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Snowfield Development Corp. (SNO TSX-V) ( the "Company") has ordered two returns to treasury in the capital stock of the Company. The first return to treasury is for 555,555 common shares which were issued on May 27, 2005. The shares were returned to treasury as a result of the subscribers' failing to pay into an escrow account for those shares as agreed to under the subscription agreement. The issuance was pursuant to a Super Flow-Through private placement initially announced on March 21, 2005 for up to 2,500,000 Flow-Through Units at $0.20 per Flow-Through Unit, including the payment of a 5% cash finder's fee and Warrants equal to 10% of the Flow-Through Units subscribed. The Company announced on May 25, 2005 the re-pricing of the first tranche of the Private Placement of 555,555 from $0.20 to $0.18 per Flow-Through Unit.
The second return to treasury is for 56,000 common shares which were issued on June 10, 2005. The shares have been returned to treasury as a result of the subscriber's failure to make payment against delivery of the shares. This issuance was pursuant to a private placement announced April 15, 2005 for an offering of 140,000 Flow-Through Shares at a price of $0.18 per Flow-Through Share and 1,276,500 Non-Flow-Through Units at a price of $0.18 per Non-Flow-Through Unit and closed April 29, 2005.
ON BEHALF OF THE BOARD
"Robert T. Paterson"
President
SNOWFIELD DEVELOPMENT CORP.
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