VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 11, 2013) - Scott Baxter, President and CEO of Sniper Resources Ltd. (TSX VENTURE:SIP) ("Sniper" or the "Company") is pleased to announce:
Extension of Overland Pass Property Option
Further to the Company's news release dated January 28, 2013, the TSX Venture Exchange has approved the Overland Pass property extension agreement with Columbus Gold Corporation ("Columbus") and 150,000 common shares have been issued to Columbus as an extension fee.
The Overland Pass property is a Carlin-type gold prospect comprised of 84 mineral claims in White Pine County, Nevada adjacent to Barrick's Bald Mountain Mine. The 2012 Phase 2 drill program comprised of 18 drill holes totaling approximately 7,300 feet returned encouraging results including 160 feet of 0.009 o/p/t gold in hole OP-15 (news release February 22, 2012).
Grant of Stock Options
Pursuant to the Company's rolling incentive stock option plan 1,200,000 incentive stock options have been granted to a director. The stock options are exercisable for five years at $0.10 per share. The closing price of Sniper's shares on the TSX Venture Exchange on April 11, 2013 was $0.025 per share.
Private Placement Update
Further to its news releases of January 16 and February 26, 2013 the Company continues to use its best efforts secure funding for the private placement of up to 12,000,000 units at $0.05 per unit.
Chief Financial Officer Update
Further to its news release of March 5, 2013 the search for a new CFO continues. A number of potential candidates have been interviewed and discussions are underway with a short list of highly qualified applicants. It is expected that the final selection will be made by month end at which time an announcement will be made.
About Sniper Resources Ltd.
Sniper Resources Ltd. is engaged in the identification, acquisition and exploration of gold properties in the State of Nevada, USA. Sniper owns a 100% interest in the Laura and ReHot properties and holds options to earn a controlling interest in two additional strategically located gold projects, the Overland Pass and Weepah properties, all in Nevada.
Sniper Resources Ltd.
Scott Baxter, Chief Executive Officer