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Snowfield Development Corp. ("Snowfield" or the "Company") announces that pursuant to National Instrument 51-102 - Continuous Disclosure Obligations, the Company filed, on October 3, 2008, a Notice of a Change of Auditors ("Notice") with the British Columbia Securities Commission ("BCSC"), the Alberta Securities Commission ("ASC") and the TSX Venture Exchange ("TSX-V" or the "Exchange").
On September 2, 2008, the Company terminated STS Partners LLP (formerly Sadovnick Telford and Skov) as Auditors of the Company. The reason for the termination of the Former Auditor is that STS Partners LLP did not inform the Company until August 15, 2008, that they were unable to undertake or complete the audit of the Company's April 30th, 2008 annual financial statements prior to August 28th, 2008, the prescribed date for filing those audited financial statements with the BCSC, the ASC and the TSX-V. Consequently, the Board of Directors of the Company found it necessary to, and did, terminate STS Partners LLP, Chartered Accountants' appointment as Auditor of the Company on September 2, 2008.
On September 24, 2008, the Board of Directors of the Company appointed Dale Matheson Carr-Hilton Labonte LLP, Chartered Accountants, as the new auditors of the Company to fill the vacancy created by the termination of STS Partners LLP.
The Company delivered the Notice dated September 24, 2008 to STS Partners LLP, the Former Auditor, and Dale Matheson Carr-Hilton Labonte LLP, the Successor Auditor.
By letter dated October 3, 2008, STS Partners LLP's stated their agreement with the information contained in the Notice. There were no reservations in the Former Auditor's report for the audit of the Company's most recently completed fiscal year or any period subsequent to the most recently completed fiscal year for which an audit report was issued and preceding August 20, 2008, the date of the termination. There were no reportable events between the Company and STS Partners LLP.
By letter dated October 3, 2008, Dale Matheson Carr-Hilton Labonte LLP stated their agreement with the information contained in the Notice.
The Board of Directors of the Company have reviewed and considered the letters from the Former and Successor Auditors and approved the Notice (known as the "Reporting Package"). The Directors shall include a copy of the Reporting Package in the next information circular accompanying the notice of annual meeting of the shareholders held subsequent to the filing of the change of auditors. The Company proposes to have its shareholders ratify and confirm the appointment of Dale Matheson Carr-Hilton Labonte LLP as its Successor Auditors at the next annual meeting of the Company.
On September 9, 2008, the BCSC issued a Cease Trade Order against the Company for failing to file Annual Financial Statements and Management Discussion and Analysis for the year ended April 30, 2008. On September 10, 2008 the TSX-V suspended trading in the Company's securities as a result of the Cease Trade Order. Upon revocation of the Cease Trade Order, the Company's shares will remain suspended until it meets TSX-V requirements.
Dale Matheson Carr-Hilton Labonte LLP, are in the final stages of completing their audit of the Company's April 30, 2008 financial statements. Upon receipt of the Audited Financial Statements, the Company will immediately file those statements with the appropriate regulatory agencies and apply to the TSX-V to resume the trading of its securities through the facilities of the Exchange.
ON BEHALF OF THE BOARD
"Robert T. Paterson"
President
SNOWFIELD DEVELOPMENT CORP.
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