/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
TORONTO, June 13 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC") today
announced that it has signed a definitive agreement with Lara Exploration Ltd.
and two individual geologists (collectively the "Mantaro Group") in connection
with the purchase of interests held by the Mantaro Group in the Mantaro
phosphate project in Peru, which was the subject of the option and exploration
agreement entered into between SRC and the Mantaro Group on November 15, 2007
(see November 16, 2007 press release).
"The fertilizer market remains exceptionally strong and we foresee this
strength continuing," stated Kevin Bambrough, President and CEO of SRC. "We
look forward to advancing this project."
The Mantaro Group was paid as aggregate consideration 1,771,308 common
shares of SRC and US$1.5 million in cash, and may receive additional cash
payments of up to US$4 million provided that certain community agreements,
permits and licenses are obtained. In addition, the Mantaro Group will retain
an aggregate 2% gross overriding royalty.
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 regarding SRC, including management's assessment of
future plans, may constitute forward-looking statements under applicable
securities laws and necessarily involve risk, including without limitation,
risks associated with mineral exploration projects. SRC's actual results or
achievements could differ materially from those expressed in, or implied by,
the forward-looking statements. No assurance can be given that any events
anticipated by the forward-looking statements will occur. These
forward-looking statements, which are based on management's current
expectations, 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:
For further information: Kevin Bambrough, President and Chief Executive
Officer, Tel: (416) 977-7333, Fax: (416) 977-9555, E-mail: