High River Gold Mines Ltd.
TSX : HRG

High River Gold Mines Ltd.

April 14, 2009 18:10 ET

High River Gold First Default Status Report

TORONTO, ONTARIO--(Marketwire - April 14, 2009) - High River Gold Mines Ltd. ("High River" or the "Company") (TSX:HRG) is providing its first bi-weekly Default Status Report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On March 31, 2009, High River announced that 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") would be filed 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. A management cease trade order in respect of securities of the Company was issued by the Ontario Securities Commission on April 3, 2009.

High River reports that since announcing the original Notice of Default on March 31, 2009, there have not been any material changes to the information contained therein, nor any failure by High River to fulfill its intentions as stated therein, and there are no additional defaults or anticipated defaults subsequent to such announcement. Furthermore, there have been no additional material changes in respect of High River and its affairs that have not been generally disclosed.

High River continues to anticipate that the Annual Filings will be filed prior to May 31, 2009 and will continue to provide bi-weekly updates, as contemplated by NP 12-203, until the Annual Filings have been filed.

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