2008 EXPLORATION DRILL PROGRAM COMMENCED

Snowfield Development Corp. (?Snowfield? and the ?Company?) announces that its 2008 exploration drill program commenced today at the Ticho Diamond Project located 55km Southeast of Yellowknife, NWT. Two crews are currently in camp and drilling on a 24 hour basis with a third crew expected to be mobilized on January 15^th, 2008. The current exploration drilling is focused on identifying new kimberlite bodies known to exist to the Northeast of the previously discovered Mud Lake diamondiferous kimberlite. These targets include Swamp Lake, Aspen Lake and the Sipper Lake area.

Ice road access has been established to the Ticho Project from Yellowknife with the contractor now maintaining and widening the road to accelerate ice formation. When suitable ice thickness is achieved Snowfield will complete the removal of the remaining 400 tonnes of crushed, bagged and sealed kimberlite from the original 500 tonne bulk sample taken in 2007. Once removed from the site, the 400 tonnes will be shipped to DeBeers Canada Exploration Ltd. (?DeBeers?) Dense Media Separation Plant in Grande Prairie, AB, for processing and concentration. The initial 100 tonnes of the 500 tonne sample was successfully processed by DeBeers in December 2007. The concentrate from the initial 100 tonnes has now been received by the two laboratories contracted to undertake Diamond recovery. 1,040.91 kilos is being processed by the Saskatchewan Research Council (?SRC?) and a further 518.80 kilos was shipped to DeBeers Laboratory in Johannesburg, South Africa. Snowfield has been notified that their Qualified Person, as defined by NP 43-101, will be on site in Saskatoon on February 4, 2008 to audit the Diamond recovery process by SRC. Results are expected shortly thereafter.

Snowfield anticipates a very active 2008 exploration program including exploration drilling of numerous targets previously identified, as well as ongoing geophysical and geochemical mapping, further prospecting and delineation drilling of the Mud Lake kimberlite complex, currently open in three directions and identified over 34 acres to date. The Ticho Project encompasses over 40,000 acres.