Business
Sprott Resource Corp. Files Annual Financial Statements
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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, March 31 /CNW/ - (TSX:SCP) - Sprott Resource Corp. (the\n"Company" or "SRC") reports that it has released its audited consolidated\nfinancial statements for the year ended December 31, 2007 and the related\nmanagement's discussion and analysis of financial position and results of\noperations ("MD&A"). The Company has also filed its annual information form in\nrespect of the year ended December 31, 2007 ("AIF"). Copies of the audited\nannual consolidated financial statements, related MD&A and the AIF can be\nfound on SEDAR at www.sedar.com.\n\n\nDuring the last quarter of 2007, the Company made a sizeable investment\nof US$31 million in PBS Coals Corporation ("PBS Coals"), a recently\nincorporated British Columbia corporation created for the sole purpose of\nholding shares of Mincorp Acquisition Corp. ("Mincorp") (see December 5, 2007\npress release). The Company owns approximately 37.5% of the common shares of\nPBS Coals, which in turn owns approximately 73.6% (59.6% fully diluted) of the\ncommon stock of Mincorp.\n\n\nAlso of note during the last quarter of 2007, the Company entered into an\noption and exploration agreement to acquire an interest in the Mantaro\nphosphate project located in Peru (see November 16, 2007 and November 22, 2007\npress releases). During 2008, the Company intends to conduct exploration\ndrilling and complete an NI 43-101 compliant technical report on the property.\n\n\nFor the year ended December 31, 2007, the Company reported net earnings\nof $2.0 million ($0.09 per share) as compared to a net loss of $644,704 ($0.07\nper share) for the year ended December 31, 2006. The Company continues to be\nin a strong financial position with cash as at December 31, 2007 of\n$34.1 million. In addition, the Company holds a portfolio of investments\nvalued at $11.8 million as at December 31, 2007, as well as its investment in\nPBS Coals. The Company's management continues to seek out new investments and\nbusiness opportunities in the natural resource sector.\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 acquisi...