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On December 15, 2008 (NR08-30), as amended on January 9, 2009 (NR09-01), Snowfield Development Corp. ("Snowfield" or the "Company") announced that it had negotiated a non-brokered private placement (#46) offering of 16,850,000 units at a price of $0.02 per unit. Each unit was comprised of one (1) common share and one (1) non-transferable share purchase warrant ("warrant"). Each warrant will be exercisable for a period of five (5) years from the closing date and would entitle the holder to purchase one (1) additional common share in the capital stock of the Company at a price of $0.05 per share during the first year and at a price of $0.10 per share for the remaining four (4) year life of the warrant. In accordance with a TSX Venture Exchange (the "Exchange") Bulletin dated November 3, 2008, as extended March 6, 2009, providing temporary relief to listed companies, there will be no hold period on the securities purchased under this offering by non-insiders of the Company.
The proceeds from the sale of units of $337,000 were 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 private placement was accepted for filing by the TSX Venture Exchange on March 6, 2009.
ON BEHALF OF THE BOARD
"Robert T. Paterson"
President
SNOWFIELD DEVELOPMENT CORP.
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