ANNUAL GENERAL MEETING RE-SCHEDULED

    Snowfield Development Corp. (the "Company" or "Snowfield") announces that the Annual General Meeting ("AGM") scheduled for Wednesday, February 15, 2012 is hereby cancelled.

    The Company has re-scheduled its AGM to Wednesday, March 21, 2012.

    The Record Date is re-scheduled for February 20, 2012. At the AGM, in addition to presenting the prescribed AGM material, the Company will be seeking shareholder approval for holding the AGM at a date later than fifteen months following its last scheduled ASGM of June 7, 2010.

PRIVATE PLACEMENT (#50) CLOSE

    By way of news release on June 9, 2011 (NR 11-11), July 18, 2011 (NR 11-13) and December 2, 2011 (NR 11-16), the Company announced a private placement offering (#50) of up to 1,500,000 Units at a price of $0.15 per Unit and up to 1,500,000 Flow-Through Shares at a price of $0.15 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 is exercisable at a price of $0.25 per share in the capital stock of the Company for a period of one (1) year.

    The private placement (#50) was fully subscribed at 573,333 Units and 133,333 Flow-Through Shares and accepted for filing by the TSX Venture Exchange ("Exchange") on December 19, 2011. There was a four (4) month hold period on the shares pursuant to the private placement.

PRIVATE PLACEMENT (#51) CLOSE

    On December 12, 2011 (NR 11-18), January 5, 2012 (NR 12-01), and January 19, 2012 (NR 12-02), the Company announced a non-brokered private placement (#51) of up to 5,490,000 at $0.05 per Unit. Each Unit consists of one (1) common share and one (1) non-transferable share purchase warrant ("Warrant"). Each Warrant is exercisable for a period of two (2) years from the Closing date and entitles the holder to purchase one (1) additional common share in the capital stock of the Company at a price of $0.10 per share.

    The private placement was fully subscribed at 5,490,000 Units and accepted for filing by the Exchange on February 8, 2012. The Exchange has deemed that Insider Clifford Boychuk, a Director of the Company, subscribed for 500,000 Units. Finders' David Cheng receives $10,000, Ted Persona receives 50,000 shares and Northern Securities Inc. receives 30,000 shares.

    There was a four (4) month hold period on the shares pursuant to the private placement.

ON BEHALF OF THE BOARD

"Robert T. Paterson"

President

SNOWFIELD DEVELOPMENT CORP.