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Snowfield Development Corp. (SNO TSX-V) ("Snowfield") announced on March 21, 2005 a Super Flow-Through Private Placement ("Private Placement") with Mineralfields Group ("Mineralfields"), an investment company, for up to $500,000 consisting of 2,500,000 Flow-Through Units at $0.20 per Flow-Through Unit. Each Flow-Through Unit consists of (1) One Flow-Through Common Share and (1) One Non-Flow-Through Share Purchase Warrant ("Warrant") exercisable at a price of $0.30 in the first year and $0.40 in the second year. In connection with the Private Placement, Limited Market Dealer Group Inc. will receive a 5% cash finder's fee and Warrants equal to 10% of the Flow-Through Units actually subscribed for. The Flow-Through Units will be subject to a (4) four month hold period following the Closing Date.
Snowfield today announces the re-pricing of the first tranche of the Private Placement with Mineralfields from $0.20 to $0.18 per Flow-Through Unit. The first tranche subscriptions are for 555,555 Flow-Through Units with total proceeds of $100,000. Mineralfields advises that the remaining $400,000 of the Private Placement should be advanced in $100,000 increments on a monthly basis.
The proceeds of the Private Placement will be applied to further the exploration of Snowfield's Ticho Project located 50 km S. E. of Yellowknife, NT where Snowfield is commencing operations to take an approximate 500 metric ton bulk sample of the Mud Lake kimberlite to test for grade and content of diamonds excavated, to undertake claim survey work and to initiate a till sampling program in the Aspen, Pond Sipper and Half Moon Lakes area. These four target areas are located between approximately 750 metres and 1.5 kilometers northeast of Mud Lake. (See NR 04-08 dated June 8, 2004.)
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.