Sprott Resource Holdings Press Releases


Press Release

Sprott Resource Corp. announces completion of amalgamation of its Mantaro Phosphate Project with Stonegate Minerals


        TORONTO, Aug. 19 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC") today  announced that its subsidiary, which indirectly holds SRC's interest in the  Mantaro Phosphate Project ("Holdco"), has amalgamated with Stonegate Minerals  Ltd. SRC previously announced its intention to amalgamate Holdco with  Stonegate (see press release dated July 15, 2008). The amalgamated company has  been named Stonegate Agricom Ltd. ("Stonegate Agricom").      SRC owns approximately 79 percent of the outstanding shares of Stonegate  Agricom, with the balance owned by former Stonegate shareholders and  participants in a private placement that was completed by Stonegate Agricom  immediately following the amalgamation. Stonegate Agricom has approximately  $7.4 million in working capital, all of which has been provided by Stonegate  and the participants in the private placement.      The key principals of Stonegate, Ian McDonald and Kerry Knoll, will serve  as directors of Stonegate Agricom. SRC has signed a voting agreement with  Stonegate Agricom, under which it has agreed to vote its shares for a period  of three years in favour of each nominee to the board of directors of  Stonegate Agricom proposed by management of Stonegate Agricom, subject to SRC  having one representative on the board of directors and certain other  conditions.      Mark Ashcroft will serve as President and CEO of Stonegate Agricom. Mr.  Ashcroft graduated from Laurentian University with a Bachelor of Engineering  (Mining) and holds a Master's degree in Finance from the ISMA Centre at the  University of Reading. Mr. Ashcroft's mining experience was gained in North  and South America and Australia. Following completion of his Master's degree  he has advised on, and arranged, debt and equity financing for a wide range of  global mining projects. Mr. Ashcroft is a Professional Engineer in the  Province of Ontario.      William Jupp will serve as Chief Financial Officer of Stonegate Agricom.  Mr. Jupp is a Chartered Accountant with over 25 years of financial and  management experience with publicly-traded companies in Canada and the United  States. During his career, he has worked with public companies in real estate,  mining, and oil and gas. From 1995 to 2006, he was with Trizec Canada Inc.  (and its predecessor corporations) where he served as Director, Financial  Reporting and Assistant Secretary of the Company (until acquired by Brookfield  Properties Corporation). From 2007 until 2008, he worked with Brookfield's  management to integrate the operations of Trizec Canada. Mr. Jupp is a member  of the Ontario Institute of Chartered Accoutants and the Alberta Institute of  Chartered Accountants. In addition, he is a Certified Public Accountant  (Illinois).        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, including without limitation,  risks associated with mineral exploration projects. 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.        %SEDAR: 00003905E        

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