Sniper Resources Ltd V.SIP

Final Results From Sniper Resources' Drilling Prog

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Sniper Resources Ltd.

TSX VENTURE : SIP
FRANKFURT : A1H38M

March 08, 2012 13:57 ET

Final Results From Sniper Resources' Drilling Program at Weepah: All 8 Holes Mineralized

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2012) - Sniper Resources Ltd. (TSX VENTURE:SIP)(FRANKFURT:A1H38M) ("Sniper" or the "Company") is pleased to report that assays have been received for the final four holes of eight holes in an initial drill program at the Weepah gold property in Esmeralda County, Nevada. Weepah is situated in the Walker Lane mineral belt, approximately 25 miles west of Tonopah.

As reported on March 5, an initial 1,630 ft (497 m) Phase 1 angle drilling program comprising 8 shallow reverse circulation holes was completed on February 25. The program was successful in extending and confirming continuity of the mineralization drilled early in 2011 by Columbus Gold Corporation ("Columbus") and reported by Columbus in March of that year. Results from all eight holes have been received and are summarized below. Holes WP-16 through WP-18 and WP-20 are newly reported here, WP-19 and WP-21 through WP-23 were reported previously.

Sniper Drill Hole Assay Summaries
Drill hole	From (ft)	To (ft)	Thickness	Average Grade (opt Au)	Average Grade (g/T Au)
WP-16	30	60	30	0.006	0.201
and	75	80	5	0.005	0.165
and	95	100	5	0.011	0.382
WP-17	35	40	5	0.008	0.260
and	95	150	55	0.005	0.177
WP-18	40	165	125	0.007	0.250
includes	115	165	50	0.012	0.420
includes	130	165	35	0.016	0.547
and	145	150	5	0.069	2.350
WP-19	0	90	90	0.034	1.168
includes	10	25	15	0.049	1.696
and	35	60	25	0.062	2.112
and	40	45	5	0.156	5.340
and	80	90	10	0.040	1.367
WP-20	0	155	155	0.013	0.455
includes	40	75	35	0.046	1.574
and	55	60	5	0.636	21.800
and	135	155	20	0.008	0.260
WP-21	0	125	125	0.035	1.183
includes	15	30	15	0.111	3.802
and	40	60	20	0.083	2.832
and	80	115	35	0.016	0.564
WP-22	45	165	120	0.007	0.245
includes	60	65	5	0.055	1.875
and	75	115	40	0.010	0.345
and	90	115	25	0.011	0.392
WP-23	115	190	75	0.010	0.340
includes	115	125	10	0.020	0.696
and	140	155	15	0.012	0.416
and	175	185	10	0.016	0.554

All of Sniper's holes returned significant gold intercepts and the results are very encouraging. The highest assay over a 5 foot sample interval was 21.800 grams/Tonne (0.636 oz Au/ton, and the longest continuously mineralized interval was 155 feet (47.2 m). The true thickness and orientation of the gold mineralization remains uncertain but these results demand further work. A track mounted Boart Longyear drill rig is tentatively scheduled to begin further drilling on the 20th of March.

A "qualified person" (as defined in National Instrument 43-101) has not yet verified the data disclosed in the above table. Sniper reported the coordinates and orientations of the Columbus and Sniper drill holes in a press release on March 1, 2012.

As reported by Sniper on March 5th, the principal drill targets in Sniper's project area are only a few hundred feet east of a historic open pit that produced over 100,000 oz gold but are quite different in geological character. The gold mineralization in Columbus' and Sniper's drilling occurs as replacements in sanded, or lightly silicified, and oxidized, Precambrian limestone/marble and siltstone/phyllite that is exposed in small outcrops through thin gravel cover on the north edge of an alluvial basin. Favorable (for gold mineralization) Precambrian silt and limestone beds lie immediately beneath shallow gravel cover over a wide area and are altered where exposed, with very anomalous gold values found locally. As earlier reported by Columbus, outcrop surface samples have yielded values from anomalous up to 10.29 g/t (0.30 opt) gold over 3.6 m (12 ft), and 17.14 g/t (0.50 opt) gold over 1.8 m (6 ft).

Mapping, along with ground magnetics and CSAMT geophysical surveys that were carried-out by Columbus indicate that the favourable geology extends beyond the area of historical drilling to the south and east for 1,200-1,500 m (4,000-5,000 ft) under what appears to be very shallow gravel cover.

All scientific and technical information contained in this news release has been reviewed and approved by Douglas H. McGibbon, a director and the Vice-President, Exploration of the Company, who is a "qualified person" within the meaning of National Instrument 43-101.

Quality Assurance/Quality Control for Sniper's Drilling

Duplicate samples of approximately 5 and 10 pound nominal weights were collected during Sniper's drilling from each 5 ft (1.5 m) interval using a cyclone and rotating hydraulic rotary splitter and one set was delivered for analysis to the ALS Minerals laboratory facility in Reno, Nevada. ALS is an ISO certified assaying/geochemistry facility. Pulps were assayed at ALS using their "Au AA23" procedure (fire assay with atomic adsorption finish) with a 5 ppb Au detection limit. The duplicate samples were stored on site. Check assays will be performed as soon as possible by a separate lab, including reruns of pulps and re-assaying of the duplicate samples.