News Release (NR 08-05) ? February 21, 2008

Trading Symbol: TSX Venture: SNO                                                                                                                                                                            Shares Issued: 85,976,369

Snowfield Announces Super Flow-Through Private Placement

with MineralFields Group

            Snowfield Development Corp. (?Snowfield? or the ?Company?) announces a Super Flow-Through Private Placement (?Private Placement?) with Mineralfields Group (?Mineralfields?). The Private Placement amount will be for up to $2,000,000 consisting of 4,444,444 Flow-Through Units at a price of $0.45 per Flow-Through Unit. Each Unit consists of (1) One Flow-Through Common Share and One-Half (¹/₂) of One Transferable Non-Flow-Through Share Purchase Warrant (?Warrant?). Each whole Warrant will be exercisable into one Common share at a price of $0.90 for a period of twenty-four months after closing. If all Warrants are exercised into Non-Flow Through Common Shares, the issuance of 2,222,222 Common Shares will yield the Company $1,999,999 of Non-Flow-Through funds.

            In connection with the Private Placement, Limited Market Dealer Group Inc. will receive a finder?s fee of 5% in the form of units and a two (2) year finder?s fee option to purchase Flow-Through Units equal to 8% of the number of units subscribed for at an exercise price of $0.45 Flow-Through Unit with each Flow-Through Unit consisting of a common share and a warrant exercisable at a price of $0.90 for a period of twenty-four months after closing. Additionally, a separately invoiced cash due diligence fee of 3% of the Gross Proceeds will be payable.

            All shares and warrants shall have a maximum hold period of no more than four (4) months.

            The Unit flow-through shares will entitle holders to a 100% Canadian Exploration Expenses deduction, as well as 15% federal tax credit for ongoing grass roots exploration on the Company?s Ticho Diamond Project located 55km Southeast of Yellowknife, NWT.

            The proceeds of the Private Placement will be applied to further prospecting and delineation drilling of the Mud Lake kimberlite complex, currently open in three directions and identified over 34 acres to date, to expand the known kimberlite body and for exploration drilling of numerous previously identified targets to further test the up ice geochemical/geophysical targets located between approximately 750 metres and 1.5 kilometers northeast of Mud Lake at Swamp, Aspen, Pond, Sipper and Half Moon Lakes.

            Additionally, during 2008, Snowfield will undertake exploration programs which will include exploration drilling on its Wire Claim, as well as ongoing prospecting, ground geophysical and ground geochemical mapping programs and Diamond drilling programs over the Red #1 through #7 Mineral Claims covering some 15,000 acres and over the Hurcomb Mineral Claim which form part of the Ticho Project which encompasses over 40,000 acres.

?About MineralFields, Pathway and First Canadian Securities?

            MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within, and outside of, the MineralFields Group.

            Snowfield is very pleased to be entering into this relationship with MineralFields Group with this being an important milestone in the growth of Snowfield. We look forward to working with MineralFields Group as we develop our Ticho Diamond Project.

On Behalf of the Board of Directors,

?Robert T. Paterson?

Robert T. Paterson,

President and Director

SNOWFIELD DEVELOPMENT CORP.

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adequacy or accuracy of the contents hereof.