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Press Release

Sprott Resource Corp. Announces Closing of Secondary Offering of Common Shares in Stonegate Agricom Ltd.

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

TORONTO, March 9 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC") today announced the closing of the previously announced secondary offering of 25,000,000 common shares of Stonegate Agricom Ltd. ("Stonegate Agricom") by SRC at a price of $1.75 per common share for aggregate gross proceeds of $43,750,000.

The offering was completed by a syndicate of underwriters led by GMP Securities L.P., and including BMO Capital Markets Inc., Scotia Capital Inc., Canaccord Genuity Corp., Cormark Securities Inc., Mackie Research Capital Corporation, National Bank Financial Inc., Stonecap Securities Inc., Northern Securities Inc. and Octagon Capital Corporation. The underwriters continue to have an over-allotment option, exercisable for a period of 30 days from the closing of the offering, to purchase up to an additional 3,750,000 common shares of Stonegate Agricom from SRC at a price of $1.75 per common share. SRC currently holds 50,662,000 common shares of Stonegate Agricom, representing an approximate 36% interest in Stonegate Agricom on an undiluted basis.

This press release does not constitute an offer to sell or an offer to buy any securities of Stonegate Agricom in any jurisdiction in which such offer, solicitation or sale would be unlawful. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.

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 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. For more information, please visit www.sprottresource.com.

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