Sprott Asset Management (SAM) Announces Retirement of Senior Portfolio Manager

Toronto, May 25, 2009 - Sprott Asset Management Inc. ("SAM") announced today that senior portfolio manager, Jean-François Tardif, has expressed his intention to retire, effective July 7, 2009. Mr. Tardif currently leads the investment management team for the Sprott Opportunities Hedge Fund L.P., the Sprott Opportunities Offshore Fund Ltd., Sprott Opportunities Capital Fund, L.P. and the Sprott Opportunities RSP Fund (collectively, the "Funds"). To ensure a smooth transition of his duties and responsibilities, Mr. Tardif will remain with SAM until July 7, 2009.

Charles Oliver and Jamie Horvat, who are currently members of SAM's investment management team, will lead the team as senior portfolio managers of the Funds. Messrs. Oliver and Horvat are also on the investment management team for Sprott All Cap Fund, Sprott Global Equity Fund and Sprott Gold and Precious Minerals Fund. Prior to joining SAM on January 31, 2008, Messrs. Oliver and Horvat were co-managers of a number of AGF mutual funds overseeing in excess of $4 billion of assets under management. Eric Sprott continues to head up SAM's investment management team for all of the Sprott funds.

There will be no change to the fundamental investment objectives or the investment strategies of any of the Funds as disclosed in the offering documents of those Funds.

SAM extends its best wishes to Mr. Tardif and his family and sincerely thanks Mr. Tardif for his valuable contribution to SAM over the past eight years.

SAM will be hosting a webcast with Jean-François Tardif, Charles Oliver and Jamie Horvat at 10:00 a.m. (Toronto time) on Friday May 29, 2009.

Additional information and registration will be available through www.sprott.com commencing on Wednesday, May 27, 2009. For further information, please contact your financial advisor directly or contact our Sales and Client Relations Department at (416) 943-6707 or toll-free at 1-866-299-9906.