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Press Release

Sprott Resource Corp. Announces Completion of $31 Million Financing by its Subsidiary One Earth Farms Corp.

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TORONTO, March 17 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC") announced that its subsidiary One Earth Farms Corp. ("One Earth Farms") completed the first tranche of a $35 million private placement today.  The first tranche of the private placement consisted of the issue and sale of 22,193,921 common shares at $1.40 per share for aggregate gross proceeds of approximately $31,071,489.40.   In addition, One Earth Farms expects to close the second tranche for an additional 2,806,079 common shares by April 30, 2011, resulting in gross proceeds for the private placement of $35 million. Pursuant to the terms of the agency agreement dated March 17, 2011 (the "Agency Agreement") entered into between One Earth Farms and Cormark Securities Inc. ("Cormark"), One Earth Farms has agreed to issue and sell up to 3,571,500 additional common shares at a price of $1.40 per share upon the exercise of Cormark's option. 

"This financing, in combination with the $30 million that SRC contributed in the last few months, fully funds One Earth Farms for 2011. One Earth Farms has already become the largest farming operation in Canada and is on track to become one of the largest farms in the world. This scale has enabled One Earth Farms to completely reinvent the farming model. In only two years, we have been able to lock in industry leading discounts on key crop inputs and equipment and have started developing equally strong relationships with food retailers, working towards the development of branded products, particularly in natural beef" said Kevin Bambrough, President and CEO of SRC.

"I am very pleased with the support and enthusiasm of the investment community towards this capital raise. This raise emphasizes the strength of the unique business model we have developed, our ability to scale very quickly, the distinctive competitive position we have achieved and the recent momentum behind agriculture investments".  "Our strong relationships with our strategic partners and suppliers, along with our scale, are allowing us to now focus more on the downstream market as we look ahead through the balance of 2011", said Larry Ruud, President and CEO of One Earth Farms.

Cormark Securities Inc. acted as agent to One Earth Farms in connection with the financing.

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 One Earth Farms' ability to reach its future growth plans and to achieve profitability through economies of scale and efficient operations, involve a number of risks and uncertainties. Actual results or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause actual results to differ from those expressed in, or implied by, these forward-looking statements include, without limitation, risks associated with its ability to sign and maintain leases covering its targeted land base, commodity price fluctuations, 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.

The securities described in this press release 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 within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.  This press release is for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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