Viper Gold Ltd.
TSX VENTURE : VPR

Viper Gold Ltd.

December 13, 2010 09:20 ET

Viper Gold Announces Amendments to Terms of Financing

TORONTO, ONTARIO--(Marketwire - Dec. 13, 2010) - Viper Gold Ltd. ("Viper Gold" or the "Company") (TSX VENTURE:VPR) announces that, further to the Company's press release dated November 17, 2010, it has increased the size of the previously announced private placement and adjusted the warrant exercise price. The non-brokered private placement ("Private Placement") will now consist of up to an aggregate of $1,500,000 consisting of 6 million units ("Units") at a price of $0.25 per Unit, each Unit consisting of one common share ("Share") and one warrant ("Warrant") to acquire an additional Share at a price of $0.30 per Share for a period of two years from the date of closing, subject to acceleration in the event the Company issues a press release ("Press Release") advising that the Shares have traded above $0.50 for 10 consecutive trading days, in which case the Warrants shall expire, without further notice, on the 31st day following the issuance of the Press Release.

The Company intends to use the proceeds from the Private Placement to fund its exploration expenditure requirements on the Corongo property in Peru and for general working capital purposes. All securities issued in connection with the Private Placement will be subject to applicable resale restrictions. Closing of the Private Placement is expected to occur on or about December 15, 2010 and is subject to TSX Venture Exchange approval.

Corongo Property

The Corongo Property is located in the Department of Ancash in the Republic of Peru, approximately 400 kilometres north of Lima. The property covers an area of 3,100 hectares and is comprised of 11 contiguous claims. The Corongo Property is located in a portion of the Western Cordillera of Peru that hosts numerous precious and base metal deposits, including Barrick Gold Corporation's Pierina and Lagunas Norte gold mines and Compania Minera Antamina S.A.'s Antamina copper-zinc mine. Viper Gold entered into an option agreement (the "Option Agreement") with Duran Ventures Inc., whereby Viper Gold can earn a fifty percent (50%) beneficial interest in the Corongo Property. Viper Gold has provided funding of US$250,000 for the Phase II exploration program, fulfilling the first exploration expenditure requirement of the Option Agreement.

Company Profile

Viper Gold Ltd. is an emerging Canadian based junior exploration company focused on the precious metals potential of the "Gold Corridor" in Northern Peru.

ON BEHALF OF THE BOARD OF DIRECTORS

Paul C. Davis, President and C.E.O.

Further Information

For further information relating to the Company or this release please visit the Viper Gold website at www.vipergoldltd.com.

Statements in this press release may contain forward-looking information, including expectations of the results of future exploration and the potential of the Corongo Property including with respect to the bulk tonnage potential on the property. The reader is cautioned that assumptions used in the preparations of such information, including and the ability to find suitable targets, the ability to negotiate and enforce land access agreements with local communities, the ability to obtain necessary government approvals for proposed exploration plans, the ability to control operating costs, commodity price risk management activity, the ability to make suitable acquisitions and dispositions, and the ability to access capital and credit facilities may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. These risks include, but are not limited to, the risks associated with the mining industry, commodity prices, exchange rate changes, income taxes and regulatory changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. There is a specific risk that the diamond drill campaign referred to in the Company's press release dated December 6, 2010 will not be undertaken if the Private Placement is not completed. There is a risk that the Private Placement will not be completed in whole or in part. The reader is cautioned not to place undue reliance on this forward-looking information.

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.

Contact Information