High River Gold Mines Ltd.

High River Gold Mines Ltd.

January 30, 2008 10:47 ET

High River Gold Reports on Exercise of Warrants

TORONTO, ONTARIO--(Marketwire - Jan. 30, 2008) - High River Gold Mines Ltd. ("High River" or the "Company") (TSX:HRG) is pleased to report that 11,882,000 warrants were exercised at a price of $2.50 per warrant for proceeds of $29,705,015, representing 99.97% of the warrants available for exercise. The warrants were due to expire on January 27, 2008. Proceeds will be used for general corporate purposes.

About High River

High River is a gold company with producing mines, mines under development, and advanced exploration projects in Burkina Faso and Russia. High River is bringing two new open-pit gold mines into production. The Taparko-Bouroum Gold Mine in Burkina Faso achieved commercial production in September 2007, and the Berezitovy Gold Mine in Russia is expected to achieve commercial production shortly. Gold production from Taparko-Bouroum for 2008 is planned at 100,000 ounces with production increasing to a rate of 140,000 ounces per year during 2009, and annual production from Berezitovy is expected to exceed 100,000 ounces. Combined with gold production from producing underground mines in Russia, Zun-Holba and Irokinda, High River's attributable unhedged gold production is expected to exceed 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