High River Gold Mines Ltd.
TSX : HRG

High River Gold Mines Ltd.

December 01, 2009 08:00 ET

High River Gold Announces Clearance of PIF in Connection With CDN$57 Million Financing

TORONTO, ONTARIO--(Marketwire - Dec. 1, 2009) - High River Gold Mines Ltd. ("High River" or the "Company")(TSX:HRG) announced today that the Toronto Stock Exchange (the "TSX") has received and cleared the Personal Information Form (the "PIF") in respect of Polenica Investments Limited ("Polenica") in connection with the previously announced proposed private placement (the "Private Placement") of 150,000,000 common shares of the Company (the "Shares") to Polenica, an affiliate of Troika Dialog Group.

As previously announced, the TSX has conditionally approved the Private Placement, which involves Polenica acquiring the Shares at a price of CDN$0.38 per Share for total proceeds of approximately CDN$57 million. Closing of the Private Placement is expected to occur on or about December 2, 2009.

About High River

High River is unhedged gold company with interests in producing mines and advanced exploration projects in Russia and Burkina Faso. Two producing mines, Zun-Holba and Irokinda, are situated in the Lake Baikal region of Russia. Two new open pit gold mines, Berezitovy in Russia and Taparko-Bouroum in Burkina Faso, are also in production. Finally, High River has two advanced exploration projects with NI 43-101 compliant resource estimates, the Bissa gold project in Burkina Faso and 50% interest in the Prognoz silver project in Russia.

FORWARD LOOKING INFORMATION

This release contains forward-looking statements. Wherever possible, words such as "intends", "expects", "scheduled", "estimates", "anticipates", "believes", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify these forward-looking statements. This news release includes forward-looking statements with respect to the proposed Private Placement. Although the forward-looking statements contained in this release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, High River cannot be certain that actual results will be consistent with these forward-looking statements. In addition to the risk that the Private Placement may not close on the terms disclosed in this news release, or at all, a number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause High River's actual results, event, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although High River has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this release, and High River assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law.

Contact Information

  • High River Gold Mines Ltd.
    Igor Klimanov
    CEO
    011 7 495 981 0910 ext. 6678
    Email: info@hrg.ca
    Website: www.hrg.ca