High River Gold Mines Ltd.
TSX : HRG

High River Gold Mines Ltd.

March 31, 2009 17:16 ET

High River Gold Announces Late Filing of Annual Filings

TORONTO, ONTARIO--(Marketwire - March 31, 2009) - High River Gold Mines Ltd. (TSX:HRG)("High River" or the "Company") announces that it will be filing its audited financial statements, management's discussion and analysis, annual information form and related CEO and CFO certifications for the year ended December 31, 2008 (the "Annual Filings") late due to concerns regarding production numbers received by the Company from its 99% owned subsidiary, Berezitovy Rudnik LLC ("Berezitovy"). Berezitovy owns 100% of the Berezitovy Mine in the Amur Region, Russia. Although the board of directors has not determined that the production numbers are inaccurate, a management investigation into these concerns is being conducted and board approval of the Annual Filings will not be provided until such investigation has been concluded. High River anticipates that the Annual Filings will be filed prior to May 31, 2009.

As a result of the delay in filing, High River will be requesting that the Ontario Securities Commission and other Canadian securities regulatory authorities issue a temporary management cease trade order ("MCTO") that prohibits certain directors and officers of the Company from trading in securities of High River for so long as the Annual Filings are not filed. The issuance of such MCTO would generally not affect the ability of persons who have not been directors or officers of High River to trade in their securities. However, in its discretion, the Ontario Securities Commission may determine that it would be appropriate to issue an issuer cease trade order affecting all of High River's securities.

High River intends to provide information in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults with respect to further developments in respect of this matter promptly following their occurrence, including the issuance of bi-weekly status update reports for so long as the Annual Filings are not filed. In the event that the cease trade order is limited to management and the Annual Filings are not filed by May 31, 2009 or bi-weekly status update reports are not filed on a timely basis, the Canadian securities regulatory authorities may impose an issuer cease trade order on the outstanding securities of High River.

About High River

High River is a gold company with interests in producing mines, mines under development, and advanced exploration projects in Burkina Faso and Russia.

FORWARD LOOKING STATEMENTS

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, 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.
    Dan Hrushewsky
    Vice President Investor Relations
    (416) 947-1440
    (416) 360-0010 (FAX)
    info@hrg.ca
    www.hrg.ca