The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents hereof.
Snowfield Development Corp. (the "Company") filed, on November 3, 2008, a Fourth Quarter Report consisting of the Forms 52-109F1 - Certification of Annual Filings for the Chief Executive Officer and the Chief Financial Officer, Financial Statements for the Years Ended April 30, 2008 and 2007 including the Company's Auditors' Report dated October 8, 2008 and the Management Discussion and Analysis of April 30, 2008 with the British Columbia Securities Commission ("BCSC"), the Alberta Securities Commission ("ASC") and the TSX Venture Exchange ("TSX-V") including all applicable fees associated with the regular filing and the late filing of the Fourth Quarter Report.
In addition, on November 7, 2008, Company has filed the First Quarter Report for the three month period ended July 31, 2008. The First Quarter Report included the Forms 52-109F2 - Certification of Interim Filings for the Chief Executive Officer and Chief Financial Officer, the Financial Statements (Unaudited) and the Management Discussion and Analysis for the three month period ended July 31, 2008.
The reason for the late filing of the Fourth Quarter Report for the year ending April 30, 2008 and subsequent First Quarter Report is as follows:
On September 2, 2008 the Board of Directors of the Company found it necessary to, and did, terminate STS Partners LLP (formerly Sadovnick Telford and Skov), Chartered Accountants' appointment as Auditor 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 30, 2008 annual financial statements prior to August 28, 2008, the prescribed date for the filing of the audited financial statements with the BCSC, the ASC and the TSX-V.
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.
As such, the Company announced on October 7, 2008 by NR08-23 that pursuant to National Instrument 51-102 - Continuous Disclosure Obligations, the Company filed, on October 3, 2008, a Notice of a Change of Auditors with the BCSC, the ASC and the TSX-V.
The Fourth Quarter Report and the First Quarter Report can be viewed under the Company's name on the SEDAR website at www.sedar.com.
ON BEHALF OF THE BOARD
"Robert T. Paterson"
President
SNOWFIELD DEVELOPMENT CORP.
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