NEWS RELEASE TRANSMITTED BY CCN NEWSWIRE

FOR:  HIGH RIVER GOLD MINES LTD.

TSE SYMBOL:  HRG

JULY 30, 2001 - 12:42 EDT

High River Gold Rights Offering Fully Subscribed Gold
Production For 2001 At Record Levels

TORONTO, ONTARIO--High River Gold Mines Ltd. is pleased to report 
that the rights offering to its shareholders, which expired on 
July 26, 2001, was fully subscribed. The gross  proceeds totalled 
$3,677,240 from the subscription for 9,193,100 shares at $0.40 per
share. The funding  will allow  the Company to aggressively pursue
its corporate objectives on all three of its gold projects. 

Six Month Production Results 

For the six months ended June 30, 2001, High River reported record
gold production, at significantly lower per ounce cash costs, for 
its 50 % - owned New Britannia Mine and for the gold mines of the 
Russian company, JSC Buryatzoloto, in which High River is the 
largest shareholder (43.4% interest). 

At the New Britannia Mine in Snow Lake, Manitoba, a 50/50 joint 
venture with TVX Normandy Americas, gold production for the six 
month period was 54,200 ounces compared to 53,900 ounces for the 
corresponding period in 2000.  Total cash cost per ounce declined 
8% to US $190 per ounce from US $207 per ounce in 2000. 

JSC Buryatzoloto owns 100%  of two operating gold mines, Zun-Holba
and Irokinda, located in the Republic of Buryatia in southern 
Siberia, Russia. Gold production for the six month period was 
73,000 ounces, compared to 48,100 ounces a year earlier, an 
increase of 52%.  The increased gold production reflects the 
conversion of the Irokinda mill to year round operation.  Total 
cash cost for the period is expected to be similar to the US $159 
per ounce for the first quarter. 


/T/

Operating Highlights      New Britannia (100%)     Buryatzoloto (100%)
                        ----------------------  -----------------------
                        6 month period ending    6 month period ending
                                June 30                 June 30
                             2001     2000          2001      2000
-----------------------------------------------------------------------
 Gold Production (ounces)   54,200   53,900       73,200     48,100
 Total Cash Cost (US $/oz)   190      207          159 *      163
 Tonnes Milled             357,000  376,000      226,000    147,000
 Grade (grams/tonne)         5.0      4.8          10.7       10.9
 Recovery                   94.0%    92.4%         94.2%      93.0%
-----------------------------------------------------------------------

* US $159 per ounce reported for the three month period ending March 31,
  2001.

/T/

Gold Reserves and Resources 

Since mining began in late 1995, New Britannia has been successful
at replacing all gold production through exploration.  At December
31, 2000, the gold resource totalled 900,000 ounces, including 
496,000 ounces of reserves. 

At December 31, 2000  Buryatzoloto had a total gold resource of 
5.3 million ounces, including 1.6 million ounces of reserves 
grading 17.3 grams per tonne. 

As less than 3% of the combined production at New Britannia and 
Buryatzoloto is hedged, High River will benefit directly from 
increases in the gold price. 

Equity Interest in Buryatzoloto 

At the annual meeting in June, shareholders approved High River's 
acquisition of additional shares in JSC Buryatzoloto, increasing 
the Company's interest to 43.4%.  The completion of this 
transaction is subject to the receipt of regulatory approvals in 
both Canada and Russia. 



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