San Diego, CA
3rd January,  2002

    International Thunderbird Gaming Corporation (TSE - INB) announces the following update concerning the Company’s operations:
 

Mexico
    The Company continued to challenge the Mexico Government’s closure orders for the three Mexico operations on three parallel paths:

    (1) The Mexico City office of the internationally renowned law firm of Baker & McKenzie has been leading our efforts through the litigation process, though the Company is not expecting final decisions for at least three months and the process could last longer depending on appeals. Interim legal actions are being pursued that would let the facilities re-open while final decisions are being heard.

    (2) The Company is assessing a claim under the NAFTA-Chapter 11 claims procedure. The preliminary analysis suggests that the Company has a meritorious claim, but the filing of the claim affects how we proceed on the existing cases.  Our strategy is to choose the direction that will get us re-opened as quickly as possible. We perceive the NAFTA claim to be a solid back up.

    (3) The Political and Media campaign has been ongoing since October 11, 2001 when we were shut down. While the Fox government may claim it is immune to public pressure, our story has been picked up by the gaming trade press, Mexican media as well as by several leaders of US congress who have directed letters and telephone calls to President Fox expressing outrage over the matter.

    While the diplomatic pressure has not yet yielded the desired result of re-opening our properties, we feel it will weigh in our favor in the overall balance. However, we are focusing our energies on the litigation process.
 

Peter LeSar rejoins Thunderbird
   Mr. Peter LeSar, formerly head of business development at International Thunderbird, has rejoined Thunderbird in the same capacity after a two-year hiatus during which he successfully founded and acted as CEO of a venture-capital financed, Internet-based translation service company (www.ispeak.net). He has handed over the reins at iSpeak to pursue development with Thunderbird.  While previously at Thunderbird, Peter developed our project in Pt. Ordaz, Venezuela.  His bio can be found at www.thunderbirdgaming.com.
 

Puerto Ordaz expansion opens, receives award
    Thunderbird is pleased to announce that it has opened a 4,000 square foot expansion to the original 10,000 square foot casino in Puerto Ordaz, Venezuela on November 30th. Revenues have been strong since opening, with net win for December running more than 50% higher than for November, before the expansion opened. As our operation in Puerto Ordaz is in its first year, we do not know whether this revenue surge will be sustained in the New Year, or whether it is a seasonal spike.

  We are also pleased to announce that Fiesta Casino Guayana has been named “Business of the Year, 2001” for the State of Bolivar, Venezuela. The prize was issued by "Fedecamaras" (the commerce chamber's master association and the leading business association in the country). “Business of the Year” is an important prize for any company, and is even more exceptional for a multinational gaming company. as it is high public recognition of: 

    a) The positive image and transparency of our business; 
    b) Our contribution to the community as a good corporate citizen; and 
    c) The outstanding quality of our management team. The prize also clearly sets us apart from other gaming companies in the region.
 

Strong Fourth Quarter Revenues
    Thunderbird is pleased to announce that fourth quarter, 2001 revenues reflecting our proportional interest in properties in Mexico and Venezuela, are expected to exceed third quarter, 2001 revenues reflecting our proportional interests. This strength reflects strong results in Panama and Venezuela and has been achieved despite the closures, which we expect to be temporary, in Mexico.

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 www.thunderbirdgaming.com
 

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.