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Intrawest to Acquire 50% of Blue Mountain Resort (Ontario, Canada);  Plans 1,000 Condo-Hotel Units
 
VANCOUVER, British Columbia, Jan. 14, 1999 -  Intrawest Corporation (NYSE: IDR) today announced it has entered into an agreement to purchase 50% of Blue Mountain Resorts Limited, the owner and operator of the largest mountain resort in Ontario. In a separate transaction, Intrawest, owner of successful Whistler/Blackcomb in British Columbia and Tremblant in Quebec, will also acquire 100% of the developable real estate lands at the base of the resort subject to certain approvals. Intrawest plans to develop a four-season pedestrian village replete with quality restaurants, shopping and nightlife similar to Intrawest's village at Tremblant.

"Intrawest is fortunate to have loyal customers from the Toronto area who visit Whistler/Blackcomb and Tremblant," said Intrawest's chairman, president and chief executive officer, Joe Houssian. "Now we have an opportunity to create, in their own backyard, a four-season resort that has similar attributes to these resort icons. We have proven that we can create unique, animated pedestrian villages that become attractions themselves year-round and we will use this expertise to accelerate the four-season success of Blue Mountain."

"We believe that regional resorts which are capturing new participants are critical to the growth of the ski industry," added Houssian. "Blue Mountain is a continuation of our strategy to participate in premier regional resorts close to major metropolitan areas. As the market leader in an area within a three hour drive of seven million people, Blue Mountain is well positioned for future growth."

Blue Mountain management will continue to run the day-to-day operations of the resort. "We are looking forward to working with the Weider family," said Hugh Smythe, Intrawest's president of resort operations. "They are experienced operators and have a long history in the area which gives them a good understanding of the local communities. We also hope that our close relationship with Ontario skiers at Whistler/Blackcomb, Tremblant and Panorama will result in increased visits to Blue Mountain."

Approximately 25% of Tremblant's guests are from the greater Toronto area, and 10% of Whistler/Blackcomb's guests and 6% of Panorama's are from Ontario. Further, only Vancouver can claim more real estate owners at Whistler/Blackcomb than Toronto.

Within a two hour drive of Toronto, Canada's largest ski market, Blue Mountain has averaged approximately 380,000 skier visits per year over the past three years. The ski area includes 16 lifts servicing 235 acres of terrain and offers 100% snowmaking coverage, night skiing and tubing. The resort has a strong summer business featuring the Monterra Golf Course, an 18-hole link-style course designed by Tom McBroom, complemented by a driving range and pro shop. Other non-winter amenities include a waterpark and alpine slides as well as a 7-acre private park on Georgian Bay with 700 feet of sandy beach located near the resort. Recreational amenities include racquetball, squash and tennis courts, exercise rooms, indoor and outdoor swimming pools, whirlpool, and saunas. The attractions are complemented by 60,000 sq ft of conference facilities with an accommodation base consisting of the 97-room Blue Mountain Inn and 4 condominium developments.

"We are excited about the vision that Intrawest will bring to the resort," said Gordon Canning, president, Blue Mountain Resorts Limited. "In working with Intrawest on the real estate agreement we realized there were benefits to their involvement in the resort as well. The investment by Intrawest will give us the capital to expand the on-mountain amenities in keeping with the development of the real estate. And the new village will provide added attractions which will enhance the resort's appeal year-round."

Preliminary plans for the village development include approximately 1,000 condo-hotel units, 200 townhome units and 100,000 sq ft of commercial space, similar to the current size of Tremblant. Intrawest is also a joint venture partner in the development of 600 single-family and townhome units to be built surrounding the golf course. "We have been meeting with representatives from the local communities," said Lorne Bassel, eastern senior vice president of development for Intrawest, "but we have not yet completed our discussions with the Town of the Blue Mountains and look forward to working with the local communities in finalizing our plans."

Intrawest is the leading developer and operator of mountain resorts across North America. The company owns Whistler/Blackcomb, rated North America's No. 1 resort. It also owns Panorama in British Columbia, Tremblant and Mont Ste. Marie in Quebec, Copper in Colorado, Stratton in Vermont, Snowshoe in West Virginia, Mountain Creek in New Jersey, Mammoth in California and Sandestin, a golf and beach resort in Florida. The company has a premium timeshare business and is creating world-class, four-season resort villages at Keystone, Colorado, Solitude, Utah and Squaw Valley near Lake Tahoe, California. Intrawest has a significant investment in Compagnie des Alpes, the largest ski company in the world in terms of skier visits, and recently announced the planned acquisition of 45% of Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world.

Intrawest Corporation's shares are listed on the New York Stock Exchange (IDR) and the Toronto and Montreal exchanges (ITW). The Company is headquartered in Vancouver, British Columbia. The statements which are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties. Intrawest's actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company's filings with the U.S. Securities and Exchange Commission.

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Contact:
Daniel Jarvis, executive vice president and chief financial officer 
of Intrawest Corporation,
604-669-9777
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Also See: Intrawest to Build 250 Unite Destination Village at Solitude Mountain, Utah / Sept 1998 
Intrawest and Compagnie des Alpes to Form International Alliance; Unique Partnership Links 
Premier Ski Resorts in Europe and North America / May 1998 

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