Sprott Resource Holdings Press Releases


Press Release

Sprott Resource Corp. Files Annual Financial Statements


        /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN      THE UNITED STATES/        TORONTO, March 31 /CNW/ - (TSX:SCP) - Sprott Resource Corp. (the  "Company" or "SRC") reports that it has released its audited consolidated  financial statements for the year ended December 31, 2007 and the related  management's discussion and analysis of financial position and results of  operations ("MD&A"). The Company has also filed its annual information form in  respect of the year ended December 31, 2007 ("AIF"). Copies of the audited  annual consolidated financial statements, related MD&A and the AIF can be  found on SEDAR at www.sedar.com.      During the last quarter of 2007, the Company made a sizeable investment  of US$31 million in PBS Coals Corporation ("PBS Coals"), a recently  incorporated British Columbia corporation created for the sole purpose of  holding shares of Mincorp Acquisition Corp. ("Mincorp") (see December 5, 2007  press release). The Company owns approximately 37.5% of the common shares of  PBS Coals, which in turn owns approximately 73.6% (59.6% fully diluted) of the  common stock of Mincorp.      Also of note during the last quarter of 2007, the Company entered into an  option and exploration agreement to acquire an interest in the Mantaro  phosphate project located in Peru (see November 16, 2007 and November 22, 2007  press releases). During 2008, the Company intends to conduct exploration  drilling and complete an NI 43-101 compliant technical report on the property.      For the year ended December 31, 2007, the Company reported net earnings  of $2.0 million ($0.09 per share) as compared to a net loss of $644,704 ($0.07  per share) for the year ended December 31, 2006. The Company continues to be  in a strong financial position with cash as at December 31, 2007 of  $34.1 million. In addition, the Company holds a portfolio of investments  valued at $11.8 million as at December 31, 2007, as well as its investment in  PBS Coals. The Company's management continues to seek out new investments and  business opportunities in the natural resource sector.        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 regarding SRC, including management's assessment of  future plans, may constitute forward-looking statements under applicable  securities laws and necessarily involve risk, including without limitation,  risks associated with mineral exploration projects. SRC's actual results or  achievements 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, which are based on management's current  expectations, 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.          

Stay informed with
Sprott's Insights

Subscribe today to receive the latest perspective from Sprott.

Important Message

You are now leaving Sprott.com and entering a linked website. Sprott has partnered with ALPS in offering Sprott ETFs. For fact sheets, marketing materials, prospectuses, performance, expense information and other details about the ETFs, you will be directed to the ALPS/Sprott website at SprottETFs.com.

Continue to Sprott Exchange Traded Funds

Important Message

You are now leaving Sprott.com and entering a linked website. Sprott Asset Management is a sub-advisor for several mutual funds on behalf of Ninepoint Partners. For details on these funds, you will be directed to the Ninepoint Partners website at ninepoint.com.

Continue to Ninepoint Partners