Press Release

Sprott Resource Corp. Provides Update on Orion Oil & Gas Ltd. - Completion of Previously Announced Amalgamation and TSX Listing

TORONTO, Jan. 11 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC") announced today that Orion Oil & Gas Ltd. has completed its previously announced amalgamation with a wholly-owned subsidiary of Wintraysan Capital Corp., TSX-V:WTS.P ("Wintraysan") (see press release issued by SRC on November 30, 2009 for details on the amalgamation) (the "Amalgamation"). Wintraysan has been renamed Orion Oil & Gas Corporation ("Orion"). Orion's common shares will be listed and begin trading on the Toronto Stock Exchange ("TSX") today under the symbol "OIP".

Prior to the Amalgamation, SRC held 229,334,351 common shares of Orion Oil & Gas Ltd. out of a total 289,226,766 outstanding common shares of Orion & Gas Ltd. (79.3%). As a result of the Amalgamation and a subsequent share consolidation, SRC now owns 229,334,351 Orion common shares out of 289,521,766 outstanding Orion common shares (78.98%). SRC currently holds the Orion common shares for investment purposes and has no intention at this time of acquiring additional Orion common shares but may acquire additional Orion common shares in the future if circumstances change.

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 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. For more information, please visit www.sprottresource.com.

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", "may", "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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