VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2012) - Sniper Resources Ltd. (TSX VENTURE:SIP)(FRANKFURT:A1H38M) ("Sniper" or the "Company") is pleased to report that it has made the final payment necessary to earn-in to a 70% interest in the lease interest held by Columbus Gold (U.S.) Corporation ("Columbus") in the Laura and Laura 1-12 lode mining claims (the "Laura Claim Group") located in Lander County, Nevada. Please refer to Sniper's news release dated April 13, 2011 for details of Sniper's option on the Laura Claim Group.
The Laura Claim Group is situated in the Cortez Trend of major gold deposits near the northeastern margin of the Caetano Caldera in the Toiyabe Range. It is approximately 1.6 miles (2.5 km) from the multi-million ounce Cortez Hills open pit and underground gold mine which is owned and operated by Barrick Gold Corporation.
Sniper has 30 days in which to decide whether to exercise the additional option contained in its agreement with Columbus which permits Sniper to purchase Columbus' remaining 30% lease interest for US$200,000 in cash or common shares of Sniper (at Sniper's option) or to elect to form a 70/30 joint venture with Columbus.
All scientific and technical information contained in this news release has been reviewed and approved by Douglas McGibbon, a director and the Vice-President, Exploration of the Company, who is a "qualified person" within the meaning of National Instrument 43-101.
ABOUT SNIPER RESOURCES LTD.
Sniper Resources Ltd. is engaged in the identification, acquisition and exploration of gold projects in the State of Nevada, USA. Sniper owns a 100% interest in the ReHot project and holds options to earn controlling interests in four strategically located Nevada gold projects, namely, Laura, Overland Pass, Guild and Weepah.
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 Laura 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; 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.