$36 Million in Real Estate Sold at Mammoth; Sale of 129 Mountain Homes Occurs This Past Weekend.

VANCOUVER, British Columbia--(BUSINESS WIRE)--April 6, 1998-- Mountain resort developer Intrawest Corp. (NYSE:IDR) (MoSE:ITW) (ToSE:ITW) Monday announced that sales of its Juniper Springs Lodge at Mammoth Mountain totaled $36 million, with 129 units being sold this past weekend.

This level of sales activity, in this kind of time period, is unprecedented for Intrawest, and reflects a number of factors -- including a strong economy and the fact that baby boomers are intent on owning their own vacation homes.

"This is the largest project Intrawest has ever launched in the United States, and the response received is truly remarkable," said Michael Coyle, senior vice president, marketing for Intrawest. "The number of units sold in this short period of time is a strong indicator of the huge support for the new vision of Mammoth."

More than 200 families arrived at Hangar 8 at Santa Monica Airport to select their mountain homes in the first major village offering in more than a decade at this four-season Southern California resort.

"The success of the Juniper Springs launch accelerates Intrawest's $500 million master plan for Mammoth," said Dana Severy, vice president of real estate development at Mammoth Mountain.

"The demand we see today shows tremendous support and enthusiasm for Mammoth's master plan. These buyers are not just purchasing real estate, but buying into the improved Mammoth still to come. The incredible $36 million in sales generated this past weekend compares to the yearly totals for condominium sales in all of Mammoth Lakes for 1995, 1996 and 1997, in which sales were $25 million, $24 million and $38 million, respectively."

Intrawest's vision for Mammoth includes Juniper Springs Lodge, the new 18-hole Sierra Star Golf Course, and Gondola Village, a new pedestrian resort village complete with shops, restaurants and activities, more lodging, an ice-skating pond and a gondola connecting the center of town to the heart of the mountain. There are also significant lift, terrain and restaurant facilities planned for the mountain.

The first phase of the development is set to begin in the year 2000 in the area presently known as North Village.

"Mammoth was once the No. 1 resort in the U.S.," said Coyle. "With the on-mountain improvements Mammoth is making and the village Intrawest is building, Mammoth will once again be one of the top resort destinations on the continent."

Construction of Juniper Springs Lodge, to be located next to the new Base Camp Village at the base of Chair 15, is set to begin in the spring of 1998, with completion slated for the summer of 1999. In addition to the Juniper Springs Lodge, a variety of on-mountain improvements will be under construction this summer.

Plans include construction of new high-speed quad lifts, a restaurant at the base of the Stump Alley Express chairlift, and the first phase of replacing the existing gondola that connects mid-chalet to the top of Mammoth Mountain with a new high-speed eight-passenger gondola.

"The Juniper Springs real estate development is just the first phase in all of the significant improvements that will be taking place at Mammoth," said Mammoth marketing director Pam Murphy.

"Specifically for our skiers and riders, this means the expansion of the entire mountain, including the intimate Base Camp Village at Juniper Springs, adding a fine dining restaurant, sport and rental shops, boutiques, ski school and children's facilities, a new base lodge, snowmaking capabilities, high-speed lift connecting the Juniper Springs area to the heart of the mountain."

The launch of Juniper Springs Lodge is one of four launches across North America that took place over the past month. Real estate sales launches at Stratton Mountain in Vermont, Snowshoe in West Virginia and Copper Mountain in Colorado represent almost 376 units for a total of $94 million.

These events not only launched individual projects, but constituted the cornerstone properties in the renaissance of four new mountain resort villages being built across the United States by Intrawest.

Intrawest is a leading developer and operator of mountain resorts across North America. The company owns resorts at Whistler/Blackcomb and Panorama in British Columbia, Tremblant and Mont Ste. Marie in Quebec, Copper in Colorado, Stratton in Vermont, Snowshoe in West Virginia, Vernon Valley/Great Gorge in New Jersey and Mammoth in California (58 percent).

Intrawest is also creating a world-class, four-season resort village at Squaw Valley near Lake Tahoe, Calif., and in a joint venture with Keystone Resort, Colorado, Intrawest is creating resort accommodation and the new village of River Run. The company owns or has under construction nine golf courses across North America.

Intrawest has headquarters in Vancouver.

Mammoth is a year-round resort village located in the heart of the Eastern High Sierra, gateway to world-class hiking and fishing in the John Muir and Ansel Adams Wilderness Areas, great mountain biking trails, championship golf and easy access to majestic Yosemite National Park. -0-

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.

CONTACT: Intrawest Corp., Vancouver

Greg Ashley, 604/669-9777

or

Fleishman-Hillard Inc., Los Angeles

Erin Shiba, 213/489-8242