Sprott Resource Corp. announces acquisition of additional shares of High Desert Gold Corporation

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[{"type":"text","content":"\n\n\n\nTORONTO, Nov. 19 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC")\nacquired beneficial ownership of 775,500 common shares (the "Common Shares")\nof High Desert Gold Corporation (TSX:HDG), representing approximately 1.89% of\nthe outstanding Common Shares, on November 18, 2008 through the facilities of\nthe Toronto Stock Exchange at a price of $0.1898 per Common Share. SRC\npreviously acquired beneficial ownership of 100,000 Common Shares (or\napproximately 0.24% of the outstanding Common Shares) on November 14, 2008 at\na price of 0.19 per Common Share. These Common Shares are held through SRC's\ndiscretionary managed account with Sprott Asset Management Inc. Sprott Asset\nManagement Inc. is the portfolio manager of the managed account and exercises\ncontrol and direction over the Common Shares.\n\n\nWith these newly acquired Common Shares, SRC holds 6,875,500 Common\nShares (or approximately 16.75% of the outstanding Common Shares) of which\n3,875,500 (or approximately 9.44% of the outstanding Common Shares) are held\nin the managed account controlled and directed by Sprott Asset Management Inc.\nThese newly acquired Common Shares were acquired beneficially through SRC's\nmanaged account for investment purposes. SRC, directly or through the managed\naccount, may acquire additional Common Shares depending on market conditions\nand other relevant factors.\n\n\nAbout Sprott Resource Corp.\n\n\nSRC is a Canadian based company, the primary purpose of which is to\ninvest, directly and indirectly, in natural resources. Through acquisitions,\njoint ventures and other investments, SRC seeks to provide its shareholders\nwith exposure to the natural resource sector for the purposes of capital\nappreciation and real wealth preservation. SRC is well positioned to draw upon\nthe considerable experience and expertise of both its Board of Directors and\nSprott Consulting Limited Partnership (SCLP), of which Sprott Asset Management\nInc. is the sole limited partner. Pursuant to a management services agreement\nbetween SCLP and SRC, SCLP provides day-to-day business management for SRC as\nwell as other management and administrative services.\n\n\nForward Looking Statements\n\n\nCertain statements regarding SRC, including management's assessment of\nfuture plans, may constitute forward-looking statements under applica...

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