SnipGold Extends Iskut Drill Program

SnipGold Corp. (TSX VENTURE:SGG) ("SnipGold" or the "Company") (formerly Skyline
Gold Corporation) is pleased to provide shareholders with an update on the
current diamond drill program underway at the Company's Iskut Property in
northwestern British Columbia.


As of August 02, 2012, total of 1517meters of drilling in six holes, SG12-22 to
SG12-27, have been completed. Phase-1 of the drill program is designed to
complete initial drill tests of a small set of electro-magnetic ("EM")
conductors located in the southwestern part of the Property. The program
objectives include determining the character of the structural controls and
style of any mineralization associated with the EM conductors. 


Four holes have been completed along the Burnie Trend. One hole at the C-1 area
and the first hole at Johnny Flats have also been completed. Please refer to
attached map for 2012 drill hole locations.


The program is proceeding below the projected cost, allowing for the drill
contract to be extended and holes at Gorge and along the Snip-Bronson Trend have
been added to the program. The drill is currently at Gorge and is then scheduled
to move to the Snip-Bronson Trend and then to Johnny Flats.


The initial assay data is anticipated to be available for public release within
two weeks.


In addition to adding metres to the program, the cost effective execution of the
2012 exploration will allow for Borehole Pulse Electromagnetic ("BPEM") surveys
to be carried out on the Property. A BPEM survey crew has been mobilized to the
Property and is expected to complete surveys in both 2012 drill holes, as well
as, key historical holes.


About SnipGold

SnipGold Corp. is a Canadian exploration company focused on the exploration and
expansion of gold resources in northwestern British Columbia, Canada. SnipGold's
board and management have significant experience in the discovery, exploration,
and development of gold projects in this area.


On Behalf of the Board of Directors

SnipGold Corp.

John Zbeetnoff, Chief Executive Officer

Forward Looking Statements

Statements in this press release include certain "forward-looking information".
Statements in this news release regarding the terms of the Offering and the
Company's use of the proceeds of the Offering contain forward-looking
information. Readers are cautioned that actual events may vary from the
forward-looking information contained in this news release. Material risk
factors that could cause actual results to differ materially from the
forward-looking information in this news release include, but are not limited
to, changes in market conditions or regulatory requirements applicable to the
Offering. The forward-looking information in this news release is based on the
assumptions that market conditions and regulatory requirements will not change
in any material respect and that the Company will be able to obtain all
approvals required for the completion of the Offering. The Company does not
assume any responsibility for updating forward-looking information, except as
required by law.


Note: To view the map associated with this release, please click the following
link: http://media3.marketwire.com/docs/sgg0807.pdf.