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Additional Information
Market: TSX
Sector: Financial
EPIC: SII
Latest Price: 7.19  (0.70% Ascending)
52-week High: 9.51
52-week Low: 5.35
Market Cap: 1,222.30M
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Sprott Asset Management
www.sprott.com

Sprott Asset Management Inc. is an independent asset management company based in North America. As of December 31, 2008, the Company had approximately 90,000 client accounts comprised primarily of retail, high net worth and, to a lesser extent, institutional investors.

Full Sprott Asset Management profile here
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Sprott raises stake in Norseman Gold to 11.6 pct

11th Sep 2009, 9:47 am
Sprott raises stake in Norseman Gold to 11.6 pct

Australian gold producer Norseman Gold PLC (AIM: NGL; ASX: NGX) said funds of Sprott Asset Management LP acquired further shares in the company. Sprott now controls 19,879,811 shares, having raised its stake to 11.6 percent from 10.5 percent.

Last week, the miner posted a A$20.4 million maiden net profit for the full year due to rising revenues while operational costs were pushed below the bottom range of the forecast. Revenues were up 36 percent year-on-year at A$96.7 million.

The company plans to increase the reserves at the Norseman mine through exploration drilling from the current 310,000 ounces to 500,000 and ultimately 750,000 ounces over the next two years, seeking to expand the mine life to 10 years from the current minimum of five years.

Norseman is confident about its prospects for the coming year and targeted acquisitions, bolstered by a balance sheet of A$68 million and cash balances of A$32.6 million.

Shares in the group had a good run of late, currently trading in London at around 46.5 pence a share, roughly 50 percent above their level of mid-August and way above January levels, when the stock hovered around the 2-3p mark.

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