Sniper Resources Ltd.
TSX VENTURE : SIP

Sniper Resources Ltd.

February 08, 2011 11:46 ET

Sniper Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2011) -

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

Sniper Resources Ltd. (TSX VENTURE:SIP) (the "Company") is pleased to announce that it plans to raise proceeds of up to $1,300,000 through a non-brokered private placement of units at a price of $0.25 per unit. Each unit will be comprised of one common share and one non-transferable share purchase warrant. Each share purchase warrant will entitle the holder to purchase one common share of the Company at an exercise price of $0.50 per share for a period of 12 months following the closing of the private placement.

The Company will pay finder's fees to certain persons who introduce qualified subscribers to the Company under the private placement. Finder's fees will consist of 10% cash (which the finder may elect to be paid in common shares of the Company on the basis of $0.25 per share) and 10% finder's warrants, with each finder's warrant entitling the holder to purchase one common share of the Company at a price of $0.28 per share for a period of 12 months following the issuance of the finder's warrants.

The proceeds of the private placement will be used to advance the exploration programs on the Company's Guild and Overland pass projects and for general working capital. The private placement, including payment of any finder's fees, remains subject to receipt of all necessary regulatory approvals including acceptance by the TSX Venture Exchange.

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.

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 regarding plans for the completion of a private placement financing 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.

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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