SGG

SnipGold Corp. (TSX VENTURE:SGG) ("SnipGold" or the "Company") (formerly Skyline
Gold Corporation) announces amendments to the Company's offering (the "Offering"
or "Rights Offering") of rights (the "Rights") to subscribe to units (the
"Units") of the Company previously announced on April 26, 2012. The Rights
Offering will remain limited to SnipGold shareholders and will finance the
exploration of numerous high-quality targets at the Iskut Property in
northwestern British Columbia. 


Amendments to Rights Offering

The proposed Rights Offering was originally announced with a subscription price
of $1.00 per Unit. To comply with regulations and to encourage a strong pick-up
in the Offering, the Company has lowered the subscription price to $0.75 per
Unit. 


The Rights will be issued exclusively to the Company's existing shareholders;
and, the subscription price for the Units will be at a discount to the market
price of the Company's common shares, taking into account the consolidation. As
an added incentive the Offering will have the additional benefit of
"flow-through" tax treatment of flow-through shares. The average closing price
of the Company's common shares (pre-consolidation) for the last 20 days is
$0.0795 per share. 


Once issued, the Rights will only be exercisable into Units for approximately 21
days. The Rights will be transferable and the Company expects that the Rights
will trade on the TSX Venture Exchange. The Record Date for determining the
shareholders entitled to receive Rights, and the expiry date of the Rights, have
not yet been set.


The Rights will allow their holders to subscribe for up to approximately
6,100,000 Units of the Company (assumes all Rights are exercised).


The Rights will be issued exclusively to shareholders and will consist of two
"privileges":


i) Basic Subscription Privilege:

The basic subscription privilege consists of one Right for each
post-consolidation common share of the Company held on the Record Date. Any
holder of Rights may exercise three (3) Rights to purchase one Unit for $0.75
per Unit. 


The Company expects that each Unit will be comprised of the following: 



a.  one free trading common share of the Company, which will provide the tax
    advantage of "flow-through" shares; and

b.  one free trading half of one non-transferable warrant, with each whole
    warrant entitling the holder to purchase one flow-through common share
    of the Company for $0.75 per share for a period of 60 days after
    issuance of the Units; and 

c.  one free trading half of one transferable warrant, with each whole such
    warrant entitling the holder to purchase one non-flow-through common
    share of the Company at an exercise price of $1.25 per share with an
    expiry date two years from the date of the Rights Offering, subject to
    an accelerated 30 day expiry clause when the Company's shares are
    trading at or above $1.50 for 10 consecutive days and upon written
    notice by the Company of the acceleration of the expiry date.



ii) Additional Subscription Privilege:

Holders of Rights will also have an additional subscription privilege (the
"Additional Subscription Privilege"). 


The Additional Subscription Privilege gives the holder of Rights an opportunity
to further participate in the current financing if they have fully exercised
their Basic Subscription Privilege and, if available, wish to purchase
additional Units. Availability of such additional subscriptions will be
determined based on the number of Units not subscribed for under the Basic
Subscription Privilege. 


The proceeds of the Offering are expected to aid in funding SnipGold's
exploration and geological compilation programs. The gross proceeds from the
flow-through common shares must be used to incur Canadian exploration expenses
as defined by the Income Tax Act (Canada) by December 31, 2013, to be renounced
effective December 31, 2012.


The Rights Offering remains subject to approval from the applicable securities
regulators and the TSX Venture Exchange.


The Rights and the underlying securities have not been and will not be
registered under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or the securities laws of any state of the United States, and
may not be offered or sold in the United States or to, or for the account or
benefit of, any U.S. person (as defined in Regulation S of the U.S. Securities
Act) or person in the United States, unless an exemption from such registration
requirements is available. This press release does not constitute an offer to
sell or a solicitation of an offer to buy any securities in the United States.


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

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.

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