The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents hereof.
Snowfield Development Corp. ("Snowfield" or the "Company") announces that it has negotiated a non-brokered private placement (#45) offering of 5,000,000 units at a price of $0.05 per unit. Each unit will be comprised of one (1) common share and one (1) non-transferable share purchase warrant ("warranr"). Each warrant will be exercisable for a period of two (2) years from the closing date and will entitle the holder to purchase one (1) additional common share in the capital stock of the Company at a price of $0.10 per share in the first year and $0.15 per share during the second year.
The proceeds of the private placement, if fully subscribed, from the sale of units of $250,000 will be applied to programs of exploration on the Company's Ticho Project located near the Drybones Bay area, Great Slave Lake, Northwest Territories, approximately 50km south of Yellowknife, N.W.T. and to working capital for administrative expenses, accounts payable and operational expenses. Funds received by the Company from the exercise of warrants will be added to general working capital. The combined private placement will be closed when the final documentation is accepted for filing by the TSX Venture Exchange.
The common shares from the units and the common shares from the exercise of warrants are subject to a hold period of four (4) months from the distribution date. The expiry date of each warrant is two (2) years from the closing date.
ON BEHALF OF THE BOARD
"Robert T. Paterson"
President
SNOWFIELD DEVELOPMENT CORP.
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