Sniper Resources to Issue Shares to Maintain Weepah Option

Sniper Resources Ltd. (TSX VENTURE:SIP)(FRANKFURT:A1H38M) ("Sniper" or the
"Company") announces that, subject to receipt of approval of the TSX Venture
Exchange (the "Exchange"), it plans to issue an aggregate of 2,339,408 common
shares at a deemed price of $0.1083 per share (the "Issue Price") to Columbus
Gold Corporation pursuant to the terms of the Company's option agreement with
Columbus Gold and its US subsidiary dated September 26, 2011 (the "Agreement").


Pursuant to the Agreement, in order to maintain the Company's option to earn an
initial 51% interest in the Weepah property located in Esmeralda County, Nevada,
the Company was required to incur exploration expenditures totalling US$500,000
on or before September 26, 2012, and to issue US$10,000 worth of shares as a
first anniversary property payment.


As the Company has incurred eligible exploration expenditures totalling
US$252,836 on the property, the Company has determined to satisfy the US$247,164
shortfall and maintain the option in good standing through the issuance of
2,248,439 common shares to Columbus Gold at the Issue Price (after converting
the shortfall amount to Canadian dollars) as permitted by the terms of the
Agreement, subject to Exchange approval. The Issue Price is calculated based on
the 30 day volume weighted average closing price of the Company's shares on the
Exchange prior to September 26, 2012, pursuant to the Agreement.


The Company is also issuing 90,969 common shares to Columbus Gold at the Issue
Price in satisfaction of the first anniversary property payment of US$10,000 as
required by the Agreement.


The Company plans to raise additional funds to commence a phase three drill
program on the Weepah property and for working capital requirements, further to
its news release dated July 31, 2012 disclosing a non-brokered private placement
of units at a price of $0.10 per unit. The Company plans to complete that
private placement on or about October 15, 2012.


In order to maintain the Weepah option pursuant to the Agreement, after issuing
the above common shares to Columbus Gold, the Company is required, among other
things, to incur an additional US$1,000,000 in exploration expenses on the
Weepah property by September 26, 2013. Details of the Agreement are contained in
the Company's news release dated September 27, 2011.


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 ReHot project and holds options to earn a controlling interest
in four strategically located Nevada gold projects, namely, Laura, Overland
Pass, Weepah and Guild.


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 plans for the
completion of a private placement, 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 in the current difficult market
conditions and to continue the Company's exploration programs; general economic,
market or business conditions; the actual results of current and planned
exploration activities; 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.
Sniper Resources Ltd. (TSXV:SIP)
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