Sprott Resource Holdings Press Releases


Press Release

Sprott Resource Corp. announces completion of sale of PBS shares to Severstal


        TORONTO, Nov. 6 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC")  announced today the completion of its sale of 27,144,938 shares of PBS Coals  Limited ("PBS") to 7027940 Canada Limited, an affiliate of OAO Severstal (the  "Severstal") for $140,824,099 as part of Severstal's takeover bid to acquire  all the issued and outstanding shares of PBS. As a result of the sale  completed today and the prior sale of 17,050,000 PBS shares that was completed  on September 24, 2008, SRC has received $240,667,878 from the sale of  44,194,938 PBS shares. SRC acquired the 44,194,938 PBS shares for  US$54,528,978. SRC no longer owns any PBS shares.      "We are extremely pleased to be able to complete this transaction in this  very difficult market," stated Kevin Bambrough, President and CEO of SRC.  "Given the current environment, we plan to continue to be very patient and  conservative in redeploying our capital, the vast majority of which is held in  short-term Government of Canada treasury bills."        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 contained herein may constitute "forward-looking  statements" under applicable securities laws. Some of the forward-looking  statements can be identified by words such as "expects", "anticipates",  "should", "believes", "plans", and similar expressions. These statements  necessarily involve risk. Actual results and future events 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 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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