High River Gold Mines Ltd.
TSX : HRG

High River Gold Mines Ltd.

November 16, 2008 23:59 ET

High River Gold Announces Late Filing of Interim Financial Statements

TORONTO, ONTARIO--(Marketwire - Nov. 16, 2008) - High River Gold Mines Ltd. ("High River" or the "Corporation") (TSX:HRG) announces that it will be filing its interim financial statements for the nine month period ended September 30, 2008 late due to concerns raised with the board of directors regarding the reliability of financial information that High River has received from its 85% owned subsidiary, OJSC Buryatzoloto. Buryatzoloto owns 100% of the Zun-Holba and Irokinda mines and the Novophirsovskoye and Chava Nickel properties. Although the board has not determined that such financial information is incorrect, the board has determined that these concerns require investigation before the interim financial statements can be approved. As such, the board intends to have its auditors carry out an audit or perform such other procedures in respect of its interim financial statements for the nine months ended September 30, 2008 that will give the board the comfort that it requires to approve such statements. High River anticipates that the interim financial statements will be filed by prior to the end of the 2008.

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 order that prohibits certain directors and officers of the Company from trading in securities of High River for so long as the interim financial statements are not filed. The issuance of such cease trade order 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 Ontario Securities Commission Policy 57-603 - Defaults by Reporting Issuers in Complying with Financial Statement Filing Requirements 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 interim financial statements are not filed. In the event that the cease trade order is limited to management and the interim financial statements are not filed by January 14, 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 an interest 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
    Fax: (416) 360-0010
    Email: info@hrg.ca
    Website: www.hrg.ca