Sprott Resource Corp. announces termination of option agreement with Paragon Minerals
TORONTO, Dec. 12 /CNW/ - (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.