SPROTT RESOURCE CORP. RAISES $67.1 MILLION THROUGH EXERCISE OF WARRANTS

TORONTO, Jan. 5 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC") announced today that it raised a total of $67.1 million from the exercise of common share purchase warrants that expired on December 31, 2010 at 4:30 p.m. (Toronto time).  A total of 15.8 million warrants were exercised (out of 16.6 million originally issued).

"We would like to thank everyone who exercised warrants," said Kevin Bambrough, President and CEO of SRC.  "The proceeds leave SRC very well capitalized and able to support its existing subsidiaries and pursue new, accretive business opportunities."

SRC has 113,341,333 common shares issued and outstanding and no warrants outstanding.

About Sprott Resource Corp.

SRC is a Canadian based company, the primary purpose of which is to invest and operate 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 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.

SOURCE Sprott Resource Corp.

For further information:

Steve Yuzpe
Chief Financial Officer
Tel: (416) 977-7333
Fax: (416) 977-9555

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Sprott Resource Corp.

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