Capital Growth Partners Acquires United Park City Mines Co.

Business Editors

PARK CITY, Utah--(BUSINESS WIRE)--July 18, 2003

Capital Growth Partners ("CGP") announced the acquisition of United Park City Mines Co. (NYSE: UPK) of Park City. On July 18, 2003, Capital Growth Partners announced that it had closed a modified merger agreement with United Park City Mines under which it had agreed to purchase 100% of the outstanding common shares of United Park at $21 per share. Subsequent to the transaction, Capital Growth Partners will take the company private.

United Park City Mines Co. was a silver mining company for over 100 years, from its origins in the 1860s until 1982, when active mining operations ceased. Since that time the company has primarily been a real estate holding company.

While some land sales have occurred over the last two decades for development purposes, a large portion of United Park City Mines' land has been leased to both Park City Mountain Resort and Deer Valley Resort for ski terrain. The sale of the company will not affect ski access for either of the resorts.

Capital Growth Partners is a Park City-based real estate development company, specializing in high-end resort properties. Capital Growth Partners was established in 2001.