Sniper Resources Ltd.

Sniper Resources Ltd.

April 24, 2012 09:00 ET

Sniper Resources Ltd.: Phase 2 Drilling Under Way at Weepah

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 24, 2012) - On April 19, 2012, Sniper Resources Ltd. (TSX VENTURE:SIP)(FRANKFURT:A1H38M) ("the Company") commenced a Phase 2 drill program at the Weepah gold property located in the Walker Lane mineral belt in Esmeralda County, Nevada. The Company has engaged Boart Longyear as the contractor for the drill program which will utilize a track-mounted Foremost MPD 1500 reverse circulation drill with a cyclone and rotating hydraulic splitter and which will be overseen by Doug McGibbon.

Eight to twelve holes are planned for the Phase 2 drill program which has two primary goals:

  • To continue to fill in, extend, and determine the edges of gold mineralization discovered in drilling conducted by Columbus Gold Corporation ("Columbus") in January 2011 and by the Company in its Phase 1 drill program conducted in February 2012. The Phase 2 drill program will be conducted to a drill hole spacing designed to enable the calculation of a National Instrument 43-101 resource estimate by an outside contractor, subject to the results of the drill program.
  • To test different areas of the property to determine if additional concealed, low-angle, mineralized structures are present under the shallow alluvial cover.

Detailed results of Columbus' January 2011 drill program were released in the Company's February 22, 2012 news release.

The Company's Phase 1 drill program comprised a 1,630 ft (497 m) angle drilling program of eight shallow reverse circulation holes. The program was successful in extending and confirming continuity of the mineralization discovered in January 2011 by Columbus. All eight of the Company's Phase 1 holes returned significant gold intercepts and the results were very encouraging. The highest assay over a 5 foot sample interval was 21.800 grams/tonne (0.636 oz Au/ton and the longest continuously mineralized interval was 155 feet (47.2 m), extending from surface to the total depth of the hole.

Results from all eight holes were summarized in the Company's March 8, 2012 news release.

All scientific and technical information contained in this news release has been reviewed and approved by Doug 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. 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 holds options to earn a controlling interest in four strategically located Nevada gold projects, namely, Guild, Overland Pass, Weepah, and Laura.

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 Weepah property and the possibility of calculating a National Instrument 43-101 mineral resource estimate on that 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 and planned exploration activities, including the results of the Company's proposed Phase 2 drill program on the Weepah property;; 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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