Fire River Gold Corp.
TSX VENTURE : FAU
OTCQX : FVGCF
FRANKFURT : FWR

Fire River Gold Corp.

August 19, 2010 09:00 ET

Fire River Gold Announces 215 g/t (6.27 opt) Gold Over 0.2 m (0.7 ft) At the Nixon Fork Gold Mine, Alaska

- 215 g/t (6.27 opt) gold over 0.2 m (0.7 ft) in hole N07U072

- 29 g/t (0.85 opt) gold over 1.0 m (3.3 ft) in hole N07U072

- 65 g/t (1.9 opt) gold over 0.5 m (1.6 ft) in hole N07U076

- Results pending for 9 additional underground holes and 7 additional surface holes

- Geological re-assessment work complete for 2007 and 2008 drill holes

- 2010 surface drill program of up to 28,000 metres has commenced

- Resource update Fall 2010

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 19, 2010) - Fire River Gold Corp. (TSX VENTURE:FAU)(OTCQX:FVGCF)(FRANKFURT:FWR) ("FAU" or the "Company") continues to announce high grade assay results from its Nixon Fork Gold Mine in Alaska. The Company has received assay results and completed careful review of holes 70 through 76 completed in 2007 (N07U070 to N07U076). New significant intercepts include N07U076 returning grades of 65 g/t (1.9 opt) gold over 0.5 m (1.6 ft), N07U072 returning grades of 215 g/t (6.27 opt) gold over 0.2 m (0.7 ft) and 29 g/t (0.85 opt) over 1.0 m (3.3 ft) as part of the ongoing geological re-evaluation program for the Nixon Fork Gold Mine in Alaska. A complete list of significant intercepts is provided in Table 1 for these seven drill holes; it includes results of previously reported drill holes.

Table 1: Results from holes N07U070 to N07U076
Hole From To Length Length Au Au  
Number (metres) (metres) (feet) (metres) (opt) (gpt) Location 
N07U070 0.0 1.0 3.3 1.0 0.20 7 3300 Zone
N07U070 9.5 10.4 3.0 0.9 0.20 7 3300 Zone
N07U070 28.3 29.5 3.9 1.2 0.20 7 3300 Zone
N07U071 0.0 1.3 4.2 1.3 0.21 7 adjacent to 3300
N07U072 0.0 1.0 3.3 1.0 0.85 29 3300 Zone
N07U072 7.3 7.5 0.7 0.2 6.27 215 3300 Zone
N07U073 NSI - - - - - adjacent to 3300
N07U074 29.0 31.0 6.6 2.0 0.20 7 3300 Zone
N07U075 NSI - - - - - adjacent to 3300
N07U076 2.0 2.5 1.6 0.5 1.90 65 3300 Zone

During 2007 and 2008, the previous operator completed 9400 metres from mostly underground drill stations in 110 holes. The results for these holes were not reported by that operator and have never been included in a resource assessment of the mine. The geologic evaluation (re-logging) of the 9400 metres is complete.

To view the Nixon Fork Mining Camp, please visit the following link:

http://www.firerivergold.com/s/NewsReleases.asp?ReportID=415081

Relogging and sampling of the 2007 and 2008 drill core has been completed. Geologic work is now focusing on selected zones from the pre-2007 core library, particularly in areas of favourable targets and mineralization. Work has also begin on a new resource estimate scheduled for completion by Fall of 2010.

Other near term tasks that have begun are underground mapping and sampling with particular emphasis on fault and fracture zones. As previously announced on July 27th, 2010, a diamond drill program of up to 28,000 metres has commenced at its Nixon Fork Gold Mine. Drilling is commencing on surface targets, particularly lateral or down plunge extensions of known mineralized zones which have the potential to provide additional resources to the mill. These types of targets include the Whalen, North Star, Mystery, Southern Cross, and J5A.

Following the Company's surface program, underground drilling will begin within the Crystal decline. The drill program is designed to expand resources, particularly in the area of the 3300 zone, as well as test three to four prospective zones.

Table 2. A comparison of the Original 2007 assays with the check assays from 2010
(field duplicates).
 
ORIGINAL ASSAYS   CHECK ASSAYS
  Field Duplicates
Hole From To Length Au   From To Length Au
Number (metres) (metres) (metres) (gpt)   (metres) (metres) (metres) (gpt)
N07U070 9.5 10.4 0.9 7   9.4 10.4 1.0 14
N07U072 0.0 1.0 1.0 29   0.0 1.0 1.0 0.4
N07U072 7.3 7.5 0.2 215   7.3 7.5 0.2 224
N07U074 29.0 31.0 2.0 7   29.0 31.0 2.0 12
N07U076 2.0 2.5 0.5 65   2.2 2.6 0.4 76

The Nixon Fork Gold Mine produced significant bi-product copper and silver. Until the closure of the mine in 2007, reported copper production was 1.27 million lbs and silver production was 19,566 ounces from 106,137 tonnes mined. Historic recovered grades are about 0.6% for copper and 0.18 opt for silver.

The project is being managed by Richard Goodwin, P.Eng, VP Mining for Fire River Gold and is the Qualified Person for this news release.

About Fire River Gold Corp.

Fire River Gold Corp. is a near term production company with an experienced technical team focused on bringing its flagship project, the Nixon Fork Gold Mine, back into production within the next 12 months. The Nixon Fork Gold Mine is a fully permitted and bonded mine with past production values averaging 1.4 opt (42 gpt). Facilities at the Nixon Fork Gold Mine include a 200 tpd flotation plant with a gravity gold separation circuit and a sulphide flotation circuit. In 2008, a CIL gold leaching circuit was purchased and approximately 60% installed. The mine also includes a fleet of mining vehicles, a self-contained power plant, maintenance facilities, drilling equipment, an 85 person camp, office facilities and a 1.5 km long landing strip.

In July 2010 FAU announced a diamond drill program of up to 28,000 metres initially focusing on surface targets, particularly of known mineralized zones which have the potential to provide additional resources to the mill. The underground drill program is designed to expand resources, particularly in the area of the 3300 zone, as well as test three to four prospective zones. Nixon Fork is located within Alaska's Tintina Gold Belt, which hosts numerous world class deposits. Fire River Gold Corp is a member of the International Metals Group.

To view the 2010 Drill Location Map, please visit the following link:

http://www.firerivergold.com/s/NewsReleases.asp?ReportID=415081

On behalf of the Board of Directors, I look forward to keeping you updated with our corporate developments.

Harry Barr, President and C.E.O.

Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable. 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbour.

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