Golden (BC), Canada (Friday, January 31, 2003) - Kicking Horse Mountain Resort announced yesterday that private investment has been made to develop Vagabond Lodge, the first ski-in/ski-out lodge property to be built at the resort. Vagabond Lodge will be a premium pension-style facility of up to 10,000 sq. feet encompassing 10 rental suites, each with private bath. Lodge amenities will include a dining room, library and games room, lounge area with fireplace, and an outdoor hot tub. The Alberta owners anticipate starting construction as soon as the snow disappears to be completed in time for the opening of the 2003/04 winter season.

"The addition of Vagabond Lodge fully supports our master plan to build an authentic upscale mountain community," said Arijan van Vuure, President of Kicking Horse Mountain Resort. "The resort has seen phenomenal growth in the last couple of years, attracting significant interest from private investors and developers. We anticipate this to be the first in a series of exciting real estate announcements," he said.

Vagabond Lodge will be situated on an approximate one-acre treed lot at the base of the resort, facilitating easy access to the lift system. The architecture of the lodge will be based on National Parks heritage, taking advantage of the forested setting using natural materials, mainly rock and timber. The facility will cater to skiers and snowboarders in the winter months and golfers and outdoor enthusiasts in the spring, summer and fall. In addition, the lodge will present a venue for corporate retreats, seminars and team-building sessions.

Build-out of Kicking Horse Mountain Resort is anticipated for 2010 including 3,000 bed units - a mix of town homes, single family residences, condominium lodges, hotels and B&Bs - as well as a multitude of shops, bars, restaurants, other commercial amenities, additional terrain and a variety of recreational opportunities. Kicking Horse Mountain Resort, Canada's newest ski and snowboard mountain, is located 2.5 hours west of Calgary on the Trans Canada Highway.