Sprott Resource Corp. Announces 2013 Third Quarter Results

About this update from Winchester Equity Corporation

[{"type":"text","content":"\n\n\nTORONTO, Nov. 14, 2013 /CNW/ - (TSX: SCP) - Sprott Resource Corp. (\"SRC\" or the \"Company\") today announced\n financial results for the three and nine-months ended September 30,\n 2013.\n\n\n\"The current downturn in the resource sector provides tremendous\n opportunities to make investments at extremely compelling valuations,\"\n said Mr. Yuzpe. \"We believe that we have the right team in place to\n take advantage of these opportunities, while continuing to support the\n development of our current portfolio of investments. As always, our\n primary focus will be pursuing accretive transactions to create value\n for our shareholders.\"\n\n\n\"In November, subsequent to quarter end, we completed the disposition of\n our gold bullion holdings for gross proceeds of approximately US$76\n million,\" continued Mr. Yuzpe. \"This transaction gives us the financial\n flexibility to eliminate our outstanding debt, while providing the\n Company with approximately $24 million to pursue new investment\n opportunities.\"\n\n\n\"We have a strong portfolio of investments, the largest of which is our\n position in Long Run Exploration Ltd. (\"Long Run\") which enjoyed\n excellent performance during the third quarter and contributed to a\n significant increase in our net asset value,\" added Mr. Yuzpe. \"In\n addition, Long Run recently announced a $0.402 cent per share annual\n dividend which, through our current holdings in the company, will\n provide Sprott Resource Corp. with more than $14 million in annual cash\n flows, which is more than enough to cover our costs to run the\n business.\"\n\n\n\"We remain committed to enhancing shareholder value through our\n long-standing normal course issuer bid (\"NCIB\") and when appropriate\n will continue to buy back shares for cancellation when we believe the\n share price does not fully reflect the net asset value of the\n business,\" concluded Mr. Yuzpe.\n\n\nSRC Equity attributable to shareholders as at September 30, 2013\n\n\nThe following table outlines SRC's equity attributable to shareholders\n as at September 30, 2013 and reflects the value at which individual\n items are carried on SRC's balance sheet.\n\n\n\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\nAs at\n\n\n\n\n(in thousands)\n\n\n \n\n\n \n\n\n \n\n\nSeptember 30, 2013\n\n\n\n\nCash and Cash Equivalen...

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