/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TORONTO, Sept. 5 /CNW/ - Sprott Resource Corp. ("SRC") announced today that it has been informed that a wholly-owned subsidiary of Severstal Resources, the mining division of OAO Severstal ("Severstal") has mailed its offer to purchase all the outstanding common shares of PBS Coals Limited, the company resulting from the business combination of Penfold Capital Acquisition Corporation ("Penfold") and PBS Coals Corporation ("PBS"), for a price of Cdn.$8.30 per share (the "Offer"). SRC previously announced that it had signed a lock-up agreement with Severstal under which it has agreed to tender into the Offer (see press release dated August 22, 2008). The Offer may not be accepted by security holders of PBS until the completion of PBS' business combination with Penfold, which SRC understands is expected to be completed on or about September 24, 2008. 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, including without limitation, risks associated with the Offer, including the possibility that the conditions relating to the offer may not be satisfied or that all required regulatory approvals may not be obtained. 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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