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Snowfield Development Corp. (the "Company") announces today that the Company has amended an aggregate of 2,875,000 outstanding incentive stock options to reduce the exercise prices which currently range from $0.18 - $0.27 to $0.10. The options being repriced include 850,000 options expiring on February 2, 2010, 675,000 options expiring on March 29, 2010, 200,000 options expiring on April 29, 2009 and 1,150,000 options expiring July 19, 2010. The options are governed by the Company's stock option plan and are an important component of the Company's executive compensation strategy providing employees, consultants, officers and directors with long-term equity-based performance incentives. The options are being repriced to bring them more in line with current market prices of the Company's common shares so as to ensure that the interests of management are aligned with shareholders' interests and to link performance compensation to enhancement of shareholder value.
An aggregate of 900,000 of these options are held by insiders and, in accordance with the requirements of the TSX Venture Exchange policies, the amendments to such options are subject to the approval of the Company's "disinterested" shareholders. Accordingly, approval to the repricing of the insider's options will be sought at the Company's 2009 annual general meeting scheduled to be held on March 5, 2009. None of the repriced options held by insiders may be exercised prior to such approval being obtained.
ON BEHALF OF THE BOARD
"Robert T. Paterson"
President
SNOWFIELD DEVELOPMENT CORP.
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