Viper Gold Announces the Termination of the Option Agreement on the Grindstone Creek Property

Viper Gold Ltd. ("Viper" or the "Company") (TSX VENTURE:VPR) announces
termination of the option agreement (the "Agreement") previously optioned on
July 31, 2012. The Agreement was originally executed on July 31, 2012 with
Kinross Gold Corporation ("Kinross") and Selkirk Metals Corp.("Selkirk"), a
wholly owned subsidiary of Imperial Metals Corporation on their Currie-Bowman
Property, located 54 kilometres east of Timmins Ontario (the "Grindstone Creek
Property"). In November 2012, the Company contacted Kinross indicating it was
concerned it would not be able to complete the required assessment work on the
property in time to maintain the claims in active status due to the weakness in
the financing markets. As a result, a mutual decision between Kinross, Selkirk
and the Company to terminate the Agreement was taken. The Agreement terminated
and is of no further legal force or effect except for those obligations in the
Agreement that are specifically identified and deemed to survive termination of
the Agreement and the parties are released and discharged from all obligations
and liabilities under the Agreement.


The Company is currently focusing its efforts on the Corongo Property located in
the Department of Ancash, Peru, where it has identified a new copper/molybdenum
in soil anomaly over an area of 1,200 metres east-west and up to 900 metres
north-south, as previously announced and filed on SEDAR in a press release dated
October 16, 2012, and has identified vein hosted silver and gold mineralization
on 3 separate areas in surface trenching and diamond drilling completed in 2010
and 2011. The Corongo Property is jointly owned 50:50 with Duran Ventures Inc.
where Viper Gold earned its fifty percent (50%) beneficial interest in the
property in 2011 as previously announced and filed on SEDAR in a press release
dated January 24, 2012.


The Company is reviewing financing opportunities and with the objective of
raising sufficient capital on terms acceptable to the Company to continue the
exploration programs on its mineral properties in Peru and Canada.


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, and a Qualified Person as defined in National
Instrument 43-101 - Standards of Disclosure for Mineral Projects. 


Further Information

For further information relating to the Company or this release please visit the
Viper Gold website at www.vipergoldltd.com.


Statements in this press release may contain forward-looking information,
including expectations of the results of future exploration and the potential of
the exploration properties with respect to the bulk tonnage potential on the
property. The reader is cautioned that assumptions used in the preparations of
such information, including: the ability to find suitable targets; the ability
to negotiate and enforce land access agreements with local communities; 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 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, income taxes and 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 with
uncertainty of reserve estimates, health and safety risks and the uncertainty of
estimates and projections of production, costs and expenses. There is the
additional risk that the Company may incur expenses related to the effective
termination of the option agreement referred to in this press release. There is
a specific risk that no or insufficient financing will be obtained on terms
acceptable to the Corporation that will allow the Corporation to continue its
exploration programs in Peru and Canada. The reader is cautioned not to place
undue reliance on this forward-looking information. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Viper Gold Ltd.
Paul Davis
416-915-4284
www.vipergoldltd.com