Thunderbird Announces Change of Auditors; Update on Costa Rica andPhilippines and Proposed Full Year 2008 Release Date

PANAMA CITY, REPUBLIC OF PANAMA -- (MARKET WIRE) -- 03/23/09 --
Thunderbird Resorts Inc. (CNSX: TBI.U)(FRANKFURT: 4TR)(EURONEXT:
TBIRD) today reported the following:
 
Change of Auditors
 
The Company announces a change of its public company auditor from
Grant Thornton LLP in Canada to Grant Thornton UK LLP, which is
currently performing our full year 2008 consolidated audit. This
change is based on the fact that the Company is now a "Designated
Foreign Issuer" under Canadian securities laws which allow the
Company to file its audited financial statements under International
Foreign Reporting Standards ("IFRS") as opposed to requiring the
Company to file under both IFRS and Canadian GAAP.
 
CNSX Monthly Form 7 Progress Reports
 
The Company has historically filed a monthly "Form 7 Monthly Progress
Report" on the Canadian National Stock Exchange on the fifth business
day of each month for the preceding month (these filed forms can be
found at www.cnsx.ca under trade symbol: TBI.U). This Monthly
Progress Report discloses the Company's previous month's unaudited
revenue, and it also covers certain changes in management activities,
debt and any change in issued capital. The next Monthly Progress
Report will be filed by April 7, 2009.
 
Costa Rica and Philippines:
 
The Company previously announced a decree by the executive branch of
the Costa Rica government (limiting new casinos to one slot machine
per room and one table game per ten rooms at the associated hotel and
limiting hours of operation to 12 hours), that caused the Company to
reevaluate the plan for the Tres Rios and Escazu projects. The Costa
Rica executive branch announced a delay until May 2009 to implement
the section of the decree concerning hours of operation; however, the
other portion of the decree concerning slot machine/hotel room ratio
limit is now in effect. The government has announced it is studying
the operating hour limitation in light of well publicized concerns
that the limitation to 12 hours of operation will have an adverse
effect on the job market in San Jose.
 
The Company previously announced that the expansions of the Fiesta
Casino and Resort at Rizal, Philippines and the Fiesta Casino at Poro
Point, Philippines would be completed in the first quarter of 2009.
Due to delays in securing the complete financing for each of the
projects, the completion date for both is now scheduled for the third
quarter of 2009 subject to financing.
 
Full Year 2008 Financial Results and Conference Call
 
The Company will issue its full year 2008 financial results and will
host a conference call to discuss the results by April 30 2009. The
Company will issue a press release prior to the conference call with
instructions on how to dial in to listen to the call or to
participate.
 
Thunderbird Resorts is focused on being the most successful
recreational property developer and operator in each of our markets
by creating genuine value for the community, our employees and
shareholders. We achieve this mission by offering customers dynamic,
themed and integrated resort venues anchored by casinos. Additional
information about the Company is available on its World Wide Web site
at www.thunderbirdresorts.com.
 
Cautionary Notice: This release contains certain forward-looking
statements within the meaning of the securities laws and regulations
of various international, federal, and state jurisdictions. 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 NYSE Euronext,
the CNSX and other regulatory authorities.
 
Contacts:
Thunderbird Resorts Inc.
Kevin McDonald
Investor Relations
(858) 668-2503
 
Thunderbird Resorts Inc.
Michael G. Fox
Chief Financial Officer
Email: info@thunderbirdresorts.com
Website: www.thunderbirdresorts.com
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.