Snowfield Development Corp. ("Snowfield" or the "Company") announces that it is re-negotiating the share component and effective dates for cash payments of the acquisition agreement regarding the Simpson Island claims previously announced, see NR 09-11 June 02, 2009 and NR09-14 December 10, 2009.
As announced in NR09-11 the Company reported that it had negotiated and signed option agreements with Mr. David Smith of Yellowknife, N.W.T. ("Smith") and Luxwing Holdings Limited of Hong Kong ("Luxwing") whereby Snowfield can earn a 100% interest in four uranium claims, the Gennen 1 and Gennen 2 claims from Smith and the US081 and US082 from Luxwing (collectively the "Claims"), located on Simpson Island, East Arm, Great Slave Lake, in the South Mining District of the Northwest Territories
The terms of the agreements with Smith and Luxwing were identical whereby Snowfield will earn its 100% interests in the Claims by respectively, subject to regulatory acceptance, making cumulative cash payments totaling $50,000 each to Smith and Luxwing over a 23 month period to be completed by April 30, 2011; issuing a cumulative total of 12,000,000 shares from treasury each to Smith and Luxwing over a 19 month period to be completed by December 31, 2010 and expending a cumulative total of $450,000 on three programs of exploration and development each on the Smith and Luxwing Claims to be completed by December 31, 2011.
Snowfield will report the terms of the new agreement upon completion of the current negotiations and the subsequent filing of the agreement with the TSX Venture exchange.
ON BEHALF OF THE BOARD
"Robert T. Paterson"
SNOWFIELD DEVELOPMENT CORP.