Sprott Resource Corp. announces termination of option
agreement with Paragon Minerals
TORONTO,
Dec. 12 - (TSX:SCP) - Sprott Resource Corp. ("SRC")
announced today that it has elected to terminate its option agreement (the
"Agreement") with Paragon Minerals Corporation ("Paragon")
concerning Paragon's JBP-Appleton Linear Property. SRC entered into the
Agreement in November 2007.
"We would like to thank Paragon for
having involved us in the project," said Kevin Bambrough,
President and CEO of SRC. "Over the past year our company has experienced
significant growth. Going forward, we intend to focus on more advanced projects
with larger capital commitments."
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 may be identified by words such as "intends",
"expects", "anticipates", "should",
"believes", "plans", and similar expressions. These
statements are based on current estimates, factors and assumptions, including
expectations regarding the SRC's future strategy and
business and the execution of its existing plans. These statements involve
known and unknown risk. No assurance can be given that any events anticipated
by the forward-looking statements will occur. Actual results and future events
could differ materially from those expressed in, or implied by, the
forward-looking statements. As a result, readers are cautioned not to place
undue reliance on these forward-looking statements. 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: Kevin Bambrough, President and CEO, Tel: (416) 977-7333, Fax:
(416) 977-9555