Sprott Resource Holdings Press Releases

Press Release

Sprott Resource Corp. Announces Sale of 17.05 Million Shares of PBS Coals Corporation

        TORONTO, July 31 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC") today  announced that it has sold into escrow 17,050,000 shares of PBS Coals  Corporation ("PBS"), as part of a treasury and secondary offering of  35,716,000 Subscription Receipts (each a "Security") closed by PBS at a price  of $6.00 per Security. SRC previously announced its intention to sell shares  of PBS as part of the offering (see press release dated June 27, 2008). SRC  continues to own 27,140,000 shares of PBS.      Each Security effectively represents a right to receive a common share of  PBS Coals Limited, the company to be formed from the business combination  between PBS and Penfold Capital Acquisition Corporation ("Penfold"), upon the  occurrence of release conditions including TSX approval and satisfaction of  the conditions to the PBS and Penfold business combination. The aggregate  proceeds from the offering will be held in escrow pending the completion of  the business combination of PBS and Penfold.        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" or "forward-looking information" under applicable securities laws.  Some of the forward-looking statements may be identified by words such as  "expects", "anticipates", "should", "believes", "plans", and similar  expressions. These statements necessarily involve risk, including without  limitation, risks associating with the escrow release conditions not being  satisfied. 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.          

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