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

Fire River Gold Corp.

April 20, 2010 09:01 ET

Fire River Gold Announces High Grade Gold Results Nixon Fork Gold Mine, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 20, 2010) - Fire River Gold Corp. (TSX VENTURE:FAU)(OTCQX:FVGCF)(FRANKFURT:FWR) -

  • Significant Previously Undisclosed Results:
    • 0.79 opt (27.12 g/t) Gold over 30.2 ft (9.2 m) in hole N07U024
    • 0.76 opt (26.18 g/t) Gold over 10.8 ft (3.3 m) in hole N07U022
  • Results pending for 84 additional underground holes
  • Results pending for 7 additional surface holes
  • Geological re-assessment work 50% complete; resource update Fall 2010

Fire River Gold Corp. ("FAU" or the "Company") is pleased to announce further additional high grade results of 0.79 opt (27.12 g/t) over 30.2 ft (9.2 metres) for the ongoing re-evaluation program from its 100% owned Nixon Fork Gold Mine Project in Alaska. In the years 2007 to 2008, the former operator drilled 9400 metres in 110 holes, the results of which have never been previously disclosed to the public. This release is the first reporting of relogging and sampling of drill holes completed in 2007. Eighty Four (84) additional drillholes completed underground from 2007 have assays pending or are pending QAQC evaluation and will be the subject of future releasesIn addition, seven (7) surface holes are in the process of relogging and sampling.

Because the 2007 and 2008 results were not formerly reported, a careful review of all quality control and quality assurance procedures used by the former operator was initiated. Original check assays from the 2007 drill program were not documented, however it is clear that certified standards were used. In 2008, approximately 50% of the certified standards failed, however most of those standards failed on the low side. The re-sampling by FAU geologists is a check of the original assay results.

FAU's re‐sampling program of drill core from the 2007 drilling at Nixon Fork is essentially a modified field duplicate exercise. The remaining half‐cores were fully analyzed except in rare cases where quarter‐cores were used.

Sampling of core‐duplicates as compared to FAU's pulp‐duplicates can produce a high degree of variability in the results due to the ʺnugget effectʺ of gold mineralization that occurs at Nixon Fork. This nugget effect was clearly evident in the bonanza grades reported for the 2008 drilling. Every effort has been made to replicate the previous sample intervals unless a previous sample crossed a lithological or mineralized boundary. In these cases the new 2010 samples were terminated at such boundaries.

The differences in lengths of the intervals may account for some of the variability in gold grades. In general, the assays are in conformity, especially for a comparison of field duplicate samples in a high‐grade, coarse gold system.

Table 1 illustrates the significant intercepts for drill holes relogged and sampled during this program. All drill holes were completed in the Crystal decline around the 3300 zone around the 220 level.

Table 2 illustrates a comparison of the 2010 reassay field duplicate samples. In general, the results match up very well.

Table 1: List of 5 Drillholes Completed in 2007

Hole From To Length Length Au Au Location
Number (metres) (metres) (metres) (feet) (opt) (gpt)  
N07U022 31.00 39.00 8.00 26.25 0.46 15.71 3300 zone
including 31.00 33.00 2.00 6.56 1.45 49.83  
N07U022 45.20 48.50 3.30 10.83 0.76 26.18 3300 zone
N07U023 32.00 37.00 5.00 16.40 0.21 7.09 3300 zone
N07U024 36.80 46.00 9.20 30.18 0.79 27.12 3300 zone
N07U028 69.00 82.00 13.00 42.65 0.38 13.02 3300 zone
including 76.00 77.00 1.00 3.28 1.43 48.90  
including 80.50 82.00 1.50 4.92 1.46 49.90  

Table 2: A Comparison of the Original to Check Assays for the 2007 Drilling

ORIGINAL ASSAYS   CHECK ASSAYS
  Field Duplicates
Hole From To Length Au   From To Length Au
Number (metres) (metres) (metres) (gpt)   (metres) (metres) (metres) (gpt)
N07U022 31.00 39.00 8.00 15.71   31.00 37.80 6.80 15.31
including 31.00 33.00 2.00 49.83   31.00 31.70 0.70 68.10
including - - - -   37.00 37.80 0.80 49.60
N07U022 45.20 48.50 3.30 26.18   45.20 48.50 3.30 24.59
N07U023 32.00 37.00 5.00 7.09   32.00 37.00 5.00 27.33
N07U024 36.80 46.00 9.20 27.12   36.80 46.00 9.20 35.36
N07U028 69.00 82.00 13.00 13.02   69.80 82.10 12.30 25.40
including 76.00 77.00 1.00 48.90   69.80 70.40 0.60 347.00
including 80.50 82.00 1.50 49.90   81.20 82.10 0.90 67.60

Relogging and sampling of the historic core is of critical importance to understanding the controls of gold mineralization as well as gaining confidence in the high grades. The differences in grades shown are typical of high grade, gold deposits with a significant nugget distribution.

For additional details, please refer to FAU's March 23rd and March 31st press releases, reporting the results from the first 33 holes of this program for on the project and the geological re-assessment program, including historic site production, a description of the deposits, additional information on the QA/QC measures, and a description of our planned 2010 exploration drilling program.

The Nixon Fork project produced significant bi-product copper and silver. Up to 2007, with the mines closure, copper production was 1,273,066 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 junior exploration/development company focused on advanced stage gold projects in North America. The Company's team of professionals includes dedicated senior management, geologists, engineers, corporate finance, investor relations experts, corporate management, public company administrators and regulatory and government affairs specialists. Fire River's flagship property is the Nixon Fork Gold Mine, located within Alaska's Tintina Gold Belt, host to numerous world class deposits. Fire River Gold is a member of the International Metals Group (www.internationalmetalsgroup.com).

On behalf of the Board of Directors

Harry Barr
President & 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.

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.

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