Press Release

Sprott Resource Corp. Files September 30, 2007 Quarterly Report

        /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION      IN THE UNITED STATES/        TORONTO, Nov. 14 /CNW/ - (TSX: SCP) - Sprott Resource Corp. (the  "Company" or "SRC") reports that it has released its unaudited consolidated  financial statements for the third quarter ended September 30, 2007 and that  these consolidated financial statements and the related management's  discussion and analysis of financial position and results of operations  ("MD&A") are available for viewing on SEDAR at www.sedar.com and at the  Company's website at www.sprottresource.com.      This past quarter included a series of significant events. On September  5, 2007, the Company entered into a management services agreement (the "MSA")  with Sprott Consulting Ltd. ("SCL"), a wholly-owned subsidiary of Sprott Asset  Management Inc. Pursuant to the terms of the MSA, SCL was appointed by the  Company to manage, or engage others to manage, the undertaking and affairs of  the Company. In consideration for management services to be provided by SCL,  the Company will pay an annual services fee equal to 2% of the net asset value  of the Company (determined in accordance with the MSA), calculated and paid  quarterly. In addition, the Company will pay an annual incentive fee equal to  20% of the pre-tax profits of the Company for such year, net of a hurdle rate  of return based upon the Canadian 30-Year Generic Bond Index. A copy of the  MSA can be obtained by visiting the Company's website or SEDAR.      As part of the MSA, Eric Sprott, John Embry and Kevin Bambrough were  appointed directors of the Company to fill the vacancies following the  resignations of Ralph Fitch, Lawrence Dick and Tina Woodside. In addition, the  then existing officers of the Company (other than William Filtness, Chief  Financial Officer) resigned and Eric Sprott was appointed Chairman and Kevin  Bambrough was appointed President and Chief Executive Officer.      Also on September 5, 2007, the Company closed a $60 million private  placement, which comprised of the issuance of 40 million units at $1.50 per  unit. Each unit was comprised of one common share and one common share  purchase warrant, with each warrant being exercisable for two years at $2.50.      High Desert Gold Corporation ("HDG"), formerly a wholly-owned subsidiary  of the Company, completed its initial public offering on October 17, 2007 (the  "HDG IPO"). As a result of the HDG IPO, the Company's interest in HDG, through  its holding of 6 million common shares, has been diluted to approximately 17%.  This reduced interest has prevented the Company from continuing to use HDG's  assets to meet its TSX listing requirements. As a result, TSX notified the  Company that it would be reviewing the Company's listing under its remedial  review process. The Company has 120 days from the date of the HDG IPO to  comply with its TSX listing requirements. The Company is currently in advanced  negotiations on a number of properties with a view to acquiring an interest in  a qualifying property to enable the Company to meet the TSX listing  requirements.      The Company is in a strong financial position with working capital of  $66 million as at September 30, 2007. In addition, the Company holds a  portfolio of investments valued at $8.9 million as at September 30, 2007. The  Company's new management is continuing to seek out investments in the natural  resource sector, in which to deploy its working capital.        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 an inability to acquire an interest in a property that  is satisfactory to TSX. 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.        %SEDAR: 00003905E        

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