Mr. David Tonken reports

SNOW EAGLE RESOURCES LTD. ANNOUNCES PROPOSED TRANSACTION

Snow Eagle Resources Ltd. has entered into a letter of intent with Bukit Energy Inc., a private Canadian oil and gas exploration company with assets in Southeast Asia. Pursuant to the LOI, the company, subject to entering into a definitive agreement, has agreed to combine with Bukit by way of share exchange, merger, amalgamation, arrangement or other similar form of transaction. The transaction is an arm's-length transaction and, when completed, may be considered to be the qualifying transaction for the purposes of the TSX Venture Exchange. The company has requested its common shares continue to be halted by the TSX-V pending review of materials for the transaction.

Trading in Snow Eagle shares on the TSX-V is halted, and the shares are expected to remain so until closing of the transaction.

This is an initial press release. The company plans to issue a further press release once it has entered into the transaction agreement to provide, among other things, selected financial information respecting Bukit and the transaction.

Snow Eagle anticipates the proposed transaction will be completed prior to Jan. 31, 2017.

Snow Eagle also wishes to advise that, effective Dec. 5, 2016, it has received the resignation of H. Keith MacDougall as a director of the company.