Sprott Resource Corp. announces that Severstal has clarified the expiration date for its PBS offer

    TORONTO, Oct. 22 /CNW/ - Sprott Resource Corp. ("SRC") today announced
that the expiration date for the September 5th, 2008 offer (the "Offer") by an
affiliate of OAO Severstal ("Severstal") to purchase all outstanding shares of
PBS Coals Limited ("PBS") has been extended by Severstal to 11:59 p.m.
(Toronto time) on October 24, 2008. The terms of the Offer remain unchanged at
C$8.30 cash per share. SRC owns 27,144,938 shares of PBS, which it has
tendered into the Offer.
    On October 10, 2008, Severstal announced the extension of the expiration
date for the Offer until October 20, 2008. However, due to the Canadian
Thanksgiving long weekend, the mailing of the Notice of Extension to
shareholders of PBS did not occur until October 14, 2008. In accordance with
applicable Canadian Securities laws, any extension of an Offer must remain
open for a minimum period of 10 days from the date it is mailed to
shareholders. Accordingly, the expiry time of the Offer is 11:59 p.m. (Toronto
time) on October 24, 2008.

    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 contained herein may constitute "forward-looking
statements" under applicable securities laws. Some of the forward-looking
statements can be identified by words such as "expects", "anticipates",
"should", "believes", "plans", and similar expressions. These statements
necessarily involve risk, including without limitation, risks associated with
the Offer, including the possibility that the conditions relating to the offer
may not satisfied or waived, that all required regulatory approvals may not
obtained or that the Offer may not be completed for any other reason. Actual
results and future events 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 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:

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Sprott Resource Corp.

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