High River Gold Mines Ltd.
TSX : HRG

High River Gold Mines Ltd.

August 15, 2005 19:21 ET

High River Reports Second Quarter 2005 Results

TORONTO, ONTARIO--(CCNMatthews - Aug. 15, 2005) -

(All currency figures are in Canadian dollars unless otherwise noted)

High River Gold Mines Ltd. (TSX:HRG)("High River" or the "Company") today reported its financial results and operational highlights for the three and six month periods ended June 30, 2005. The Consolidated Financial Statements and related Notes along with the Management's Discussion and Analysis have been filed with SEDAR (www.sedar.com) and can be viewed on the Company's website at www.hrg.ca.

Highlights for the Second Quarter of 2005

- Attributable gold production of 31,525 ounces at a total cash cost of US $257 per ounce

- Consolidated net loss of $539,000 ($0.00 per share)

- Operating cash flow of $3.4 million (before working capital changes)

- Concluded an agreement to acquire a further 14% interest in Jilbey Gold Exploration Ltd.

- Entered into an agreement to merge with Jilbey Gold Exploration Ltd.

- Closed previously announced share exchange transactions for the acquisition of a further 30% interest in OJSC Buryatzoloto

- Received encouraging drilling results at the Labola gold property in Burkina Faso

Subsequent Event

- Closed a $30 million bought deal financing



Selected Financial Results


(in thousands of Three Months Ending Six Months Ending
Canadian dollars except June 30, June 30,
per share amounts) 2005 2004 2005 2004
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Gold revenue $ 19,914 $ 25,979 $ 39,521 $ 50,111
Net income (loss)(1) (539) 1,478 (1,469) 2,671
Net income (loss) per
share (basic) (0.00) 0.01 (0.01) 0.03
Cash flow from
operations(2) 3,365 4,703 7,874 9,898
Weighted average
number of shares
outstanding (basic) 171,942,767 105,977,838 170,978,687 105,976,133
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1. The net loss in the second quarter of 2005 includes non-cash
accounting adjustments of $749,000 (2Q2004 - $1.9 million).
2. Before changes in non-cash working capital.


RESULTS OF OPERATIONS

The Company reported a net loss of $539,000 ($0.00 per share) in the second quarter of 2005 compared to net earnings of $1.5 million ($0.01 per share) for the same period last year. The net earnings decrease in the most recent quarter compared to the same period last year was predominantly the result of higher operating costs at the Company's Russian gold operations. With the gold operations continuing to perform according to plan in 2005, the loss in the second quarter of 2005 was due in part to the following non-cash factors:

- High River entered into put option contracts during the fourth quarter of 2004 for the project loan of Taparko-Bouroum and the mark-to-market adjustment was an expense of $195,000 during the quarter

- Cost of stock-based compensation amounting to $370,000 compared to $250,000 in the same period last year

- Non-cash financing cost of $403,000 associated with the New Britannia venture obligation

For the six months ended June 30, 2005, High River realized a net loss of $1.5 million ($0.01 per share) compared to net earnings of $2.7 million ($0.03 per share) in the first half of 2004. The decrease in earnings for the six month period when compared to the same period in 2004 was mainly due to higher operating costs at the Company's Russian gold operations and charges against earnings for increases in stock-based compensation ($242,000), a write down of the carrying value of New Britannia ($864,000), and an unrealized derivative loss ($784,000). In addition there was no contribution to earnings from the New Britannia mine during that period compared to the same period in 2004.

The Company's consolidated gold revenues for the second quarter of 2005 amounted to $19.9 million compared to $26.0 million for the same period of 2004. Although the Company realized a higher gold price on gold sales, the number of ounces sold decreased by 22% to 37,616 ounces from 48,159 ounces in the second quarter of 2004 mainly as a result of the suspension of production at the New Britannia mine in September 2004. The average gold price realized on sales was US $425 per ounce during the period, up from US $403 per ounce for the second quarter of 2004. The gold market remained strong in the second quarter with prices averaging US $427 per ounce. The Company remains unhedged and continues to sell its gold production at spot prices.

For the six months ended June 30, 2005, the average price realized was US $427 per ounce on consolidated gold revenues of $39.5 million on 74,912 ounces sold compared to US $402 per ounce on consolidated gold revenues of $50.1 million on 93,208 ounces sold for the first six months of 2004. The spot price for gold averaged US $427 and US $401 per ounce for the first six months of 2005 and 2004, respectively.

Cash flow from operating activities before changes in non-cash working capital for the quarter ended June 30, 2005 generated $3.4 million compared to $4.7 million in the same quarter of 2004. The decrease was primarily a result of lower gold production due to the closure of the New Britannia mine. Cash provided by Buryatzoloto also declined in the quarter. Cash flow provided by operations after changes in non-cash working capital was $3.8 million compared to $8.3 million for the same quarter of 2004.

For the six months ended June 30, 2005 and 2004, cash flow from operations before changes in non-cash working capital was $7.9 million and $9.9 million respectively. Cash flow from operating activities after changes in non-cash working capital amounted to $2.7 million compared to $11.4 million.

Investing activities consumed $27.6 million of cash in the second quarter of 2005 compared to $12.8 million for the same period in 2004. The significant increase was due to the planned capital expenditures on the construction of the Taparko-Bouroum and Berezitovy gold projects, which amounted to $19.8 million for the quarter.

Exploration activities and related acquisition costs of exploration properties consumed $7.2 million with the majority relating to the payment of US $5.1 million to acquire the promising Novophirsovskoye Ore Field exploration and mining license in the Altay Region of the Russian Federation. In February 2005, Buryatzoloto was the successful bidder at an auction for the project with a bid of 143.5 million roubles or approximately US $5.1 million, the payment of which was made in April 2005.

The Company's investment in property, plant and equipment decreased to $2.2 million in the second quarter of 2005 from $5.7 million in the same period of 2004 as a result of a decrease in development expenditures at the Russian operations during the second quarter of 2005 and a significant investment in the seasonal flotation circuit during the corresponding period in 2004.

Working capital at June 30, 2005 amounted to $6.5 million, of which $3.7 million was in cash, compared to $42.7 million at the end of 2004, of which $40.7 million was in cash.

In May 2005, High River increased its equity interest in Jilbey to 29% by closing a transaction with European investors to acquire common shares and common share purchase warrants of Jilbey in exchange for 2,382,240 common shares of High River to be issued from treasury.

In June 2005, the Company announced that it had entered into an agreement to merge with Jilbey whereby High River will acquire all the outstanding common shares of Jilbey not already owned by High River on the basis of 0.75 High River shares for every one share of Jilbey. Options and warrants of Jilbey will be exchanged for options and warrants of High River on a pro-rata basis. The merger is subject to regulatory and Jilbey shareholder approval. The transaction is expected to close around the end of August 2005.

Subsequent to the quarter end, High River closed a bought deal financing for 24,000,000 units at $1.25 per unit. Each unit comprised one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional share of High River for $1.60 at any time prior to January 27, 2007. Net proceeds were approximately $28.4 million.


REVIEW OF OPERATIONS, DEVELOPMENT PROJECTS AND EXPLORATION ACTIVITIES

High River, through its Russian subsidiary OJSC Buryatzoloto ("Buryatzoloto"), is producing gold at the Zun-Holba and Irokinda underground mines and at a small seasonal placer operation, all located in southern Siberia, Russia. With the Company's increased interest to 84.1% in Buryatzoloto, the Company's attributable gold production increased to 31,525 ounces at a total cash cost of US $257 per ounce in the second quarter of 2005 from 28,650 ounces at a total cash cost of US $256 per ounce in the corresponding period of 2004 (which included 7,866 ounces from the New Britannia Mine). Mine operating costs in the second quarter of 2005 decreased to $13.7 million from $17.8 million in the same period of 2004 due to lower gold production as a result of the closing of the New Britannia mine in late 2004.

Buryatzoloto Operations

For the second quarter of 2005, Buryatzoloto continued to be profitable and exceeded its production objectives with 37,486 ounces of gold produced at an estimated total cash cost of US $257 per ounce from its two underground mines and a small placer operation which accounted for 917 ounces. For comparison, gold production in the second quarter of 2004 totalled 38,415 ounces at a total cash cost of US $246 per ounce, which included 945 ounces from the placer operation. Efforts are continuing to optimize the Buryatzoloto operations with the goal of increasing reserves and reducing operating costs.

For the six months ended June 30, 2005, Buryatzoloto's operations exceeded the mine plan and produced 73,802 ounces of gold at a total cash cost of US $265 per ounce compared to 73,346 ounces at a total cash cost of US $252 for the first half of 2004. The higher operating costs in the first six months of 2005 compared to 2004 resulted mainly from expanded stope preparation activities, general expenses and labour wage increases at the Irokinda mine. Costs were also affected by the strengthening of the Russian rouble (against both the U.S. and Canadian dollar) and higher consumable prices. Operating cash costs are expected to increase in the third quarter of 2005 due to scheduled works in respect of improved water treatment in the tailings facilities of the Zun-Holba mine. Gold production for fiscal 2005 is forecast to exceed the budgeted 147,000 ounces at a total cash cost of US $280 per ounce.



Buryatzoloto Operational and Financial Data

Three Months Ending Six Months Ending
June 30, June 30,
2005 2004 2005 2004
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Tonnes mined 148,712 140,554 294,428 268,978
Tonnes milled 124,032 130,624 247,724 251,990
Head grade (g/t) 9.56 9.39 9.56 9.44
Recovery (%) 93.9 95.2 94.1 94.2
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Gold production (oz)
(100%)(1) 37,486 38,415 73,802 73,346
High River share of
production (oz) 31,525 20,784 62,066 39,681
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Direct mining cost
(US $/oz) 249 225 246 229
By-product credits
(US $/oz) (13) (4) (7) (2)
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Mine operating cost
(US $/oz) 236 221 239 227
Royalty expense and
production tax (US $/oz) 21 25 26 25
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Total cash cost (US $/oz) 257 246 265 252
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1. Includes production from the placer operation.


Zun-Holba Mine

The Zun-Holba mine is an underground operation with a cyanidation and carbon-in-pulp (CIP) processing plant. In the second quarter of 2005, the mine produced 18,566 ounces of gold compared to 16,460 ounces of gold in the same period of 2004. The mill processed 62,398 tonnes of ore at an average grade of 9.6 g/t gold. In the second quarter of 2005, direct mining costs decreased to US $229 per ounce (total cash cost of US $260 per ounce) from US $249 per ounce (total cash cost of US $278 per ounce) in the corresponding period of 2004. The decrease in operating costs in the second quarter of 2005 compared to 2004 was mainly due to lower processing costs at the plant, reduced maintenance costs, and employee reduction offset by consumable price increases, wage increases and the strengthening of the Russian rouble.

At the Zun-Holba mine, definition drilling of the main orebodies (Severnoye 1 and 2, Sulphidnoye 1 and 2, and Valilovskoye 3) between levels 1690 and 1490 metres confirmed the presence of economic mineralization within the Russian classified reserve blocks outlined by previous exploration.



Zun-Holba Operational Data

Three Months Ending Six Months Ending
June 30, June 30,
2005 2004 2005 2004
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Tonnes mined 65,066 60,737 128,323 119,913
Tonnes milled 62,398 56,298 115,754 112,291
Head grade (g/t) 9.6 9.5 9.6 9.5
Recovery (%) 92.6 92.8 92.8 93.2
Gold production (oz) 18,566 16,460 34,399 32,418
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Irokinda Mine

The Irokinda mine is an underground operation with a processing plant comprised of a conventional crushing grinding circuit followed by gravity separation and flotation of all ores. The gravity concentrate is refined to a dore on site while the flotation concentrate is dried and then transported to the CIP plant at Zun-Holba for further processing.

In the second quarter of 2005, Irokinda produced 18,003 ounces of gold compared to 21,010 ounces for the same period in 2004. The mill processed 61,634 tonnes of ore at an average grade of 9.5 g/t gold. The tonnage processed was significantly lower than that mined following planned maintenance at the flotation circuit of the mine. During the period, direct mining costs increased to US $242 per ounce (total cash cost of US $272 per ounce) compared to direct mining costs of US $197 per ounce (total cash cost of US $227 per ounce) in 2004. The rise in operating costs was mainly the result of higher general expenses, expanded stope preparation and development activities, and consumable price and labour wage increases. In the second quarter of 2005, approximately 6,841 tonnes of lower grade material was sorted from the mined ore and stockpiled for processing at the seasonal circuit of the mill.



Irokinda Operational Data

Three Months Ending Six Months Ending
June 30, June 30,
2005 2004 2005 2004
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Tonnes mined 83,646 79,817 166,105 149,065
Tonnes milled 61,634 74,326 131,970 139,699
Head grade (g/t) 9.5 9.3 9.5 9.4
Recovery (%) 95.2 95.2 95.3 95.1
Gold production (oz) 18,003 21,010 38,486 39,983
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During the second quarter of 2005, exploration work at the Irokinda mine included surface and underground drilling, trenching and mapping of approximately 10 veins. Further work will continue on six of them. One of the vein structures added 40,260 tonnes grading 11.0 g/t gold in the C1 and C2 Russian reserve category.

Project Development

Berezitovy Project, Russia

High River is continuing to make good progress in developing the Berezitovy project and is carefully managing expenditures until the start of drawdown of project debt, which is expected in the fourth quarter of 2005. During the second quarter of 2005, site clearing and surface preparation for permanent camp and mill facilities continued with concrete foundation work to start in the third quarter. The power line and construction of a 1600 KW diesel generator station for backup power were completed. The cost-effective modular camp, purchased in Hungary, is on site and will be assembled during the third quarter. Purchasing of mobile and construction equipment is 85% complete with part of the equipment already on site.

Two of four shipments containing the major parts of the Mill 4 Gold Ore Processing Facility ("Mill 4") arrived at the Nakhodka and Vladivostok ports in July. Both shipments are scheduled to arrive on site during August and September via railway and road. The other two shipments are scheduled to leave the port of Everett, near Seattle, USA in August and September. Clean-up of the Mill 4 site in Nevada is expected to be finished in August.

The Company plans to present an updated feasibility study to the Russian federal authorities at the end of August. Modifications were made to the initial feasibility study to incorporate design improvements for Mill 4, tailings storage facilities and the permanent camp. Several Russian consulting firms are optimizing the detailed engineering work.

The Company is moving its office closer to the project site, from Ulan Ude (Buryatzoloto's head office) in the Republic of Buryatia to Blagoveshchensk in the Amur region, which will facilitate communications with inter alia local governmental authorities and suppliers. The new office is approximately 830 kilometres from the project. The Company presently employs 150 people at Berezitovy.

The technical due diligence work conducted on behalf of the European Bank for Reconstruction and Development ("EBRD") for a project loan of US $32 million has been completed. As required by the EBRD, the Company is completing an environmental assessment report, which will be posted for public comments for a period of 60 days. During this period, the Company and the EBRD will be finalizing legal and regulatory matters in order to initiate drawdown of the project loan.

In the first quarter of 2005, the Company reported an approximate 10% increase in its budgeted capital expenditures, from US $59 million to US $65 million, including VAT. As at June 30, 2005, the Company has spent approximately US $35.6 million on the development and construction of the project. With increasing costs for consumables (fuel, reagents etc.) and higher wages and inflation in Russia, the Company has revised its operating cost estimates upward by approximately 19%, from US $12.52 to US $14.93 per tonne of ore processed, equating to a revised direct mining cost of US $204 per ounce (total cash cost of US $228 per ounce). Based on the current project development schedule, the mine will commence commissioning in the third quarter of 2006.

Taparko-Bouroum Project, Burkina Faso

Project financing for the Taparko-Bouroum project is well advanced with first drawdown anticipated in September 2005. The Company's subsidiary in Burkina Faso, Somita SA ("Somita"), is finalizing arrangements with Absa Corporate and Merchant Bank ("ABSA") for a US $36 million project financing. Some delays have occurred as a result of ABSA's request to the Government of Burkina Faso for additional undertakings.

Good progress has been made to date on the construction of the project. The Company anticipates full activity once drawdown has begun and is expecting to start production in the second quarter of 2006.

Under a soft-start contract, Metallurgical Design and Management (Pty) Ltd. ("MDM") of South Africa has advanced the construction of the permanent camp structure and has completed the purchase of all long-lead items and equipment. The prefabricated modular camp infrastructure units are expected to arrive on site in the next few weeks and be assembled by the end of the third quarter. Construction of the water reservoir is complete. The pipeline material and pumps are arriving on site this month. Pumping from the Yalogo dam, located 9 kilometres from the project, to the project site water containment area is expected to start in September.

Site clearing and surface preparation at the location of the plant facilities started this month. Pre-stripping activities at the GT zone of the Taparko deposit is also underway.

The Company is finalizing the lump sum turnkey contract for the construction of plant and other facilities with MDM, which is expected to be financed substantially by the project debt from ABSA.

The Burkina Faso Government issued the exploitation permit for the Bouroum deposit to Somita on June 22, 2005.

As previously stated, High River does not expect more than a 10% increase in capital costs for the project, from US $52 million to US $57 million, with a 20% increase in operating costs, resulting in an estimated total cash cost of US $245 per ounce. As at June 30, 2005, the Company has spent approximately US $17.2 million on the development and construction of the project.

Exploration Activities

During the second quarter of 2005, the Company conducted exploration activities in Burkina Faso and Russia. Main activities included:

Labola, Burkina Faso - The Company completed 1,604 metres of reverse circulation ("RC") drilling in 18 holes and 1,628 metres of RAB drilling on one fence to test the Labola structure at approximately 500 metres intervals along a strike length of 11 kilometres. Results from the drilling programme were encouraging and indicated the presence of subparallel quartz veining zones ranging from a few metres to 80 metres in width carrying anomalous to very high-grade gold mineralization. Visible gold was observed in nine of the 18 holes.

Bouroum properties, Burkina Faso - Exploration work included excavation of 14 trenches on the Yeou permit. Assay results are pending.

Gandi, Burkina Faso - Exploration activities included geological mapping, soil and rock sampling, and evaluation of orpaillage sites followed by the excavation of eight trenches and four RC drill holes on five target areas. The best results were obtained at the orpaillage site of Tambiyanga-CBMP where trenching results included 0.95 g/t gold over 11.0 metres and 1.12 g/t gold over 4.4 metres with an RC hole intersection of 1.12 g/t over 5.0 metres from an altered pyrite-rich aplite.

Novophirsovskoye Ore Field, Russia - Compilation and reconnaissance work were the main activities in the second quarter on this recently acquired property. A US $670,000 exploration programme is planned to commence in the third quarter and will include geological mapping, geochemical sampling, trenching, and diamond drilling.

OUTLOOK

The Company expects its attributable gold production for fiscal 2005 to exceed 2004 by 16% to approximately 125,000 ounces as a result of its increased interest in Buryatzoloto. Buryatzoloto anticipates exceeding its initial gold production forecast of approximately 147,000 ounces at an estimated total cash cost of US $280 per ounce. High River and Buryatzoloto will continue to focus on optimizing these operations with the objective of maintaining the current production rate, increasing reserves and reducing operating costs.

The successful start-up of the Taparko-Bouroum and the Berezitovy projects in 2006 will significantly increase High River's annual gold production profile to over 300,000 ounces by 2007, establishing the Company as a mid-tier gold producer.

The successful completion of the merger with Jilbey will establish High River as a dominant gold mining and exploration company in Burkina Faso. High River will have the first new gold mine in the country at Taparko-Bouroum, a promising advanced exploration project at Bissa, which has the potential to become High River's second mine, and a large (approximately 8,000 square kilometres) highly prospective property package. The Company intends to use Taparko-Bouroum and Bissa as a base to expand its activities within Burkina Faso and throughout the rest of West Africa.

In addition to its two development projects, High River intends to aggressively explore its Burkina Faso properties, with a focus on Bissa, and its Novophirsovskoye Ore Field property in Russia.

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.



HIGH RIVER GOLD MINES LTD.
CONSOLIDATED BALANCE SHEETS
(Thousands of Canadian dollars)

June 30, December 31,
(unaudited) 2005 2004
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Assets
Current Assets
Cash and cash equivalents $ 3,723 $ 40,709
Restricted cash 2,012 2,021
Accounts receivable 6,363 5,301
Inventory 16,451 13,369
Other assets 25 116
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28,574 61,516
Investments 12,016 8,980
Property, plant and equipment 77,115 65,799
Exploration properties and deferred
exploration 11,292 4,111
Development properties 100,901 64,151
Other assets 1,082 1,289
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Total Assets $ 230,980 $ 205,846
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Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $ 11,312 $ 14,274
Loans and interest payable 10,709 4,560
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22,021 18,834
Loans and interest payable 12,963 12,048
Reclamation 1,390 2,029
Venture obligation 33,446 29,881
Future income taxes 2,998 2,713
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72,818 65,505
Non-controlling interest 14,934 41,994
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Total Liabilities 87,752 107,499
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Shareholders' Equity
Share capital 221,272 177,084
Warrants 8,620 8,620
Contributed surplus 5,406 4,664
Cumulative translation adjustment (19,038) (20,458)
Deficit (73,032) (71,563)
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143,228 98,347
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Total Liabilities and Shareholders' Equity $ 230,980 $ 205,846
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HIGH RIVER GOLD MINES LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Thousands of Canadian dollars, except for income per share and
number of shares)

Three Months Ended Six Months Ended
June 30, June 30,
(unaudited) 2005 2004 2005 2004
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Revenue
Gold $ 19,914 $ 25,979 $ 39,521 $ 50,111
Other 1,045 106 1,385 854
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20,959 26,085 40,906 50,965
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Expenditures
Mining costs 13,739 17,796 27,175 36,176
Amortization and
depletion 3,486 2,601 5,997 4,078
Exploration 1,154 63 1,217 86
Administrative costs 858 897 1,788 1,403
Financing costs 574 657 889 1,015
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19,811 22,014 37,066 42,758
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Income before the
under noted 1,148 4,071 3,840 8,207
Financing cost on
venture obligation (403) (314) (790) (699)
Equity loss from
associated company (78) - (78) -
Stock-based
compensation (370) (250) (742) (500)
Loss on sale of
assets (147) - (147) -
Gain on sale of
investments 539 - 539 -
Write-down of
carrying value - - (860) -
Unrealized
derivatives loss (195) - (784) -
Non-controlling
interest in
earnings of
subsidiary (95) (1,439) (399) (2,284)
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399 2,068 579 4,724
Income tax expense 938 590 2,048 2,053
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Net income (loss) for
the period $ (539) $ 1,478 $ (1,469) $ 2,671
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Net income (loss)
per share
- basic $ (0.00) $ 0.01 $ (0.01) $ 0.03
- diluted $ (0.00) $ 0.01 $ (0.01) $ 0.02
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Weighted average
number of common
shares outstanding
- basic 171,942,767 105,977,838 170,978,687 105,976,133
- diluted 171,942,767 106,968,601 170,978,687 107,228,536
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CONSOLIDATED STATEMENTS OF DEFICIT
Three Months Ended June 30, Six Months Ended June 30,
(unaudited) 2005 2004 2005 2004
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Deficit - Beginning
of period $ (72,493) $ (67,623) $ (71,563) $ (70,179)
Change in
accounting policy - - - 1,363
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As restated (72,793) (67,623) (71,563) (68,816)
Net income (loss)
for the period (539) 1,478 (1,469) 2,671
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Deficit - End
of period $ (73,032) $ (66,145) $ (73,032) $ (66,145)



HIGH RIVER GOLD MINES LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Thousands of Canadian dollars)

Three Months Ended Six Months Ended
June 30, June 30,
(unaudited) 2005 2004 2005 2004
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Cash provided by (used in):
Operating activities
Net income (loss) for the period $ (539) $ 1,478 $ (1,469) $ 2,671
Non-cash items:
Non-controlling interest in
earnings of subsidiary 95 1,439 399 2,284
Equity loss from associated
company 78 - 78 -
Financing cost on venture
obligation 403 - 790 -
Amortization and depletion 3,486 2,601 5,997 4,078
Write-down of carrying value - - 860 -
Unrealized derivative loss 195 - 784 -
(Gain) loss on disposal of assets (99) 31 - 26
Gain on sale of investments (539) - (539) -
Stock-based compensation 370 250 742 500
Future income taxes 264 (1,077) 232 375
Other (349) (19) - (36)
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Subtotal 3,365 4,703 7,874 9,898
Change in non-cash working capital 434 3,622 (5,201) 1,549
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Total operating 3,799 8,325 2,673 11,447
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Investing Activities
Property, plant and equipment (2,240) (5,714) (3,940) (8,843)
Exploration properties and
deferred exploration (7,245) (6,362) (7,667) (8,889)
Development properties (19,765) - (37,404) -
(Increase) decrease in
investments 1,480 (666) 1,350 (2,575)
Allocation to restricted cash 143 (23) 2 (841)
Decrease (increase) in other
long term assets - (2) - 13
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Total investing (27,627) (12,767) (47,659) (21,135)
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Financing Activities
Dividends paid by subsidiary to
non-controlling interest (7) - (79) -
Increase (decrease) in loans and
interest payable 5,497 12 6,943 (711)
Issuance of common shares 60 - 529 5
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Total financing 5,550 12 7,393 (706)
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Effect of exchange rate changes
on cash held in foreign
currencies 425 634 607 142
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Increase (decrease) in cash
and cash equivalents during
the period (17,853) (3,796) (36,986) (10,252)
Cash and cash equivalents
- Beginning of period 21,576 11,801 40,709 18,257
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Cash and cash equivalents
- End of period $ 3,723 $ 8,005 $ 3,723 $ 8,005
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Contact Information

  • High River Gold Mines Ltd.
    Don Whalen
    Executive Chairman
    (416) 947-1440
    or
    High River Gold Mines Ltd.
    Laurie Gaborit
    VP Investor Relations & Corporate Secretary
    (416) 947-1440
    (416) 360-0010 (FAX)
    info@hrg.ca
    www.hrg.ca