TORONTO, Dec. 12 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC")
announced today that it has elected to terminate its option agreement (the
"Agreement") with Paragon Minerals Corporation ("Paragon") concerning
Paragon's JBP-Appleton Linear Property. SRC entered into the Agreement in
November 2007.
"We would like to thank Paragon for having involved us in the project,"
said Kevin Bambrough, President and CEO of SRC. "Over the past year our
company has experienced significant growth. Going forward, we intend to focus
on more advanced projects with larger capital commitments."
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 contained herein may constitute "forward-looking
statements" under applicable securities laws. Some of the forward-looking
statements may be identified by words such as "intends", "expects",
"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.
For further information: Kevin Bambrough, President and CEO, Tel: (416)
977-7333, Fax: (416) 977-9555
