News Release (NR 09-04) � March 02, 2009

Trading Symbol: TSX Venture: SNO                                                                                                                                                                    Shares Issued: 101,102,109

                                    Snowfield Executes Letter of Intent To Acquire Interest In Advanced Silver Project

SNOWFIELD DEVELOPMENT CORP. (�Snowfield� or the �Company�) announces that it has negotiated and signed a Letter of Intent (the �Agreement�) with SILVER RESOURCES OY. (�Silver�), a private Finnish company, in regards to their wholly owned Taivalj�rvi silver deposit (the �Deposit�).

The Taivalj�rvi silver deposit is located near Sotkamo village in eastern Finland and has a completed National Instrument 43-101 compliant report estimated resource of 1.82 million tons with an average grade of Ag 150g/t, Zn 0.9%, Pb 0.5% and an historical gold grade of Au 0.7 g/t (gold grade is not 43-101 compliant). Total silver metal content in the Taivalj�rvi deposit is currently estimated to be approx 10 million oz.

The Letter of Intent calls for Snowfield to fund a total amount of 3 million euros over a period of three years for exploration and development expenditures on the Taivalj�rvi Deposit. Upon completion of this expenditure Snowfield will have earned a 49% joint venture interest in the Deposit. Details of this Joint Venture will be incorporated in a formal agreement.

In the Fraser Institute�s 2008 survey of jurisdictions around the world, which ranks these jurisdictions for ease of operation for mining exploration and development, Finland ranks in the top three such jurisdictions along with Quebec and Nevada. Silver�s secured mineral rights cover an area of 530 hectares. This ground package provides significant potential for the discovery of additional mineral reserves. When production starts at Taivalj�rvi it will be the first silver mine in Finland with an estimated output of some 2 million ounces (60 tons) of silver per year. In addition, significant amounts of zinc, lead and gold will be produced.

The geology of the Taivalj�rvi area is essentially made up of gneisses and migmatites; the property geology is dominated by siliceous quartz porphyry rocks, which form a synformal structure enveloped by mafic and ultramafic volcanics. Silver mineralisation at Taivalj�rvi is hosted in banded quartz-sericite-bitotite schist with abundant quartz carbonate veins. The mineralised sequence is 50 to 100 metres wide, strike length is approx 550 meters and at this point the depth extent is unknown. Average silver grade in the mineralised sequence is 150 g/t. For further information the reader is referred to the Taivaljarvi website www.silver.fi.

The Taivalj�rvi silver project has been defined by extensive exploration including approximately 46,000 meters of drilling and the construction of 2.6 km of tunneling to a depth of 350 m. This includes a 3.5 m ventilation shaft also extending to a depth of 350 m. It is expected that relatively minor amounts of drilling can significantly increase the resource. An Environmental Baseline Study has been completed and mining concession permitting preparations are now underway. Environmental permitting processes will commence this month. The Sotkamo village area of eastern Finland is served by excellent infrastructure, good road networks and an established power grid. To date the Taivalj�rvi deposit has incurred approximately 10 million euros in project development.

This arrangement with Silver Resources Oy is a significant step forward for Snowfield as it will add considerable shareholder value. The Company is also very encouraged by the positive results of the recently prepared NI 43-101 report for the Taivalj�rvi deposit.

Snowfield is also continuing with its Ticho diamond project located 50 km south east of Yellowknife NWT. Snowfield is currently planning a drill program on the highly prospective Wire kimberlite target scheduled to be carried out this winter season by Snowfield Drilling, a wholly owned subsidiary of Snowfield. Snowfield Drilling is currently negotiating several drilling contracts with other mineral exploration companies. Cash flow developed by Snowfield Drilling reduces Snowfield�s equity dilution.

We cordially invite investors to visit Snowfield at The Prospectors and Developers Association of Canada�s (�PDAC�) convention being held in Toronto March 01 � 04, 2009 for further inspection of samples and data from the Taivalj�rvi deposit. Snowfield is located at booth #1111. We also refer interested parties to Silver Resources Oy.�s web site for more complete information on this project at www.silver.fi.

A finders fee will be payable with respect to this transaction.

 Marvin A. Mitchell, P. Eng., a qualified person under NI 43-101 has approved the contents of this News Release (NR09-04).

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.