Sniper Resources Ltd.
TSX VENTURE : SIP
FRANKFURT : A1H38M

Sniper Resources Ltd.

February 08, 2012 09:00 ET

Sniper Closes Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2012) -

NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Sniper Resources Ltd. (TSX VENTURE:SIP)(FRANKFURT:A1H38M) ("Sniper" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement of units. The Company issued 2,277,000 units at $0.15 per unit to raise proceeds of $341,550. No finder's fees or commissions were paid in connection with the private placement. Each unit consisted of one common share and one warrant to purchase an additional common share at $0.25 per share for a period of one year.

The proceeds of the private placement will be used towards an exploration program on the Company's Weepah property and for general working capital purposes.

Sniper now 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.

Two directors and/or officers of the Company purchased a total of 210,000 units under the private placement and, accordingly, the private placement constituted to that extent a "related party transaction" under applicable Canadian securities laws. The Company did not file a material change report more than 21 days before the expected closing of the private placement as the details of the private placement and the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close the private placement on an expedited basis for sound business reasons.

All securities issued or issuable under the private placement are subject to a hold period under applicable Canadian securities laws expiring on June 9, 2012, in addition to such other restrictions as may be applicable under securities laws outside Canada.

ABOUT SNIPER RESOURCES LTD.

Sniper Resources Ltd. is engaged in the identification, acquisition and exploration of gold properties in the State of Nevada, USA. Sniper owns a 100% interest in the ReHot project and is currently earning a controlling interest in four strategically located Nevada gold projects, namely, Guild, Overland Pass, Weepah, and Laura.

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 statements regarding 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.

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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