Thunderbird Resorts Inc.

Thunderbird Resorts Inc.

June 17, 2005 11:55 ET

'Thunderbird Hotels'; New CFO and Continuing Development Efforts

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 17, 2005) - International Thunderbird Gaming Corporation ("Thunderbird") (CNQ:ITGC.U)(FWB:OSJ) announces the following:

Thunderbird Hotels

Klaus Moser has joined Thunderbird to lead the development and operation of the newly formed "Thunderbird Hotels" subsidiary. Mr. Moser's addition to the Thunderbird team is a milestone in the Company's goal to be the most successful recreational property developer and operator in each of its markets. Mr. Moser has an impressive resume spanning over 40 years. This experience includes:

- building and operating Marriotts, Embassy Suites, Hampton Inns and Eco Inns throughout the Latin American continent and Chile;

- holding upper level executive positions with the Marriott Hotels and with the Holiday Inn;

- attaining "approved operator" status by Hilton Hotel Corporation and Starwood Hotels.

Mr. Moser is integral to the execution of the Thunderbird Resorts business plan to provide its patrons with dynamic, themed and integrated hotel and entertainment venues anchored by casinos. Mr. Moser will initially focus on the Chilean bid proposals as many of these projects will include hotel components and other non-gaming amenities, such as restaurants and retail establishments.

Appointment of CFO

Michael G. Fox, who has been heading up the Costa Rican operations, has been appointed to the position of Chief Financial Officer for the Company. This appointment signals a reorganization of the accounting and finance areas for the company. Booker T. Copeland III will continue to manage "mission critical" areas of Thunderbird such as accounting practices and reports, budget and cost controls, financial analysis, external audit, and regulatory reporting while continuing to lead the accounting staff. Mike Fox joined Thunderbird in 2003 as financial manager of the Company's Costa Rican operations. Mr. Fox was responsible for managing the construction project of the Company's flagship Costa Rican property in late 2004 and early 2005. Mr. Fox has over 25 years of business experience including several years as the Controller and CFO of a NASDAQ traded, multinational entity. The Company is confident that Mike Fox will build upon the foundation already in place.

Development and Operations

The Company is completing the preparation of bid presentations in Chile. The total potential investment for its bids is in excess of $150 million and proposals will be presented in early August. The Company is well advanced in securing financing for the Chilean projects and has developed strong relationships with prospective Chilean partners. Chile has a population of 15.8 million, a GDP of $88 billion and a per capita GDP of US$5,600. This is the highest GDP per capita in Latin America. Transparency International ( rates Chile as the most transparent market in Latin America. The Heritage Foundation's Index of Economic Freedom ranks Chile as the 11th freest market in the world, outranking such developed markets as Canada, Germany and Japan.

The Company recently opened a second Video Gaming Loteria in Mazatenango, Guatemala. The initial operational results are encouraging. The operation opened with 100 video gaming machines. The city of Mazatenango is in southwestern Guatemala, on the Sis River, in the foothills of the central highlands overlooking the Pacific coast lowlands. It is one of the nation's principal commercial and manufacturing centers. Products include textiles, processed food, and footwear. The Pacific Coast Highway passes through the city. The Camino Real Video Loteria has now been open for 7 years and Thunderbird is confident that this second location will attract a great number of patrons in the outlying areas.

Thunderbird is proceeding with its plan to open the Fiesta Casino-Heredia in Costa Rica by October 1, 2005. The project is scaled to the economics and demographics of the city of Heredia and targets its population. The project is located in the center of Heredia and will be the only casino in that city. It will be the closest casino to over 200,000 Costa Ricans, most of whom are middle-class. The Heredia project will feature the Beach Cafe, a Thunderbird in-house brand bar and restaurant. This combination makes for a high traffic generating environment.

In Nicaragua, we are pleased to report that revenues in our third casino operation in Managua (the Pharaoh's Casino at the Camino Real Hotel) continue to exceed management expectations.

In the Philippines, the Company is encouraged by the growth rate in revenue since opening the Fiesta Resort Casino. While the initial revenue results were below expectations, management is confident of the long term prospects for the casino and resort. Thunderbird is pursuing further opportunities to open "resort style" gaming and entertainment facilities in the Philippines.

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

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.

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