News Release (NR 07-23) ? August 20,
2007
Trading Symbol: TSX Venture: SNO
Shares Issued: 77,664,869
UPDATE
Snowfield Development Corp. (?Snowfield? or the ?Company?) is pleased
to inform its shareholders that it has successfully completed the excavation of
500 tonnes of kimberlite to be processed as a bulk sample in order to test the
grade of the diamondiferous Mud Lake kimberlite sill complex discovered by
Snowfield in 2003. The Mud Lake sill is part of Snowfield?s Ticho Project,
located 50km south east of Yellowknife, Northwest Territories. Onsite crushing
and bagging is now underway and is expected to be completed over the next 6 to 8
days. Each bag, containing approximately two tonnes of crushed kimberlite, is
security sealed when filled to protect the integrity of the contents and assist
in verification of ?chain of custody? protocols.
Snowfield has instituted a strict security regime during this procedure
with 2 bonded security personnel onsite and an independent qualified person as
defined in NP43-101 supervising the processes.
Upon completion of the crushing and bagging, DeBeers Canada Exploration
Ltd. (?DeBeers?) will be notified that the shipment is ready for processing at
their Dense Media Separation Plant, located in Grande Prairie, Alberta. As has
previously been stated, DeBeers is providing this processing to Snowfield at no
cost to Snowfield and with no obligation from Snowfield. Upon completion of
processing by DeBeers, Snowfield will split the resulting concentrate into three
batches, with two of the batches being sent to two independent Canadian
laboratories for diamond recovery and the remaining batch being sent to DeBeers
Laboratory in Johannesburg, South Africa as a quality control and check
procedure.
To enable access to the kimberlite sill being sampled, Snowfield has
constructed a decline ramp through the granite and diabase cap covering the
kimberlite. This ramp will remain available for use if and when the Company
decides to take a larger bulk sample, thus considerably decreasing the costs of
future sampling programs.
The cost to Snowfield for extracting the 500 tonnes of kimberlite has
been less than $2 million. This amount is substantially less than that incurred
by other Canadian diamond exploration companies taking similarly sized bulk
samples in northern Canada and is a reflection of the advantageous location of
the Ticho Project, both in its proximity to the infrastructure in Yellowknife
and being located on the shore of Great Slave Lake thus providing cost effective
transportation options.
Snowfield continues its field exploration and diamond drilling programs
on the Ticho Project and an update on progress can be expected
shortly.
On behalf of the Board of
Directors,
Snowfield
Development
Corp.
?Robert T.
Paterson?
Robert T.
Paterson
President and
Director
THE TSX VENTURE EXCHANGE HAS
NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THE CONTENTS HEREOF.