Press Release

Sprott Resource Corp. announces termination of option agreement with Paragon Minerals

        TORONTO, Dec. 12 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC")  announced today that it has elected to terminate its option agreement (the  "Agreement") with Paragon Minerals Corporation ("Paragon") concerning  Paragon's JBP-Appleton Linear Property. SRC entered into the Agreement in  November 2007.      "We would like to thank Paragon for having involved us in the project,"  said Kevin Bambrough, President and CEO of SRC. "Over the past year our  company has experienced significant growth. Going forward, we intend to focus  on more advanced projects with larger capital commitments."        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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