Mountain China Resorts (Holding) Limited Announces Extension of Time Period for Offer to Shareholders

BEIJING, CHINA–(Marketwire – Nov. 30, 2010) –

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Mountain China Resorts (Holding) Limited (TSX VENTURE:MCG) (“MCR” or the “Company”) is pleased to announce that it has extended the time period for accepting subscriptions from its existing shareholders who are “accredited investors” to participate in the previously announced offering of up to an aggregate of $2,000,000 (the “Offering”) of convertible bonds (the “Convertible Bonds”) on substantially the same terms as those provided to Century Zone Limited. The general terms of such Convertible Bonds include a two year term, an interest rate of LIBOR + 3% and a conversion price of $0.12. Existing shareholders of the Company have been mailed documents containing further details relating to the subscription for such Convertible Bonds. MCR anticipates completing the Offering on or about December 23, 2010, and as such, will require completed documentation from any shareholders who wish to participate as soon as possible and in any event prior to December 21, 2010. Closing of the Offering is subject to certain conditions, including conditional listing approval of the TSXV.

The gross proceeds from the Offering will be used to provide working capital to the Company and to fund the continuing operations of MCR’s Sun Mountain Yabuli Resort.

About MCR

MCR is the premier developer of four season destination ski resorts in China. MCR is transforming existing China ski properties into world-class, four seasons luxury mountain resorts with excellent real estate investment opportunities for discerning buyers. In February 2009, the Company’s Sun Mountain Yabuli Resort was awarded Best Resort Makeover in Asia by TIME Magazine. Yabuli is also the permanent home of the China Entrepreneur’s Forum the leading and most influential community of China’s most distinguished and successful entrepreneurs and business leaders with over 5,000 members from across a variety of key industries.

FORWARD LOOKING INFORMATION

Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws, and actual results may vary from the forward-looking information. Implicit in this information are assumptions regarding future operations, plans, expectations, anticipations, estimates and intentions, such as the plans to develop the ski resorts in China, the use of proceeds from the Offering and the timing of completion of additional subscriptions pursuant to the Offering. These assumptions, although considered reasonable by MCR at the time of preparation, may prove to be incorrect. Readers are cautioned that actual future operating results and economic performance of MCR are subject to a number of risks and uncertainties, including general economic, market and business conditions, uncertainty relating to land use rights, adverse industry events for the ski and real estate industries, MCR’s ability to make and integrate acquisitions, the requirements of recent Chinese regulations relating to cross-border mergers and acquisitions, the inability to obtain required approvals or approvals may be subject to conditions that are unacceptable to the parties, changing industry and government regulation, as well as MCR’s ability to implement its business strategies, dispose of assets or raise sufficient capital, seasonality, weather conditions, competition, currency fluctuations and other risks, and could differ materially from what is currently expected as set out above.

Forward-looking information contained in this press release is based on current estimates, expectations and projections, which MCR believes are reasonable as of the date of this press release. MCR uses forward-looking statements because it believes such statements provide useful information with respect to the operation and financial performance of MCR, and cautions readers that the information may not be appropriate for other purposes. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While MCR may elect to, it does not undertake to update this information at any particular time.

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