Sprott Fund Manager wins Global Hedge Fund Award, nominated for Absolute Return Award

    TORONTO, Oct. 31 /CNW/ - Sprott Asset Management Inc. (SAM) is pleased to
announce that the Sprott Offshore Fund Ltd. has won the award for Best
Long/Short Hedge Fund globally by HFM Week, a leading publication for the
global hedge fund industry. The awards ceremony took place in New York on
October 30th, 2008.
    The Sprott Offshore Fund Ltd, managed by Eric Sprott, and the Sprott
Opportunities Hedge Fund L.P., managed by Jean-Francois Tardif were two of the
seven funds nominated by HFM Week for the 2008 Best Long/Short Hedge Fund
globally. It is estimated that there are currently over 4,000 long/short
global hedge fund managers. The Sprott Opportunities Hedge Fund L.P. managed
by Mr. Tardif was the recipient of the 2007 award in the Canada-based Manager
    In addition, the Sprott Hedge Fund L.P. has been named as one of the
three finalists in the U.S. Equity category and SAM has been nominated in the
Management Firm Of The Year category of the 2008 Absolute Return Awards by
Hedge Fund Intelligence, the biggest provider of hedge fund news and data in
the world. The Sprott Hedge Fund L.P. is managed by Eric Sprott.
    "We are incredibly pleased to receive this high-profile award from HFM
Week and to be nominated in two categories of the Hedge Fund Intelligence
Absolute Return Awards, all of which reflect our long term performance track
record," said Eric Sprott, Chief Executive Officer of SAM. "We believe our
investment strategies position our portfolios well to weather this challenging
market environment and to achieve sustained growth in the long term."
    Coming into the recent market conditions, Mr. Sprott's hedge fund
portfolios remain defensive currently holding gold and silver bullion on the
long side and a net short equity position. Jean-Francois Tardif has been
defensively positioned in the Sprott Opportunities Fund L.P. since mid-year
and lowered his exposures on both the long and short sides.
    Eric Sprott manages the following five Sprott hedge funds: Sprott Hedge
Fund L.P., Sprott Hedge Fund L.P. II, Sprott Bull/Bear RSP Fund, Sprott
Offshore Fund, Ltd and Sprott Offshore Fund II, Ltd. Jean-Francois Tardif
manages the following four Sprott hedge funds: Sprott Opportunities Hedge Fund
L.P., Sprott Opportunities RSP Fund, Sprott Opportunities Offshore Fund, Ltd.
and Sprott Opportunities Capital Fund, L.P.

For further information:

For further information: Client Services at (416) 943-6707,
(866-299-9906), email invest@sprott.com or visit www.sprott.com

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