Sprott Resource Corp. Announces Completion of $15 Million Strategic Financing
by its Subsidiary One Earth Farms Corp.

TORONTO, Dec. 23 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC") announced today that its subsidiary One Earth Farms Corp. ("One Earth Farms") has completed a $15 million strategic financing pursuant to which it has issued 15 million common shares at $1 per common share. SRC owns 30 million common shares in One Earth Farms. As a result of the completion of the Private Placement, SRC's undiluted ownership interest in One Earth Farms has been reduced to 66.67%. SRC also has 30 million common share purchase warrants in One Earth Farms exercisable at $1 per common share purchase warrant.

Subscribers to the private placement include Ag Growth International (TSX:AFN), a leading manufacturer of portable and stationary grain handling, storage and conditioning equipment, Alliance Grain Traders (TSX:AGT), the largest lentil and pea splitting company in the world and CAPE Fund LP ("CAPE Fund"), a $50 million private-sector investment fund founded by the family of the Right Honourable Paul Martin and 21 large corporations, international foundations and individuals, which is focused on opportunities with a strong degree of Aboriginal involvement and connection to Aboriginal communities throughout Canada.

"We are pleased that these investors share the vision of One Earth Farms and look forward to One Earth Farms achieving its growth and profitability objectives," said Kevin Bambrough, President and CEO of SRC. "One Earth Farms intends to continue to develop strategic relationships with agricultural industry businesses, investors and funds."

SRC is also pleased to announce that One Earth Farms has signed a memorandum of understanding with CNH Canada, Ltd. ("Case IH") pursuant to which One Earth Farms and Case IH have agreed to work towards a Strategic Equipment Alliance Agreement, which is intended to create a mutually beneficial business relationship for purposes of increasing profitability through gains in productivity, utilization of the latest technology, optimized training and improvements to various processes.

As part of CAPE Fund's investment, Peter Forton will be joining the board of directors of One Earth Farms. Mr. Forton brings a broad spectrum of experience to the board from seed stage ventures through to later stage buyout and expansion financings at both national and regional levels in Canada, including experience with investment in aboriginal ventures. "CAPE Fund is extremely pleased to be an active part of this innovative model which will see significant benefits, including capacity building in the agricultural sector and wealth generation, flow to participating First Nations in Western Canada," said Peter Forton.

Cormark Securities Inc. acted as agent to One Earth Farms in connection with the financing.

About One Earth Farms

One Earth Farms intends to become Canada's largest, most efficient operating farm through partnerships with First Nations and other key strategic agricultural companies. The company's strong capitalization, professional management and access to large tracts of world-class farmland position it well to achieve higher rates of profitability than smaller farms, while benefiting from global trends impacting food supplies and driving international farming investment demand. To further strengthen its relationship with First Nations, One Earth Farms plans to initiate job training programs to help teach sustainable farming practices to future generations of First Nations persons.

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" or "forward-looking information" under applicable securities laws. Some of the forward-looking statements may be identified by words such as "expects", "intends", "anticipates", "should", "believes", "plans", and similar expressions. Forward-looking statements, which are based on management's current expectations and assumptions, including One Earth Farms' ability to reach its future growth plans and to achieve profitability through economies of scale and efficient operations, involve a number of risks and uncertainties. Actual results or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause actual results to differ from those expressed in, or implied by, these forward-looking statements include, without limitation, risks associated with its ability to sign and maintain leases covering its targeted land base, commodity price fluctuations, regulatory risks, environmental risks, operational risks, and other risks associated with a large scale farming operation. No assurance can be given that any events anticipated by these forward-looking statements will occur. 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.

SOURCE Sprott Resource Corp.

For further information: For further information: Kevin Bambrough, President and CEO, Tel: (416) 977-7333, Fax: (416) 977-9555

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Sprott Resource Corp.

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