Thunderbird Resorts Inc.
CNQ : TBI.U
FRANKFURT : 4TR

Thunderbird Resorts Inc.

July 11, 2005 14:43 ET

Thunderbird Announces Private Placement

POWAY, CALIFORNIA--(CCNMatthews - July 11, 2005) - International Thunderbird Gaming Corporation ("Thunderbird") (CNQ:ITGC.U)(FWB:OSJ)
announces a non-brokered private placement of up to 2 million shares of common stock at a purchase price of USD $0.90 per common share. Thunderbird will pay a 5% "finder's fee" in connection with this private placement. The hold period for the common shares that will be issued in connection with this offering will be between four months and one year from the date of issuance.

The funds generated by the private placement will be used by Thunderbird for general working capital and development costs including funding for:

- final preparation of bid submittals and initial capital requirements for the Chilean casino licenses;

- development of a second casino and resort operation in the Philippines;

- enhancement of the first casino and hotel operation in the Philippines;

- organizing and implementing "Thunderbird Hotels".

On July 4th Thunderbird officially declared the markets and locations for which it intends to bid as required under the Chilean Casino Law 19.995. The Company will be bidding for the licenses on August 4th. We expect the Chilean authorities to begin awarding licenses the latter part of 2005 or in early 2006. The markets announced by Thunderbird are Calama, Antofagasta, Algarrobo, Rancagua, Talca, Temuco and Concepcion. All projects are integrated businesses which include hotel, restaurants, and casino operations. Total revenues projected by these seven integrated businesses is expected to exceed $120 million and Thunderbird is confident that it will capture $42 million to $65 million of the potential "project revenue". Total project cost for the bids Thunderbird expects to win range between $40 million to $60 million. The project costs will be funded via debt, vendor financing and equity participation.

Thunderbird is proceeding with its due diligence and plans to open a second casino and resort in the Philippines by December 2005. It has received most approvals and the Company expects to have the final permits by August. If approved, it will be a favorable economic transaction and solidify the Company's operations in Southeast Asia. The new site includes beautiful beaches and a hotel. The casino site has no competition within a 4 hour driving radius. There is also an airport nearby the site which can be used to develop regional charters for international business.

The Company's "Thunderbird Hotel" division continues to develop and will enhance the overall business development in each of the Company's operations under the Company's new name, Thunderbird Resorts, Inc.

International Thunderbird Gaming Corporation is an owner and manager of international gaming facilities. Additional information about the Company is available on its World Wide Web site at www.thunderbirdgaming.com.

On behalf of the Board of Directors,

Jack R. Mitchell, President and CEO

Cautionary Notice: This release contains certain forward-looking statements within the meaning of the securities laws and regulations of various international, federal, and state jurisdictions. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential revenue and future plans and objectives of the Company are forward-looking statements that involve risk and uncertainties. There can be no assurances that such statements will prove to be accurate and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's forward-looking statements include competitive pressures, unfavorable changes in regulatory structures, and general risks associated with business, all of which are disclosed under the heading "Risk Factors" and elsewhere in the Company's documents filed from time-to-time with the CNQ and other regulatory authorities.


Contact Information