Thunderbird Updates Projects  

San Diego, CA, 
January 4, 2001

International Thunderbird Gaming Corporation (TSE - INB) announces:

Venezuela Project Funded, Opening Early Q2 2001: 
International Thunderbird and its local partners have completed a $3,000,000 financing facility with a Venezuelan financial institution to fund its first location in the City of Guayana.  Use of proceeds are restricted to construction and pre-opening costs in the Fiesta Casino Guayana project in Puerto Ordaz.  The financing is structured as a Construction Draw Note. The exposure to Thunderbird is 36% of the amount drawn on the note which is consistent with Thunderbird's equity interest in the project. The terms of the financing involve no principal payments for nine months while interest accrues at local floating rates.  Interest will be paid monthly and principal will be paid quarterly, all due and payable December 2003.  Now that financing on the project is complete, construction of tenant improvements will proceed in an expeditious fashion with opening slated for Q2, 2001. 

Our casino development project at the InterContinental Hotel Managua project is being financed with a diverse group of joint venture partners.  Demolition has been completed and we are well into the remodeling and re-decoration phase. We are expecting to open in mid-February, 2001.

Our skill machine operation in Nuevo Laredo is expected to open by February 15th.  The project has been financed with $1.45 million of third-party investor funds.  Thunderbird will own a 33% equity interest in the Laredo Project.  Demolition has been completed and installation of tenant improvements is on track for the February 15th opening.  The company plans to initially open with 125 machines. 

Costa Rica:  
Our Presidente Hotel casino in the City of San Jose, Costa Rica has been partially funded.  Demolition is completed and tenant improvements are underway.  When completed, this facility will house 7 table games and 100 slot machines.  The Presidente Casino is expected to open in March, 2001.

Strong Existing Operations in Panama, Guatemala and Mexico 
Thunderbird is pleased to report strong revenues in December in its operations in Panama. December revenues in Panama were $2,386,000 following $2,690,000 in November and $2,552,000 in October [unaudited]. 

In Guatemala, operations have also had a strong autumn season. Thunderbird continues its discussions with its local partner regarding plans for expansion in Guatemala. 

Thunderbirdís first skill machine location in Matamoros, Mexico continues to perform very well.  The 75 machines averaged $57 per day per machine for the month of December. Thunderbird is assessing market conditions and expects to increase the number of machines in Matamoros. 

Shareholder Meetings in Minneapolis, Montreal, Toronto and Zurich

Jack Mitchell, President and CEO, and Alex Winch, Director and Investor Relations, will be traveling to update investors on the progress in building our gaming business in Mexico, Central and South America. We plan to be in Minneapolis on February 12th, Montreal on February 13th, Toronto on February 14th and Zurich on February 15th.  Please contact Investor Relations for details of group meetings, or to request a one-on-one meeting.  Our Q&Aís, distributed every two weeks by e-mail, continue to build our following with investors. Please e-mail investor relations ( to be added to this distribution list.

International Thunderbird Gaming Corporation is an owner and manager of international gaming facilities. The Companyís shares trade on the Toronto Stock Exchange under the symbol INB. 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 section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential revenue and 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 TSE and other regulatory authorities. 

Investor Relations
Alex Winch
Phone (416) 712-1488
Phone (888) 451-3637