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Sprott Resource Corp. announces that 7027940 Canada Limited succeeds in bid for shares of PBS

        TORONTO, Nov. 4 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC")  announced today that 7027940 Canada Limited (the "Offeror") has announced that  with all the conditions to its offer (the "Offer") for all the outstanding  shares of PBS Coals Limited ("PBS") having been satisfied or waived, the  Offeror has instructed the depositary to take up and accept for payment all  PBS shares tendered to the Offer. The Offeror has indicated that it will  provide the depositary with the funds necessary to make such payment on or  before November 5, 2008. SRC owns 27,144,938 PBS shares, which it has tendered  to the Offer.        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 the  ability of the Offeror to complete payment for the shares tendered to the  Offer. 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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