TORONTO, Nov. 19 /CNW/ - (TSX:SCP) - Sprott Resource Corp. ("SRC") acquired beneficial ownership of 775,500 common shares (the "Common Shares") of High Desert Gold Corporation (TSX:HDG), representing approximately 1.89% of the outstanding Common Shares, on November 18, 2008 through the facilities of the Toronto Stock Exchange at a price of $0.1898 per Common Share. SRC previously acquired beneficial ownership of 100,000 Common Shares (or approximately 0.24% of the outstanding Common Shares) on November 14, 2008 at a price of 0.19 per Common Share. These Common Shares are held through SRC's discretionary managed account with Sprott Asset Management Inc. Sprott Asset Management Inc. is the portfolio manager of the managed account and exercises control and direction over the Common Shares.
With these newly acquired Common Shares, SRC holds 6,875,500 Common Shares (or approximately 16.75% of the outstanding Common Shares) of which 3,875,500 (or approximately 9.44% of the outstanding Common Shares) are held in the managed account controlled and directed by Sprott Asset Management Inc. These newly acquired Common Shares were acquired beneficially through SRC's managed account for investment purposes. SRC, directly or through the managed account, may acquire additional Common Shares depending on market conditions and other relevant factors.
About Sprott Resource Corp.
SRC is a Canadian based company, the primary purpose of which is to invest, directly and indirectly, in natural resources. Through acquisitions, joint ventures and other investments, SRC seeks to provide its shareholders with exposure to the natural resource sector for the purposes of capital appreciation and real wealth preservation. SRC is well positioned to draw upon the considerable experience and expertise of both its Board of Directors and Sprott Consulting Limited Partnership (SCLP), of which Sprott Asset Management Inc. is the sole limited partner. Pursuant to a management services agreement between SCLP and SRC, SCLP provides day-to-day business management for SRC as well as other management and administrative services.
Forward Looking Statements
Certain statements regarding SRC, including management's assessment of future plans, may constitute forward-looking statements under applicable securities laws and necessarily involve risk. SRC's actual results or achievements could differ materially from those expressed in, or implied by, the forward-looking statements. No assurance can be given that any events anticipated by the forward-looking statements will occur. These forward-looking statements, which are based on management's current expectations, are made as at the date of this news release. SRC does not undertake any obligation to publicly update or revise any of these forward-looking statements, except as required by applicable securities laws.