Mountain Creek Moves Ahead With Construction of the Village

Intrawest Corporation (NYSE: IDR; TSX: ITW), the leading operator and
developer of village-centered resorts across North America, announced
today the start of construction of the Appalachian, its first resort
village condominium-hotel property at Mountain Creek, Vernon, NJ. The
start of construction marks a milestone in the establishment of the
Village, a signature feature of Intrawest resorts.

An agreement earlier this year between Mountain Creek and the State of New
Jersey, in which the resort donated 1,398 acres on the top of Hamburg
Mountain for preservation and sold an additional 451 acres nearby to the
State, followed by a successful sales event this spring-during which more
than $20 million in real estate was sold -paved the way for construction
to begin.

“After months of hard work, we are extremely excited that construction has
started on the first building of our Village,” said Lorne Bassel,
Executive Vice President for Intrawest. “Now that all the pieces are in
place, all of us at Intrawest and Mountain Creek, as well as the people of
Vernon and the rest of the tri-state region, can track the Village`s
progress and watch our resort take shape.”

Scheduled for completion in Spring 2005, The Appalachian will be the heart
of the Village at Mountain Creek. The Village is designed to be a place
for people to gather, meet and spend time with family and friends.

Conveniently located at the entrance to the Village at the foot of the
slopes, The Appalachian will feature ski-in, ski-out access, easy
underground parking and will be close to all that Mountain Creek offers.
Already in high demand, the 100 resort homes made up of one- and
two-bedroom homes in The Appalachian will come exquisitely furnished and
equipped with all the touches of home.


The Appalachian`s lobby, featuring high ceilings with wood beams, wrought
iron detail and crackling stone clad fireplace, will create a warm welcome
with the ambiance of an Adirondack Grand Hotel. A cozy owners` lounge with
a fireplace, fitness center, restaurant, four-season swimming pool, two
steaming hot tubs and a spectacular, private courtyard, set in natural
surroundings, are some of the additional amenities that will beckon
homebuyers to The Appalachian.
The Village at Mountain Creek, when completed, will have up to 1,000
resort homes on land along both sides of Route 94 and will also include
conference facilities and a quaint Farmer`s Market.
Initial development at Mountain Creek began in 2000 with Black Creek
Sanctuary, a residential community nestled amongst a wildlife refuge.
Consisting of furnished one-, two- and three-bedroom town homes, Black
Creek Sanctuary is located close to the vibrant future Village and offers
courtyard amenities, such as a four-season swimming pool, gazebos and fire
pit, and nature trails.
In addition to real estate development, Intrawest has also invested
millions of dollars in mountain and operational improvements since it
purchased Mountain Creek in 1998. Four new trails have been added, other
trails redesigned and the number of terrain parks expanded to five. In
addition, seven new lifts were installed and the mountain`s snowmaking and
grooming capabilities were enhanced by new equipment, including a full
fleet of five Piston Bullys and the Zaugg Pipe Monster, which forms the
region`s only Superpipe.
The closest four-season resort to Manhattan, Mountain Creek will no longer
be a wintertime only destination. Vastly improved summer facilities
including six world-class golf courses in close proximity, the new and
improved Mountain Creek Waterpark with 29 attractions and miles of hiking,
biking and walking trails, coupled with the area`s four-season appeal make
Mountain Creek the perfect getaway all year round.
With the Village-centered resort plan in place, Mountain Creek will become
the next, full-scale East Coast resort getaway, following in the footsteps
of other Intrawest success stories like Whistler Blackcomb-now North
America`s #1 ranked mountain resort-Mammoth in California, Tremblant in
Quebec and Stratton in Vermont. Furthermore, it is expected to boost the
profile of the entire surrounding area, making it an international
four-season resort destination.