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Project Approval

Minister Signs Master Development Agreement Completing JGR’s Approval Process

March 20, 2012

VANCOUVER BC and INVERMERE BC — Glacier Resorts Ltd. wishes to congratulate Premier Christy Clark and Minister Steve Thomson for completing today the process started by Premier Mike Harcourt and Minister Glen Clark with the Interim Agreement of 1993.

“We welcome the just completion of the process. This should not be seen as a defeat by those who opposed the project, but as an opportunity to turn the page toward a new era of cooperation, and to recognize that the many reviewers involved in the process have done a more thorough assessment than those who felt that they had to oppose the project outside of British Columbia’s legitimate public process”, said Arnold Armstrong, Chairman of the Board of Directors of Glacier Resorts Ltd.

Jumbo Glacier resort was defined as a project that is “in the broad public interest” by those who reviewed it over a 9 years’ process under the Environmental Assessment Act.

“This is the time to work for the best for British Columbia and we invite everyone to work together to create the dream ski area and mountain destination for Canada,” said Grant Costello, Senior Vice President, Glacier Resorts Ltd.

The project is centred around Jumbo Mountain, and its glaciers will offer the first year round skiing and sightseeing destination in North America, the highest mountain access by electric lift, and a sustainable international tourism sightseeing destination that will complement well Banff and Kootenay National Parks.

Families in the mountain communities in the Columbia Valley will benefit from a resort that will attract mountain lovers of the world. The designers of Jumbo Glacier resort have participated in an unprecedented review process and through the extensive local review started with the East Kootenay land use determinations and completed with the Environmental Assessment and the Master Plan approval processes, have sought to design a project that is compatible with the needs of the natural ecology, of the people who live in the area, and of the expectations of the skiing and sightseeing market.

Glacier Resorts Ltd.