Sniper Resources Ltd.

Sniper Resources Ltd.

December 06, 2011 09:00 ET

Sniper Resources Ltd.: Overland Pass Permitting Update and Guild Exploration Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 6, 2011) - Sniper Resources Ltd. (TSX VENTURE:SIP)(FRANKFURT:A1H38M) ("Sniper" or the "Company") is pleased to provide the following update with respect to its permitting activities at the Overland Pass property and its exploration activities at the Guild property:

Overland Pass Property

A report showing the results of the archaeological work performed by Sniper's permitting contractor Enviroscientists Inc. was provided to the U.S. Forest Service which administers the area of the Overland Pass property. The Forest Service has requested that revisions to a map be performed by its subcontractor as quickly as possible. The report will be then returned to the Forest Service for final review. At that point the State Historical Preservation office will have up to 30 days to review the findings. The Forest Service archaeologist has reported to Sniper this week that she anticipates at worst very minor changes to locations of 2 or 3 of the planned 25 drill sites. Therefore, Sniper anticipates the drilling permit for Overland Pass within 30 days.

The Overland Pass property abuts Barrick's Bald Mountain Mine lands. The Bald Mountain Mine has recently completed a $200 million mine expansion project and is now planning for a second expansion including new pits and reopening of several previously mined pits.

Guild Property

Results of a program of bulldozer trenching and reverse circulation drilling conducted during September 2011 by contractors for Sniper are now available.

Three reverse circulation holes that Sniper drilled at the Guild property during early 2011 as well as a historic trench that was excavated prior to Sniper's involvement in the property contained significant intervals of potentially leach-grade Au, beginning at surface and hosted within oxide rocks.

The historic trench included a 70-foot continuously mineralized zone that averaged 0.011 oz Au/ton, followed by a 10-foot covered interval which was not sampled and then another 10 feet at 0.006 oz Au/ton. Drill hole GI-11 averaged 0.008 oz Au/ton from 0-50 feet down the hole, drill hole GI-16 averaged 0.011 oz Au/ton from 0-40 feet down the hole, and drill hole GI-17 averaged 0.009 oz Au/ton from 0-15 feet down the hole. Analytical results from the trench and drill holes, as well as results from a 0.050 oz Au/ton grab outcrop sample mentioned below have been verified by American Assay Labs in Reno, Nevada.

Present work program:

The work program reported herein was designed to test for possible extension of the trench mineralized zone, as well as to explore to the SE into another undrilled area. Four trenches were excavated using a D-8R bulldozer for a total combined length of 390 feet (118.9 m) and four reverse circulation drill holes were completed by an MPD-1500 track mounted drill rig with a total footage of 1180 feet (359.7 m).

Trenching program:

Three of the recent trenches (A, B, and C) were designed to extend the known mineralized zone from the original trench to the northwest, toward and beyond the area of the 0.050 oz Au/ton assay. The fourth trench (D) was designed to test for southeastward extension of the mineralized zone from the original trench. A total of 39, ten-foot channel samples were taken by cutting 10 foot channels from the trench wall. The samples were delivered for analysis by ALS Global in Sparks, Nevada.

Steep terrain and massive outcrop conditions made trenching less effective than was originally hoped for and the dozer was not able to reach the expected prospective horizon for mineralization in all trenches. Nonetheless, moderate lengths of weak but significantly anomalous Au values were encountered in three of the trenches.

Drill program:

As in the case of the trenches, three of the drill holes (GI-23, GI-24, and GI-25) were designed to extend the known mineralization from the original trench area to the northwest toward the area from which recent sampling returned a verified 0.050 oz Au/ton grab sample. The first hole in the present program (GI-22) was designed to test for a still more northwesterly extension of the mineralized zone beyond the 0.050 oz Au/ton sample site into an area covered by tertiary volcanic rocks from which Sniper has gotten anomalous assays from several (unchecked) grab samples with a high of 533 ppb Au (0.016 oz Au.ton).


The trench and drill results confirm the presence of anomalous gold along the interpreted strike direction both northwestward and southeastward from the recent discovery area. They show the mineralization remains open in at least two directions and although the values encountered in the current programs were lower grades than those encountered in the original drilling and trenching, the results support doing further work on the property to explore for higher grade mineralization.

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

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 its properties, 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 and planned exploration activities; actual results of trench samples remaining to be verified by a qualified person; 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; availability of capital and financing required to continue the Company's exploration programs; general economic, market or business conditions; 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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