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,Snowfield Development Corp. (SNO TSX-V) ("Snowfield") announces that is has entered into an option agreement with Consolidated Goldwin Ventures Inc. (CGW TSX-V) ("Goldwin") whereby Goldwin will hold an option to earn a 49% interest in Snowfield's Ticho Project GTen 16 mineral claim (the "GTen 16 Property").
The GTen 16 Property is located on Snowfield's Ticho Project in the Drybones Bay area, Great Slave Lake, approximately 60 km southeast of Yellowknife, Northwest Territories, at, approximately, Latitude 62O 12' North, Longitude 113O 12' West, on Map Sheet 85 I 3 in the South Mining District of the Northwest Territories, and covers approximately 1,033 acres. The GTen 16 Property is approximately 15 km northwest of Snowfield's Mud Lake kimberlite discovery. The GTen 16 Property is on the South Slave Craton. During 2003, Snowfield undertook a detailed helicopter borne multi-frequency Electromagnetic (EM) survey over the property which identified at least three potential kimberlite geophysical targets.
Snowfield was granted a 5 year Class "A" Land Use Permit in September of 2004 to conduct drilling exploration on its Ticho Project, which includes the GTen 16 property.
Under the terms of the agreement Goldwin can earn a 49% interest in the GTen 16 Property in consideration for, subject to regulatory acceptance, the payment to Snowfield of a cumulative total of $50,000, the issuances of 600,000 shares of Goldwin's capital stock and the expenditure of $175,000 on programs of exploration and development on the GTen 16 Property as follows:
a) the payment of $10,000 upon execution of the Agreement, (which monies have been paid);
b) the payment of a further $15,000 and the issuance of 300,000 common shares of Goldwin's capital stock, within five (5) business
days after the Agreement is accepted for filing by the TSX Venture Exchange (the "Exchange") or April 10, 2005 at the latest;
c) the payment of a further $25,000 and the issuance of a further 300,000 common shares of Goldwin's capital stock on,
or before, August 31, 2005, at the latest;
d) providing Snowfield with funding, on or before April 10, 2005, to undertake an expenditure of $100,000 on a Stage I program
of exploration and development on the GTen 16 Property on or before July 31, 2005;
e) providing Snowfield with funding, on or before August 31, 2005, to undertake an expenditure of $75,000 on a Stage II program
of exploration and development on the GTen 16 Property on or before December 31, 2005;
A 6% Production Royalty on any diamond production from the GTen 16 Property is reserved for Snowfield and an underlying Optionor with a buy-back proviso contained in the Production Royalty Agreement allowing Goldwin to Purchase back from Snowfield and the underlying Optionor up to a cumulative 2% of the Production Royalty at a total cost of $2,000,000.
Snowfield, as Operator, will immediately commence the Stage I exploration program on the GTen 16 Property with a ground geophysical survey to be followed by a 3 to 5 hole diamond drill program to test the known geophysical targets for 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.