Sprott Molybdenum Participation Corporation announces net asset value as at April 20, 2007


    TORONTO, April 23 /CNW/ - (TSX: MLY) - Sprott Molybdenum Participation
Corporation (the "Corporation") announces that its net asset value as at
April 20th, 2007 is $220 million or $5.27 per common share. The fair market
value of securities of companies that explore for, mine and/or process
molybdenum held by the Corporation (the "Portfolio Investments") is $131
million and $105 million is invested in cash and money market securities.
Gross appreciation in the value of Portfolio Investments since January 1, 2007
is $34 million.
    The investments made by the Corporation to date were primarily purchased
on a private placement basis and are therefore subject to certain hold periods
pursuant to applicable securities laws. While these investments are restricted
from resale, the securities will be valued at a price that is discounted from
the market price of such securities. The total discount from market price is
approximately $31 million before income taxes and fees.
    The Corporation calculates its net asset value and the fair market value
of the Portfolio Investments at 4:00 p.m. (Toronto time) on the last day of
each week that the Toronto Stock Exchange is open for business.

    Top Ten Holdings (as at April 20, 2007)
    1.  Blue Pearl Mining Ltd.
    2.  Idaho General Mines Inc.
    3.  Roca Mines Inc.
    4.  Mercator Minerals Ltd.
    5.  Moly Mines Ltd.
    6.  International PBX Ventures Ltd.
    7.  Torch River Resources Ltd.
    8.  Virgin Metals Inc.
    9.  Inca Pacific Resources Inc.
    10. Western Troy Capital Resources Inc.

    As at April 20th, 2007, the Corporation has entered into commitments to
invest an aggregate of $25.5M in additional Portfolio Investments. The
Corporation is also currently in negotiations to purchase physical molybdenum.

    About Sprott Molybdenum Participation Corporation

    Sprott Molybdenum Participation Corporation is an investment holding
company created to invest in molybdenum assets. The primary investment
objective of the Corporation is to achieve capital appreciation by investing
in securities of private and public companies that explore for, mine and/or
process molybdenum and by investing in, holding, selling and otherwise
transacting in all commercial forms of molybdenum. It is not an investment
strategy of the Corporation to actively speculate with regards to short-term
changes in molybdenum prices. The Corporation's investment mandate is intended
to provide investors with the opportunity to invest in a diversified portfolio
of securities of private and public companies that explore for, mine and/or
process molybdenum as well as commercial forms of molybdenum. Additional
information about the Corporation is available on SEDAR at www.sedar.com and
on the Corporation's website at www.sprottmoly.com.

    This press release may contain forward-looking statements, which reflect
the Corporation's current expectations regarding future events. These
forward-looking statements involve risks and uncertainties that may cause
actual results, events or developments to be materially different from any
future results, events or developments expressed or implied by such
forward-looking statements. Such factors include, but are not limited to,
changing market conditions, commodity prices, foreign investment risk,
potential volatility of molybdenum prices, which are influenced by general
economic, political and market considerations, industry risks, trading costs,
competition from substitutes to molybdenum and other risks detailed from time
to time in the Corporation's ongoing quarterly and annual reporting. The
Corporation undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. Past performance is not indicative of future performance.

For further information:

For further information: please contact Investor Relations at

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