Press Release

Sprott Resource Corp. and Long Run Exploration Ltd. Close $67.7 Million Secondary Offering of Common Shares

/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN THE UNITED STATES/

TORONTO, May 21, 2014 /CNW/ - Sprott Resource Corp. ("SRC") (TSX:SCP) and Long Run Exploration Ltd. ("Long Run") (TSX:LRE) today announced the completion of a secondary offering of 12,654,635 common shares of Long Run ("Common Shares") by SRC at a price of $5.35 per Common Share, for gross proceeds of $67,702,297 to SRC (the "Offering"). Long Run will not receive any proceeds from the Offering.

The previously announced Offering was completed on a bought deal basis by an underwriting syndicate co-led by National Bank Financial Inc. and Cormark Securities Inc., and including GMP Securities L.P., TD Securities Inc., Canaccord Genuity Corp., Clarus Securities Inc. and Scotia Capital Inc.

Effective immediately following the Offering, SRC exercised its right to convert all of its non-voting convertible shares of Long Run into 15,512,858 Common Shares (the "Conversion"). After giving effect to the Offering and the Conversion, SRC's ownership interest in Long Run will be approximately 18.3%, comprised of a total of 23,000,000 Common Shares. Following the conversion of the outstanding 23,500,000 subscription receipts of Long Run ("Subscription Receipts") into Common Shares, which Long Run currently anticipates will occur on May 30, 2014, SRC's ownership interest in Long Run will be approximately 15.4%. Mr. Stephen Yuzpe, President and CEO of SRC, will stand for re-election to Long Run's board of directors at Long Run's upcoming annual and special shareholders meeting.

This news release does not constitute an offer to sell or a solicitation of an offer to buy Common Shares in any jurisdiction. The Common Shares offered in the Offering have not been registered under the United States Securities Act of 1933 (the "1933 Act"), as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws or under an exemption of such registration.

Forward-Looking Statements

This news release contains forward-looking statements, including but not limited to the timing of the Conversion, the timing of the conversion of Subscription Receipts into Common Shares, SRC's percentage ownership interest in Long Run and a certain member of SRC standing for re-election at Long Run's upcoming annual and special shareholders meeting. These forward-looking statements are not historical facts but reflect SRC's and, where applicable, Long Run's current expectations concerning future plans, actions and results. These statements are subject to a number of risks and uncertainties that could cause actual plans, actions and results to differ materially from current expectations including, but not limited to, changes in economic and market conditions, and other risks and uncertainties discussed in SRC's and Long Run's materials filed with the Canadian securities regulatory authorities from time to time and as also set forth in the final prospectus of Long Run concerning the Offering. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect SRC's and, where applicable, Long Run's expectations only as of the date of this news release. SRC and Long Run disclaim any intention or obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

About Sprott Resource Corp.

SRC is a Canadian-based company, the primary purpose of which is to invest in natural resource companies. 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 LP ("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. SRC invests and operates through Sprott Resource Partnership ("SRP"), a partnership between SRC and Sprott Resource Consulting Limited Partnership, an affiliate of SCLP which is the managing partner of SRP.

About Long Run

Long Run is a Calgary-based intermediate oil and natural gas company focused on light-oil development and exploration in western Canada. For further information about Long Run, visit the Company's website at www.longrunexploration.com.

SOURCE Sprott Resource Corp.

For further information:

Sprott Resource Corp.
Glen Williams
Director of Communications
T: (416) 943-4394
E: gwilliams@sprott.com

Long Run Exploration Ltd.
Jason Fleury
Vice President, Business Development
T: (403) 261-8302
E: information@longrunexploration.com