I fully understand the reason why you sold most of your shares in Snowfield. and I hope that you managed to make a profit.

The forthcoming results from the SRC and De Beers may be disappointing, if it turns out that hematite and/or the crush size did not play a part in the very low diamond count. After all, the sampled zone of kimberlite may simply have been barren of diamonds. However, this would not be the end of this play by a long shot. In fact, more optimistic, long term investors, may see it as the very beginning of something that has the potential of turning out to be very successful. All the ingredients of success are there...none of them are in imminent danger of evaporating any time soon.

Like yourself, I was very positive before the initial results were released, but I see no reason to feel bad. At this juncture, the story has yet to unfold and, for all we know, the ending may be a happy and prosperous one for us all. If this turns out to be the case, your positive comments may turn out to be well-founded.

If you look beyond the SRC and De Beers results, Snowfield has embarked upon an extensive drilling program of the Mud lake deposit and, at the last count, they have drilled 13 holes and have probably gone well beyond this by now. These cores will be sent out for caustic dissolution and they will tell us a lot more about the kimberlite complex and (hopefully) confirm that the science of the indicator minerals was right all along.

Beyond Mud Lake, Snowfield is working on increasing the potential for there being a mine at Ticho. To this end, they have the on-going search for other kimberlites that are known to be close to Mud Lake. These yet-to-be-found kimberlites have the same very positive indicator minerals in their trains. Over time, Snowfield may find itself in the enviable situation of drilling and sampling not just one kimberlite, but a cluster of them. Remember, the geographical location of the Ticho project assures Snowfield that it would not take very much for any of these kimberlites to become a profitable mine.

I will not go as far as to say that you should load up on SNO shares. This is for only you to decide. However, if you look beyond whether or not the imminent SRC and De Beers results are good or bad, the s/p is an absolute steal for a play that has so much potential upside as Snowfield, even if the Mud lake deposit turns out to be barren. Frankly, even this would fly in the face of the science of the indicator minerals at Mud Lake.

Whatever you decide to do, I wish you luck.

peterjr