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Snowfield Development Corp. ("Snowfield") previously announced on September 7, 2006 (NR 06-36) and on September 8, 2006 (NR 06-37) that it had negotiated a non-brokered private placement offering (#27) of up to 2,500,000 Units at a price of $0.12 per Unit for proceeds of up to $300,000. Each Unit consisted of one (1) common share and one (1) non-transferable share purchase warrant ("Warrant"). Each Warrant will be exercisable for a period of one (1) year and will entitle the holder to purchase one (1) additional common share in the capital stock of Snowfield at a price of $0.15 per common share.
Snowfield announces that the non-brokered private placement was fully subscribed and was accepted for filing by the TSX Venture Exchange on November 9, 2006.
The proceeds of this private placement of $300,000 were applied to programs of exploration on Snowfield's Ticho Project located near the Drybones Bay area, Great Slave Lake, Northwest Territories, approximately 50 km south of Yellowknife, N.W.T. and to working capital for administrative expenses, accounts payable and operational expenses. Any funds received by Snowfield from the exercise of Warrants will be added to general working capital.
The common shares from the Units and the common shares from the exercise of Warrants, if any, are subject to a hold period of four (4) months from the distribution date. The expiry date of each Warrant is one (1) year from the closing date.
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.