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As a result of a review by the British Columbia Securities Commission (the "BCSC"), Snowfield Development Corp. is issuing the following News Release to clarify our disclosure.
Pursuant to the continuous disclosure review undertaken by the BCSC, the Company's Annual Information Form ("AIF") dated December 23, 2005, filed in accordance with National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102), Form 51-102F2 (the AIF Form) National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101), and other disclosure and filing requirements, was found to not contain all of the prescribed information. To correct those deficiencies, the Company has amended and re-filed the AIF on Sedar.
The BCSC continuous disclosure review found that the technical report and subsequent technical News Releases previously filed with respect to the Company's material mineral property, the Ticho Project, prepared by Mr. G. Vivian, B. Sc, M. Sc., P. Geol., Aurora Geosciences Ltd., did not contain all of the information prescribed under NI 43-101 and was deemed to be not current. To correct the situation, the Company had an updated technical report dated April 2006 prepared by Mr. Vivian and that technical report has since been filed on Sedar.
The BCSC continuous disclosure review identified a number of disclosure issues in the Company's Management Discussion and Analysis ("MD&A") prepared in accordance with NI 51-102 and Form 52-102F1 (the MD&A Form) for the periods ending April 30, July 31 and October 31, 2005. To remedy those deficiencies, the Company has amended and re-filed those documents on Sedar.
The BCSC continuous disclosure review found that the Auditor's Report dated August 25, 2005 attached to the Company's year-end financial statements dated April 30, 2005, contained a paragraph where the Auditor commented on the fact that no audit of the Company's internal controls was undertaken. The BCSC pointed out that the subject paragraph was not part of the auditor's standard report as described in the CICA Handbook, section 5400. The Auditor has since revised his Auditors Report and the Company's financial statements for the year ending April 30, 2005, along with the subject Auditor's Report have been re-filed on Sedar.
Under Other Reporting Matters, the BCSC continuous disclosure review found that the Company's interim financial statements dated October 31, 2005, did not state that the Company's Auditor had not reviewed those statements. The Company has revised those interim financial statements dated October 31, 2005 to include the prescribed phrase and re-filed them on Sedar.
Under Other Reporting Matters, the BCSC continuous disclosure review found that the Company's Information Circular dated November 9, 2005 contained discrepancies with respect to the shareholdings of two Directors of the Company as compared to their respective Shareholder Reports filed on the System for Electronic Disclosure by Insiders ("SEDI"). The reported shareholdings of those two Directors have since been corrected and filed on SEDI.
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.