NEWS RELEASE TRANSMITTED BY CCN NEWSWIRE

FOR:  HIGH RIVER GOLD MINES LTD.

TSE SYMBOL:  HRG

FEBRUARY 21, 2002 - 09:22 EST

High River Gold Closes $10 Million Unit Financing

TORONTO, ONTARIO--High River Gold Mines Ltd. is pleased to 
announce that Sprott Securities Inc. (lead) and Dundee Securities 
Corporation, as agents, have completed the sale, by way of private
placement, of 11,160,556 units of the Company for gross proceeds 
of $10,076,500.  

Each unit consists of one common share and one half of one common 
share purchase warrant. Each whole warrant is exercisable for one 
share of the common stock of the Company for $1.20 for a period of
twelve months from the date of the closing of the private 
placement. 

The net proceeds received by High River from the private placement
will be used by the Company for general working capital purposes 
and to facilitate the potential acquisition of new projects. 

The securities have not been registered under the U.S. Securities 
Act of 1933, as amended, and were not  offered or sold in the 
United States absent registration or an application exemption from
the registration requirements. This press release shall not 
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any State in 
which such offer, solicitation or sale would be unlawful. 

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR 
DISSEMINATION IN THE UNITED STATES 



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