High River Gold Mines Ltd.
TSX : HRG

High River Gold Mines Ltd.

July 04, 2011 07:40 ET

High River Announces the Granting of Mining License for Bissa Gold Project and Changes to the Board of Directors

TORONTO, ONTARIO--(Marketwire - July 4, 2011) - High River Gold Mines Ltd. (TSX:HRG) ("High River" or the "Company") announces that its 90% indirect subsidiary in Burkina Faso, Bissa Gold S.A. ("Bissa Gold") has been granted the mining license for Bissa gold project by the governmental authorities of Burkina Faso. The term of the license is 20 years with a renewal possibility. High River anticipates the mine construction at the Bissa project to commence before the end of 2011.

High River also announces the appointment of Sergey Stepanov as Director of the Company. Mr. Stepanov was elected to the Board of Directors of the Company by the shareholders on the annual general meeting of shareholders of High River held on June 30, 2011 and replaced Igor Klimanov as Director of the Company.

Mr. Stepanov currently holds the position of Chief Operating Officer at Severstal Gold LLC, a subsidiary of OAO Severstal. OAO Severstal is one of the world's leading integrated steel and mining companies with listings in Russia and on the London Stock Exchange. Mr. Stepanov has previously held the positions of Chief Operating Officer and Director of OJSC Vorkutaugol (main coal producing subsidiary of OAO Severstal). Prior to that, he held a position of the Chief of Staff at SUAL Holding. He graduated from Moscow State University with a bachelor of economics degree in 1998 and a magister of economics degree in 2000. Mr. Stepanov is fluent in English and in French.

About High River

High River is an unhedged gold company with interests in producing mines and advanced exploration projects in Russia and Burkina Faso. Two underground mines, Zun-Holba and Irokinda, are situated in the Lake Baikal region of Russia. Two open pit gold mines, Berezitovy in Russia and Taparko-Bouroum in Burkina Faso, are also in production. Finally, High River has a 90% interest in a development project, the Bissa gold project in Burkina Faso, and a 50% interest in an advanced exploration project with NI 43-101 compliant resource estimates, the Prognoz silver project in Russia.

FORWARD LOOKING INFORMATION

This release and subsequent oral statements made by and on behalf of the Company may contain 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. 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. 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, events, 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, including those risk factors discussed in the Company's 2010 Annual Information Form. 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.

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