Sniper Resources Ltd.

Sniper Resources Ltd.

January 04, 2011 09:30 ET

Sniper Resources Ltd.: Drilling Update on Guild Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 4, 2011) - Sniper Resources Ltd. (TSX VENTURE:SIP) (the "Company") is pleased to report that 5 initial reverse circulation drill holes, of an approved 24 hole program, were completed by a truck-mounted drill rig owned by Hackworth Drilling, of Elko, Nevada prior to Christmas, 2010. The footage drilled in these initial 5 holes totals 2,640 feet. The geology encountered in the holes generally supports the interpretations used to design the present exploration program.

Drilling of 3 to 4 more presently approved holes using the same rig, depending upon site accessibility, is expected to start by mid January, 2011. Efforts are also under way to procure a track-mounted rig which will be necessary for accessing the remaining approved drill sites.

Samples from the 5 completed drill holes have been submitted to ALS Minerals for fire assaying with atomic adsorption finish for gold. In addition, selected drill-hole samples as well as several surface selected grab samples collected during the drill program will be analyzed for multi-element geochemistry. Analytical results from the samples are anticipated to be received by mid-January and will be incorporated in planning further work on the property beyond the present program.

ALS Minerals is a respected international analytical company that was formerly known as ALS Chemex, and has ISO 9001:2008 registration and ISO 17025 accredited methods certification for North America.

The Guild Property

Surface sample gold values hosted by Paleozoic rocks at the northern and southern ends of the Guild property are separated by a Tertiary volcanic-covered area that is believed to be thin and will be tested by the drill program. One or more major through-going structures are thought to be present there that may have served as feeders for the surface mineralization. The area of an additional western window through the volcanics that exposes the Paleozoic rocks will also be tested in the second phase of the program.

The results of gravity and CSAMT surveys conducted over the area for the Company by Zonge Geophysics were inconclusive as to bedrock depth but suggested that several high-angle structures may be present.

Details on the Company's Guild property are set forth in the Company's prospectus dated July 15, 2010 and in the technical report referred to therein, all of which are available on the SEDAR website (

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

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 October 3, 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, 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.

Contact Information