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Snowfield Development Corp. ("Snowfield" or the "Company") announces that on August 14th, 2006 the Company delivered a Notice of Termination to Consolidated Gold Win Ventures Inc. ("Gold Win") with respect to the Drybones No. 4 Mineral Claim Option Agreement, dated April 21st, 2006, (the "Option Agreement") between Snowfield and Gold Win. This Notice of Termination follows the Notice of Default issued by Snowfield to Gold Win on July 14th, 2006 (NR06-27) with respect to Gold Win being in default of the Option Agreement. Specifically, Gold Win had failed to make the first payment of $300,000 on the 45th day following the date of Acceptance for Filing of the Option Agreement by the TSX Venture Exchange (the "Exchange"), which date of acceptance was May 19th, 2006. Under the terms of the Option Agreement, the prescribed payments were to be used by Snowfield to carry out exploration and development work on the Drybones No. 4 Mineral Claim.
Snowfield delivered a second Notice of Default to Gold Win's registered offices on August 1st, 2006 regarding Gold Win's failure to remit a second payment of $300,000 to Snowfield as prescribed for under Paragraph 1.3 (b) of the Option Agreement which payment was due on or before July 31st, 2006 (NR06-29).
Snowfield, having complied with all of the terms of the Option Agreement with Gold Win, takes this opportunity to inform its shareholders that there are no further legal obligations by Snowfield to Gold Win under the terms of the Option Agreement. In defaulting on the Option Agreement, Gold Win did not earn any interest whatsoever in the Drybones No. 4 Mineral Claim and has no present or future claim against either Snowfield or the Drybones No. 4 Mineral Claim. Snowfield now deems the Option Agreement dated April 21st, 2006 with Gold Win to be null and void.
Despite the default of Gold Win in making its option payments intended to fund ongoing exploration work on the Drybones No. 4 Mineral Claim, Snowfield has continued all of its scheduled 2006 programs on schedule and recently commenced a bulk sample 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.