Intrawest Corporation Announces Arrangement

RECEIVES COURT APPROVAL



VANCOUVER, Oct. 24  /PRNewswire-FirstCall/ -- Intrawest Corporation ("Intrawest") today announced that the Supreme Court of British Columbia has approved the statutory plan of arrangement (the "Arrangement") involving Intrawest, its shareholders and optionholders and two companies owned directly or indirectly by funds managed by affiliates of Fortress Investment Group LLC.

The Arrangement was approved by Intrawest shareholders and optionholders at a special meeting held on October 17, 2006 where more than 99.9 per cent of Intrawest securityholders voting approved the Arrangement.

On October 23, 2006 the transaction was approved by the Minister of Industry under the Investment Canada Act. The Arrangement is expected to be completed on October 25, 2006, following which the common shares of Intrawest will be delisted from the New York Stock Exchange and Toronto Stock Exchange. Under the terms of the Arrangement, Intrawest's shareholders will receive US$35.00 in cash for each Intrawest common share.

Intrawest Corporation (IDR: NYSE; ITW: TSX) is a world leader in destination resorts and adventure travel. The company has interests in 10 resorts at North America's most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic and Paralympic Games. Intrawest owns Canadian Mountain Holidays, the largest heli-skiing operation in the world, and an interest in Abercrombie & Kent, the world leader in luxury adventure travel. The Intrawest network also includes Sandestin Golf and Beach Resort in Florida and Club Intrawest - a private resort club with nine locations throughout North America. Intrawest develops real estate at its resorts and at other locations across North America and in Europe. Intrawest is headquartered in Vancouver, British Columbia. For more information, visit http://www.intrawest.com/.

Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Intrawest's actual results could differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, Intrawest's ability to implement its business strategies, seasonality, weather conditions, competition, general economic conditions, currency fluctuations and other risks detailed in the company's filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. In addition, the completion of the transaction contemplated by this release is conditional upon a number of factors, many of which are outside of Intrawest's control. There is no assurance that the transaction will be completed at all or upon the same terms and conditions previously announced.

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CONTACT: For additional information, please contact Mr. John Currie, chief financial officer, at [phone] or Mr. Tim McNulty, director, investor relations at [phone] or at . 

DATASOURCE: Intrawest Corporation



CONTACT: For additional information, please contact Mr. John Currie,

chief financial officer, at [phone] or Mr. Tim McNulty, director,

investor relations at [phone] or at .

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