SnipGold Intersects 10.07 Metres of 9.6 g/t Au and 24.9 g/t Ag

SnipGold Corp. (TSX VENTURE:SGG) ("SnipGold" or the "Company") (formerly Skyline
Gold Corporation) is pleased to announce the results for the nine-hole, 2,437
metre, 2012 exploration drill program recently completed on SnipGold Corp.'s
Iskut Property (the "Property"), located in northwest British Columbia. 


The 2012 exploration program included diamond drilling and borehole pulse
electro-magnetic ("BPEM") surveys at the Snip-Bronson Trend, Johnny Flats, the
Burnie Trend and C1 Area and the Gorge.


2012 Exploration Highlights:



--  2012 drill hole intercepts include sulphide-dominant mineralization: 
    
    --  1.38 metres ("m") of 56.4 grams per tonne gold ("g/t Au") and 44.7
        grams per tonne silver ("g/t Ag") within a larger interval of 10.07m
        of 9.6 g/t Au and 24.9 g/t Ag at Snip-Bronson Trend 
        
    --  1.45m of 20.5 g/t Au and 36.3 g/t Ag within a broader interval of
        16.58m of 2.1 g/t Au at Gorge 
        
--  Burnie Trend confirmed to represent a highly prospective structural
    corridor 
    
--  Gold-bearing alteration intersected along 2.8km Johnny Flats Conductor
    Trend 
    



John Zbeetnoff, CEO, commented, "The sulphide-dominant, Snip-style, high-grade
gold mineralization intersected at both the Gorge and the Snip-Bronson Trend
this year confirms our belief that both areas have excellent potential to host
Snip-like deposits. Our initial drill testing at Burnie Trend and Johnny Flats
encountered the desired key alteration styles, in addition, the Burnie Trend has
been confirmed as a highly prospective structural corridor. Adding to our
exploration success this year is the fact that the 3D Plate Modeling completed
on airborne geophysical data has effectively predicted the locations of elevated
concentrations of sulphides."


The objective of this year's field program was to explore for structurally
controlled, sulphide-dominant, high grade gold mineralization analogous to ore
from the historic Snip Mine located within 100m of the Property boundary. Also
of key interest this year, was to determine the structural and alteration
signature of areas that have not been previously drill tested.


Maps detailing the 2012 and other key historical drill holes are available on
the Company's website through this Map Link. Significant assay intervals are
listed in the attached table.  Additional details are also available on the
Company's website www.SnipGoldCorp.com.


Snip-Bronson Trend

Drill hole SG12-29 tested the area immediately down dip of a strongly altered
sequence of host rocks intersected last year in hole SK11-21. This hole is
located to the east of and on trend with both the historic Snip Mine and the
Bronson Slope Porphyry Deposit 2.5km and 950m respectively.


SG12-29 intersected sulphide-dominant Snip-style gold mineralization yielding
1.38m of 56.40 g/t Au from 194.95 to 196.33m. This high-grade interval is within
a 10.07m sample that assayed 9.6 g/t Au from 187.76 to 197.83m.


This hole also intersected two significant bulk tonnage intervals, the first
starts at the top of the hole and yielded 148.24m of 0.339 g/t Au. The second
interval, from 197.83 to 291.65m, assayed 93.82m of 0.337g/t Au.


Gorge 

2012 drilling at the Gorge included a single hole, SG12-28, which targeted an
area known to host high-grade gold mineralization. Limited information exists
about the geological style of this mineralization; therefore, the purpose for
the 2012 drill hole at Gorge was to gain both a geological signature as well as
a BPEM signature of the mineralization in the area. 


Drill hole SG12-28 intersected multiple, narrow intervals of sulphide-dominant
mineralization with the most significant interval assaying 1.45m of 20.50 g/t Au
within a wider interval of 16.58m of 2.12 g/t Au. 


SG12-28 also intersected 48.75m of 0.988 g/t Au, from 18.0 to 66.75m. This
interval contained a higher grade portion which assayed 6.9m of 5.0 g/t Au. 


The two lower grade bulk tonnage-style intersections in SG12-28 will be
reviewed, during this winter's compilation work, in context with the Snip North
Porphyry located less than 1km to the east-southeast. 


Johnny Flats

The 2012 drilling included the completion of two holes, SG12-24 and SG12-30,
along the 2.8km electro-magnetic ("EM") conductor trend at Johnny Flats. These
Phase-1 holes tested two of the 16, three dimensional ("3D") EM plate models
targeted for drill evaluation. Hole SG12-24 was completed at the east end of the
conductor trend and hole SG12-30 was completed at the west end.


Hole SG12-24 intersected 6.5m of 1.70 g/t Au and 17.7 g/t Ag including 2.11m of
4.96 g/t Au. Also of exploration significance is a 33.71m interval immediately
below this intersection which had low gold values but elevated arsenic ("As")
averaging 6,642 parts per million ("ppm"). Arsenic is an element considered to
be a pathfinder element for Snip-style mineralization.


Hole SG12-30 intersected 1.68m of 1.47 g/t Au and 165.0 g/t Ag within a broader
mineralized interval of 8.20m of 0.36 g/t Au and 49.1 g/t Ag. This intersection
is marked by strong calcite and silica flooding and up to 25% pyrite and 10%
sphalerite.


Burnie Trend and C1 Area

Four holes, SG12-22 and SG12-25 to SG12-27, tested a 4.3km strike length of the
overall 9km long Burnie Trend. Drill hole SG12-23 tested the C1 Area. All holes
encountered wide intervals of well-developed Snip-style hydrothermal alteration,
locally associated with a very strong shear fabric, highlighting a structural
corridor estimated to be in the order of several tens of metres in width.


All elevated metal intersections at Burnie Trend will be reviewed in the
geological context of their alteration and structural finger prints. Historical
records document that 75% of the gold production at the Snip Mine(1) consisted
of "ore-styles" dominated by the alteration types intersected at Burnie Trend (1
The Mine Environment Neutral Drainage (MEND) website at
http://www.mendedem.org/reports/files/9.1b.pdf).


Detailed core logging has determined that the 3D EM plates modeled over the
2011/2012 winter season have, most often, vectored to areas of elevated
iron-sulphide content and confirms that the 3D plate modeling can effectively
highlight sulphide zones on the Iskut Property.


Summary 

Management is very pleased with the results of the 2012 exploration program. The
program has successfully advanced the Company's exploration objectives by
completing the initial drill testing in new areas and the program successfully
intersected sulphide-dominant high-grade gold mineralization at both the Gorge
and along the Snip-Bronson Trend.


The BPEM data are currently being interpreted and will be incorporated into
prioritizing drill targets for the 2013 program. Details of these results will
be released as the interpretation advances.


The Company's website www.SnipGoldCorp.com contains a detailed table of all
exploration intersections from the 2012 program, as well as the website will be
updated over the next several weeks with additional details concerning the 2012
and future exploration programs.




SnipGold 2012 DDH Results                                                   
Hole-ID                 From (m)     To (m) Interval (m)    Au g/t    Ag g/t
============================================================================
Burnie_Trend South                                                          
  SG12-22                  4.00       8.50         4.50      0.394       1.3
C1 Area                                                                     
  SG12-23           No Significant Metal Values, Well developed Hydrothermal
                                           Alteration                       
Johnny Flats                                                                
  SG12-24                115.95     122.45         6.50      1.696      17.7
    Incl                 120.34     122.45         2.11      4.960      30.4
  SG12-24                133.94     167.65        33.71      0.080       2.4
    Incl                 276.70     278.70         2.00      0.713      88.3
Burnie_Trend North                                                          
  SG12-25                  7.50      12.00         4.50      2.062      23.7
    Incl                   7.50       9.00         1.50      5.660      64.9
  SG12-26                 19.50      25.04         5.54      0.274       9.1
  SG12-27                166.00     173.00         7.00      0.065       1.7
The Gorge                                                                   
  SG12-28                 18.00      66.75        48.75      0.988       7.5
    Incl                  23.60      26.80         3.20      1.787       8.5
    Incl                  40.69      47.59         6.90      5.000      28.6
  SG12-28                 90.50      98.15         7.65      2.036       2.6
    Incl                  95.00      96.40         1.40      9.080       8.8
  SG12-28                115.52     132.10        16.58      2.123       4.4
    Incl                 125.75     127.20         1.45     20.500      36.3
  SG12-28                195.25     207.00        11.75      0.161       0.3
Snip-Bronson Trend                                                          
  SG12-29                 12.26     160.50       148.24      0.339      12.2
    Incl                  28.70      32.70         4.00      1.473      92.6
    Incl                  63.75      70.50         6.75      1.227      62.8
  SG12-29                187.76     197.83        10.07      9.598      24.9
    Incl                 194.95     196.33         1.38     56.400      44.7
  SG12-29                197.83     291.65        93.82      0.337       1.3
  SG12-29                366.00     387.00        21.00      0.434       0.6
    Incl                 375.00     378.00         3.00      2.120       0.5
Johnny Flats                                                                
  SG12-30                  9.65      15.65         6.00      0.208      15.7
  SG12-30                 45.25      53.00         7.75      0.407      11.7
  SG12-30                154.80     163.00         8.20      0.355      49.1
    Incl                 154.80     156.48         1.68      1.465     165.0



The parameters used to calculate mineralized intervals include samples assaying
at least 0.2 g/t Au, but lower grade intervals may have been included if they
were clearly part of a well-defined mineralizing event.  Higher grade intervals
were generally selected by compositing intervals with gold analyses greater than
1.0 g/t Au.  Assay values have not been capped prior to computing length
weighted grade calculations.


Quality Assurance and Quality Control 

The Company utilizes standard industry practices in quality control and quality
assurance with insertion of blind standards, blanks and a robust program of
field preparation, as well as assay duplicate analyses which are completed in
addition to the internal quality assurance and quality control practiced by the
assay laboratory.  


Sample preparation and analysis are conducted by ALS Canada Ltd. Sample
preparation is conducted in the Terrace, BC facility, and analyses of pulps in
North Vancouver, BC. The Terrace facility is ISO 9001:2008 certified and the
North Vancouver laboratory is ISO/IEC 17025 certified. The geologist and
Qualified Person under the terms of National Instrument 43-101 responsible for
the verification of work and data acquisition for SnipGold is John Zbeetnoff, P.
Geo. 


Some assay results used in this news release may be in proximity to some minor
out of range control samples, as such, these control samples as well as some of
their related core samples are currently undergoing analytical rerun analyses
for gold or copper at the analytical lab. The assay results for these reruns are
expected within two weeks. It is not expected that there will be any noticeable
impact on the final length weighted grade calculations. All significant grade
changes will be reported in future news releases and will also be posted on the
Company website, www.SnipGoldCorp.com.


The Qualified Person responsible for this news release under the terms of
National Instrument 43-101 is John Zbeetnoff, P.Geo.


About SnipGold

SnipGold Corp. is a Canadian junior exploration company focused on the
exploration and expansion of gold resources in northwest British Columbia.
SnipGold's board and management have significant experience in both the
discovery 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.