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Message: Sniper Commences Drilling on Guild Property
Sniper Commences Drilling on Guild Property
Dec. 2, 2010 (Marketwire) --
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/02/10 -- Sniper Resources Ltd. (TSX VENTURE: SIP) (the "Company") is pleased to announce that it has received re-approval from the United States Bureau of Land Management for a previously issued Notice of Operations comprising an initial drill program of 24 reverse circulation holes on the Company's Guild property in Nevada. A reclamation bond has been accepted and approved, so drilling may now begin as soon as practicable.
The Company has retained the services of Hackworth Drilling Inc. of Elko, NV to conduct the first phase of the drilling program. This initial program comprises 8 holes that are located at sites accessible to a truck-mounted drill rig. These holes will provide important information on the geological framework of part of an area covered at the surface by post-mineral volcanic rocks as well as testing for the possible presence of mineralization there. The Company is also making efforts to obtain a track-mounted or all-terrain drill, which will be required for accessing the sites planned for the remaining holes. Hackworth is currently mobilizing for drilling planned to begin on December 3rd.
The Guild Property
Surface sample gold values hosted by Paleozoic rocks at the northern and southern ends of the Guild property are separated by a Tertiary volcanic-covered area that is believed to be thin and will be tested by the drill program. One or more major through-going structures are thought to be present there that may have served as feeders for the surface mineralization. The area of an additional western window through the volcanics that exposes the Paleozoic rocks will also be tested in the second phase of the program.
The results of gravity and CSAMT surveys conducted over the area for the Company by Zonge Geophysics were inconclusive as to bedrock depth but suggested that several high-angle structures may be present.
Details on the Company's Guild property are set forth in the Company's prospectus dated July 15, 2010 and in the technical report referred to therein, all of which are available on the SEDAR website (www.sedar.com).
About Sniper Resources Ltd.
Sniper Resources Ltd. is engaged in the identification, acquisition and exploration of gold properties in the State of Nevada, USA. The Company's two principal projects, Guild and Overland Pass, are subject to option agreements with Columbus Gold (U.S.) Corporation. Each option agreement provides the Company, through its wholly owned subsidiary Sniper Resources (U.S.) Inc., the right to earn a 51% interest in each of the projects by incurring an aggregate of US$2,000,000 in exploration expenditures on each property by October 3, 2012. The Company can earn an additional 19% interest in each property by completing a positive feasibility study on each property.
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 Guild 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 exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, 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.
Sniper Resources Ltd.
Chief Executive Officer
(604) 263-5614 or Toll Free: 1-888-737-2454
(604) 263-8415 (FAX)
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