Business
Sprott Resource Corp. Announces First Quarter 2009 Results
- Appoints New Chief Financial Officer - TORONTO, May 14 /CNW/ - (TSX: SCP) - Sprott Resource Cor...
About this update from Winchester Equity Corporation
[{"type":"text","content":"\n\n\n\n- Appoints New Chief Financial Officer -\n\n\nTORONTO, May 14 /CNW/ - (TSX: SCP) - Sprott Resource Corp. ("SRC" or the\n"Company") today announced its financial results for the three month period\nended March 31, 2009. The consolidated financial statements and related\nmanagement's discussion and analysis can be found on SEDAR (www.sedar.com) and\nwww.sprottresource.com.\n\n\n"Our current conservative posture has enabled us to keep SRC's net asset\nvalue stable in an extremely volatile stock market," said Kevin Bambrough,\nPresident and CEO of Sprott Resource Corp. "We continue to focus on building\nexposure to and long-term value in our three main investment themes -\nagriculture, energy and precious metals."\n\n\nBusiness Highlights for Q1 2009:\n\n- On March 4th, SRC announced its intention to form One Earth Farms\n with an initial investment of $27.5 million. Since then, SRC has\n assembled an experienced project team and commenced seeding\n operations of approximately 15,000 acres of farmland for 2009.\n\n- Waseca continued its land acquisition program in the Lloydminster\n area of Saskatchewan. Total investment during the period was\n approximately $940,000, resulting in the leasing of approximately\n 3,535 hectares of crown and freehold lands. Waseca's total land\n position now stands at 7,249 hectares. Waseca continues to actively\n evaluate potential opportunities to acquire additional prospective\n land and production.\n\n- Stonegate Agricom remains focused on the agricultural nutrient\n sector, and continues to advance the Mantaro Phosphate Project\n through both local and regional geological study. In the quarter,\n Stonegate Agricom conducted community relations, environmental and\n administrative work in order to satisfy the requirements for a\n Category I exploration permit. The permit was granted in April 2009.\n Stonegate Agricom intends to complete its proposed exploration\n program by the third quarter of 2009.\n\n- The Company's investment portfolio grew to $34.2 million as at\n March 31, 2009 from $28.6 million as at December 31, 2008. The\n portfolio is comprised of $18.3 million (53%) public securities and\n $15.9 million (47%) in private company investments. The growth in the\n public securities was the result of both net additional invested\n capital of $4....