Viper Gold Ltd.
TSX VENTURE : VPR

Viper Gold Ltd.

August 08, 2011 10:15 ET

Viper Gold Stakes Property Near Timmins, Ontario, Canada

TORONTO, ONTARIO--(Marketwire - Aug. 8, 2011) - Viper Gold Ltd. ("Viper Gold" or the "Company") (TSX VENTURE:VPR) is pleased to announce the staking of 369 units representing approximately 5,900 Ha of prospective unpatented mining claims approximately 50 kilometres to the east of Timmins, Ontario, Canada. The Currie-Bowman property represents a single contiguous claim block covering a relatively unexplored volcanic package with historic occurrences of gold as reported on Ontario's Ministry of Northern Development, Mines and Forestry ("MNDMF"), Mineral Deposit Inventory.

Viper Gold holds a 100% interest in the staked mining claims located in Currie, Bowman, Egan and McCann Townships. Mining claims staked in Ontario are valid for 2 years from the date of recording and can be held for additional years by completing a minimum of $400 of work per 16 hectare unit per year.

The claim package covers a volcanic belt that has been exposed to limited exploration and investigation. The area was selected because it contains a number of the required characteristics interpreted by the Company as necessary for hosting potential gold mineralization. These characteristics included the presence of documented gold occurrences, ultramafic units within a volcanic belt, porphyry intrusions and fault and fold features that may act to focus potential mineralization along structural trends.

The Company considers the area as potentially representing a southern extension of the Destor Porcupine fault system east of Matheson, Ontario. Several northwest trending fault features are observable in the MNDMF geophysical surveys that appear to connect this interpreted southern fault feature to the main Destor Porcupine Fault located approximately 10 kilometres north of the property. The Company believes that these northwest trending structural features could be a host for gold mineralization similar to the known historic gold deposits identified along the Destor Porcupine Fault system.

"The Company was quite pleased to find such a large area of open ground with documented occurrences of gold in the prolific Timmins Camp," said Paul Davis, President and Chief Executive Officer of Viper Gold. "This property will compliment Viper Gold's Corongo Property located in Peru, and represents a second, quality exploration project. The staking of the property in Canada also reduces exposure to the potential risks of having all of the Company's assets in a foreign jurisdiction."

The Company will begin to design an exploration program to identify priority targets on the property. Preliminary work will comprise compilation of existing government and assessment data. Exploration to be completed on the property over the next 12 months will likely include an airborne geophysical survey and a surface mapping and prospecting program.

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 and the Timmins area of Ontario, Canada.

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. Mr. Davis is responsible for all technical information contained in this news release.

Statements in this press release may contain forward-looking information, including expectations of the results of future exploration and the potential of the Currie-Bowman Property and the Corongo Property and the presence of potential gold mineralization. The reader is cautioned that assumptions used in the preparations of such information, including the ability to find suitable targets, 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, and potential 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.

To view the map associated with this release, please visit the following link: http://media3.marketwire.com/docs/vprmap.pdf.

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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