THE NON SCHEDULED AIR TAXI CARGO FLIGHT, CONDUCTED UNDER 14 CFR PART 135, EXPERIENCED A LOSS OF ENGINE POWER WHILE IN CRUISE FLIGHT. THE PILOT MADE AN EMERGENCY LANDING ON SNOW COVERED TUNDRA. A POST ACCIDENT EXAMINATION OF THE POWERPLANT BY A FEDERAL AVIATION ADMINISTRATION AVIATION SAFETY INSPECTOR REVEALED THAT THE NUMBER 3 CYLINDER INTAKE VALVE STEM FAILED, CAUSING THE VALVE TO PASS THROUGH THE PISTON, RESULTING IN EXTENSIVE INTERNAL DAMAGE TO THE ENGINE.