The Board of Directors of Glacier Ventures International Corp. ("Glacier") is pleased to announce that Glacier is acquiring 80 per cent of the shares of The Weyburn Review (1987) Ltd., which owns and operates a community newspaper and relating printing business in Weyburn, Saskatchewan. The transaction is scheduled to close August. 20, 2004.

The company publishes The Weyburn Review and the Weyburn and Area Booster. Glacier also acquired the real estate used by the publishing and printing operations.

Glacier is pleased that Darryl Ward, Patricia Ward and Kevin Bakken will continue to manage and retain an equity interest in the acquired newspapers and operations.

Strategically, the newspapers extend Glacier's reach of the Saskatchewan advertising market. Glacier's agricultural publications (The Western Producer, Manitoba Co-operator, Grainews, Country Guide, Country Guide Ontario, Canola Guide, Canadian Cattlemen, Wheat, Oats & Barley, Big Dealer, Alberta Express, Disease, Weeds & Insects, Corn & Soy Bean Guide and related specialty publications) cover a large base of readers across Western Canada but mainly service larger regional, national and multinational agricultural advertisers. The community newspapers acquired further extend Glacier's reach into the local and regional diversified advertising and reader market of Saskatchewan.

Glacier's weekly newspaper publications in Saskatchewan and Manitoba now have a combined distribution of over 190,000.

The community newspapers in the Glacier Group are the primary source of news and information for the communities they serve. As such, the publications fit with Glacier's strategy of acquiring and building information communications businesses that provide essential information and related services.

With the acquisition, Glacier's group of newspaper and magazine publications now have a combined distribution of more than 530,000 across western Canada.

Shares in Glacier are traded on the Toronto Stock Exchange under the symbol GVC.