VANCOUVER, British Columbia, Aug. 26, 2002 (PRIMEZONE) -- Snowfield Development Corp. (Snowfield) (TSX Venture Exchange:SNO) is pleased to announce that it has entered into a Letter of Intent Agreement with Ms. Fran Hurcomb (Hurcomb) whereby Snowfield can earn an 80% interest in the Hurcomb Mineral Claim, Claim Tag # F16594, located 10 km southeast of the Drybones Bay diamondiferous kimberlite pipe. The Hurcomb claim covers an area of 2,582.5 acres and the entire claim has been flown with an airborne magnetometer survey at 100-metre line spacing. This survey has identified 15 discrete geophysical bull's eye targets, one of which is comparable to the geophysical signature obtained over the Drybones Bay kimberlite pipe. It is Snowfield's intention to immediately re-fly the Hurcomb area using an airborne electromagnetic system.
The Letter of Intent between Snowfield and Hurcomb sets out in principal the terms of an option agreement, to be executed on, or before, September 15, 2002, between Snowfield and Hurcomb whereby Snowfield will earn an 80% interest in the property under a three-stage option by:
-- Paying to Hurcomb a cumulative total of $60,000
-- Issuing to Hurcomb a total of 400,000 shares of Snowfield's
capital stock
-- Expending a cumulative total of $300,000 on exploration on the
property
This agreement is in line with Snowfield's policy of increasing its land position within the general Drybones Bay area. Snowfield is currently negotiating further strategic acquisitions in the area of the Drybones Bay diamondiferous kimberlite pipe.
ON BEHALF OF THE BOARD "Robert T. Paterson" Robert T. Paterson President Snowfield Development Corp.
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