High River Gold Mines Ltd.

High River Gold Mines Ltd.

July 17, 2007 17:08 ET

First Gold Pour at Taparko-Bouroum Announced by High River Gold

TORONTO, ONTARIO--(Marketwire - July 17, 2007) - High River Gold Mines Ltd. (TSX:HRG) ("High River" or "the Company") is pleased to announce that the first gold pour occurred today at the Taparko-Bouroum Gold Mine.

Gold was produced out of the gravity circuit. Ore has been processed on a regular basis for the past week. All systems, including the soft-rock crusher, conveyor, ball mill and leach circuit, are fully operational. Commercial Production, defined as 30 consecutive days of operation at 60% of planned capacity or better, is scheduled to be achieved in August.

Gold production for 2007 at the Taparko-Bouroum Gold Mine is expected to total approximately 60,000 ounces on a 100% basis (54,000 ounces attributable to High River). Mining of the open pits is well advanced with in excess of three months' supply of ore already stockpiled on the run-of-mine pad. Gold production for the first 12 months is planned to exceed 100,000 ounces, increasing to over 140,000 ounces in the third year of operation following the planned increase in mill capacity from 1 million to 1.5 million tonnes per year.

In commenting on this landmark occasion, Daniel Vanin, Executive Vice-President and Chief Operating Officer, stated: "I am extremely pleased to see the first results of all of the hard and diligent work of our excellent operating team at Taparko-Bouroum. We are looking forward to ramping up to full production levels in the very near future."

About High River

High River is currently constructing two open-pit gold mines which are scheduled to commence production this year, the Taparko-Bouroum Project in Burkina Faso and the Berezitovy Project in Russia (August/September). Annual gold production from Taparko-Bouroum is planned at 100,000 ounces for the first 12 months increasing to over 140,000 ounces in the third year of operation, and annual production from Berezitovy is expected to exceed 100,000 ounces. Combined with gold production from High River's 85%-owned Russian subsidiary, OJSC Buryatzoloto, High River's attributable unhedged gold production is expected to exceed 200,000 ounces in 2007, and 300,000 ounces in 2008. In addition, the Company has two advanced exploration projects, the Bissa Gold Project in Burkina Faso and the world-class Prognoz Silver Project in Russia. These projects are expected to significantly add to the Company's production profile in the future.

Forward Looking Statements - This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected. Risk and uncertainties about the Company's business are more fully discussed in the Management's Discussion and Analysis published in the Company's Annual Report and in the Annual Information Form.

Contact Information

  • High River Gold Mines Ltd.
    Dan Hrushewsky
    Vice President Investor Relations
    (416) 947-1440
    (416) 360-0010 (FAX)
    Email: info@hrg.ca
    Website: www.hrg.ca