Sniper Resources Ltd.

Sniper Resources Ltd.

March 12, 2010 11:25 ET

Sniper Signs Term Sheet for New IPO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2010) - Sniper Resources Ltd. ("Sniper" or the "Company") is pleased to announce that it has entered into a term sheet with Leede Financial Markets Inc. to act as agent, on a best efforts basis, in respect of the Company's proposed initial public offering in British Columbia, Alberta and Ontario.

The proposed offering is for a minimum of 5,400,000 common shares of Sniper to a maximum of 7,200,000 common shares, at a price of $0.25 per share, for total gross proceeds of a minimum of $1,350,000 to a maximum of $1,800,000. The agent and its selling group are entitled to a cash commission equal to 7% of the offering and agent's options for the purchase of common shares equal to 10% of the number of shares issued under the offering, exercisable at a price of $0.25 per share for a period of 24 months following the date of issuance of the agent's options. A $15,000 corporate finance fee and $15,000 deposit for the agent's legal costs are also payable by the Company in connection with the offering.

The term sheet is non-binding and remains subject to completion of the agent's due diligence and the negotiation of a formal agency agreement between the Company and Leede.

The Company also announces the grant of a total of 850,000 stock options under its stock option plan to the directors and officers of the Company. Each option is exercisable for one common share of the Company for a period of five years at an exercise price equal to the offering price under the Company's initial public offering.

Sniper Resources Ltd.

Scott Baxter, Chief Executive Officer

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding plans for the completion of an initial public offering and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include market prices, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

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