PARK CITY, Utah – Nov. 11 – American Skiing Company (OTC: AESK - News) has announced that it has extended the expiration date for its tender offer for its 12% Senior Subordinated Notes due 2006 from 12:00 a.m., New York City time, on November 8, 2004 until 5:00 p.m., New York City time, on November 12, 2004.

As of the close of business on Monday, November 8, 2004, American Skiing Company had received tenders pursuant to the tender offer for approximately $118,500,000 of its 12% Senior Subordinated Notes due 2006.

The tender offer commenced on October 12, 2004 and will now expire at 5:00 p.m., New York City time, on November 12, 2004, unless further extended. Closing of the tender offer is subject to: (i) the consummation of any necessary debt financing to fund the total consideration for the Notes and to refinance the existing credit facility of American Skiing Company and (ii) certain other customary conditions.

This news release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The offer is being made only by reference to the Offer to Purchase and Consent Solicitation Statement and related applicable Consent and Letter of Transmittal dated October 12, 2004. Copies of documents may be obtained from Georgeson Shareholder Communications, Inc., the Information Agent, at (212) 440-9800 or toll-free at (888) 264-6999.

Headquartered in Park City, Utah, American Skiing Company (OTC: AESK - News) is one of the largest operators of alpine ski, snowboard and golf resorts in the United States. Its resorts include Killington and Mount Snow in Vermont; Sunday River and Sugarloaf/USA in Maine; Attitash Bear Peak in New Hampshire; Steamboat in Colorado; and The Canyons in Utah. More information is available on American Skiing Company's Web site, http://www.peaks.com.

Contact:
Georgeson Shareholder Communications
888-264-6999

David Hirasawa
Investor and Media Communications
435-615-0396