January 19, 2012. NR 12-02. Private Placement Oversubscribed

    On December 12, 2011 (NR 11-18) and as amended on January 5, 2012 (NR 12-01), Snowfield Development Corp. (the "Company") announced a non-brokered private placement offering (#51) of up to 4,000,000 Units at a price of $0.05 per Unit.

    The Company hereby announces that the private placement has been over-subscribed to a total of 5,490,000 at $0.05 per Unit.

    Each Unit will still consist of one (1) common share in the capital of the Company and one (1) non-transferable share purchase warrant ("Warrant"). Each Warrant continues to be exercisable for a period of two (2) years from the Closing date and will entitle the holder to purchase one (1) additional common share in the capital stock of the Company at a price of $0.10 per share.

    The proceeds from the sale of the Units of $274,500 will be applied to working capital for administrative expenses, accounts payable and exploration expenses.

    Finder's fees, in the form of cash, shares or warrants, will be paid on a number of the subscriptions. The finder fees will be 10% of shares sold from subscriptions received through the finders. The shares will be issued at a deemed price of $0.05.

    The private placement will be closed when the final documentation is accepted for filing by the TSX Venture Exchange ("Exchange"). No shares will be issued without the acceptance of the Exchange. There will be a four (4) month hold period upon the issuance of the private placement shares of the Company.

ON BEHALF OF THE BOARD

"Robert T. Paterson"

President

SNOWFIELD DEVELOPMENT CORP.