bankrupt or a petition for
     reorganization or arrangement under any law relating to bankruptcy, and
     where any such petition is not dismissed;

     c. Upon any such termination, neither party shall have any further
obligation or liability to the other and the compensation provisions set forth
in Paragraphs 2.2 and 2.3 for Pacifico shall be void and of no further effect.

                                    ARTICLE 2

                            COMPENSATION TO PACIFICO

     As consideration for the assignment of the Properties set forth herein and
in consideration for Pacifico's duties and obligations as operator of the
Properties more fully set forth herein, the parties hereto hereby acknowledge
that Pacifico shall be entitled to the following consideration:

Section 2.1  STOCK CONSIDERATION.   Spirit will issue and deliver 18 million
shares of common stock of Spirit Exploration, Inc. (the "Stock Consideration")
to Pacifico or assigns.  Pacifico acknowledges and

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agrees that:  (i) The Stock Consideration to be issued to Pacifico or assigns is
being issued without registration under applicable federal and state securities
laws in reliance upon certain exemptions from registration under such securities
laws; (ii) Pacifico and its officers and directors have had the opportunity to
ask questions of and receive answers from Spirit, its respective executive
officers concerning its businesses and all such inquiries have been completed to
his satisfaction; (iii)  Each certificate to be issued to Pacifico or assigns
will bear a legend restricting its transfer, sale, conveyance or hypothecation,
unless such shares of SPXP Stock  is either registered under applicable
securities laws or an exemption from such registration is applicable, and
provided that if an exemption from registration is claimed; (iv) Pacifico shall
not transfer any of the Stock Consideration except in compliance with all
applicable securities laws; (v)  Pacifico is acquiring the Common Stock for its
own account, for investment purposes only and not with a view to the sale or
distribution thereof; (vi) Pacifico has not received any general solicitation or
general advertising regarding the acquisition of the Stock Consideration; and
(vii)  Pacifico is capable of evaluating the merits and risks of an investment
in the Stock Consideration because Pacfico, through its shareholders, officers
and directors, is a sophisticated investor by virtue of its prior investments
and have experience in investments similar in nature to the Stock Consideration,
including investments in unlisted and unregistered securities, and have
knowledge and experience in financial and business matters in general.  Pacifico
acknowledges and agrees that any and all recipients of the Stock Consideration
shall be required to enter into lockup agreements with the Company restricting
sales and other transferability of the Stock Consideration for up to three years
in common with all other Officers, Directors and more than 5% shareholders of
record.

Section 2.2  MANAGEMENT FEES.

     (A)  In connection with its duties for acquisitions, construction,
          exploration and operations of all assets in Ecuador, Pacifico shall be
          reimbursed monthly for all expenses incurred in the behalf of this
          Agreement at cost plus 10% (Ten Percent). As more fully set forth
          elsewhere herein, any and all such expenditures shall be as set forth
          on the mutually agreed upon budget for capital expenditures, expenses
          and other costs associated with any of the Projects.

     (B)  In connection with its duties for acquisitions, construction,
          exploration and operations of all assets in Ecuador, Pacifico shall
          also receive 10% of the net revenues of the project up to a maximum of
          $10,000 per month which shall be applied to community development
          projects in Ecuador.

     (C)  In connection with its duties for acquisitions, construction,
          exploration and operations of all assets in Ecuador, Pacifico shall
          also receive a gross amount of $10,000 per month for the first twelve
          months, which payment shall be deferred until April 11, 2008 or until
          funding of the Company, whichever is earlier. Commencing on April 11,
          2008, Spirit and Pacifico shall meet and shall reasonably negotiate
          the amount of this gross amount payable under this Agreement for
          Pacifico's duties hereunder.

Section 2.3  NET SMELTER RETURN ROYALTY.  Pacifico shall be entitled to a Net
Smelter Return Royalty equal to 3% (three percent) of the Net Smelter Returns
for the entire life of the operations in Ecuador or 30 years, whichever comes
later.  "Net Smelter Returns" means the proceeds received from any smelter or
other purchaser from the sale of any ores, concentrates or minerals produced
from operations in Ecuador after deducting from such proceeds the following
charges only to the extent that they are not deducted by the smelter or other
purchaser in computing the proceeds:  (i) the cost of transportation of the
ores, concentrates or minerals from the property to such smelter or other
purchaser, including related transport; (ii) smelting and refining charges
including penalties; (iii) marketing costs.  The Net Smelter Return Royalty
shall be calculated and paid to Pacifico on a quarterly basis within forty-five
(45) days after the end of each fiscal quarter.  Spirit shall have the right to
buy-back 1% of the Net Smelter Return Royalty held by Pacifico for $1,000,000
USD in cash.

Section  2.4  BOARD  OF  DIRECTORS.  Upon  execution  of  this Agreement, Spirit
Exploration,  Inc.  will  appoint  an  assignee  of  Pacifico  to  its  Board of
Directors.

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                                    ARTICLE 3

                                   MANAGEMENT
Section  3.1  OPERATION  MANAGER

     Pacifico  is  hereby  appointed Operations Manager of the all operations in
mining  for  Spirit/Ecuadorgold  for  the  term  of  this  Agreement in Ecuador.

Section  3.2  POWER  AND  AUTHORITY.

     After execution of this Agreement Pacifico shall have full right, power and
authority  to  do  everything  necessary  or  desirable  in  connection with the
Exploration  and  Development  of  the  Properties  and,  without  limiting  the
generality  of  the  foregoing,  the  right,  power  and  authority  to:

     (a)      regulate access to the Properties subject only to the right of the
Parties to have access to the Properties at all reasonable times for the purpose
of  inspecting  work  being  done  thereon  but  at  their own risk and expense;

     (b)      employ  and  engage  such  employees,  agents  and  independent
contractors  as  it  may consider necessary or advisable to carry out its duties
and  obligations  hereunder and in this connection to delegate any of its powers
and  rights  to  perform  its  duties  and  obligations  hereunder;  and

     (c)      to  undertake expenditures as in accordance with budgets developed
and  mutually  approved from time-to-time, and in accordance with the provisions
herein

Section  3.3  DUTIES  AND  OBLIGATIONS.

After  execution  of  this  Agreement,  Pacifico  shall  have  such  duties  and
obligations  as  the  parties hereto may from time to time determine, including,
without  limiting  the  generality  of  the  foregoing, the following duties and
obligations:

     (a)      to  manage,  direct  and  control all exploration, development and
mining  operations  in  and  under  the Properties, in a prudent and workmanlike
manner,  and  in  compliance  with  all  applicable  laws,  rules,  orders  and
regulations;

     (b)      to  prepare  and  deliver  to  the  Parties  annual work plans and
budgets and during periods of active field work to provide monthly and quarterly
progress  reports  of  the  work  in  progress  within 14 days of the end of the
relevant  period;

     (c)      subject  to  the  terms  and  conditions of this Agreement and the
developed  budgets,  to  keep  the  Properties  in  good standing free of liens,
charges  and  encumbrances  of  every character arising from operations, (except
liens  for  taxes  not yet due, other inchoate liens and liens contested in good
faith  by  Pacifico),  and  to  proceed  with all diligence to pay or contest or
discharge  any  lien  that  is  filed;

     (d)     to  maintain  true  and  correct  books,  accounts  and  records of
operations;

     (e)      to  permit  Spirit to inspect, take abstracts from or audit any or
all  of  the  records  and  accounts  during  normal  business  hours;

     (f)      to  obtain and maintain, or cause any contractor engaged hereunder
to  obtain  and  maintain, during any period in which active work is carried out
hereunder  adequate  insurance;

     (g)     to  regulate access to the Properties, subject only to the right of
Spirit  and  its  representatives  to  have  access  to  the  Properties, at all
reasonable  times  for  the purpose of inspecting work being done thereon and to
permit  Spirit  to  conduct  such  independent  audits  of  the  work  as it may
reasonably  require;

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     (h)     to  arrange  for  and  maintain worker's compensation or equivalent
coverage for all eligible employees engaged by Pacifico in accordance with local
statutory  requirements;

     (i)     to perform their duties and obligations in a manner consistent with
good  exploration  and  mining  practices;

     (j)     to  transact,  undertake  and  perform all transactions, contracts,
employments,  purchases,  operations,  negotiations  with  third parties and any
other  matter  or  thing  undertaken  by  Pacifico;  and

     (k)     to diligently advise Spirit of any material change in the status or
exploration  results of the Properties, to take all necessary acts in respect to
such  changes,  and  to  assist the parties to produce timely coordinated public
announcements.

     (l)     during  the  Term  of this Agreement, to not engage in any business
which  reasonably  may  detract  from,  compete with or conflict with Pacifico's
duties  and  obligations  to  Spirit  as  set  forth  in  this Agreement without
disclosure  to the Board of Directors of Spirit. and will not do so if the Board
of  Directors  of  Spirit  objects.

     (m)     to  not,  except  as  authorized  or  required by Pacifico's duties
hereunder,  reveal  or  divulge  to  any  person  or  companies  any information
concerning  the  organization, business, finances, transactions or other affairs
of Spirit, or of any of its subsidiaries, which may come to Pacifico's knowledge
during  the  continuance  of  this Agreement, and Pacifico will keep in complete
secrecy  all  confidential information entrusted to Pacifico and will not use or
attempt to use any such information in any manner which may injure or cause loss
either  directly  or  indirectly  to  Spirit's  business.  This restriction will
continue to apply after the termination of this Agreement without limit in point
of  time but will cease to apply to information or knowledge which may come into
the  public  domain.

     (n)     to comply with all Ecuadorian, U.S. and other foreign laws, whether
federal,  provincial or state, applicable to Pacifico's duties hereunder and, in
addition, hereby represents and warrants that any information which Pacifico may
provide  to any person or company hereunder will be accurate and complete in all
material  respects  and  not  misleading, and will not omit to state any fact or
information  which  would  be  material  to  such  person  or  company.

     (o)     to  undertake  general  analysis  of  and  planning for exploration
activities  and  other work related to the pre-feasibility study stage of any of
the  Projects;

     (p)      to  undertake  general  analysis  of  and planning for the design,
engineering,  development,  construction  and  operation of any of the Projects,
including  without  limitation  work related to the preparation of a feasibility
study;

     (q)     to  prepare  tender materials, reviewing bids, and interviewing and
selecting  the engineering, architectural, and construction firms that will work
on  any  exploration  activities,  any  other  pre-feasibility  stage  work, any
feasibility  study,  or  any  development,  operation or expansion of any of the
Projects;
     (r)      to  negotiate  contracts  on behalf of Pacifico Spirit/EcuadorGold
with  any  engineering,  architectural,  and  construction  firms  so  selected;

     (s)     to  arrange  for  and  supervise  any  mine  planning, engineering,
pre-stripping  and other work to be performed, provided that all such activities
shall  be  on  an  arm's  length  commercial  basis;

     (t)     to  coordinate  and  schedule  the  work  of  any firms selected to
perform work, and supervising the performance of such firms through a designated
management  team,  or  otherwise;

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     (u)     to arrange for the purchase, lease or other acquisition of land
required for any exploration activities, any other pre-feasibility work, any
feasibility study or the development, operation or expansion of any of the
Projects;

     (v)     to  procure such materials, supplies, equipment and services as may
be  needed  or required in connection with any exploration activities, any other
pre-feasibility  work,  any  feasibility  study or the development, operation or
expansion  of  any  of  the  Projects;

     (w)     to  secure insurance covering such risks and in such amounts as, in
the  judgment  of  Pacifico, are appropriate (taking into account changes in the
availability of such insurance on commercially reasonable terms) with respect to
any  exploration  activities,  any  other  pre-feasibility work, any feasibility
study  or  the  development,  operation  or  expansion  of  any of the Projects;

     (x)     to  apply  for,  obtain  and  maintain,  all necessary governmental
approvals  or  permits  necessary in connection with any exploration activities,
any  other  pre-feasibility  work,  any  feasibility  study  or the development,
operation  or  expansion  of  any  of  the  Projects;

     (y)     to  conduct  relations  with  all  national  and local governmental
entities  and  in  all  public  relations  matters;

     (z)     to  conduct  labor  relations  and  coordinating  environmental
compliance  and  materials  management;

     (aa)     to  do  all such other acts and things as Pacifico shall determine
to  be necessary or advisable in connection with any exploration activities, any
other  pre-feasibility work, any feasibility study or any development, operation
or  expansion  of  any  of  the  Projects.

                                    ARTICLE 4

                         REPRESENTATIONS AND WARRANTIES

Section 4.1     Representations and Warranties of Pacifico.  Pacifico hereby
makes the following representations and warranties to Spirit.

     (a) Pacifico has full power and authority to transfer the Properties and,
except as set forth in Exhibit A or otherwise acknowledged of mortgage, are
owned free and clear without any liens or encumbrances.

     (b) The execution, delivery and performance of the this Agreement by
Pacifico, and the consummation of the transactions contemplated hereby, will not
with or without the giving of notice of the lapse of time or both, (i) violate
any material provision of law, statute, rule or regulation to which Pacifico is
subject, (ii) violate any judgment, order, writ or decree to which Pacifico is a
party or by which it is or may be bound; or (iii) result in any material breach
of or conflict with any term, covenant, condition or provision of, or result in
the modification or termination of, or constitute a default under or result in
the creation or imposition of any lien, security interest, charge or encumbrance
upon any of the Properties being transferred hereunder, under the corporate
charter or by-laws or any other agreement, understanding or instrument to which
Pacifico is a party or by which it is or may be bound or affected.

     (c) All necessary action has been taken by Pacifico or any of the related
concession holders to authorize the execution, delivery and performance of
transactions contemplated by this Agreement. This Agreement has been duly and
validly authorized, executed and delivered by Pacifico and any such concession
holders and constitutes the valid and binding obligation of Pacifico and such
concessions holders enforceable against them in accordance with their respective
terms, except as enforceability is limited by (1) any applicable bankruptcy,
insolvency, reorganization, moratorium or similar law affecting creditors'
rights generally or (2) general principles of equity, whether considered in a
proceeding in equity or at law.

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     (d) All necessary consents and approval required for transferring the
Properties have been obtained or will be obtained, including without limitation
any and all approvals required by any agency of the Ecuadorian government. No
consent of any court, governmental agency or other public authority is required
as a condition to the enforceability of the transactions contemplated by this
Agreement.

     (e) There is no action of law, in equity, arbitration proceeding,
governmental proceeding or investigation pending, or to Pacifico's knowledge
threatened against Pacifico or any of the concessionaries with respect to the
operation of the Properties, or Pacifico's or any such concessionaire's
ownership thereof. None of Pacifico or any concessionaire is in default with
respect to any decree, injunction or other order of any court or other
jurisdiction with respect to any of the Properties to be transferred.

     (f) Pacifico and the concessionaires have conducted their business in
compliance with all material national, state and local laws, regulations and
ordinances.

     Section 4.2. Spirit Representations. Spirit hereby makes the following
representations and warranties to Pacifico.

     (a) Spirit is a Company duly organized, validly existing and in good
standing under the laws of the State of Nevada and is qualified or licensed as a
foreign corporation in any other jurisdiction where said licensing is required.
Spirit has the full power and authority to conduct the business in which it is
engaged and will be engaged upon completion of the transaction contemplated
herein.

     (b) All the issued and outstanding shares of capital stock of Spirit are
duly authorized, validly issued, fully paid and non-assessable.

     (c) The execution and delivery of this Agreement by Spirit and the
performance of Spirit's obligations hereunder have been duly authorized and
approved by all requisite corporate action on the part of Spirit pursuant to
applicable law. Spirit has the power and authority to execute and deliver this
Agreement and to perform all its obligations hereunder.

     (d) This Agreement and any other documents, instruments and agreements
executed by Spirit in connection herewith constitute the valid and legally
binding agreements of Spirit, enforceable against Spirit in accordance with
their terms, except that (i) enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws of general
application affecting the enforcement of the rights and remedies of creditors;
and (ii) the availability of equitable remedies may be limited by equitable
principles.

     (e) Neither the execution, delivery nor performance of this Agreement or
any other documents, instruments or agreements executed by Spirit in connection
herewith, nor the consummation of the transactions contemplated hereby: (i)
constitutes a violation of or default under (either immediately, upon notice or
upon lapse of time) the Articles of Incorporation or Bylaws of Spirit, any
provision of any contract to which Spirit may be bound, any judgment or any law;
or (ii) will or could result in the creation or imposition of any encumbrance
upon, or give to any third person any interest in or right to, the any capital
stock of Spirit; or (iii) will or could result in the loss or adverse
modification of, or the imposition of any fine or penalty with respect to, any
license, permit or franchise granted or issued to, or otherwise held by or for
the use of, Spirit; or (iv) violate any applicable law or order currently in
effect to which Spirit is subject (other than any applicable "bulk sales" laws).

     (f) Spirit is not a party to, the subject of, or threatened with any
litigation nor, to the best of Spirit's knowledge, is there any basis for any
litigation. Spirit is not contemplating the institution of any litigation.

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                                    ARTICLE 5

                               GENERAL PROVISIONS

Section  5.1  COMPLETE  AGREEMENT;  AMENDMENT;  NOTICE.

5.1.1  ENTIRE AGREEMENT. This Agreement embodies the entire understanding of the
parties,  and  any  changes  must  be made in writing and signed by all parties.

5.1.2  AMENDMENT.  This  instrument  may  be  amended  or  modified  only  by an
instrument  of  equal  formality signed by all of the respective parties hereto.

5.1.3  NOTICE. All notices under this Agreement shall be in writing and shall be
delivered  by  personal  service,  or  by  certified or registered mail, postage
prepaid,  return  receipt  requested, to the Parties of the Agreement (and where
required,  to the person required to be copied with the notice) at the addresses
herein  or  at such other address as the addressee may designate in writing, and
to  the Agreement at its principal place of business as set forth in Section 1.3
hereof,  and  shall  be  effective  upon  receipt  (or  refusal  to  accept).

The  addresses  for  notices  to  the  Parties  of the Agreement are as follows:

If to Pacifico:

Minera Del Pacifico Noroeste  S.A.
Circunvalacion Norte #511y 12 ava. Norte
Machala, El Oro, Ecuador

If to Spirit:

Spirit Exploration, Inc
3132 West Post Road
Las Vegas, NV 89118
Attn:  Peter Laipnieks

Copy to

Cutler Law Group
3206 West Wimbledon Dr
Augusta, GA 30909
Attn:  M. Richard Cutler

Section 5.2 ATTORNEYS FEES.

     Should  any  litigation  be  commenced  between the parties hereto or their
representatives, or should any party institute any proceeding in a bankruptcy or
similar  court  which has jurisdiction over any other party hereto or any or all
of  his  or its property or assets concerning any provision of this Agreement or
the  rights and duties of any person or entity in relation thereto, the party or
parties  prevailing  in  such  litigation shall be entitled, in addition to such
other  relief  as  may  be granted, to a reasonable sum as and for his or its or
their  attorneys fees and court costs in such litigation or in a separate action
brought  for  that  purpose.

Section  5.3  VALIDITY.

     In the event that any provision of this Agreement shall be held to be
invalid or unenforceable, the same shall not affect in any respect whatsoever
the validity or enforceability of the remainder of this Agreement.

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Section  5.4  SURVIVAL  OF  RIGHTS.

     Except as provided herein to the contrary, this Agreement shall be binding
upon and inure to the benefit of the parties signatory hereto, their respective
heirs, executors, legal representatives, and permitted successors and assigns.

Section  5.5  GOVERNING  LAW.

     This Agreement has been entered into in the state of Nevada, and all
questions with respect to this Agreement and the rights and liabilities of the
parties hereto shall be governed by the laws of Nevada, and the venue of any
action brought hereunder shall be in Clark County, State of Nevada.

Section  5.6  WAIVER.

     No consent or waiver, express or implied, by a Party of the Agreement to or
of any breach or default by another Party of the Agreement in the performance by
such other Party of the Agreement of its obligations hereunder shall be deemed
or construed to be a consent or waiver to or of any other breach or default in
the performance by such other Party of the Agreement hereunder. Failure on the
part of a Party of the Agreement to complain of any act or failure to act of
another Party of the Agreement or to declare another Party of the Agreement in
default, irrespective of how long such failure continues, shall not constitute a
waiver by such Party of the Agreement of its rights hereunder. The giving of
consent by a Party of the Agreement in any one instance shall not limit or waive
the necessity to obtain such Party of the Agreement consent in any future
instance.

Section  5.7  REMEDIES  IN  EQUITY.

     The rights and remedies of any of the Parties of the Agreement hereunder
shall not be mutually exclusive, i.e., the exercise of one or more of the
provisions hereof shall not preclude the exercise of any other provisions
hereof. Each of the Parties of the Agreement confirm that damages at law may be
an inadequate remedy for a breach or threatened breach of this Agreement and
agree that, in the event of a breach or threatened breach of any provision
hereof, the respective rights and obligations hereunder shall be enforceable by
specific performance, injunction, or other equitable remedy, but nothing herein
contained is intended to, nor shall it, limit or affect any rights at law or by
statute or otherwise of any party aggrieved as against the other for a breach or
threatened breach of any provision hereof, it being the intention by this
Section to make clear the agreement of the Parties of the Agreement that the
respective rights and obligations of the Parties of the Agreement hereunder
shall be enforceable in equity as well as at law or otherwise.

Section  5.8  INDEMNIFICATION.

     Each Party of the Agreement (Indemnifying Party of the Agreement) hereby
agrees to indemnify and hold the other Parties of the Agreement and the
Agreement harmless from and against any and all claims, demands, actions, and
rights of action (including attorneys fees and costs) that shall or may arise by
virtue of anything done or omitted to be done by the Indemnifying Party of the
Agreement (through or by its agents, employees, or other representatives)
outside the scope of, or in breach of the terms of, this Agreement; provided,
however, that the other Parties of the Agreement shall be notified promptly of
the existence of any such claim, demand, action, or cause of action and shall be
given reasonable opportunity to participate in the defense thereof. In the event
that one Party of the Agreement shall be held severally liable for the debts of
the Agreement he shall be awarded contribution from the other Parties of the
Agreement so that each Party of the Agreement shall only be obligated to pay
that portion of such liability as shall be proportionate to such Party of the
Agreement interest in the Agreement.

                                        9
<PAGE>
Section  5.9  SUCCESSORS  AND  ASSIGNS.

     The  rights and obligations of this Agreement may be not assigned by either
Pacifico  or  Spirit  to  any  successor or assignee without the express written
agreement  of  the  other,  which agreement may be withheld in such party's sole
discretion.

Section  5.10  COUNTERPARTS.

     This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original and all of which shall constitute one and the
same Agreement.

Section  5.11  FURTHER  ASSURANCES.

     Each party hereto agrees to do all acts and things and to make, execute,
and deliver such written instruments as shall from time to time be reasonably
required to carry out the terms and provisions of this Agreement.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first above set forth.

/s/ Luiggi Lopez
-----------------------------------------
By:  Luiggi  Lopez  Authorized  Signatory  on  Behalf  of;
MINERA  DEL  PACIFICO  NOROESTE  S.A.

/s/ Peter Laipnieks
-----------------------------------------
By:  Peter  Laipnieks,  President;
SPIRIT  EXPLORATION  INC.

                                       10
<PAGE>
EXHIBIT  A
Properties

KYLEE

Spirit has agreed to purchase the concessions of Kylee for a lump sum payment of
$400,000 USD on or before October 31, 2007. The formal title for such properties
shall  be  transferred  and  delivered  to  Spirit  immediately  upon  payment.

MARIA  OLIVIA

Spirit  has  agreed  to  purchase the concessions of Maria Olivia for a lump sum
payment  of  $400,000  USD on or before October 31, 2007, of which a mortgage is
due  and  owed on said concession. The formal title for such properties shall be
transferred  and  delivered  to  Spirit  immediately  upon  payment.

MULUNCAY

Spirit has approved and has instructed Pacifico to acquire identified properties
inside  the mining district known as Muluncay (See below).  This approval allows
Pacifico to enter into mortgages and commitments in the behalf of Spirit through
its  Ecuadorian  Subsidiary,  ECUADORGOLD  SA.

MINES                              OWNER
Mina  Buena  Esperanza             Sr.  Angel  Avila  Cordova          ACQUIRED
Mina  Naranjitos                                                       ACQUIRED
Mina  De  La  Divina  Justricia                                        ACQUIRED
Mina  La  Chonto                                                       ACQUIRED
Mina  Los  Quindes                                                     ACQUIRED
Mina  Las  Canas                   Sr.  Emilio  Asanza                 ACQUIRED
Mina  Autonomos                    Sr  Manual  Lopez                   ACQUIRED

PROPERTIES  TO  BE  ACQUIRED

1)  Fierro  Urco  II
2)  Campo  De  Oro  Sur
3)  Concession  Claudio  Asanza
4)  Oro  Norte  Maria

                                       11Exhibit 10.5

                                IBK Capital Corp.
                               The Exchange Tower
                              130 King Street West
                             P.O. Box 451, Suite 640
                            Toronto, Ontario (Canada)
                                     M5X 1E4

                  Tel.  (416) 360-4505    Fax.  (416) 360-8513
                        E-mail: inquiries@ibkcapital.com
                               www.ibkcapital.com

October  19,  2007

Mr.  Terry  Fields
Chief  Executive  Officer
Spirit  Exploration  Inc.
118 Howe Street
Vancouver, BC V8V 4K4

Dear Terry:

In  accordance  with  our  recent discussions, IBK Capital Corp. ("IBK Capital")
will  endeavour  to  obtain  for  Spirit  Exploration  Inc.  ("Spirit"  or  the
"Company"),  on  terms  and  conditions  acceptable  to  the  Company, a private
placement  of  up  to  $10.0  million of units of common shares and common share
purchase  warrants  or  some  other  acceptable  financing  arrangement  (the
"Financing").

1.     FEES  AND  EXPENSES

The  Company  agrees  to  pay  IBK  Capital  the  following  fees:

A  non-refundable  work  fee  of  $25,000 (the "Work Fee"), $12,500 payable upon
signing  of  this  agreement  and  the  balance  within  30  days;

On  the closing date thereon a commission equal to 9% of the total amount of the
Financing  (the  "Commission").  In  addition,  Spirit  agrees  to  issue to IBK
Capital  common share purchase warrants of the Company ("Warrants").  The number
of Warrants to be issued to IBK Capital will be equal to 10% of the total amount
of  consideration  received  by  the  Company, divided by the offering price per
share  ("Offering  Price") under the Financing.  One Warrant entitles the holder
to  acquire  one  common  share  of the Company at a price equal to the Offering
Price  for  a  period  of  four  years  from  the closing date of the Financing.

The  Work  Fee  is  paid to IBK Capital to partially defray its upfront internal
costs  of  providing  the  services  contemplated  by  this agreement and is not
success  based  and  is  not  refundable in any circumstances. The Work Fee will
however  be  deductible  from  the  Commission  if  the  Financing is completed.

The  Company  also  agrees  to  pay IBK Capital for any reasonable out-of-pocket
expenses  incurred  in  connection  with  its  activities hereunder.  An expense
advance  of  $3,500 is payable upon the signing of this agreement.  This advance
will  be  primarily  used  for  office services including long distance charges,
printing,  postage  and other related expenses.  Any travel-related expenses are
to  be  approved  in  writing  by  the  Company in advance.  IBK Capital will on
request  provide  you with a periodic accounting of all expense advances made by
you.

                                        1
<PAGE>

2.     TERM

The appointment of IBK Capital pursuant to this agreement will be effective from
the  date  first written above and will continue for six months.  This agreement
may,  however,  be  terminated or extended by the Company or by IBK Capital upon
notice  in writing or otherwise to the other party. It is understood that in the
event  of  the  termination or expiry of this agreement, IBK Capital retains the
right  to  be  paid  any  out-of-pocket  expenses  incurred  by it and due to it
pursuant  to  section  1  above,  on  or  before the date of such termination or
expiry.

3.     INFORMATION

The  Company  will  furnish  to  IBK  Capital  the  most  up to date information
concerning  the  Company  and  its assets as is available.  All such information
(the "Information") will be kept confidential by IBK Capital, except such of the
Information  as  has  been  made  public  by  the  Company.

4.      INDEMNIFICATION

The Company agrees to notify IBK Capital promptly of any assertion against it or
any  other  person  of any claim or the commencement of any action or proceeding
relating  to  any  transaction  contemplated  by  this  agreement.

The  Company  agrees  to indemnify and hold harmless IBK Capital, its directors,
employees,  agents  and  controlling persons (each being an "Indemnified Party")
from  and against any and all losses, claims, damages, liabilities and expenses,
joint  or  several  to which such Indemnified Party may become subject under any
applicable  Canadian  Federal or Provincial law which are caused by or arise out
of  (i)  any  untrue  statement  or  alleged untrue statement of a material fact
contained  in  the  Information or the omission or the alleged omission to state
therein  a  material  fact necessary in order to make the statements therein not
misleading in light of the circumstances under which they were made, or (ii) any
transaction  contemplated  under  this  agreement or IBK Capital's providing the
services  to  the  Company  pursuant to this agreement.  However, such indemnity
will  not  apply  under  this clause to the extent that any loss, claim, damage,
liability  or  expense  is found in a final judgment by a court to have resulted
primarily from the gross negligence or bad faith of IBK Capital in rendering the
services  to  the  Company  pursuant  to  this  agreement.

In  the event IBK Capital appears as a witness in any action brought against the
Company  in  which an Indemnified Party is not named as a defendant, the Company
agrees  to  reimburse  IBK Capital for all reasonable expenses incurred by it in
connection  with  so  appearing and to compensate IBK Capital in an amount to be
mutually  agreed  upon.

5.     JURISDICTION

The  terms of this agreement shall be interpreted by and construed in accordance
with  and  governed  by  the  laws  of  the  Province  of  Ontario.

                                        2
<PAGE>

If  the  foregoing  terms correctly set forth the terms of the agreement between
the Company and IBK Capital, please confirm this by signing and returning to IBK
Capital  the  duplicate  copy  of  this  letter.

Yours  very  truly,

IBK  CAPITAL  CORP.

By  \s\ William F. White
    ------------------------
       William  F.  White
       President

Accepted  as  of  the  date  first  written  above:

SPIRIT  EXPLORATION  INC.

By  \s\ Terry Fields
    ------------------------
       Terry  Fields
       Chief  Executive  Officer

                                        3

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