Vancouver, British
Columbia, July 29, 2014 – Scott Baxter, President and CEO of Sniper Resources
Ltd. (TSX-V: SIP) (“Sniper” or the "Company") is pleased to announce:
Acquisition of Weepah
Gold Property, Nevada
Sniper has completed
all formal documentation including the required approval of Cordilleran
Exploration Company (“Cordex”) to acquire a 100% interest in the Weepah gold
property (“Weepah”) in Esmeralda County, Nevada from Columbus Gold (US)
Corporation (“Columbus”). (news release
of July 2, 2014.) Weepah was previously held under an option agreement.
Pursuant to the
Agreement Sniper will purchase the 100% interest as follows:
a) upon TSX approval of the Agreement Sniper will
issue to Columbus 7,647,503 shares which, when added to Sniper shares already
held by Columbus, will total 12,785,503 shares (19.99% of Sniper’s then issued
capital) to acquire an initial 50.01% beneficial interest in Weepah, and
b) on July 1, 2017 Sniper will issue to Columbus
additional shares which, when added to 12,785,503, will be a sum to equal
19.99% of the then issued capital to acquire the final 49.99% beneficial
interest in Weepah.
Columbus will retain a
1% Net Smelter Return royalty (“NSR”) which may be purchased for US$1,500,000.
Additionally Sniper must comply with certain terms of an underlying agreement
with Cordex including a 2% NSR and a US$10,000 per annum advance royalty
commencing July 1, 2016.
The Weepah acquisition
remains subject to acceptance by the TSX Venture Exchange which is expected prior to August 31, 2014. All shares
to be issued will be subject to a four-month hold period from the date of
issue.
Debt
Settlement
The shares-for-debt
settlement announced July 2, 2014 is still outstanding and remains subject to
regulatory approval which is expected prior to August 31, 2014.
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 exploration property and is
acquiring at 100% interest in the Weepah property, all in Nevada.
For further information about Sniper Resources and its Nevada projects
please contact Mr. Scott Baxter, President and CEO at (604) 263-5614 or via
email scottbax@telus.net.
To subscribe
to Sniper’s newsletter, The Sniper News, email us at infoatsniperresources@gmail.com
Please visit the
Sniper Resources Ltd. website at www.sniperresources.com
Sniper Resources Ltd.
Scott Baxter
President and CEO
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This press release includes certain statements that
may be deemed "forward-looking statements". All statements in this
release, other than statements of historical facts, that address future
exploration drilling, exploration activities and events or developments that
the Company expects, are forward-looking statements. Although the Company
believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from those
in forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include market
prices, exploitation and exploration successes, continued availability of
capital and financing, and general economic, market or business
conditions.
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.