Press release in response to the Province of British Columbia's Master Development Agreement Signing for Jumbo Glacier Resort:

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.

Jumbo Glacier Resort is a proposed year round ski resort located at the foot of Jumbo Mountain and Jumbo Glacier -- 55 km west of Invermere, British Columbia.

The resort, centred on a former sawmill site, will provide lift-serviced access to several nearby glaciers at an elevation of up to 3,400 metres (11,155 feet). The resort is planned in three phases and will ultimately include 5,500 bed-units (plus 750 beds for staff accommodations) in a 104 hectare resort base area. At build-out, the resort will see 2,000 to 3,000 visitors in high season.

In winter, the resort will offer 1,700 metres (5,500 feet) of 100% natural snow vertical. In summer, up to 700 metres (2,300 feet) of glacier skiing vertical will be available.

The resort's location was chosen for its optimal snow conditions, high elevations, large glaciers, and the fact that the Jumbo Creek valley has seen significant prior use and it provides the easiest access to 3,000 metre high (10,000 feet) glaciers in North America.

At full build-out, the proposed $450 million resort would provide approximately 3,750 person years of construction employment and create 750 to 800 permanent full-time jobs.

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