TORONTO, Aug. 29 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC") today announced the completion of an NI 43-101 compliant technical report (the "Report") on the Mantaro Phosphate Project (the "Mantaro Project"). "As supply continues to be tight, we expect the global demand for phosphate to remain strong. We believe the Mantaro Project is well positioned to capitalize on this strength," said Kevin Bambrough, President and CEO of Sprott Resource Corp. The Report identified an Inferred Mineral Resource of 45.17 million tonnes grading 15.4% P(2)O(5). The Report also concludes that the project has an exposed mineralized area that extends beyond the Philip concession, which is the portion of the property on which the inferred resource estimate is based. There appears to be good exploration potential for development of additional mineral resources on the property. The property has been the subject of extensive historical studies. There appears to be good correlation between the exploration and sampling results obtained by previous workers on the property. Key recommendations in the Report include additional trench sampling and drilling to more fully establish the extent and quality of mineralization and develop a more definitive resource estimate. In addition, the Report recommended community consultations and agreements to obtain the exploration permits necessary to explore the property further. The Mantaro Project is owned by Stonegate Agricom Ltd. ("Stonegate"), a 78.95% held subsidiary of SRC. Stonegate is planning an Initial Public Offering later this year. Stonegate is well financed and has appointed a strong management team to advance the Mantaro Project. "Stonegate plans to develop the Mantaro Project, while at the same time searching out other development and producing mining opportunities in the fertilizer sector," said Mark Ashcroft, P.Eng, President & CEO of Stonegate. The technical information in this press release has been reviewed by Don Hains, P. Geo., the author of the Report and a qualified person as defined by the requirements of NI 43-101. Mr. Hains is an independent consultant who has been retained by SRC. We note that Inferred Mineral Resources are not Mineral Reserves, as Inferred Mineral Resources do not have demonstrated economic viability. The Report, entitled "Technical Report on the Mantaro Phosphate Deposit Junin District, Peru" was filed on SEDAR today and will be available at www.sedar.com. About Stonegate Agricom Ltd. Stonegate Agricom Ltd. is a private, Toronto based mineral development company focused on the fertilizer sector. The primary asset of Stonegate is the Mantaro Phosphate Project located in Peru. 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 This release contains certain statements that may constitute forward-looking statements under applicable securities laws. Such forward looking statements are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward looking statements necessarily involve risk, including without limitation, risks associated with mineral exploration projects, such as commodity prices, exploration success and the ability to achieve financing and risks associated with an initial public offering or going public transaction by Stonegate, which is subject to general market conditions and regulatory approvals and therefore cannot be guaranteed to occur on time or at all. 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.
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