Snowfield Development Corp.
TSX VENTURE : SNO

Snowfield Development Corp.

December 11, 2007 14:42 ET

Snowfield Development Corp.: Private Placement Announcement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 11, 2007) - Snowfield Development Corp. (the "Company") (TSX VENTURE:SNO) announces that it has negotiated a non-brokered private placement offering of 1,500,000 Units at a price of $0.30 per Unit. Each Unit consists of one (1) common share in the capital of the Company and one (1) non-transferable share purchase warrant ("Warrant"). Each Warrant will be exercisable for a period of two (2) years from the closing date and will entitle the holder to purchase one (1) additional common share in the capital stock of the Company at a price of $0.35 per share for the ensuing two (2) years.

In conjunction with this private placement, Robert T. Paterson, President and Director, negotiated the sale of 500,000 Units of the Company to yield gross proceeds of $150,000 through the facilities of the TSX Venture Exchange, a "gypsy swap".

The proceeds from the sale of the Units of up to $450,000 will be 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. Any funds received by the Company from the exercise of Warrants will be added to general working capital. The private placement will be closed when the final documentation is accepted for filing by the TSX Venture Exchange.

The common shares from the Units and the common shares from the exercise of Warrants, if any, are subject to a hold period of four (4) months from the distribution date. The expiry date of the Warrant is two (2) years from the closing date.

On behalf of the Board of Directors,

Snowfield Development Corp.

Robert T. Paterson, President and Director

Shares Issued: 80,806,869

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

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