VANCOUVER, July 24 – Aspen Skiing Company and Intrawest Corporation (NYSE:IDR; TSE:ITW), the leading developer and operator of village- centered resorts across North America, today announced that they have entered into a letter of intent to design and build a base village at Snowmass at Aspen, Colorado.

“Snowmass has a special place in the world of skiing,” said Jim Crown, speaking for the Crown family, owners of Aspen Skiing Company. “We conducted a comprehensive review of potential partners who could work with us to ensure the village development is in keeping with our values, which maintain the balance between resort and community — Intrawest came out clearly on top.”

The Snowmass base village site comprises 20 acres and is located in the heart of the Town of Snowmass Village. The new development is likely to include a blend of commercial and residential spaces linked by pedestrian walkways.

“We are honored to have this opportunity to work in Snowmass, one of the world’s best-known and most highly regarded mountain communities,” said Gary Raymond, executive vice president and member of Intrawest’s board. “We are committed to seeing the resort’s vision for Snowmass become a reality.” Intrawest will review all previous planning studies and will work in close collaboration with vice president for planning, Bill Kane, and his staff at Aspen Skiing Company and with the town to come up with the appropriate design for the land. The partnership expects to be able to present concepts in October.

“We are scheduling envisioning for mid-September. This is an inclusive process unique to Intrawest through which we will create the idea blueprint that will guide planning and design,” said David Kleinkopf, co-president of Intrawest’s Resort Development Group.

“Intrawest has demonstrated at resorts across North America its ability to build the appropriate character and quality into its villages,” said Pat O’Donnell, president and chief executive officer of Aspen Skiing Company. “We look forward to working closely with Intrawest to develop a village that will enhance the experience for Snowmass guests and residents alike.”

Aspen Skiing Company was founded in 1946 and hosted the first international world championship of skiing in North America in 1951. The company currently operates over 5,000 acres of skiing and snowboarding serviced by 43 lifts and state-of-the-art snowmaking systems. The resort has become renowned throughout the world for quality skiing, climate, snow and great evening entertainment. The development of the base village will provide needed public accommodation and a diversity of commercial services at Snowmass. Aspen and Snowmass are located in Colorado’s picturesque Roaring Fork Valley, 220 miles west of Denver, 125 miles east of Grand Junction and 70 miles from the Eagle County Airport.

Intrawest is the leading developer and operator of village-centered resorts across North America. The company owns 10 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. Intrawest Corporation’s shares are listed on the New York (IDR) and Toronto (ITW) stock exchanges. The company is headquartered in Vancouver, British Columbia and is located on the world wide web at www.intrawest.com.