High River Gold Mines Ltd.
TSX : HRG

High River Gold Mines Ltd.

December 14, 2008 17:00 ET

High River Gold Second Default Status Report

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2008) - High River Gold Mines Ltd. ("High River" or the "Corporation") (TSX:HRG) is providing its second bi-weekly Default Status Report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On November 16, 2008, High River announced that its financial statements for the three and nine month periods ended September 30, 2008 would be filed late due to concerns over the reliability of financial information that High River received from its 85% owned subsidiary, OJSC Buryatzoloto. A management cease trade order in respect of securities of the Corporation was issued by the Ontario Securities Commission.

High River reports that since announcing the original Notice of Default on November 16, 2008 and filing its first Default Status Report on November 30, 2008, 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 announcements. Further, other than the completion of the equity financing announced by way of a press release dated November 21, 2008 and the termination of the agreement to purchase the remaining 50% interest in the Prognoz Silver Project announced by way of a press release dated December 4, 2008, 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 interim financial statements will be filed prior to December 31, 2008 and will continue to provide bi-weekly updates, as contemplated by NP 12-203, until the interim financial statements 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 Corporation 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. 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)
    Email: info@hrg.ca
    Website: www.hrg.ca