Snowfield Development Corp. SWFCF

Snowfield lowers unit price of private placem

[bobrobert]

Private Placement via CDS August 20, 2003 On April 25, 2003, the Company announced a non-brokered private placement of up to 600,000 Units at a price of $0.25 per unit consisting of one (1) common share and one (1) non-transferable share purchase warrant to purchase an additional share at a price of $0.40 per share exercisable up to a period of one (1) year. The proposed private placement is hereby revised to be up to 600,000 Units at a price of $0.20 per unit consisting of one (1) common share and one (1) non-transferable share purchase warrant to purchase an additional share at a price of $0.25 exercisable up to period of one (1) year. The offering of Units, if fully subscribed, will be exercisable without additional consideration into an aggregate maximum of 600,000 Common Shares and an aggregate maximum of 600,000 Share Purchase Warrants. The gross proceeds of the private placement, if fully subscribed and paid for, will be $120,000, which amount will be applied to general working capital, the payment of property option payments and undertaking programs of exploration on Snowfield's Drybones Bay Properties, Drybones Bay area, Great Slave Lake, Northwest Territories. Any funds received by Snowfield from the exercise of Warrants will be added to general working capital. The private placement will be closed when the documentation is accepted for filing by the TSX Venture Exchange. ON BEHALF OF THE BOARD OF DIRECTORS Robert T. Paterson, President Snowfield Development Corp. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENTS HEREOF.