TORONTO, Oct. 22 /CNW/ - Sprott Resource Corp. ("SRC") today announced that the expiration date for the September 5th, 2008 offer (the "Offer") by an affiliate of OAO Severstal ("Severstal") to purchase all outstanding shares of PBS Coals Limited ("PBS") has been extended by Severstal to 11:59 p.m. (Toronto time) on October 24, 2008. The terms of the Offer remain unchanged at C$8.30 cash per share. SRC owns 27,144,938 shares of PBS, which it has tendered into the Offer. On October 10, 2008, Severstal announced the extension of the expiration date for the Offer until October 20, 2008. However, due to the Canadian Thanksgiving long weekend, the mailing of the Notice of Extension to shareholders of PBS did not occur until October 14, 2008. In accordance with applicable Canadian Securities laws, any extension of an Offer must remain open for a minimum period of 10 days from the date it is mailed to shareholders. Accordingly, the expiry time of the Offer is 11:59 p.m. (Toronto time) on October 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 satisfied or waived, that all required regulatory approvals may not obtained or that the Offer may not be completed for any other reason. 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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