Snowfield Development Corp. SWFCF

Snowfield Development acquiring Wire mineral clai

[bobrobert]

Snowfield Development acquiring Wire mineral claim Snowfield Development Corp SNO Shares issued 23,441,892 Feb 2 2004 close $ 0.21 Tuesday February 3 2004 Property Agreement The TSX Venture Exchange has accepted for expedited filing documentation of an agreement dated Nov. 27, 2003, between the company and Robert Carroll (the optionor) whereby the company may acquire up to a 100-per-cent undivided working interest in the Wire mineral claim, tag #F68107, having a claim expiry date of Feb. 13, 2005, covers approximately 413 acres located in the South mining district of the Northwest Territories. The consideration payable to the optionor by the company will be cash payments by the company of a cumulative total of $30,000 (an initial $5,000 for a 25-per-cent interest); the issuance of 250,000 common shares (an initial 50,000 shares) of the company; and the expenditure of a cumulative total of $250,000 (initial $25,000) on programs of exploration on the property under a three-stage option. The optionor will retain a 3-per-cent overriding royalty on any diamond production from the property with a buyback provision allowing the company to purchase back from the optionor up to 2 per cent of the royalty at a total cost of $3-million.