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Sniper Resources Announces Private Placement for
Weepah Drilling
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VANCOUVER, BRITISH COLUMBIA--(Jan. 4, 2012) -
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
Sniper Resources Ltd. ("Sniper" or the
"Company") (TSX
VENTURE:SIP)(FRANKFURT:A1H38M) is pleased to
announce that it is arranging a non-brokered
private placement of up to 3,000,000 units at $0.15
per unit to raise gross proceeds of up to $450,000.
Each unit will consist of one common share and one
warrant to purchase an additional common share at
$0.25 per share for a period of one year. Only
qualified "accredited investors" or other
qualified purchasers under applicable securities
laws will be permitted to participate in the
private placement.
Gross proceeds of the private placement will be
used for a US$250,000 drilling program planned at
the Company's Weepah property located
approximately 20 miles west-southwest of Tonopah,
Nevada, in Esmeralda County with the balance used
for general working capital purposes.
Sniper currently has 28,553,275 common shares
issued and outstanding. The Company's directors
and officers collectively hold approximately 28% of
the issued and outstanding shares.
No finder's fees or commissions are expected to
be paid in connection with the private placement,
which remains subject to receipt of all necessary
regulatory approvals including acceptance by the
TSX Venture Exchange.
Weepah
Weepah has historical gold production from an open
pit along a steep, northerly structure cutting
Precambrian sedimentary rocks. The principal drill
targets occur east of the historic open pit where
gold occurs as replacements in sanded, or lightly
silicified, Precambrian limestone, exposed in small
outcrops through thin gravel cover on the north
edge of an alluvial basin. Outcrop sampling by
Columbus Gold of the altered limestone 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 carried-out
by Columbus Gold, indicate that the favourable
geology extends beyond an 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. Please refer to the
Company's news release dated September 27, 2011
for further details of the Weepah property and the
Company's option to earn an initial 51%
interest in the property from the owner, Columbus
Gold Corporation.
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.
This news release does not constitute an offer to
sell or a solicitation of an offer to buy any of
the Company's securities in the United States.
The securities have not been and will not be
registered under the United States Securities Act
of 1933, as amended (the "1933 Act"), or
any state securities laws and may not be offered or
sold within the United States or to U.S. persons
unless registered under the 1933 Act and applicable
state securities laws, or an exemption from such
registration is available. Any public offering of
securities in the United States must be made by
means of a prospectus that contains detailed
information about the Company and its management,
as well as financial statements.
Sniper Resources Ltd.
Scott Baxter, Chief Executive Officer
This news release includes certain
forward-looking statements or information. All
state ments other than statements of historical
fact included in this release, including, without
limitation, statements relating to the completion
of a private placement and the potential
mineralization and geological merits of the Weepah
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:
availability of capital and financing required to
complete the private placement and to continue the
Company's exploration programs; general econo
mic, market or business conditions; the actual
results of current and planned exploration
activities; actual results of trench samples
remaining to be verified by a qualified person; 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; 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.
Contact Information
Sniper Resources Ltd.
Mr. Scott Baxter
(604) 263-5614 or Toll Free: 1-888-737-2454
scottbax@telus.net
www.sniperresources.com
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