Fire River Gold Corp.
TSX VENTURE : FAU

Fire River Gold Corp.

November 16, 2009 13:36 ET

Fire River Gold Corp. Joins AGORACOM and Launches Online IR and Marketing Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 16, 2009) - Fire River Gold Corp. ("FAU" "Fire River Gold") (TSX VENTURE:FAU) is pleased to announce it has retained the services of AGORACOM Investor Relations ("AGORACOM") (http://www.agoracom.com) to provide online investor relations services, a Web 2.0 social network for current shareholders and Tier-1 awareness through the world's biggest websites for the purpose of attracting new shareholders.

ONLINE INVESTOR RELATIONS MAXIMIZES SPEED, TRANSPARENCY AND ACCESS TO COMPANY

In response to overwhelming data representing the online research and communications habits of small-cap investors, Fire River Gold has turned the primary focus of its investor relations to the web via the AGORACOM system to facilitate faster, better and more accessible communications with both current and prospective shareholders around the world.

Effective immediately, a customized and monitored Fire River Gold IR HUB will be available on AGORACOM at (http://agoracom.com/ir/fireriver). The IR HUB will allow FAU to communicate with all investors simultaneously, anytime and in near real-time. This HUB will provide FAU Management with the ability to extend communications beyond text via audio messages, video presentations, webcasts and podcasts. In addition to traditional e-mail, investors will also have the ability to receive all communications via RSS feed.

THE "AGORACOM 100"

On January 19th, AGORACOM launched a Canadian TV, web and search engine marketing campaign to drive small-cap investors to the "AGORACOM 100", an elite and exclusive group of great Canadian small-cap companies in which FAU will be included. This marketing campaign will target main stream media including daily spots on BNN, CNBC TV, Bloomberg TV, Globe & Mail's GlobeInvestor.com, Google, Yahoo!, MSN, AOL, Facebook, AGORACOM and an array of other Tier 1 properties.

LAUNCH OF FIRE RIVER COMMUNITY

The Fire River IR HUB propels the Company into the forefront of Web 2.0 community building by providing investors with two very important functions. First, a monitored discussion forum for the purposes of constructive and high-quality discussion amongst investors that is free of spam, profanity and misinformation. Second, a social network that provides investors with the ability to create extensive profiles that include photos, bios, video messages to fellow investors, a rating system and other important items to create a closer bond between our shareholders.

TIER-1 EXPOSURE AND AWARENESS

As an exclusive provider of "Small-Cap Centres - Powered by AGORACOM" to Globe Investor, Yahoo Finance Canada, AOL Finance Canada and every Blackberry device on the planet, AGORACOM will provide Tier-1 financial coverage of all newsworthy Fire River press releases for the purposes of attracting new and prospective shareholders.

Fire River Gold's CEO Harry Barr states, "I believe the time has now come to significantly increase our communications with our existing shareholders and the massive online small-cap community of investors that are part of AGORACOM's community. I strongly encourage our shareholders to begin taking advantage of our new online IR system, which demonstrates we are a fully accessible organization that want its shareholders and new investors to truly understand Fire River Gold Corp.'s objectives to become Alaska's newest gold producer through the Nixon Fork Gold Mine and to enhance shareholder value by timely and cost effective dissemination of Corporate information."

For all future FAU investor relations needs, investors are asked to visit our IR Hub at http://agoracom.com/ir/fireriver where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors.

The terms of the agreement are as follows: Duration - 12 months Monthly Cash Compensation - $6,000 plus GST with the option to renew for an additional 12 months. AGORACOM also wishes to disclose the ownership of 240,000 shares of Fire River Gold Corp.

About AGORACOM

AGORACOM Investor Relations (http://www.AgoracomIR.com) is North America's largest online investor relations firm for small-cap companies. We have partnered with the world's biggest internet companies, including Yahoo, Globe Investor, AOL, Google and Blackberry to market our clients to a massive audience of new small-cap investors. We have served over 300 companies since 1997.

AGORACOM Investor Relations has displaced the telephone and e-mail as primary IR communications devices. Our IR HUB delivers two-way investor relations in near real-time that is 24/7/365 accessible to shareholders around the world and goes far beyond text by offering both audio and video communications.

AGORACOM (http://www.Agoracom.com) is North America's only small-cap community built to serve the needs of serious small-cap and micro-cap investors. No rumours, profanity, stock bashing or hyping. Our traffic ranking is above the top 0.5% of all websites around the world.

About Fire River Gold Corp.

Fire River Gold Corp. completed its IPO at the end of May 2009 and is the newest member of the International Metals Group ("IMG"), (www.internationalmetalsgroup.com) giving it access to a well established team with over 100 years of experience working in Alaska. The primary focus of FAU is the exploration and development of gold projects in North America. The recently acquired Nixon Fork Gold Mine in Alaska has the potential to be a near term gold producer. The Company is presently negotiating additional advanced stage gold projects in North America. Management's objective is to make FAU a North American gold producer in the next 18 months.

Nixon Fork Project:

  • Near Term Gold-Copper-Silver Producer
  • Fully Constructed 200+ tpd Mill
  • Permitted and Bonded
  • Turn-key Mining-Milling Operation
  • Mine Fully Permitted and Bonded
  • Significant Exploration Upside

On August 13, 2009, FAU exercised its option to purchase a 100% interest in Mystery Creek Resources, Inc. (MCR), a wholly owned Alaskan subsidiary of Pacific North West Capital Corp. ("PFN") (PFN:TSX). MCR controls the Nixon Fork Gold mine in Alaska, a formerly producing high-grade gold mine, which has produced approx 145,000 ounces.

Under the terms of the Agreement, FAU paid PFN US$50,000 on signing of the letter agreement, and upon receipt of all necessary approvals, FAU will pay a further US$450,000 over a six (6) month period and a total of US$2.5 million in FAU shares at a deemed price of $0.45 per share. In addition, FAU issued PFN one (1) million share purchase warrants at an exercise price of $0.50 for a period of 24 months from the date of issue. FAU is also to refund all expenses incurred by PFN from May 1st 2009 until the finalisation of this transaction which will not exceed CDN$1,250,000.

Nixon Fork Production History

Nevada Goldfields Inc. (NGI) constructed and operated the Nixon Fork Gold Mine high-grade underground gold mine from 1995-1998, recovering 137,749 ounces of gold and 2.1 million pounds of copper, with additional silver credits. The average production grade was 42 grams per tonne (gpt) of gold, with an average production cost of US$266 per ounce. NGI's profitable operation at Nixon funded the parent company Real del Monte's development projects in Mexico. The Mexico projects were not successful and as a consequence the Nixon Fork Mine was closed in 1999 due to the bankruptcy of Real del Monte.

St. Andrew Goldfields Ltd. (SAS) leased the mineral rights in 2003. From 2004 through 2008 approximately US$54 million was expended on upgrades to the processing facilities and mine infrastructure and new equipment. During 2007 - 2008, 9,381 meters of reserve-resource definition drilling was conducted, but an updated reserve-resource estimate was not completed. Limited production in 2007 resulted in recovery of 6,775 ounces of gold and 78,644 pounds of copper. The mine facility and camp was on care and maintenance from the fall of 2008 until March, 2009. PFN has reopened the camp and began the initial exploration and evaluation program and maintenance activities.

SAS commissioned Roscoe-Postle Associates of Toronto to complete NI 43-101 technical reports in 2003, 2005 and 2006, which reviewed the mineral reserve-resource of the property and completed a financial analysis of proposed mining operations. These reports are available from SAS reports filed on Sedar, technical report dated Oct. 4, 2006, (6.1 MB-98 pages).

Facilities at the Nixon Fork Gold Mine include a 200 tpd floatation plant with a gravity gold separation circuit, a sulphide floatation 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 1.5km long landing strip.

Mining and processing operations at Nixon Fork are fully permitted and bonded.

Mill Tailings Evaluation

The mill tailings from previous operations are being evaluated in consideration of reprocessing for recovery of the contained gold. SAS completed a study in 2004 which considered gold recovery in a CIL circuit, which they purchased and partially installed in 2007. Nevada Goldfields, the first operator of the Nixon Fork Mine produced an average head grade of approximately 43 grams per tonne and averaged 83% gold recovery. The SAS tailings study estimated between 120,000 and 150,000 tonnes of mill tailings are in place with a grade between 6 and 9.1 grams per tonne. FAU has completed 21 drillholes in the tailings area and has submitted 142 samples for assay and metallurgical work in an effort to confirm the results obtained by SAS. FAU expects to have results during the first quarter of 2010 and at that point will be able to make a production decision.

Exploration Upside Nixon Fork

As the last two operators of the project focused most of their financial efforts on underground development, the mine infrastructure, equipment, permitting and bonding, only a limited amount of their budget was spent on the exploration upside on the Nixon Fork project. However, several exploration targets are identified and FAU's Management plans to focus on these and other areas throughout the claim block with the objective of outlining new resources.

2009 Work Program

In May 2009 a CDN$1.25 million budget was allocated by PFN and is currently being completed by FAU with the objective of conducting a re-evaluation of mine reserves/resources, metallurgy, tailings production scenarios, financial analysis and updating the exploration plan going forward. Announcements regarding the objectives will be forthcoming.

Furthermore, the program focused on re-evaluating the previous geologic interpretation. The old drill-core is currently being re-logged in order to better define the relationship of mineralization to the associated igneous rocks, alteration patterns, and faulting.

Through this evaluation new drilling targets are being defined for the 2010 confirmation and exploration drilling program. Evaluation of the tailings reprocessing project is underway as well. The purpose of this program is to confirm previous sampling results and metallurgy. Drilling was completed in the tailings impound area and the results are currently being confirmed and reviewed.

For further information, please refer to FAU's news releases dated and June 29, 2009; August 13, 2009; North of 60 Mining News (Sept. 27, 2009) and the recent article written by The Northern Miner (Oct 26, 2009).

Golden Zone Project:

  • NI 43-101 compliant mineral resource
  • 14 targets are identified
  • 2009 program in progress
  • Excellent infrastructure, road access to property, 12 miles from major highway and railroad, power nearby

In an effort to continue to add to the Company's overall gold ounce bank and development schedule, on October 8, 2009, the Company has completed a formal option agreement ("FOA") on the Golden Zone Project with Hidefield Gold PLC and Mines Trust Company.

History Golden Zone

The Golden Zone Project is located 240 km north of Anchorage, Alaska on the south flank of the Alaska Range. The project is accessible by road, and is just 19 km from the Parks Highway, which connects Fairbanks and Anchorage. A fully self contained camp and work facility is on site.

The project is an advanced stage gold-copper-silver system with approximately 20,100 meters of drilling, extensive trenching, soil sampling grids, multiple geophysical surveys, and metallurgical samples collected from core and the underground workings in the main Breccia zone.

The project hosts several mineralization styles including an igneous rock hosted breccia pipe, several replacement zones of mineralization in calcareous rocks, and mineralization hosted in volcanoclastic rocks. The Breccia target is the most advanced and hosts the mineral resource and the 2009 exploration program will evaluate the possible extension on this mineralization. The Breccia is being evaluated as a possible open pit target. At least fourteen targets are identified within the 8000 hectare property and all have limited exploration work completed to date.

A technical report prepared by William Ellis for Fire River reports the mineral resource contained on the property and is available on Sedar's website.

Exploration Update

In October 2009, a US$250,000 2009 program was completed and consisted of a trenching and mapping program that assayed for gold silver and copper. The trenching was south of the Breccia Pipe Resource area toward the GAS Prospect and was designed to further investigate mineralization encountered in drillhole 6004, which was completed in 2006. Trenching in the Gas area uncovered extensive hornfels alteration and a strongly altered fault zone. Trench 4 in the Copper King area discovered hornfels at the contact with a quartz porphyry intrusive body. The hornfels contained copper staining and this target has not been previously drilled. Trenching in Long Creek area also uncovered previously unknown quartz porphyry intrusive bodies. Previous drill core was re-logged and samples were collected for assay from intervals not previously sampled. Geochemical samples have been submitted to ALS Chemex for gold and multi-element analyses and results are currently being confirmed and reviewed. For further information on the Golden Zone Project, please refer to FAU's news release dated October 8, 2009.

Draken Property

FAU has completed an initial Phase I work program consisting of surface exploration program, detailed rock sampling, mapping, rock chip sampling and metallic sieve analysis on selected samples and is continuing to move forward with the Phase I exploration on its 100% owned Draken Project. FAU is waiting for a report and analytical results. Please refer to www.firerivergold.com for further information on the Draken Property.

Kansas Creek Property

Management is currently re-evaluating the data on the Kansas Creek Property with the objective of outlining a Phase I exploration program. Management expects to have recommendations and the commencement of Phase I exploration program for the spring of 2010. For further information on the Kansas Creek Property, please refer to FAU's news release dated June 19, 2009.

Greg Myers, PhD., P.Geo., is the Qualified Person for this press release.

To view the photos and maps accompanying this press release, please visit the following link: http://www.firerivergold.com/s/NewsReleases.asp?ReportID=372222

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

Harry Barr
President & C.E.O.

Disclaimer: This news release may contain certain "forward-looking statements". All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and available at www.sedar.com or filed with the Canadian National Stock Exchange. Any forward-looking statements are not guarantees of the Company's future performance and are subject to risks and uncertainties that could cause actual results, developments, and business decisions to differ materially from those contemplated by any forward-looking statements. Except as required by law, the Company undertakes no obligation to update any forward-looking statements.

Neither the 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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