Snowfield Development Corp.
TSX VENTURE : SNO

Snowfield Development Corp.

December 12, 2007 18:50 ET

Snowfield Development Corp.: Private Placement Increase With Second Gypsy Swap

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2007) - Snowfield Development Corp. (TSX VENTURE:SNO) (the "Company") announces that it is amending and increasing the private placement as announced December 11, 2007 (NR07-32). The amendment will be comprised of an increase in the size of the offering from 1,500,000 Units at a price of $0.30 per Unit to 2,000,000 Units at a price of $0.30 per Unit. The structure of the Unit remains unchanged, being one (1) common share 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.

This amendment is to facilitate a further sale by the President, Robert T. Paterson, of 500,000 shares of the Company on December 12, 2007 through the facilities of the TSX Venture Exchange with gross proceeds of $150,000 which will be committed to the increased offering, also a "gypsy swap".

The proceeds from the sale of the Units of up to $600,000 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 shares from the Units and the 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) year(s) 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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