Fire River Gold Corp.

Fire River Gold Corp.

March 31, 2010 10:00 ET

Fire River Gold Corp. Announces Additional High Grade Gold Results From Nixon Fork Gold Mine, Alaska

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2010) - Fire River Gold Corp. (TSX VENTURE:FAU)(OTCQX:FVGCF)(FRANKFURT:FWR) -

  • Geological re-assessment work 35% complete; resource update Fall 2010
  • Significant Previously Undisclosed Results:
    • 3.5 opt (122 g/t) Au over 14 ft (4.4 m) in hole N08U023
    • 1.6 opt (54 g/t) Au over 3.3 ft (1.0 m) in hole N08U025
    • 1.8 opt (60 g/t) Au over 1.3 ft (0.4 m) in hole N08U026
    • 1.7 opt (57 g/t) Au over 3.6 ft (1.7 m) in hole N08U032
  • A section of hole N08U024 that yielded insignificant results in the original assaying produced a re-assay value of 4.0 opt (138 g/t) over 0.9 m.
  • Results pending for 79 additional holes

Fire River Gold Corp. ("FAU" or the "Company") is pleased to announce bonanza gold results (3.5 opt (121.6 g/t) over 4.4 m) from its ongoing geological re-evaluation program for the 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. All holes were drilled after the last mining campaign and are thus available for inclusion into an updated resource estimate, scheduled for release in the Fall of 2010. This news release covers 11 holes drilled in 2008, as shown in Table 1. Results for the remaining 79 holes will be released over the next few months as re-logging work is performed and intercept grades are verified through re-assaying select intervals.

Table 1: List of 7 Additional 2008 Drillholes and their Respective Significant Intercepts

      Width Au Grade  
Hole # From To (ft) (m) (opt) (g/t) Location
N08U021 26.0 29.0 9.8 3.0 0.5 18.3 3300
N08U023 12.5 16.9 14.4 4.4 3.5 121.6 3300
N08U023 33.7 37.0 10.8 3.3 0.4 12.9 3300
N08U024 29.9 30.8 3.0 0.9 0.2 6.4 3300
N08U024 36.0 38.2 7.2 2.2 0.4 14.6 3300
N08U025 14.0 26.6 41.3 12.6 0.3 8.9 3300
including 14.0 15.0 3.3 1.0 1.6 54.4 3300
including 26.1 26.6 1.6 0.5 1.0 32.9 3300
N08U26 28.7 29.1 1.3 0.4 1.8 60.2 3300
N08U27 14.0 17.8 12.5 3.8 0.3 11.2 3300
N08U32 82.3 83.4 3.6 1.1 1.7 57.4 3300

No significant intercepts were reported in holes N08U020, 022, 029, and 033. Re-sampled 2010 Check Assays are pending for Holes N08U028, 030, and 031, which will be included in a future news release for this program.

Quality Control
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.

Fire River Gold's re-sampling program of drill core from the 2008 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 pulp-duplicates can produce a high degree of variability in the results due to the "nugget effect" of gold mineralization that occurs at Nixon Fork. The comparison of original to check assays for these holes is shown in Table 2.

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 close agreement, especially for a comparison of field duplicate samples in a high-grade, coarse gold system.

Table 2: A Comparison of the Original to Check Assays for the 2008 Drilling.

Hole From To Length Au   From To Length Au
Number meters meters meters g/t   meters meters meters g/t
Intercept Averages from about 1 to 10 g/t            
N08U025 14.0 26.6 12.6 8.9   14.0 26.8 12.8 8.6
Intercept Averages from 10 to 30 g/t            
N08U021 26.0 29.0 3.0 18.3   26.8 29.9 3.1 15.6
N08U023 33.7 37.0 3.3 12.9   33.8 37.8 4.0 10.8
N08U024 36.0 38.2 2.2 14.6   36.0 38.1 2.1 8.2
N08U027 14.0 17.8 3.8 11.2   14.0 17.7 3.7 8.1
Intercept Averages greater than 30g/t            
N08U023 12.5 16.9 4.4 121.6   12.4 17.3 4.9 74.5
N08U025 14.0 15.0 1.0 54.4   13.6 14.6 1.0 76.1

Surprisingly, a 0.9 m section of hole N08U024 (from 16.8 m to 17.7 m) yielded insignificant results in the 2008 program, but yielded 138 g/t when assayed as part of this program.

Please refer to FAU's March 23rd news release, reporting the results from the first 19 holes of this program, for additional details 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 project is being managed by Richard Goodwin, P.Eng, VP Mining for Fire River Gold and the Qualified Person for this news release.

About Fire River Gold Corp.

Fire River Gold Corp. is a junior exploration/development company focused on developing 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 managers, public company administrators and regulatory and government affairs specialists. Fire River Gold is publicly traded in Canada on the TSX Venture Exchange (FAU), in Germany on the Frankfurt Exchange (FWR) and on the United States' OTCQX market tier (FVGCF). Fire River Gold is a member of the International Metals Group (IMG).

On behalf of the Board of Directors

Harry Barr
President & C.E.O.

Disclaimer: 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.

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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