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Gold/Mining/Energy : Int'l Thunderbird Gaming (INB) -- Ignore unavailable to you. Want to Upgrade?

To: Marcel Valentin who wrote (457)	5/22/1998 12:25:00 AM
From: R. Gracie	Read Replies (1) \| Respond to of 603

INTERNATIONAL THUNDERBIRD GAMING CORPORATION FOR IMMEDIATE RELEASE Thursday, May 21, 1998 Contact: Alan E. Schneider, Investor Relations (No. 98-05-11) Phone (604) 687-2255 or 1-800-914-8462 alans@intltbird.com Operations Update Vancouver, B.C., May 21, 1998 - International Thunderbird Gaming Corporation (TSE & VSE - INB) provides the following update: California Operations: On May 14, 1998, the four U.S. Attorneys in California commenced forfeiture proceedings against the Tribes that failed to adopt the "Pala" compact process, several of with which the Company did business. Thunderbird has ceased all business with Tribes not signing onto the "Pala" compact process. The U.S. government civil actions provide for seizure of the gaming machines that Governor Wilson claims are illegal. The Tribes have filed various actions in state and federal court attempting to defeat the forfeiture procedures. Hearings are expected to occur in approximately thirty days. The outcome of these suits cannot be determined at this time. A lawsuit was filed by Nevada constituents attempting to block the California tribal gambling initiative from being placed on the ballot for a vote in November 1998 claiming that the ballot measure would violate the state constitution. The initiative, which received over one million signatures to place it on the ballot, would allow the Tribes to continue their present gaming operations. On May 20, 1998, the California State Court of Appeals dismissed the suit on the basis that the ballot measure is constitutional. To ensure compliance with the stated positions of the Justice Department, the Company has advised each of the Tribes with which it has revenue sharing agreements that it will no longer accept any payments nor perform any of its obligations under the agreements under the current legal environment. The Company planned for this contingency and has cut its overhead with the goal of maintaining its financial position while waiting for positive results, which enable it to re-enter the California market. Greeley Operations: As a part of its contingency plan to cut costs, the Company assessed the costs involved in assembling its gaming machines in Greeley, Colorado, and has determined that the costs of assembling "in-house" exceed the costs to outsource the assembly. As a result, all assembly staff has been laid off and the Company has entered into an agreement with Cole Industries Inc., a Nevada corporation, for the assembly of its machines. Cole maintains a 100,000 square foot plant in North Las Vegas, Nevada. Cole will be involved in all aspects of assembly with the exception of monitors, game boards and the central processing units. The Company has also consolidated all of its head office functions to San Diego, California. The Company's game development division will continue to operate out of Greeley. - - more - Page 1 of 2 Suite 1304-925 West Georgia Street, Vancouver, BC, Canada V6C 3L2 Phone: (604) 687-2255 or 1-800-914-8462 Fax: (604) 682-4768 e-mail: info@intltbird.com website: www.intltbird.com International Thunderbird Gaming Corporation Press Release #98-05-11 - Page 2 of 2 International Operations: The Company remains on schedule to take over operations of the four Panamanian casinos which it was awarded pursuant to its successful January, 1998 bid. The "take-over" is scheduled for July 15, 1998. The Company's operations in Guatemala's Camino Real Hotel continue to show improving results. Similarly, the Company's Aruba operation, Casino Merengue, continues to show positive results from the recent renovation and marketing campaign. Calsino: The Company's signage and design division displayed its commercial signage capabilities at the International Council of Shopping Centers in Las Vegas during this past week. Calsino's products and creativity were very well received. Calsino is currently negotiating with several national retail companies for commercial sign accounts and continues to develop its casino signage market throughout the United States. International Thunderbird Gaming Corporation is an owner and operator of international gaming and lottery facilities and a supplier of gaming terminals and systems. Additional information about the Company is available on its World Wide Web site at www.intltbird.com. On behalf of the Board of Directors Jack R. Mitchell President and CEO