Press Release

Sprott Resource Corp. Announces Establishment of Automatic Repurchase Plan

TORONTO, April 30, 2012 /CNW/ - Sprott Resource Corp. ("SRC") announced today that in connection with its Normal Course Issuer Bid (the "NCIB") previously announced on August 30, 2011, it is establishing an Automatic Repurchase Plan  (the "Plan") with a broker to facilitate purchases of SRC's common shares under the NCIB.

The Plan permits SRC to provide standing instructions to its broker as to how SRC's common shares are to be repurchased, including during internal blackout periods and/or when the Company is in possession of material non-public information.

Since the beginning of this year, SRC has purchased and cancelled 1,661,000 common shares under the NCIB.

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 LP (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.  SRC invests and operates through Sprott Resource Partnership (SRP), a partnership between SRC and Sprott Resource Consulting Limited Partnership, an affiliate of SCLP which is the managing partner of SRP.

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