Canada report lends support to gold `conspiracy`

Date: Tuesday, August 24, 2004

Toronto, August 24, 2004: Sprott Asset Management Inc. (“SAM”) announced today the publication of Not Free, Not Fair: The Long-Term Manipulation of the Gold Price. The study represents the most thorough and detailed examination of allegations that the gold market has been subjected to severe price manipulation over the past several years. Commenting on the landmark report, John Embry, Chief Investment Strategist stated: “We, at Sprott Asset Management, have felt for some time that the gold price has not remotely reflected its true underlying fundamentals. In response, we have conducted a comprehensive study of available information on the subject and have concluded that the evidence strongly supports those who believe that the gold price has been and continues to be suppressed.” The study may be read in its entirety on Sprott Asset Management’s website: www.sprott.com. Should you have any questions, please contact Client Services at 416-943-6707 (866-299-9906) or email us at invest@sprott.com. Sprott Asset Management Inc. (www.sprott.com) is a Toronto based private company with over $1.6 billion in assets under management primarily for institutions, endowments and high net worth individuals. SAM is the investment manager of the Sprott Energy Fund, Sprott Gold and Precious Minerals Fund, Sprott Canadian Equity Fund, Sprott Bull/Bear RSP Fund, Sprott Hedge Fund LP, Sprott Hedge Fund LP II and Sprott Opportunities Hedge Fund LP.