California Joint Venture and Internet Gaming

San Diego, CA, 
February 7, 2000

International Thunderbird Gaming Corporation (TSE - INB) announces the following update:

Formation of Joint Venture for Native American Projects:
    Thunderbird and Platinum Management Group, LLC ("Platinum") have formed a joint venture that will be engaged in the procurement, development and financing of various California Native American projects pending the approval of Proposition 1A on March 7, 2000.  Platinum has agreed to provide the equity capital to fund the joint venture.  Platinum also brings significant financial resources to the joint venture and its principals have extensive technical expertise and experience in developing and managing various licensed gaming enterprises in Iowa and in Florida.  Thunderbird will have a 32% equity interest in the joint venture in consideration for providing its development and operational skills as well as its interest in the California Tribal projects that are currently under contract.  Platinum will also secure the financing for the projects.  Thunderbirdís financial resources will not be used nor will the Companyís shareholders be diluted.  Thunderbird and Platinum will jointly participate in developing, financing, consulting with and providing gaming equipment leases to various California Tribal casinos and other licensed gaming facilities located in California, beginning with the Campo gaming project which was the subject of Thunderbirdís press release of January 13, 2000.  This joint venture is consistent with Thunderbirdís stated objective of achieving equity interests in its projects which are larger than its proportional share of capital commitments.  The newly formed joint venture is awaiting the results of an Urban Systems market study in considering the size of the Campo casino and determining the potential revenue that may be generated at the Campo site.  Urban Systems is an internationally renowned gaming feasibility and analysis firm based in New Orleans, Louisiana.

Internet Gaming:
    Thunderbird has determined to enter the Internet gaming business.  Thunderbird is currently negotiating with several Internet technology based companies to form a joint venture subject to regulatory approval.  Thunderbirdís goal is to market its new business in Latin American countries using its land based casinos in Venezuela, Panama and Guatemala as a springboard to secure market share in the Internet gaming business.  Management will assess opportunities in worldwide Hispanic markets, including Latin America.  It intends to joint venture with a company which already possesses state-of-the-art Internet software applications for both electronic commerce and Internet gaming.  The Company is seeking a software development company with leading proprietary technology enabling secure, reliable, high-speed financial transactions over the Internet.  The Spanish speaking gaming market is available and will increase the potential to expand into international markets and appeal to foreign jurisdictions.  Thunderbird will comply with all regulatory laws, including but not limited to "blocking" any U.S. based customers from accessing the Internet gaming systems so as to assure that its current and future land based operations will withstand regulatory scrutiny.

    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 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 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 TSE and other regulatory authorities.

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