VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 28, 2012) - SnipGold Corp. (TSX VENTURE:SGG) ("SnipGold" or the "Company") (formerly Skyline Gold Corporation) is pleased to provide a Corporate update in follow-up to the Company's recent release dated September 25, 2012 regarding the 9-hole, 2,437 metre drill program completed at the Company's Iskut Property located in northwest British Columbia.
Management is pleased with the 2012 exploration results and recognizes that the program has advanced the Company's exploration objectives. The Company is currently awaiting the consultant's report on the Borehole Pulse Electro-magnetic ("BPEM") surveys completed on the 2012 holes and 4 historical holes.
The BPEM surveys allow the exploration team to vector, both direction and distance, toward more conductive mineralization. Once received, these data will be interpreted with respect to the surface work results, drill hole assays, alteration and structural information gained from the oriented core program carried out in both 2011 and 2012.
Compilation work will continue over the winter of 2012-2013 and will form the basis for the 2013 exploration program. As this work continues, SnipGold will streamline all off season work to ensure expenditures are in line with current market conditions.
James (Jim) Sparling has agreed to step down as Chief Operating Officer, he has agreed to continue to provide periodic technical, advisory and consulting services to the Company.
The Board of Directors and Senior Management wish to thank Mr. Sparling for his dedication to the Company, his assistance in building a strong technical team and for providing access to his numerous contacts within the industry. The Company looks forward to Mr. Sparling's continued involvement with the project.
SnipGold is currently pursuing non-dilutive financing options and other asset enhancement arrangements. Shareholders will be kept current with events via website updates and news releases. SnipGold plans to continue growing its exposure to the investment community and increasing its market profile over the winter months.
SnipGold Corp. is a Canadian junior exploration company focused on the exploration and expansion of gold resources in northwest British Columbia. SnipGold's board and management have significant experience in both the discovery and development of gold projects in this area.
On Behalf of the Board of Directors
John Zbeetnoff, Chief Executive Officer
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.