TORONTO, July 15, 2011 /CNW/ - Sprott Resource Corp. (TSX: SCP) is pleased to announce that its subsidiary, One Earth Farms Corp. ("One Earth Farms") has substantially completed spring seeding of approximately 117,000 acres of cropland in Alberta and Saskatchewan. Sixty percent of One Earth Farm's seeding operations were concentrated in Alberta, with the remaining forty percent carried out in Saskatchewan.
In line with One Earth Farm's geographic diversification plan, seeding in Southern Alberta commenced in April and was completed in the early part of May 2011. The balance of Alberta cropland was seeded during the last week of May.
Northwestern Saskatchewan cropland seeding was completed in early May. Seeding in Eastern Saskatchewan began shortly thereafter and was largely complete by June 7. The balance of seeding operations to be completed in Eastern Saskatchewan comprises feed for One Earth Farms' cattle operations.
One Earth Farms has not been significantly impacted by the extreme weather events that have left large areas of southern Saskatchewan and Manitoba unseeded. Approximately two percent of One Earth Farm's cultivated lands are unseeded this year. The company views this as a positive result, given the challenging climatic conditions experienced across the Canadian Prairies in the spring of 2011.
Significant crops planted this spring include: canola (35%), wheat (31%), malt barley (14%), hay and livestock feed (9%), flax seed (5%), and other crops (6%). Seed germination has been positive in each region, with current moisture conditions ranging from adequate to above average. In addition, pasture conditions for cattle operations are very positive for this time of year.
"We are very pleased with the outcome of our seeding operations this year. As expected, the continued geographic expansion of One Earth Farms facilitated completion of seeding operations in a timely manner and continues to further mitigate weather risk," said Larry Ruud, President and CEO of One Earth Farms.
About Sprott Resource Corp.
SRC is a Canadian based company, the primary purpose of which is to invest and operate in natural resources. Through acquisitions, joint ventures and other investments, SRC seeks to provide its shareholders with exposure to the natural resource sector for the purposes of capital appreciation and real wealth preservation. SRC is well positioned to draw upon the considerable experience and expertise of both its Board of Directors and Sprott Consulting Limited Partnership (SCLP), of which Sprott Inc. is the sole limited partner. Pursuant to a management services agreement between SCLP and SRC, SCLP provides day-to-day business management for SRC as well as other management and administrative services.
About One Earth Farms Corp.
One Earth Farms is a large corporate grain and cattle farm primarily operating in partnership with the First Nations on First Nations farmland in the Prairie Provinces in Canada.
Forward Looking Statements
Certain statements contained herein may constitute "forward-looking statements" or "forward-looking information" under applicable securities laws. Some of the forward-looking statements may be identified by words such as "expects", "intends", "anticipates", "should", "believes", "plans", and similar expressions. Forward-looking statements, which are based on management's current expectations and assumptions, including the anticipated crops and farming conditions, involve a number of risks and uncertainties. Actual results, benefits or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause actual results, benefits, performance or achievements to differ from those expressed in, or implied by, these forward-looking statements include, without limitation, those listed under the heading "Risks Relating to the Agricultural Segment - One Earth Farms" in SRC's Annual Information Form dated March 28, 2011, regulatory risks, environmental risks, operational risks, and other risks associated with a large scale farming operation. No assurance can be given that any events anticipated by these forward-looking statements will occur. These forward-looking statements are made as at the date of this news release. SRC does not undertake any obligation to publicly update or revise any of these forward-looking statements, except as required by applicable securities laws.
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