Mr. Peter Grosskopf reports

SPROTT RESOURCE LENDING CORP. DECLARES DIVIDEND FOR Q1 2012

Sprott Resource Lending Corp.'s board of directors has approved a first quarter dividend of 1.5 cents per common share, which it notes is supported by cash flows of its resource loan portfolio. All figures are in Canadian dollars except where noted.

As of March 31, 2012, Sprott Resource Lending had a resource loan portfolio of approximately $103-million, and held $104-million in cash and marketable investments.

Peter Grosskopf, president and chief executive officer, commented, "With the continued market weakness in the equities for junior resource companies, we are now experiencing a noticeable pickup in origination activity and in our deal pipeline."

Dividend details

The board of directors has approved the payment of a quarterly dividend of 1.5 cents per common share. The dividend of 1.5 cents per common share is for payment on May 10, 2012, to shareholders of record on April 24, 2012. The company hereby notifies its shareholders that it will designate the full amount of such dividend as an "eligible dividend" for purposes of the Income Tax Act (Canada).

We seek Safe Harbor.