Sprott Molybdenum Participation Corporation announces a review of strategic alternatives

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    UNITED STATES/

    TORONTO, Dec. 10 /CNW/ - (TSX: MLY, MLY.WT) - Sprott Molybdenum
Participation Corporation (the "Corporation" or "Sprott Moly") is announcing
that, in light of both recent market developments and the fact that the
Corporation's shares continue to trade at a significant discount to net asset
value, its board of directors, together with Sprott Asset Management Inc., the
Manager of the Corporation, is exploring strategic alternatives for Sprott
Moly. The focus of the review is to investigate strategic alternatives that
would make best use of the Corporation's current cash position, including a
possible liquidation. As at December 5, 2008, the Corporation's net asset
value was $1.74 per common share, of which $1.31 per common share was in cash
and near cash securities, net of short term liabilities.
    There can be no assurance that the process will result in any specific
strategic or financial transactions, and no timetable has been set for its
completion. The Corporation does not plan to make future comments about the
status of the review unless there are material developments.

    About Sprott Molybdenum Participation Corporation
    -------------------------------------------------

    The Corporation is an investment holding company created with the goal of
achieving capital appreciation by investing in securities of private and
public companies that explore for, mine and/or process molybdenum and by
investing in, holding, selling and otherwise transacting in all commercial
forms of molybdenum.

For further information: please contact Investor Services at
1-888-362-7172