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On February 26, 2004, Snowfield Development Corp. ("Snowfield") received notification from the Mackenzie Valley Environmental Impact Review Board ("MVEIRB") that the review board recommends the issuance of a Land Use Permit for a period of five years with mitigation to reduce impacts. Snowfield does not consider the mitigation requirement to be unduly onerous. The Ticho project, located approximately 50 km southeast of Yellowknife, N.W.T. near Drybones Bay, includes the Mud Lake kimberlite complex discovered by Snowfield in 2003.
Upon receipt of a Land Use Permit, Snowfield will commence exploration on the Ticho Diamond Project. Initially, drilling will include up to 20 diamond drill holes on the Mud Lake kimberlite. These drill holes are designed to further delineate the Mud Lake kimberlite discovery to enable Snowfield to conduct a bulk sample of approximately 500 tonnes. This sample will be taken from a number of different areas of the kimberlite complex and will be processed for the recovery of diamonds. This will give the Company a representative picture of the viability of the discovery.
Additionally, Snowfield will undertake a second diamond drill program to test a number of high priority targets not associated with Mud Lake, including a significant geophysical anomaly on the Hurcomb claim block approximately 3 km south of the Mud Lake kimberlite.
ON BEHALF OF THE BOARD
"Robert T. Paterson"
President
SNOWFIELD DEVELOPMENT CORP.
THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENTS HEREOF.