Business
Sprott Resource Corp. Announces Agreement on Mantaro Phosphate Project
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About this update from Winchester Equity Corporation
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n\n\nTHE UNITED STATES/\n\n\nTORONTO, Nov. 16 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC") is\npleased to announce that it has signed an exploration and option agreement\n(the "Agreement") with Lara Exploration Ltd. ("Lara" LRA.V) and other members\nof the Mantaro Group, under which SRC has the option to acquire a 100%\ninterest in the Mantaro phosphate project in Peru. The Mantaro Group, of which\nLara is a member, is an unincorporated joint venture that holds the rights to\nthe Mantaro phosphate project.\n\n\n"We are very excited about this project and the opportunity to\nparticipate in the expanding market for phosphate-based fertilizers," states\nKevin Bambrough, President and CEO of SRC. "We would like to thank Miles\nThompson of Lara and the other members of the Mantaro Group for agreeing to\nwork with us on this project. We look forward to brining this project\nforward."\n\n\nUnder the terms of the Agreement, SRC has the option to acquire a 100%\ninterest in the Mantaro phosphate project by funding exploration and technical\nstudies, making cash payments over four (4) years totaling approximately\nUS$2,000,000 and issuing shares to the Mantaro Group in a new project company\nequal to 20% of the outstanding shares at the time of the Qualifying\nTransaction. In addition, the Mantaro Group will receive a 2% royalty on any\nproduction from the Mantaro phosphate project, subject to SRC's option to\npurchase the royalty for the equivalent in cash of 2% of the net present value\nof the project upon the completion of the full feasibility study. A finder's\nfee of CAD$50,000 will be paid by SRC to Integral Wealth Securities Limited.\n\n\nSRC intends to issue a subsequent press release at a later date in which\nit will provide additional information on the Mantaro phosphate project.\n\n\nAbout Sprott Resource Corp.\n\n\nSRC is a Canadian based company. The primary purpose of SRC is to invest,\ndirectly and indirectly, in natural resources. Through acquisitions, joint\nventures and other investments, SRC seeks to provide its shareholders with\nexposure to the natural resource sector for the purposes of capital\nappreciation and real wealth preservation. SRC is well positioned to draw upon\nthe consi...