TORONTO, Jan. 10 /CNW/ - Sprott Asset Management LP is pleased to
provide investors with an update on the delivery status of silver
bullion purchased by the Sprott Physical Silver Trust (NYSE ARCA: PSLV,
TSX: PHS.U) ("Trust").
As of November 10, 2010, the Trust had contracted to purchase a total of
22,298,525 ounces of silver bullion. As of December 31, 2010 a total of
20,919,022 ounces of silver bullion had been delivered to the Trust.
The Trust expects to take delivery of the final 1,379,503 ounces of
silver bullion by January 12, 2011 and will subsequently publish the
serial numbers of all bars held by the Trust on its website: www.sprottphysicalsilver.com.
"Frankly, we are concerned about the illiquidity in the physical silver
market," said Eric Sprott, Chief Investment Officer of Sprott Asset
Management. "We believe the delays involved in the delivery of physical
silver to the Trust highlight the disconnect that exists between the
paper and physical markets for silver."
Additional detail on the Trust can be found in the final prospectus
available on EDGAR (www.sec.gov/edgar.com) and SEDAR (www.sedar.com) or on the Trust's website at www.sprottphysicalsilver.com.
About Sprott Asset Management LP
Sprott Asset Management LP (www.sprott.com), a wholly owned subsidiary of Sprott Inc. (www.sprottinc.com) is a fund company dedicated to achieving superior returns for its
investors over time. SAM manages assets primarily for institutions,
endowments and high net worth individuals. Sprott Asset Management LP
is the investment manager of the Sprott Funds. Commissions, trailing
commissions, management fees and expenses all may be associated with
mutual fund investments. Please read the prospectus before investing.
Mutual Funds are not guaranteed, their values change frequently and
past performance may not be repeated. The information contained herein
does not constitute an offer or solicitation by anyone in the United
States or in any other jurisdiction in which such an offer or
solicitation is not authorized or to any person to whom it is unlawful
to make such an offer or solicitation. Prospective investors should
consult their financial advisor to determine if these Funds may be sold
in their jurisdiction.
SOURCE Sprott Asset Management LP
For further information:
Investor contact information:
Telephone: (416) 203-2310
Toll Free: 1 (877) 403-2310