VPR

Viper Gold Ltd. ("Viper Gold" or the "Company") (TSX VENTURE:VPR) is pleased to
announce that it has entered into a mineral property option agreement dated
August 15, 2011 (the "Option Agreement") with a local prospector (the "Vendor"),
whereby Viper Gold can acquire an undivided 100% interest in and to certain
unpatented mining claims known as the Campbell Lake property (the "Campbell Lake
Property") consisting of 96 claim units representing approximately 1,500
hectares in Halliday and Midlothian Townships in Northeastern Ontario, Canada.
The property is located approximately 30 kilometres west of Matachewan, Ontario
and may potentially represent the westerly trend of the Cadillac - Larder Lake
Break.


Viper Gold can earn a 100% interest in the Campbell Lake Property over a 2 year
period by making option payments totalling $100,000 and issuing an aggregate
600,000 common shares. The Vendor will retain a 2% Net Smelter Royalty, 1% of
which can be purchased by Viper Gold for $1,000,000. The transaction is subject
to approval by the TSX Venture Exchange (the "Exchange").


To view a map of The Campbell Lake Property, click on the following link:
http://media3.marketwire.com/docs/Campbell.pdf 


The Campbell Lake Property is approximately one kilometre west of the Stairs
Gold Deposit and hosts two known mineralized occurrences with anomalous gold,
silver and copper mineralization. The mineralized occurrences are associated
with northeast trending shear and vein systems. The Campbell Lake Property is
underlain by felsic volcanics and quartz feldspar porphyry unconformably
overlain by Temiskaming sediments that appear to be the same sequence associated
with the Stairs Gold Mine. 


The Campbell Lake occurrence has been exposed over a 175 metre strike length and
varies in width from 0.3 metres to 2 metres. A second quartz vein parallels the
main vein approximately 25 metres to the southeast and appears to be associated
with the same shear zone. The Campbell Lake occurrence consists of abundant
pyrite with lesser chalcopyrite, bornite, galena, malachite and azurite. Assay
analysis of one sample completed by the Vendor returned values of 1.1 grams per
tonnes ("gpt") gold, 3.9 gpt silver and 0.65% Cu. A 175 metre section of the
vein has been mechanically exposed and is ready for systematic sampling along
its length. The vein system continues beyond the edges of the stripped area to
the northeast where it trends below a swamp. 


The Blue Bottle Lake occurrence is hosted in a northeast trending shear zone
with numerous small historic pits and trenches. The shear zone is hosted in
strongly altered and deformed Temiskaming Sediments that are heavily mineralized
with massive and cubic pyrite with numerous generations of cross-cutting
quartz-carbonate veins. Assay analysis from the Blue Bottle Lake occurrence
completed by the Vendor ranged from less than 0.005 to 1.67 gpt gold and less
than 0.005 to 9.83 gpt silver. An area approximately 40 metres by 60 metres was
mechanically exposed and is ready for systematic sampling. 


"Viper Gold continues to acquire exploration projects in known gold mining
districts that have potential to host significant precious metal deposits," said
Paul Davis, President and Chief Executive Officer of Viper Gold. "The Campbell
Lake Property represents another quality exploration property with identified
gold and silver mineralization that will compliment both the Corongo Property in
Peru and the Currie - Bowman Property near Timmins. The close proximity of the
past producing Stairs Gold Mine and the presence of known anomalous gold values
associated with northeast trending shear systems in similar rock types is highly
encouraging and I look forward to exploring the potential of this area." 


An exploration program will be designed to test the known priority targets on
the property and identify any additional targets on the remainder of the
property. Preliminary work will comprise compilation of existing government and
assessment data and an assay sample program of the Campbell Lake and Groom Lake
occurrences. Exploration to be completed on the property over the next 12 months
will likely include an geophysical surveys, a detailed mapping program of the
two known occurrences and a surface mapping and prospecting program.


Company Profile 

Viper Gold Ltd. is an emerging Canadian based junior exploration company focused
on the precious metals potential of the "Gold Corridor" in Northern Peru and the
Abitibi Greenstone Belt of Ontario, Canada. 


QP Statement 

The information in this release was prepared under the direction of Paul Davis,
P.Geo. President and CEO of Viper Gold, and, a Qualified Person as defined in
National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr.
Davis is responsible for all technical information contained in this news
release.


Statements in this press release may contain forward-looking information,
including expectations of the results of future exploration and the potential of
the Campbell Lake Property, the Currie-Bowman Property and the Corongo Property
and the presence of potential gold and other mineralization. The reader is
cautioned that assumptions used in the preparations of such information,
including the ability to find suitable targets, the ability to obtain necessary
government approvals for proposed exploration plans, the ability to control
operating costs, commodity price risk management activity, the ability to make
suitable acquisitions and dispositions, and the ability to access capital and
credit facilities may prove to be incorrect. Events or circumstances may cause
actual results to differ materially from those predicted, a result of numerous
known and unknown risks, uncertainties, and other factors, many of which are
beyond the control of the Company. These risks include, but are not limited to,
the risks associated with the mining industry, commodity prices, exchange rate
changes, and potential regulatory changes. Industry related risks could include,
but are not limited to, operational risks in exploration, development and
production, delays or changes in plans, risks associated to the uncertainty of
reserve estimates, health and safety risks and the uncertainty of estimates and
projections of production, costs and expenses. There is a specific risk that no
exploration activities will be undertaken on any of the Company's properties if
sufficient capital to do so is unavailable. The reader is cautioned not to place
undue reliance on this forward-looking information.

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