Sniper Resources Ltd.

Sniper Resources Ltd.

March 02, 2012 09:00 ET

Sniper Announces Private Placement for Weepah Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2012) -


Sniper Resources Ltd. (TSX VENTURE:SIP)(FRANKFURT:A1H38M) ("Sniper" or the "Company") is pleased to announce that it is arranging a non-brokered private placement of up to 3,400,000 units at $0.15 per unit to raise gross proceeds of up to $510,000. Each unit will consist of one common share and one warrant to purchase an additional common share at $0.25 per share for a period of one year. Only qualified "accredited investors" or other qualified purchasers under applicable securities laws will be permitted to participate in the private placement.

Gross proceeds of the private placement will be used for additional drilling on the Company's Weepah property located approximately 20 miles west-southwest of Tonopah, Nevada, in Esmeralda County and for general working capital purposes.

Sniper currently has 31,001,607 common shares issued and outstanding. The Company's directors and officers collectively hold approximately 26% of the issued and outstanding shares.

No finder's fees or commissions are expected to be paid in connection with the private placement, which remains subject to receipt of all necessary regulatory approvals including acceptance by the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available. Any public offering of securities in the United States must be made by means of a prospectus that contains detailed information about the Company and its management, as well as financial statements.

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 relating to the completion of a private placement, and other future plans, objectives or expectations 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 risks relating to: availability of capital and financing required to complete the private placement and to continue the Company's exploration programs; general economic, market or business conditions; the actual results of current and planned exploration activities; the geology, grade and continuity of any mineral deposits; fluctuating gold prices; risks associated with property option agreements, leases, joint ventures and the ability to conclude joint venture agreements on favourable terms; possibility of accidents, equipment breakdowns and delays during exploration; exploration cost overruns or unanticipated costs and expenses; regulatory changes and restrictions including in relation to environmental liability; 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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