SnipGold Corp. Sets Key Dates Regarding Rights Offering

VANCOUVER, 06/07/12 - SnipGold Corp. (TSX VENTURE: SGG) ("SnipGold" or the "Company") (formerly Skyline Gold Corporation) is pleased to provide an update regarding its rights offering (the "Offering") detailed in the May 24, 2012 news release.

The Company has filed, with securities regulatory authorities, its final short-form prospectus with respect to its Offering. The prospectus is available on the Company's SEDAR profile at www.sedar.com.

The Company can now set the key dates for the Offering:

Event                                                      Anticipated Date
---------------------------------------------------------------------------
Last day on which Common Shares trade on TSX                   June 8, 2012
 Venture Exchange ("TSX-V") with Rights
Common Shares trade on TSX-V "Ex-Rights"                      June 11, 2012
Rights commence trading on TSX-V on a "when-issued            June 11, 2012
 basis"
Record Date for issuance of Rights to shareholders            June 13, 2012
Final Short-Form Prospectus mailed to shareholders            June 14, 2012
Commencement Date (first date of which Rights may             June 15, 2012
 be exercised)
Rights cease trading on TSX-V                       July 5, 2012, 9:00 a.m.
                                                             (Pacific Time)
Rights Expire                                       July 5, 2012, 4:00 p.m.
                                                             (Pacific Time)
Issuance of Units upon exercise of Rights                      July 6, 2012

Event 1: Friday June 8, 2012 is the last date on which SnipGold shares will trade on the TSX-V with the entitlement to receive one Right for each share of SnipGold held. For every three Rights, the shareholder is entitled to purchase one Unit. The details of the Flow-Through Share and two half warrants that comprise the Units are detailed in the Company's May 24, 2012 news release.

Event 2: Company shares traded starting June 11, 2012 will be excluded from the Rights Offering ("Ex-Rights").

Event 3: The Rights will begin trading on the TSX-V under the symbol SGG.RT on June 11, 2012.

Event 4: The shareholders of record on the Record Date, June 13, 2012, will be issued one Right per Common Share held.

Event 5: June 15, 2012, the Short Form Prospectus will be mailed to shareholders of record and a copy will also be available for viewing on the Company website after this date.

Event 6: June 15, 2012 is the first day the Rights may be exercised. The Rights will be available for exercise until July 5, 2012.

Event 7 & 8: Rights cease trading on TSX-V at 9:00am (Pacific Time) July 5, 2012 and the Rights Expire 4:00pm (Pacific Time) that day.

Event 9: Units are issued for Rights exercised.

The Company is also pleased to announce the appointment of Carol-Anne Lunshof as the Company's interim Chief Financial Officer effective June 6, 2012.


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 contain certain "forward-looking information", including information regarding the terms of the Offering the anticipated dates of events related to the Offering. 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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.



Contacts:

SnipGold Corp.
John Zbeetnoff, CEO
604-681-3989

SnipGold Corp.
Tony Perri, Investor Relations Manager
604-681-3989
604-681-3557 (FAX)
info@snipgoldcorp.com
www.snipgoldcorp.com