NEWS RELEASE TRANSMITTED BY CCN NEWSWIRE

FOR:  HIGH RIVER GOLD MINES LTD.

TSE SYMBOL:  HRG

FEBRUARY 5, 2002 - 09:03 EST

High River Reports Record Gold Production For 2001

TORONTO, ONTARIO--High River Gold Mines Ltd. is pleased to report 
record gold production for the year 2001 from its 50% - owned New 
Britannia Mine and the gold mines of the Russian company, JSC 
Buryatzoloto, in which High River is the largest shareholder. 
During the fourth quarter, the Company increased its interest in 
Buryatzoloto to 53.5%, subject to regulatory approval, and expects
to be in a position to consolidate the operating results of 
Buryatzoloto for 2002. During the year, High River completed a 
deep drilling programme at Taparko, Strathcona Mineral Services 
Limited ("Strathcona") completed its Taparko prefeasibility study 
and the Company reached agreement with TVX Normandy Americas 
("TVXNA") to share management responsibilities at New Britannia. 

Production Results 

At the New Britannia Mine in Snow Lake, Manitoba, a 50/50 joint 
venture with TVXNA, gold production (100%) for the year was 
114,529 ounces compared to 105,512 ounces for 2000, an increase of
8.5%. Total cash cost per ounce declined 11% to US $186 per ounce 
from US $210 per ounce in the previous year. 

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 (100%) for the year was 147,176 
ounces, compared to 127,128 ounces a year earlier, an increase of 
16%. The increased gold production reflects exploration success 
around the Irokinda Mine leading to the conversion of the Irokinda
mill to year-round operation. Total cash cost for the period is 
estimated to be US $173 per ounce, a 5% increase over 2000. 

Construction has begun on an 86 kilometre-long power line to 
connect the Zun-Holba Mine to the local power grid. This power 
line is expected to be commissioned before the end of 2002 and is 
projected to reduce operating costs at Zun-Holba by approximately 
US $25 per ounce as well as provide a reliable source of energy to
remote districts in the Republic of Buryatia. The Zun-Holba Mine 
accounts for approximately 50% of Buryatzoloto's production and 
contains in excess of 80% of the total resources (5.3 million 
ounces grading 16 grams/tonne, including reserves of 1.6 million 
ounces grading 17 grams/tonne). The low cost power source will 
enhance the economics of the potential expansion at Zun-Holba with
the objective of increasing production by an additional 100,000 
ounces per year. The Irokinda operation is already connected to 
the power grid. 


/T/


-------------------------------------------------------------------
Production Highlights       New Britannia        Buryatzoloto Mines
-------------------------------------------------------------------
                          2001         2000      2001          2000
-------------------------------------------------------------------
Gold Production         114,529      105,512   147,176      127,128
 (oz) (100%)
High River Share (oz)
  -   direct (50%)       57,264       52,756         -            -
  -   indirect (26.5%)        -            -    39,002       33,689
Total Cash Cost (US $/oz)   186          210  173(est)          165
Tonnes Milled           721,718      743,862   451,487      372,752
Head Grade (g/t)           5.26         4.75      10.5         11.1
Recovery (%)               93.8         92.8      94.0         93.6
Realized Gold Price         274          280  267(est)          278
 (US $/oz)
-------------------------------------------------------------------

/T/



New Britannia Mine - Joint Management 

During the year, High River and TVXNA agreed to a split of 
management responsibilities at New Britannia. To date, TVXNA has 
been successful at replacing the gold mined with new gold 
reserves/resources by drilling extensions of the New Britannia ore
zones underground. Recent drill results have shown a continuation 
of typical grades and ore thicknesses of the deposit to at least 
the 3900 foot level, more than a thousand feet below current 
mining activity.  

TVXNA will continue to be the operator, responsible for the mine 
as well as the underground exploration and has planned an 
aggressive drilling programme for 2002 to determine the potential 
for extending the ore to the 4500 foot level on both the Dick and 
the Ruttan ore zones. High River will manage the regional 
exploration programme aimed at locating and defining satellite 
deposits within trucking distance of the New Britannia mill. The 
companies have agreed on an equal split of the annual Cdn. 
$500,000 management fee. The long-term objective is clearly to 
enhance and extend the mine life of this excellent gold mining 
operation. 

Taparko Gold Project, Burkina Faso, West Africa 

Strathcona completed their prefeasibility report on the Taparko 
Project, which evaluated the concept of conventional milling and 
confirmed our previous conclusion that the project is sub-economic
at current gold prices. High River is presently reviewing various 
options for the project, including optimization studies to reduce 
operating and capital costs. High River also intends to identify 
additional resources nearby, possibly in joint venture with other 
companies, that could extend the mine life and have a positive 
impact on the project. If ore can be extracted economically from 
nearby deposits, the Taparko project could provide a central 
processing facility which could improve the economics of the 
Taparko project and act as a catalyst for encouraging further 
exploration in the area. 

-30-

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