Fuel Cell Companies listed in Canada

[Ed Monton]

Doesnt sound like good news for Snow Leapord:

May 13, 2003 Calgary, Canada

Snow Leopard Resources Inc. of Calgary announced today that efforts to reach a definitive agreement with Eltron Research, Inc. of Boulder, Colorado have been terminated.

Snow Leopard Resources Inc. (Snow Leopard) announced today that efforts to reach a definitive agreement with Eltron Research, Inc. of Boulder, Colorado (Eltron), with respect to licensing certain sulphur mitigation technology developed by Eltron, have been terminated. Snow Leopard had previously signed a Letter of Intent with Eltron with respect to the acquisition of worldwide licensing rights for the technology, which encompassed catalytic membrane reactor and hydrogen sulphide solid oxide fuel cell development. Snow Leopard has been unable to meet the Letter of Intent’s requirements with respect to the purchase of intellectual property rights.

Snow Leopard has recognized an impairment of the value of its patent portfolio. At this time, the Company does not have sufficient financial resources to complete the research and development required to commercialize its wholly-owned Proton Membrane Fuel Cell (PEM) technology. Therefore, the value of the patent portfolio has been reduced to nil and an amount of $1.25 million has been charged to amortization expense.

In light of these events and actions, the Board of Directors is presently considering the alternatives available to the Company.

The common shares of Snow Leopard Resources Inc. are listed on The Toronto Stock Exchange under the trading symbol SNW.A. For further information please visit our website at: www.snow-leopard.com or contact Snow Leopard Resources Inc. Tel: [phone].