Vancouver, June 4, 2002 - Intrawest Corporation (ITW: TSX) (IDR: NYSE) today announced the closing of an offering of 3,250,000 common shares at a price of Cdn. $27.50 per common share for gross proceeds to the company of Cdn. $85.8 million. The offering was co-led by Scotia Capital Inc. and RBC Dominion Securities Inc. and co-managed by BMO Nesbitt Burns Inc., CIBC World Markets Inc., HSBC Securities (Canada) Inc., National Bank Financial Inc. and Canaccord Capital Corporation.

Intrawest is headquartered in Vancouver, British Columbia and its shares are traded on the Toronto (ITW) and New York (IDR) stock exchanges.

Intrawest Corporation is the leading developer and operator of village-centered resorts across North America. The company owns nine mountain resorts, including Whistler Blackcomb, North America`s most popular mountain resort. Intrawest also owns Sandestin Golf and Beach Resort in Florida and has a premier vacation ownership business, Club Intrawest. The company has a significant investment in Compagnie des Alpes, the largest ski company in the world in terms of skier visits and a 45 per cent interest in Alpine Helicopters Ltd., owner of Canadian Mountain Holidays, the largest heli-skiing operation in the world.
Statements contained in this release that are not historical facts 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 Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.

For further information: contact Mr. Daniel Jarvis, executive vice president and chief financial officer, at (604) 669-9777 or Stephen Forgacs, manager, investor relations and corporate communications at (604) 623-6620 or at [email protected].

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