TORONTO, Nov. 18 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC") acquired beneficial ownership of 12,918,750 common shares (the "Common Shares") of Tournigan Energy Ltd. (TSXV:TVC), representing approximately 10.53% of the outstanding Common Shares, on November 11, 2008 through the facilities of the Toronto Stock Exchange. These Common Shares are held through SRC's discretionary managed account with Sprott Asset Management Inc. Sprott Asset Management Inc. is the portfolio manager of the managed account and exercises control and direction over the Common Shares. With these newly acquired Common Shares, SRC beneficially holds 15,986,250 Common Shares or approximately 12.96% of the outstanding Common Shares, all held in the managed account controlled and directed by Sprott Asset Management Inc.. The Common Shares were acquired beneficially through SRC's managed account for investment purposes. SRC, directly or through the managed account, may acquire additional Common Shares depending on market conditions and other relevant factors. About Sprott Resource Corp. SRC is a Canadian based company, the primary purpose of which is to invest, directly and indirectly, 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 Asset Management 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. Forward Looking Statements Certain statements regarding SRC, including management's assessment of future plans, may constitute forward-looking statements under applicable securities laws and necessarily involve risk. SRC's actual results or achievements could differ materially from those expressed in, or implied by, the forward-looking statements. No assurance can be given that any events anticipated by the forward-looking statements will occur. These forward-looking statements, which are based on management's current expectations, 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.
You are now leaving Sprott.com and entering a linked website. Sprott has partnered with ALPS in offering Sprott ETFs. For fact sheets, marketing materials, prospectuses, performance, expense information and other details about the ETFs, you will be directed to the ALPS/Sprott website at SprottETFs.com.Continue to Sprott Exchange Traded Funds
You are now leaving Sprott.com and entering a linked website. Sprott Asset Management is a sub-advisor for several mutual funds on behalf of Ninepoint Partners. For details on these funds, you will be directed to the Ninepoint Partners website at ninepoint.com.Continue to Ninepoint Partners