Scandinavian Minerals Limited
TSX : SGL
FRANKFURT : W3M

Scandinavian Minerals Limited

April 12, 2007 12:26 ET

Sprott Asset Management Acquires 10.6% of Scandinavian Minerals

TORONTO, ONTARIO--(CCNMatthews - April 12, 2007) - Scandinavian Minerals Limited (TSX:SGL)(FRANKFURT:W3M) announces that Sprott Asset Management Inc. ("Sprott") has on April 10, 2007 filed an initial Report under the Securities Act (Ontario) disclosing that as at March 31, 2007, Sprott exercised control or direction, on behalf of accounts fully managed by it, over 1,883,600 common shares, representing 10.6% of the issued and outstanding shares of Scandinavian Minerals.

In its filing Sprott has stated that the securities are being held for investment purposes and depending on market and other conditions, Sprott may from time to time in the future increase or decrease its ownership, control or direction over the shares of Scandinavian Minerals, through market transactions, private agreements or otherwise.

Sprott's managed accounts holding the shares include: Sprott Canadian Equity Fund; Sprott Bull/Bear RSP Fund; Sprott Hedge Fund L.P.; Sprott Hedge Fund L.P. II; Sprott Opportunities Hedge Fund L.P.; Sprott Opportunities Master Fund; Sprott Master Fund, Ltd., and the Sprott Managed Accounts.

About Scandinavian Minerals

Scandinavian Minerals Limited is a Canadian company focused on mineral development and exploration in Scandinavia and Finland. The Company is currently developing its 100%-owned Kevitsa nickel-copper-PGE project in Finland, one of the largest undeveloped nickel sulphide deposits in the world. Scandinavian Minerals believes that the Nordic region offers excellent potential for large-scale discoveries in under-explored terrain, combined with favourable mining laws, clear security of title, extensive mining experience and long-established political and economic stability.

At February 28, 2007 the Company held cash of approximately $13 million and has 17.8 million outstanding common shares which trade on the Toronto Stock Exchange under the symbol SGL.

Contact Information

  • Scandinavian Minerals Limited
    Peter Walker
    President & CEO
    011-44-7717-223909
    or
    Scandinavian Minerals Limited
    John Kearney
    Chairman
    (416) 203-6128
    (416) 368-5344 (FAX)
    Email: info@scandinavianminerals.com
    Website: www.scandinavianminerals.com
    or
    Studer Consulting AG
    Marlies Studer
    (+41) 44 215 2803