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Sprott Resource Corp. announces the launch of One Earth Resources Corp.

by NationTalk on April 29, 20083226 Views

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

– MR. BLAINE FAVEL TO BE APPOINTED PRESIDENT AND CEO -

TORONTO, April 28 – (TSX:SCP) – Sprott Resource Corp. (“SRC”) announces today the launch of One Earth Resources Corp. (“One Earth Resources”), a wholly-owned subsidiary of SRC, as a specialized vehicle to invest in resource opportunities in the Canadian Aboriginal community. In addition, SRC announces that Mr. Blaine Favel will join as President and CEO of One Earth Resources. “Mr. Favel’s experience, energy, and commitment to the advancement of the Canadian Aboriginal community will enable One Earth Resources to uniquely develop relationships and opportunities which will be beneficial to the Aboriginal community and to our shareholders,” said Kevin Bambrough, President and CEO of Sprott Resource Corp.

The strategy of One Earth Resources is to partner with Canadian Aboriginal communities to explore and develop their lands and traditional territories for a broad spectrum of metals, minerals and other natural resources. In pursuing these opportunities, One Earth Resources will work with its Aboriginal partners to ensure that these resources are developed in a holistic manner, which facilitates benefits for the communities in the areas of training, contracting opportunities and mutually sharing in the wealth of their natural resources.

Mr. Blaine Favel brings to One Earth Resources 18 years of experience in First Nations business development as an advisor, entrepreneur and Chief. Mr. Favel is a former Grand Chief of the Federation of Saskatchewan Indian Nations where he pioneered two national firsts with the establishment of the First Nations Bank of Canada and the Saskatchewan Indian Gaming Authority. In his professional capacity, Mr. Favel has worked with the law firm of Bennett Jones and was an Investment Banker with RBC Capital Markets Energy group. Mr. Favel is a Board Member of the Calgary United Way, and of the Calgary Committee to End Homelessness. Mr. Favel has an LLB from Queens University and an MBA from Harvard Business School.

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 regarding SRC, including management’s assessment of future plans, may constitute forward-looking statements under applicable securities laws and necessarily involve risk, including without limitation, risks associated with mineral exploration projects. SRC’s actual results or achievements 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, which are based on management’s current expectations, 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.

%SEDAR: 00003905E

For further information: Kevin Bambrough, President and CEO, Tel: (416) 977-7333, Fax: (416) 977-9555

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