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About 100 people, many of whom worked with Dr Snow during his 35 years as Tapanui's sole GP, attended the event, the culmination of years of considering how the West Otago community could commemorate and celebrate a man who gave so much to the area.
His three sons, who live in various parts of New Zealand and in the Middle East, were on hand to unveil the panel, which stands beside a large chunk of moon rock, representing Dr Snow's passionate interest in meteorites.
Dr Snow died in February 2006, aged 71.
The panel was developed by the Snow family, Tapanui-West Otago Promotions and other members of the community.
Tapanui-West Otago Promotions chairman Horace McAuley described the gathering as a historic occasion and a great tribute to a man who served West Otago faithfully for three and a-half decades as a doctor and passionate supporter of the district.
West Otago ward councillor Jeff McKenzie said Dr Snow was a special person and it was marvellous the community could acknowledge him in this way.
One of Dr Snow's sons, Adrian, said the family wanted to thank the West Otago community for its efforts.
All felt honoured the district's people had made such an effort to commemorate their father.
Dr Snow served as Tapanui's sole doctor for 37 years and was a leading medical researcher who helped identify chronic fatigue syndrome, which later became known as "Tapanui flu".
He was also at the forefront of community efforts to keep open the former Tapanui hospital.
The moon rock, which stands at the front of panel monument, represents Dr Snow's belief that moon rock and other material from a meteor collision with the moon in 1766 was showered across the West Otago area.