Intrawest Corporation Announces Treasury Issue Of Common Shares

Intrawest Corporation (ITW: TSX) (IDR: NYSE) announced today that it has entered into an agreement with a syndicate of underwriters led by Scotia Capital Inc. and RBC Dominion Securities Inc. under which the underwriters have agreed to buy and sell to the public, in Canada and in the United States under the multijurisdictional disclosure system, 3,250,000 Common Shares of the Company, with an over-allotment option for up to an additional 325,000 Common Shares.

The purchase price of Cdn. $27.50 per Common Share is expected to result in net proceeds (before expenses of the issue) of approximately Cdn. $85.8 million, assuming that the over-allotment option is not exercised. The net proceeds of the offering will be used by Intrawest to reduce the Company`s borrowings.

A preliminary short form prospectus has been filed with provincial Canadian securities regulators and closing is expected on or about June 4, 2002. Copies of the preliminary prospectus may be obtained from Scotia Capital at Scotia Tower, 18th Floor, 650 West Georgia Street, Vancouver, British Columbia V6B 4N9, Attention: Investment Banking. A registration statement relating to the Common Shares has also been filed with the Securities and Exchange Commission but has not yet become effective. The Common Shares may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of these Common Shares in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

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. The company is headquartered in Vancouver, British Columbia.

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.