OOPS. Well at least I got the "in a while" correct. I didn't notice the date, it is from early this year.

It looks like this is clean-up work so they can trade again. Tomorrow / Wednesday is very likely.

Best of luck to all in this market.

Ted

I was starting to wonder how they would raise money. I am impressed!

Snowfield closes $525,000 private placement

2008-11-14 21:12 ET - News Release

Mr. Robert Paterson reports

PRIVATE PLACEMENT CLOSING

Snowfield Development Corp., further to Stockwatch news dated Jan. 30, 2008, has closed a non-brokered private placement offering of 1.5 million units at a price of 35 cents per unit. Each unit consisted of one common share in the capital of Snowfield and one non-transferable share purchase warrant. Each warrant would be exercisable for a period of one year from the closing date and would entitle the holder to purchase one additional common share in the capital stock of Snowfield at a price of 35 cents per share. The expiry date of each warrant is one year from the closing date.

The company applied the $525,000 proceeds from the sale of the 1.5 million units to programs of exploration on Snowfield's Ticho project located near the Drybones bay area of Great Slave Lake in the Northwest Territories, approximately 50 kilometres south of Yellowknife, NWT, and to working capital for administrative expenses, accounts payable and operational expenses. The private placement closed after the final documentation was accepted for filing by the TSX Venture Exchange on Feb. 13, 2008.

Any funds received by Snowfield from the exercise of warrants will be added to general working capital. The common shares from the units and the common shares from the exercise of warrants were subject to a hold period of four months from the distribution date.

I think that the initial plan of extracting the bulk sample from the point closest to surface during the winter at a relatively small cost made sense. Given the promising diamond indicators I think it was a reasonable shortcut. They they would have had the bulk sample results almost as quickly as doing all the core samples. When that failed, they moved onto the other location and committed themselves to completing the bulk sample no matter what. Remember the delays and extra cost? That was where the mistakes were made. If they had known how expensive and late the extraction would be, they probably would have used the core sample strategy.

Looking back, I would have to say the inexperience of the team and the poor advice of their consultants is the root cause putting us where we are today. I always say we need to judge how they recover and learn from mistakes, not by the original mistake. So their hiring of Jennifer and her experience, and their current strategy, is what we are now investing in. And still in the promising indicators.

The market cap this morning was $5MM. No way it will stay this low. IMO.

Ted

. . . . were not recovered due to the hematite. If diamonds are there, a processing circuit will be designed to get them out cheaply.

If you disagree it is worth a caustic test of a core-sized sample, we'll need to agree to disagree.

Ted

Glass, I don't think anybody is saying we should not be doing the drilling. The idea is that we need to also resolve the question as to whether there are any diamonds in the bulk that were rejected because of the hematite. We really won't know that until we do the right testing.

Ted

I am not sure I would re-do the whole DMS bulk sample reject. I think it makes sense though to do a full caustic analysis of all sills, even the top layer, at the bulk sample location. This will help form a baseline for a locatioin where no diamonds were recovered, and let us know if it is worth doing a bulk sample deeper than the first sill.

If the caustic of the fist sill shows more diamonds than the bulk sample, then I would audit the dms reject pile.

Just my thoughts on this.

Ted