Press Release

Sprott Resource Corp. Announces Third Quarter 2009 Results

TORONTO, Nov. 13 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC" or the "Company") today announced its financial results for the three-and nine-month periods ended September 30, 2009. The consolidated financial statements and related management's discussion and analysis can be found on SEDAR (www.sedar.com) and www.sprottresource.com.

Financial Highlights for Q3 2009 and Year to Date ("YTD") 2009:

Consolidated Income Statements      -------------------------------------------------------------------------                                           Three     Three      Nine      Nine                                           Month     Month     Month     Month                                          Period    Period    Period    Period                                           Ended     Ended     Ended     Ended                                        Sept. 30, Sept. 30, Sept. 30, Sept. 30,                                            2009      2008      2009      2008      -------------------------------------------------------------------------      Net earnings (loss) ($000's)        (3,040)   67,155    (3,721)   73,838      Earnings (loss) per share -       basic                               (0.04)     0.76     (0.05)     1.13      Earnings (loss) per share -       diluted                             (0.04)     0.75     (0.05)     1.12      -------------------------------------------------------------------------          Consolidated Balance Sheets      -------------------------------------------------------------------------                                                                   As at                                                            Sept. 30,  Dec. 31,                                                                2009      2008                                                              $000's    $000's      -------------------------------------------------------------------------      Cash, cash equivalents and       short-term investments                               $143,105  $203,547      Gold & silver bullion (at cost)                        $87,877   $61,930      Portfolio investments                                  $44,136   $28,564      Total Assets                                          $304,213  $314,286        Current liabilities                                     $3,424   $21,946      Total Liabilities                                       $9,841   $29,530      Net assets (total assets minus       total liabilities)                                   $294,372  $284,756      Net assets/share                                         $3.46     $3.48      -------------------------------------------------------------------------      -------------------------------------------------------------------------        Operational and Business Highlights        -   Since June 30, 2009, the Company's gold bullion holdings have          increased from 40,475 ounces to 73,971 ounces with an aggregate cost          of 75.6 million. As at November 11, 2009, the closing price of gold          bullion (in Canadian dollars) was $1,168 per ounce, valuing the          Company's bullion position at $87.4 million and representing an          unrealized gain of $11.8 million. Subsequent to quarter end, the          Company sold its silver bullion position for a gain of $9.9 million.        -   During the nine month period, the Company's investment portfolio has          grown to $44.1 million from $28.6 million as at December 31, 2008.          The growth was driven by market value appreciation and $11.3 million          of net additional capital invested. During the period, the Company          has realized gains of $6.1 million on the sale of investments and          continues to hold unrealized gains of $4.2 million.        -   One Earth Farms began its crop harvest during the quarter.          Approximately 46% of the canola was harvested with 40% of the          estimated production committed for delivery under a basis contract.          Subsequent to quarter end, One Earth Farms has continued the harvest          of the remainder of the canola, the barley and wheat.        -   Waseca Energy Inc. ("Waseca") increased its land position during Q3          by 1,112 hectares. Subsequent to the end Q3, Waseca spent $7 million          to acquire an additional 7,913 hectares of land. Waseca's total land          position is now 16,274 hectares. Also subsequent to the end of Q3,          Waseca commenced its fourth quarter drilling program under which          Waseca intends to drill 10 new wells and re-enter one existing well.          To date, 5 wells have been drilled under the Q4 program, yielding 4          oil wells and one dry hole. Production numbers will be available          later in Q4.        -   On September 28, 2009, the Company announced that it entered into an          agreement to purchase, through Orion Oil and Gas Ltd. ("Orion"), a          newly formed subsidiary, all of the issued and outstanding common          shares of Auriga Energy Inc., a private oil and gas company operating          in Alberta by way of an exempt take-over bid. The transaction was          completed on October 20, 2009.

"Over the last year, we have been able to diversify our asset mix and increase our exposure to the oil and gas sector," said Kevin Bambrough, President and CEO of Sprott Resource Corp. "Throughout the remainder of the year we will continue to support our key subsidiaries and drive them forward to create growth and value for our shareholders. In addition, we will continue to engage management teams and evaluate unique, accretive acquisition opportunities."

Financial Review

Working Capital

As at September 30, 2009, the Company had current assets of $238.7 million, consisting primarily of cash and cash equivalents ($67.2 million), Government of Canada T-bills ($75.9 million) and gold and silver bullion ($87.9 million). Current liabilities of $3.4 million consist of accounts payable and accrued liabilities ($3.2 million) and capital tax payable ($230 thousand).

Working capital decreased to $235.3 million from $246.2 million at December 31, 2008. The decrease in working capital is attributed to the net purchase of public securities, the purchase of property, plant and equipment and operating losses at One Earth Farms and Waseca.

Net Assets

As at the end of Q3 2009, net assets were $294.4 million as compared to $370.8 million at the end of Q3 2008 and $284.8 million at the end of December 31, 2008.

Oil and Gas Revenue (net of royalties)

For Q3 2009, Waseca recorded $699 thousand in net oil sales representing a decrease of $54,000 or 7% over the Q2 2009 and an increase of $699 thousand compared to $nil revenue in Q3 2008. YTD revenue was $1.75 million compared to $nil for the same period in the prior year.

Farming Revenue and Production Costs

One Earth Farms commenced its crop harvest in September. Using the futures price at September 30, 2009, the value of the crop sales represents $967 thousand of revenue. Production costs, which include all costs except for farm leases and general and administrative expenses, for the canola delivered and sold in the third quarter were $817 thousand.

Operating Expenses

Operating expenses, including general and administrative expenses, management fees, and incentive fees, for Q3 2009 decreased by $282 thousand (7%) versus Q2 2009 and $16.3 million (81%) versus Q3 2008. The primary reason for the year over year decline is related to the $17.4 million incentive fee accrued from the gain on PBS Coals. YTD Operating Expenses for Q3 were $10.9 million representing a decrease of $11.4 million (51%) for the same period in the prior year.

As at September 30, 2009, the Company had 85,159,024 common shares issued and outstanding.

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 "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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