News Release (NR 10-01) - February 22, 2010

Private Placement Cancellation

     Snowfield Development Corp. (the "Company") announced on September 3, 2009 (NR 09-12) that it had negotiated a non-brokered private placement (#48) offering of up to 17,800,000 Units at a price of $0.015 per Unit and up to 2,200,000 flow-through common shares ("Flow-Through Shares") at a price of $0.015 per Flow-Through Share. Each Unit consisted of one (1) common share in the capital of the Company and one (1) non-transferable share purchase warrant ("Warrant"). Each Warrant would have been exercisable for a period of two (2) years from the Closing date and would have entitled 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 during the second year.

     On December 18, 2009 (NR 09-16), the Company announced it has revised the private placement to have been composed of up to an aggregate of 10,000,000 Units consisting of one share and one share purchase warrant at a price of $0.05 per Unit and up to 750,000 flow-through common shares ("Flow-Through Shares") at a price of $0.05 per Flow-Through Share. Each Unit would have consisted of one (1) common share in the capital of the Company and one (1) non-transferable share purchase warrant ("warrant"). Each warrant would have been exercisable for a period of three (3) years from the Closing date and would have entitled the holder to purchase one (1) additional common share in the capital stock of the Company at a price of $0.10 per share during the first two (2) years and at a price of $0.15 per share during the third year.

     The Company today announces that the private placement (#48) has been cancelled. The Company will be proceeding with alternate financing to be announced at a later date.

ON BEHALF OF THE BOARD

"Robert T. Paterson"

President

SNOWFIELD DEVELOPMENT CORP.

The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents hereof.

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Snowfield Development Corp. 508-675 West Hastings Street, Vancouver, B.C. V6B 1N2 Tel: 604.681.5720