Press Release

Sprott Resource Corp. Announces Holdings in Long Run Exploration Ltd.

TORONTO, Oct. 29, 2012 /CNW/ - Sprott Resource Corp. (TSX: SCP) - Sprott Resource Corp. ("SRC") announced today that, through Sprott Resource Partnership ("SRP"), it has acquired ownership of 20,141,777 common shares of Long Run Exploration Ltd. ("Long Run"), which based on information contained in documents publically filed by Long Run, represents approximately 18.3% of the total issued and outstanding common shares of Long Run (the "Long Run Shares").

The Long Run Shares were acquired pursuant to a previously announced plan of arrangement completed on October 23, 2012 (the "Arrangement").  Prior to the Arrangement, SRP owned 16,769,477 common shares of Guide Exploration Ltd. ("Guide") and 13,153,936 common shares of WestFire Energy Ltd. ("WestFire"), which were exchanged for 20,141,777 common shares of Long Run.  SRP also owned 15,512,858 non-listed, non-voting convertible common shares of WestFire, which continue to represent non-listed, non-voting convertible common shares of Long Run ("Long Run Non-Voting Shares") on a one-for-one basis, being approximately 100% of the outstanding Long Run Non-Voting Shares and convertible into approximately 12.4% of the then outstanding Long Run Shares.  Upon conversion of the Long Run Non-Voting Shares into Long Run Shares, SRP will own approximately 28.4% of the then issued and outstanding Long Run Shares.

SRP acquired the Long Run Shares and Long Run Non-Voting Shares for investment purposes. SRP may purchase or sell securities of Long Run in the future on the open market, in private transactions or otherwise, depending on market conditions and other factors material to the investment decisions of SRC and SRP.

About Sprott Resource Corp.

SRC is a Canadian-based company, the primary purpose of which is to invest and operate 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 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.  SRC invests and operates through Sprott Resource Partnership (SRP), a partnership between SRC and Sprott Resource Consulting Limited Partnership, an affiliate of SCLP which is the managing partner of SRP.

Forward-looking information and statements

Certain statements contained herein may constitute "forward-looking statements" or "forward looking information" under applicable securities laws. Some of the forward-looking statements may be identified by words such as "expects", "intends", "anticipates", "should", "believes", "plans", and similar expressions. Forward-looking statements, which are based on management's current expectations and assumptions, including statements with respect to SRC's and SRP's future intentions regarding the purchase or sale of securities of Long Run, involve a number of risks and uncertainties. Actual results or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause actual results to differ from those expressed in, or implied by, these forward-looking statements include, without limitation, market conditions and other factors material to the investment decisions of SRC and SRP. No assurance can be given that any events anticipated by these forward-looking statements will occur. These forward-looking statements 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.

SOURCE: Sprott Resource Corp.