SnipGold Corp.

SnipGold Corp.

August 31, 2012 13:03 ET

SnipGold Receives Consent to Extend Warrant Expiry Date

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2012) - SnipGold Corp. (TSX VENTURE:SGG) ("SnipGold" or the "Company") (formerly Skyline Gold Corporation) is pleased to announce that it has received consent from the TSX Venture Exchange (TSX-V) to extend the expiry date of certain common share purchase warrants issued as part of the Share Rights Offering which closed July 5, 2012.

The warrant expiry shall be extended from the original expiry date of September 4, 2012 for an additional forty-five (45) days. 1,087,628 non-transferable Flow-Through Warrants shall be amended to expire on the new date of October 19, 2012 (10,000 warrants were exercised prior to the amendment).

All other terms and conditions of the Warrants, including the exercise price of $0.75, remain unchanged. For information pertaining to the Warrants please see the Company's news releases dated April 26, 2012, May 22, 2012, May 24, 2012, June 7, 2012, June 21, 2012, July 9, 2012, July 13, 2012 and August 21, 2012. Details of the terms of the issued securities are also contained in the Company's final prospectus dated June 6, 2012, which is available on SEDAR at

About SnipGold

SnipGold Corp. is a Canadian exploration company focused on the exploration and expansion of gold resources in northwestern British Columbia. SnipGold's board and management have significant experience in the discovery, exploration and development of gold projects in this area.

On Behalf of the Board of Directors

SnipGold Corp.

John Zbeetnoff, Chief Executive Officer

Forward Looking Statements

Statements in this press release include certain "forward-looking information". Statements in this news release regarding the terms of the Offering and the Company's use of the proceeds of the Offering contain forward-looking information. Readers are cautioned that actual events may vary from the forward-looking information contained in this news release. Material risk factors that could cause actual results to differ materially from the forward-looking information in this news release include, but are not limited to, changes in market conditions or regulatory requirements applicable to the Offering. The forward-looking information in this news release is based on the assumptions that market conditions and regulatory requirements will not change in any material respect and that the Company will be able to obtain all approvals required for the completion of the Offering. The Company does not assume any responsibility for updating forward-looking information, except as required by law.

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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