/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.
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