News Release (NR 08-07) ? February 27, 2008

Trading Symbol: TSX Venture: SNO                                                                                                                    Shares Issued: 86,401,369

UPDATE

            Snowfield Development Corp. (?Snowfield? and the ?Company?) is pleased to update its shareholders on the progress at Snowfield?s Ticho Diamond Project, located on Great Slave Lake, 55 km South East of Yellowknife, NWT.

            Lone Peak Drilling of Kimberley, B. C. has been contracted by Snowfield to supply a Christensen CS1000P4 core drill and drilling crews to operate on a 24/7 basis. The drill arrived on the Ticho Project this past weekend and successfully completed its first shift on Monday, February 25, 2008. The first target being investigated is located up ice from an elevated indicator mineral train in an area called Aspen Swamp, West of Sipper Lake. Snowfield is pleased to be associated with Lone Peak Drilling who have been providing drilling services to the exploration industry for over 20 years.

            Snowfield now has two drilling rigs and crews operating 24/7 with a third rig on standby. It is anticipated that this drilling program will continue for the balance of the 2008 winter drilling season in pursuit of additional kimberlites.

Diamond RECOVERY

            As previously announced, Snowfield is currently awaiting results of Diamond recovery from the concentrate of an initial 100 tonnes of kimberlite. The concentrate has been divided into two batches with 1041 kilograms being processed by the Saskatchewan Research Council Lab (SRC) and 519 kilograms being processed at DeBeers Johannesburg, South Africa Diamond recovery facility. Snowfield has been informed that their Qualified Person, as defined by NP43-101, has arrived at the SRC Lab in Saskatoon, Saskatchewan to supervise Diamond recovery and counts. The Diamond recovery process is expected to take approximately six days.

On behalf of the Board of Directors,

Snowfield Development Corp

?Robert T. Paterson?

Robert T. Paterson

President and Director

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