McCall, ID (Thursday, January 29, 2004) - Tamarack Resort, a brand-new ski and four-season resort being built in the mountains of central Idaho, sold out its initial offering of 104 vacation homes and lots at its Premier Real Estate Release event in McCall last weekend. This is the largest resort home site launch ever in North America, according to resort real estate specialist Matt Shanaberger of Synthesis Realty.

The sales event generated $46 million in sales for Tamarack and a total estimated sales of $106 million, including the value of homes expected to be built by new owners. Tamarack Resort is located on the west shore of Lake Cascade at the foot of West Mountain near Donnelly, about 90 miles north of Boise.

"After three years of hard work and shareholder investments of $75 million for permitting, planning and infrastructure construction, Tamarack has just made a rapid transition from a vision to a spectacular reality," said Rory Veal, Vice President of Real Estate Sales. "What is most exciting for us is that our buyers come both from Idaho and the rest of the country, making us both a destination resort and a place for Idahoans to play. They share a common love of the outdoors, a sense of community and an appreciation for quality service, which matches our vision of what Tamarack is now becoming."

"For the first time in Idaho, Tamarack used a 'Presale Real Estate Campaign' first established by Canadian developers," said Jean-Pierre Boespflug, CEO of Tamarack Resort. "This technique enables buyers to meet their neighbors before they commit to the new community. In our case, we had four group gatherings before we invited the 300 reservation holders to sign their contracts. We made the process more accessible by using live web updates and providing more time for each buyer than had been done before. We called it a Release Weekend rather than a Release Day. Our architects, builders and experts were involved in providing the full vision to our buyers. The Sales and Marketing teams were local Idahoans, advised by Synthesis Realty, a national real estate consulting firm.

"The overwhelming success of Tamarack's First Release is a powerful validation of the allure this new resort has for resort home buyers as the first all-season golf and ski resort to be developed on U.S. soil in 22 years," said Shanaberger.

Buyers chose from a mix of properties that included two-bedroom cottages, three-bedroom chalets, chalet lots and estate home sites up to 1.3 acres. Set prices ranged from $231,000 for a chalet lot to $803,000 for a high-end resort-built chalet. Estate home sites were priced from $319,000 to $599,500. Custom-designed estate homes are anticipated to be valued at more than $2 million once they are built.

Proceeds from the sale, along with shareholder commitment, ensure successful completion in 2004 of the five ski lifts, and the 18-hole signature golf course with related lodges and clubhouse. This is only the beginning of a multiyear plan that includes 11 lifts, three golf courses, a mixed-use village with hotels, shops, condominiums, and more home sites for a total of about 2000 units.

"As premier operators of ski and golf resorts across America, we are most excited to extend our operational talents to a well balanced and ideally located resort such as Tamarack," said Jeff Stipec, President of Intrawest Golf, the selected operator of Tamarack Resort.

Plans for the second real estate release have not been finalized yet, but 68 additional other homes sites, already connected to the utility system, are expected to be made available for reservation in the coming months.

Tamarack currently employs about 40 people between its Boise and Valley County operations. The Resort will be gradually ramping up to 200 employees for the beginning of lift-served operations in December 2004. Some 200 construction workers were involved in building Tamarack roads and utilities last summer and fall, substantially contributing to the economy of Valley County. At least 400 construction workers will be required to complete the 70 homes, 35,000 square feet of resort space and the amenities -- expected to be completed in the summer of 2004.