TORONTO, Jan. 4, 2012 /CNW/ - Sprott Resource Corp. (TSX: SCP) - Sprott Resource Corp. ("SRC") today announced that it has invested $6.9 million in Potash Ridge Corporation ("Potash Ridge" or the "Company") in a series of non-brokered private placements completed by Potash Ridge. As a result of its investment, SRC owns approximately 19.9% of Potash Ridge.
Potash Ridge is a private mineral resource company focused on its two 100% owned alunite deposits in Utah named Blawn Mountain and Pine Valley. Alunite is a mineral from which sulphate-of-potash (a high-grade potash), alumina and sulphuric acid can be extracted. The Company is currently undertaking an extensive drilling program with funds raised from financings completed to date.
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. SRC invests and operates through Sprott Resource Partnership (SRP), a partnership between SRC and Sprott Resource Consulting Limited Partnership, an affiliate of SCLP which is the managing partner of SRP.
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