SGG

SnipGold Corp. (TSX VENTURE:SGG) ("SnipGold" or the "Company") (formerly Skyline
Gold Corporation) announces the closing of the Share Rights Offering with gross
proceeds of $1,633,943. Insider participation in the Rights Offering totaled
just over $877,000.


Pursuant to the exercise of Rights, the Company issued: (i) 2,178,590 common
shares entitling holders to flow-through benefits; (ii) 1,089,295
non-transferable warrants, each exercisable until September 4, 2012 to purchase
one additional flow-through common share for $0.75; and (iii) 1,089,295
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. 


Although this financing raised less than anticipated, sufficient funds were
received to undertake a highly focused diamond drill program this season. The
projected expenditure for the 2012 exploration program will be approximately
$1.7 million with multiple drill targets being tested. The drill is scheduled to
be mobilized to the property Tuesday July 10, 2012 and the first hole is
expected to be collared within the next few days.


The 2012 exploration program will be focused on drill testing high-grade gold
targets. The targets selected for testing this year are all excellent candidates
to emulate mineralization that is equivalent to the sulphide dominant ore-type
mined at Barrick Gold Corporation's historic Snip Mine, located less than 100
metres west of SnipGold's Iskut Property. Further details of the 2012
exploration program will be discussed in a subsequent news release. 


SnipGold also announces the appointment of Ms. Carol-Anne Lunshof as Chief
Financial Officer and would like to thank Mr. Lorne Anderson for his past
service as he moves on to the Company's advisory committee. Ms. Lunshof has been
a Certified General Accountant for nine years and has seven years of experience
with publicly-traded companies as well as 25 years experience with
privately-held companies. Like many other directors and management at SnipGold,
Ms. Lunshof came to the Company in 2010 after her service as Corporate
Controller and Interim Chief Financial Officer with Brett Resources until the
takeover by Osisko Mining Corporation. 


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

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