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Message: Sniper Negotiates Property Extensions



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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 4, 2011) - Sniper Resources Ltd. (TSX VENTURE:SIP) ("Sniper" or the "Company") is pleased to announce that it has entered into extension agreements with Columbus Gold (US) Corporation in respect of the Company's Overland Pass and Guild properties located in Nevada, USA.


The Company, through its wholly owned subsidiary Sniper Resources (U.S.) Inc., has the right to earn a 51% interest in each of Overland Pass and Guild by incurring an aggregate of US$2,000,000 in exploration expenditures on each property. The Company can earn an additional 19% interest in each property by completing a positive feasibility study on each property.


Pursuant to the terms of the extension agreements, Sniper must satisfy the following modified work commitments in respect of each property to maintain its option to earn a 51% interest in each property.



Overland Pass Property



Sniper agrees to spend a minimum of US$850,000 on exploration of the Overland Pass property on or before December 31, 2011, of which US$350,000 is a binding commitment that cannot be cancelled through termination of the agreement, and an additional US$1,150,000 on exploration of the Overland Pass property on or before December 31, 2012.



Guild Property



Sniper agrees to spend a minimum of US$700,000 on exploration of the Guild property on or before December 31, 2011, of which US$200,000 is a binding commitment that cannot be cancelled through termination of the agreement, and an additional US$1,300,000 on exploration of the Guild property on or before December 31, 2012.


In consideration for the extensions, Sniper will issue 300,000 common shares to Columbus Gold Corporation, the parent company of Columbus Gold (US) Corporation, within five business days following receipt of approval of the extension agreements by the TSX Venture Exchange.


"The Company is pleased to have negotiated these extensions on such favourable terms. The expenditure targets are reasonable and achievable both in dollar amount and time frame which is positive for the Company and its shareholders," said Doug McGibbon, Vice President of Exploration.



Sniper Resources Ltd.



Scott Baxter, Chief Executive Officer

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