SnipGold Announces Amendment to Closing of Share Rights Offering and Insider Holdings

SnipGold Corp. (TSX VENTURE:SGG) ("SnipGold" or the "Company") (formerly Skyline
Gold Corporation) announces an amendment to the closing of the Share Rights
Offering with additional proceeds of $12,500 for total gross proceeds of
$1,646,442. Insider participation in the Rights Offering totaled just over
$877,000.


Pursuant to the exercise of Rights, the Company issued:



i.   2,195,256 common shares entitling holders to flow-through benefits; 
ii.  1,097,628 non-transferable warrants, each exercisable until 
     September 4, 2012 to purchase one additional flow-through common 
     share for $0.75; and
iii. 1,097,628 transferable warrants, each exercisable until July 6, 2014 
     to purchase one non-flow-through common share for $1.25, subject to
     acceleration. Details of the terms of the issued securities are
     contained in the Company's final prospectus dated June 6, 2012, which
     is available on SEDAR at www.sedar.com. 



Upon closing of the financing, the Company's directors and senior management
hold 20,471,399 common shares which represent 16% of the total issued and
outstanding common shares of the Company and 4,620,881 warrants which represent
33% of the total issued and outstanding common share purchase warrants. 


About SnipGold

SnipGold Corp. is an exploration company focused on the exploration and
expansion of gold resources in northwestern 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

SnipGold Corp. (TSXV:SGG)
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