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

Fire River Gold Corp.

September 22, 2010 12:32 ET

Fire River Gold Announces High-Grade Results From Whalen Zone Nixon Fork Gold Mine, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 22, 2010) - Fire River Gold Corp. (TSX VENTURE:FAU)(OTCQX:FVGCF)(FRANKFURT:FWR) -

  • 12 g/t (0.35 opt) gold over 15.5 m (50.8 ft) in hole N07007
    • including 85 g/t (2.48 opt) gold over 1.0 m (3.3 ft)
  • Re-evaluation program now complete
  • 28,000 metre surface/underground drill program in progress
  • 2010/11 surface/underground drill program has commenced
  • Resource update Fall 2010
  • Whalen Zone represents NEW area for further exploration

Fire River Gold Corp. ("FAU" or the "Company") is pleased to announce high grade results at the Whalen Zone from the recently completed re-evaluation program at the Nixon Fork Gold Mine Project (http://www.firerivergold.com/s/NixonFork.asp) in Alaska.

"We are excited about the Whalen Zone as this represents a completely new area for further exploration and potential mining." Harry Barr President and CEO.

The Company has received assay results and completed careful review of holes one through seven completed in 2007 (N07001 to N07007). Significant intercepts include N07U007 returning a high grade intercept of 12 g/t (0.35 opt) gold over 15.5 metres (50.8 ft) including 85 g/t (2.48 opt) gold over 1.0 metre (3.3 ft). A complete list of significant intercepts is provided in Table 1 and it includes results of previously reported drill holes.

Historical
Whalen
Drillholes
Intercept
Width
Metric Imperial
Hole # From
(m)
To
(m)
Width
(m)
Grade
(g/t)
Width
(ft)
Grade
(opt)
N98-18 26.7 29.6 2.9 21 9.5 0.61
N90-64 72.4 73.8 1.4 26 4.6 0.76
N96-48 51.5 54.2 2.7 27 8.9 0.79
N96-49 73.8 75.0 1.2 65 3.9 1.90
  84.2 85.5 1.3 37 4.3 1.208
N97-24 95.5 99.6 4.1 44 13.4 1.28
N97-29 69.5 71.6 2.1 35 6.9 1.02
N97-30 71.8 73.4 1.6 29 5.2 0.85
Significant
2007
Drillholes
Intercept
Width
Metric Imperial
Hole # From
(m)
To
(m)
Width
(m)
Grade
(g/t)
Width
(ft)
Grade
(opt)
N07001 80.1 87.9 7.8 5 25.6 0.15
Including 80.1 81.3 1.2 25 3.9 0.73
  91.1 93.3 2.2 8 7.2 0.23
  98.8 101.6 2.8 9 9.2 0.26
N07007 32.5 48.0 15.5 12 50.8 0.35
Including 45.0 46.0 1.0 85 3.3 2.48

In 2007 the former operator specifically targeted the Whalen Zone and drilled 726.1 metres (2,381.6 ft) in seven surface holes, to confirm historical drill hole results and explore for additional mineralization. The results of which have never been previously disclosed to the public. Surface drilling specifically targeted the Whalen Glory Hole resource which was mined historically from 1921 to 1923 and was reported to have produced 7,400 tonnes of ore at a grades ranging from 47 g/t to 109 g/t (1.37 opt – 3.18 opt) on average with ore reaching a maximum of 277 g/t (8.08 opt) (results are compiled from historical mining and mill records).

NOTE: References made to historic mineral resource estimates are not NI 43-101 compliant and should not be relied upon and Fire River Gold does not treat them as current mineral resources.

This press release is reporting the results of re-logging and sampling of drill holes conducted in 2010. Due to the 2007 and 2008 results not being formerly reported, a careful review was initiated by FAU to review all quality control and quality assurance procedures used by the former operator.

To view "Schematic geometry of the granodiorite contact at the Whalen Glory Hole View is to the northeast projected from beneath the Surface", please click the following link: http://www.firerivergold.com/s/NewsReleases.asp?ReportID=419981

Re-logging 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 website: www.firerivergold.com under news, which include the results from the first 33 holes, the geological re-assessment program, 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 mineral resource estimate for 2005 (modified after Wallis et. Al.,2005) for the Whalen is an Inferred Resource of 14,000 Tonnes at a grade of 32.4 g/t for a total of 31,200 ounces gold. There has been insufficient exploration by the company to define a mineral resource at this time and it is uncertain if further exploration will result in the deposit being delineated as a mineral resource. In all respects, FAU is treating the mineral deposit on the property as an exploration target and not relying on prior estimates prepared for prior operators.

To view "2010/2011 Drill Location Map", please click the following link: http://www.firerivergold.com/s/NewsReleases.asp?ReportID=419981

Objectives About 2010/11 Drill Program

As previously announced on July 27th, 2010 (http://media3.marketwire.com/r/July272010release), and September 7th 2010 (http://media3.marketwire.com/r/September72010release), a diamond drill program of up to 28,000 metres has commenced at its Nixon Fork Gold Mine. The surface program will test to expand six known zones of mineralization which have the potential to provide additional resources to the mill. The underground portion of the drill program will focus on expanding resources, particularly in the 3300 Zone, 3500, 3100, as well as other prospective zones.

To view "Fire River Gold Nixon Fork Mine Proposed Underground Drilling 385 Level", please click the following link: http://www.firerivergold.com/s/NewsReleases.asp?ReportID=419981

The early performance of the drill crews has prompted the Company to seek out and purchase a second unit and expand the mining department to accommodate four shifts of drilling per day. At present, the mine has a staff of nine mine workers, which will be expanded to accommodate this program.

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 (http://www.firerivergold.com/s/NixonFork.asp) 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. Fire River Gold Corp is a member of the International Metals Group (http://www.internationalmetalsgroup.com/).

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

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. We seek safe harbour.

The TSX Venture Exchange or its Regulation Services Provider have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

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