Viper Gold Ltd.
TSX VENTURE : VPR

Viper Gold Ltd.

December 06, 2010 08:30 ET

Viper Gold Completes Phase II Exploration Program on the Corongo Property With Results From the Descubridora Zone

TORONTO, ONTARIO--(Marketwire - Dec. 6, 2010) - Viper Gold Ltd. ("Viper Gold" or the "Company") (TSX VENTURE:VPR) is pleased to report that it has completed the Phase II exploration program on the Corongo Au-Ag Property located in the Department of Ancash in Peru with final assay results from the Descubridora Zone. The results confirm the higher grade gold values reported from previous exploration and indicate the continued exploration potential of the Descubridora Zone.

Assay Results

Results have been received for the last 136 surface samples collected from outcrops on the Descubridora Zone including 116 trench channel samples and 20 individual channel samples. Highlights from the sampling include 7.6 grams per tonnes ("gpt") gold and 245.8 gpt silver with 0.26% copper from a 4.0 metre continuous channel sample and 12.4 gpt gold, 37.7 gpt silver with 0.05% copper from a 2.10 metre continuous channel sample. The individual samples within the overall channel are typically 1.0 to 2.0 metres in length and were designed to cross-cut mineralized structures where possible.

These final results confirm the higher grade gold values reported from previous exploration and indicate the continued exploration potential of the Descubridora Zone. Significant results are summarized in the table below:

Descubridora: Surface Channel Sample Highlights
  Channel From (m)   To (m)   Length (m)   Gold (gpt)   Silver (gpt)   Copper (%)  
  CDES-7 10.00   16.00   6.00   2.2   6.0   0.01  
  CDES-5 0.00   4.00   4.00   7.6   245.8   0.26  
  20374-75 0.00   2.10   2.10   12.4   37.7   0.05  
  CDES-12 0.00   3.30   3.30   0.2   27.6   0.01  
Individual Samples                
  20382 -   -   0.50   3.2   12.1   0.03  
  20384 -   -   1.00   1.8   1.1   0.00  
  20385 -   -   0.30   1.3   1.6   0.00  
  20391 -   -   2.00   1.3   5.3   0.00  
  20394 -   -   2.00   4.8   7.5   0.00  
  20399 -   -   2.00   1.8   119.0   0.06  
  20400 -   -   2.00   2.4   3.9   0.00  

"With the Phase II exploration work and geophysical surveys now complete, we can prioritize drill targets for continued exploration in the new year," states Paul Davis, President and C.E.O. of Viper Gold. "Early results from both the Descubridora and Santa Rosa East zones have been very encouraging and suggest there is significant exploration potential on the Corongo property. We anticipate commencing a diamond drill campaign in 2011 with the completion of the current financing."

Samples are shipped to and assaying is carried out by the ALS Chemex Laboratory in Lima, Peru, a laboratory whose quality control system complies with International Standards ISO 9001:2000 and ISO 17025:2005. A four-acid digestion with 33 element ICP-AES analysis is conducted on all samples, with silver, lead and zinc being reanalyzed with atomic absorption spectrometry method when analyzing over the ICP limits. Gold is assayed using a fire assay with an atomic absorption spectrometry finish. With samples containing over 10 parts per million ("ppm") gold, a gravimetric finish is employed. A secure chain of custody is maintained in storing and transporting all samples.

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.

QP Statement

The information in this release was prepared under the direction of Paul Davis, P.Geo. President and CEO of Viper Gold, and, a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The analytical sampling program was carried out under the supervision of Duran Venture's President, Cary Pothorin, P.Geo., also a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. Pothorin is responsible for all technical information contained in this news release.

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.

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. 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.

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