NEWS RELEASE TRANSMITTED BY CCN NEWSWIRE

FOR:  HIGH RIVER GOLD MINES LTD.

TSE SYMBOL:  HRG

MARCH 21, 2002 - 08:33 EST

High River Gold Receives Regulatory Approval For
Purchases Of Buryatzoloto Shares

TORONTO, ONTARIO--High River Gold Mines Ltd. is pleased to 
announce that it has received approval from Canadian regulatory 
authorities and from the Ministry of the Russian Federation for 
Anti-Monopoly Policy and Support of Businesses, for its share 
purchase transactions in the Russian company, OJSC Buryatzoloto.  
In three separate transactions during 2001, High River acquired 
1,689,340 ordinary common shares and 197, 220 convertible 
preferred "A" shares of Buryatzoloto, increasing its equity 
interest to 54.45% of the issued common shares and 33.67% of the 
issued convertible preferred "A" shares.  Final documentation of 
these share transactions is proceeding.  Upon full conversion of 
the preferred "A" shares, High River's interest would be 51.0%.  

Buryatzoloto, the third largest gold producer in Russia, owns and 
operates two high-grade, underground gold mines with substantial 
growth potential in the Republic of Buryatia, southern Siberia.  
Buryatzoloto has established itself as a very credible mining 
operator and, in 2001, celebrated its 10th anniversary since 
becoming a corporation.  The company has worked hard to provide 
transparency.  They operate according to Gold Institute standards,
their financial reports meet international accounting standards 
and are audited by PricewaterhouseCoopers LLP.  They have state of
the art computer systems throughout the company, satellite 
communication between head office and the mines, and are in the 
process of implementing a company-wide management information 
system. 

Since High River's involvement in 1995, Buryatzoloto has increased
annual gold production significantly, from 57,000 ounces per year 
to 147,000 ounces per year while reducing total cash cost per 
ounce from US $238 to around US $175.  Buryatzoloto has a large 
high-grade gold resource of approximately  5.3 million ounces with
an average grade of 15.7 grams of gold per tonne, of which 1.4 
million ounces, grading 17.4 grams of gold per tonne, are in the 
reserve category. 

To date, High River has accounted for its investment in 
Buryatzoloto on an equity basis.  Having now achieved an equity 
interest in excess of 50%, High River intends to financially 
consolidate the operating results of Buryatzoloto as an operating 
subsidiary beginning April 1, 2002.  Financial consolidation is 
expected to have a positive impact on High River's future 
consolidated revenue and cash flow reporting. 

High River and Buryatzoloto jointly intend to grow their existing 
assets and build on their operational success and expertise to 
aggressively acquire and develop other precious metal projects 
within Buryatia and throughout Russia.  The management teams of 
High River and Buryatzoloto have developed a close and effective 
working relationship over the past six years. The companies  have 
cross directorships; High River has two directors on 
Buryatzoloto's board and Buryatzoloto has two directors on High 
River's board: Valery Dmitriev, Director General and CEO, and 
Alexandre Balabanov, Chairman. 

The European Bank for Reconstruction and Development (EBRD), the 
most important lender to Russia (approximately 3.3 billion euros),
is also involved with Buryatzoloto as a debt and equity partner 
and has  two directors on the Buryatzoloto board.  The EBRD views 
Buryatzoloto as one of its most successful Russian investments and
has indicated it is prepared to consider financing any new 
Buryatzoloto/High River project on its merits, a clear statement 
of the trust and confidence that the three parties have developed.
 In December, Buryatzoloto and the EBRD closed a US $8.15 million 
loan facility to fund construction of an 86 kilometre-long power 
line to connect the Zun-Holba Mine to the regional power grid.  
The power line is expected to be commissioned before the end of 
2002 and is projected to significantly reduce operating costs at 
Zun-Holba as well as provide a reliable source of energy to remote
districts in the Republic of Buryatia. 

As part of High River's focus on Russia, David Mosher (President 
and CEO) and Dr. Laurence Curtis (director), together with a 
technical team from Buryatzoloto, are currently evaluating a 
number of advanced projects in Russia for possible acquisition. 

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