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
THE TSX
VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THE CONTENTS HEREOF.