Sniper Resources Ltd.
TSX VENTURE : SIP

Sniper Resources Ltd.

January 19, 2011 13:29 ET

Sniper Announces Results of First 5 Exploration Drill Holes at Guild Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 19, 2011) - Sniper Resources Ltd. (TSX VENTURE:SIP) (the "Company" or "Sniper") is pleased to announce the results of its first 5 exploration holes drilled on its Guild property before December 25, 2010. The Guild property is a Carlin-type gold occurrence in Nye County, NV optioned to Sniper by a subsidiary of Columbus Gold Corporation.

Drilling Summary:

Drilling began on 3 December, 2010 using a truck mounted reverse circulation drill owned by Hackworth Drilling LLC of Elko NV. When the rig was shut down for the Christmas-New Year holiday, 5 holes totaling 2,640 feet (805 m.) had been completed. Sniper has BLM approval and bonding is in place for a 24-hole program.

Duplicate samples were collected every 5 feet (1.52 m) during drilling. One set comprised nominally 5 pound samples, and the second set, nominally 10-pound samples. Samples to be analyzed were delivered daily by Sniper to a rental storage unit in Tonopah where they were kept under lock and key until they were delivered to ALS Minerals (formerly ALS-Chemex) in Sparks, Nevada, an ISO 9000:2008 registered and ISO 17025 accredited facility. The samples were analyzed using the Au-AA23 procedure for gold and, for certain samples, the multi-element ME-MS41 procedure. Samples are being selected by Sniper for check assaying. Otherwise the analyses were verified by ALS Minerals' rigorous internal Q.C./Q.A. procedures.

Assay results from the first holes showed only one 5' interval with significant gold grade (≥ 0.005 oz Au/ton) intercept, in hole GI-02 from 290-295' below the collar (N30ºE -45º, total depth 705'). However, the holes serve to clarify some stratigraphic relations that were previously not well understood. Moreover, trace element geochemical results, as well as a 120 foot gold-anomalous intercept (average 0.001 oz Au/ton) in hole GI-02 from 245'-365' down-hole from the collar that includes the 0.005 oz Au/ton assay mentioned above are encouraging and indicate that completion of the present plan is warranted, as well as suggesting further work.

The long anomalous intercept in GI-02 suggests that the hole may have penetrated the southeastern end of a more substantial zone of mineralization that may extend a few hundred feet northwestward to an old trench where a 1,005 ppb Au surface grab sample was taken previously by Sniper. If this interpretation is correct then mineralization remains open along strike to the northwest and to depth.

Drilling resumed on the 12th of January, and at least 4 more holes can be drilled with the truck rig. Efforts are presently under way to secure a track-mounted rig that will be necessary to access some sites in order to complete this program.

Work Plan:

Sniper's initial work plan at Guild is focused on four target areas. Target 1 is a relatively "wildcat" area containing local exposures of altered Ordovician sedimentary rocks and is located in the northwestern part of the property. A few hundred feet east of this location, in the main Guild discovery area, surface gold values of a few ppm (up to 2.6 ppm) are widely present in the Ninemile Formation, part of the Pogonip group. One hole (GI-05, total depth ("t.d.") 145') was completed in an area located slightly south of the Guild area before the holiday break.

Target 2 is a Tertiary volcanic-covered area occupying the east central part of the property and contains several apparent high-angle structures suggested by a (CSAMT) geophysical survey. Drill sites here are located to test these geophysical targets as well as to determine the depth to more favorable Paleozoic carbonate rock bearing formations in that area. One hole (GI-01, t.d. 500') was completed in the southern part of this area before the holiday break.

Target 3 is a mostly covered area located in the southern part of the property that is underlain by Roberts Mountains Formation, a very favorable host rock for gold mineralization. Drill hole GI-04 (t.d. 705') was completed here.

Target 4 is a northwest trending high angle structure controlling a topographic feature locally known as Skipjack Ridge, and leach-grade gold values occur at the surface, accompanied by widespread brecciation, silicification including jasperoid, and vein barite. Angle drill holes GI-02 (t.d. 705') and GI-03 (t.d. 585') were drilled on this structural trend, but GI-03 was stopped short of the targeted depth.

Further details on the Company's Guild property are set forth in the technical report entitled "Technical Report on the Guild Property" dated March 12, 2008 prepared by Marvin A. Mitchell, P. Eng., available on the SEDAR website (www.sedar.com).

All scientific and technical information contained in this news release has been reviewed and approved by Douglas McGibbon, the Vice President, Exploration of the Company and a "qualified person" within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About Sniper Resources Ltd.

Sniper Resources Ltd. is engaged in the identification, acquisition and exploration of gold properties in the State of Nevada, USA. The Company's two principal projects, Guild and Overland Pass, are subject to option agreements with Columbus Gold (U.S.) Corporation. Each option agreement provides the Company, through its wholly owned subsidiary Sniper Resources (U.S.) Inc., the right to earn a 51% interest in each of the projects by incurring an aggregate of US$2,000,000 in exploration expenditures on each property by December 31, 2012. The Company can earn an additional 19% interest in each property by completing a positive feasibility study on each property.

Sniper Resources Ltd.
"Scott Baxter"
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 potential mineralization and geological merits of the Guild property 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 the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, 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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