As result of the rather disappointing results obtained from our drill program on the Vancouver Island properties, management decided it was appropriate to seek out new opportunities in other areas, which had shown significant potential. To this end acquisitions in both Argentina and Alaska were negotiated which are believed to hold significant potential. Please see the following Corporate Overview for details and review the web site at www.snowfield for more details or call Investor Relations at 1-800-661-4367.
Management believes the acquisition of these projects and pending exploration results from them will enable our shareholders to be very satisfied with their investment in Snowfield Resources Ltd. in 1999.
CORPORATE OVERVIEW
as at February 3rd, 1999
Snowfield Resources Ltd. (VSE:SNO) was listed for trading on the Vancouver Stock Exchange in January 1998 with the objective of exploring for high quality mineral deposits in the Americas. Snowfield now has a portfolio of properties in some of the most prospective exploration targets in the world. These include the rapidly developing Pogo area of the Tintina Gold Belt in Alaska and Santa Cruz Province, Argentina. In Argentina Snowfield is earning a 50% interest in three claim blocks from Abacus Minerals Ltd. The Cerro Negro, Cerro Moro, and Rio Oro Properties, totaling 8085 hectares, were staked for Lac Minerals in the early 1990's prior to Santa Cruz Province becoming the focus of the extensive exploration that has since developed, and with their takeover of Lac, Barrick Gold Corporation, the underlying concession holder, has a one-time right to back in for a 50% interest in these projects.
The Cerro Negro property is contiguous with the Cerro Vanguardia property, a 3.8 million ounce Au deposit being brought into production by Anglo American. The Cerro Negro property covers an area of 1783 hectares and is underlain by favourable volcanic stratigraphy.
The Cerro Moro property is located approximately 145 kilometres to the northeast of Cerro Vanguardia. The Cerro Moro property is 1452 hectares and also covers favourable geology as well as a prominent resistive circular hill which can be identified on satellite images as a well-defined strong clay response.
The 4850 hectare Rio Oro property is located along the border with Chile in the far western part of the Deseado Massif, in a different geological setting, offering excellent grassroots exploration potential.
Snowfield Resources Ltd. has committed to undertake a Stage I, US$300,000 exploration program on the properties commencing in early 1999
In late 1998 Snowfield Resources Ltd. acquired a substantial block of ground covering a number of geochemical and geophysical anomalies closely associated with the Pogo deposit of Teck/Sumitomo in east-central Alaska, which has a resource, to date, of over 5 million ounces of contained gold. Snowfield's claims are held 100% by the Company and cover an area of approximately 33 square miles. This area of the Tintina Gold Belt is poised to become one of the most active area plays in the world in 1999 and the Snowfield property with Newmont Exploration claims contiguous on the east and west is one of the largest in the area and is in a favourable geological environment for the formation of a Pogo style deposit.
The Company has 4,553,971 shares outstanding as of November 30, 1999 of which 3,803,971 are free trading. Management and related parties hold approximately 41% of the outstanding shares. Management consists of Mr. Robert Paterson (C.E.O., President and Director), Mr. Marvin Mitchell P. Eng. (Director), Mr. John Nagy CGA (C.F.O. and Director), Mr. Jed Hops Esq. (Secretary and Director) and Mr. Tony Simon CA (Director).
For further information phone 1 800 661-4367 or by e-mail communications@snowfield.com
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