TORONTO, Dec. 15 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC") announced today that it has acquired during this quarter 40,475 ounces of gold bullion and 852,478 ounces of silver bullion. The balance of SRC's working capital is in short-term government of Canada treasury bills. "We intend to continue to look for attractive investment opportunities to allocate our capital while working on building accretive businesses," said Kevin Bambrough, President and CEO of SRC. "In the interim, we feel it is prudent to allocate a portion of our working capital into gold and silver bullion. We may allocate a larger portion into gold and silver, or other physical commodities, in the future depending on market conditions." Kevin Bambrough continued: "Current yields on short-term government debt are approaching, and in certain cases have reached, zero percent. This is occurring while governments are assuming liabilities and issuing debt at an unprecedented rate. We believe this situation is not sustainable over the longer-term and that global creditors will begin to hoard hard assets, in particular gold and silver, rather than purchase government debt that offers little nominal yield and is subject to a loss in real value as currencies are debased." 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 may be identified by words such as "intends", "expects", "anticipates", "should", "believes", "plans", and similar expressions. These statements are based on current estimates, factors and assumptions, including expectations regarding the SRC's future strategy and business and the execution of its existing plans. These statements involve known and unknown risk. No assurance can be given that any events anticipated by the forward-looking statements will occur. Actual results and future events could differ materially from those expressed in, or implied by, the forward-looking statements. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. 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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