NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  HIGH RIVER GOLD MINES LTD.

TSX SYMBOL:  HRG

JANUARY 31, 2003 - 16:05 EST

High River Gold Closes $25 Million Unit Financing

TORONTO, ONTARIO--(TSX:HRG) - High River Gold Mines Ltd. is 
pleased to announce that Sprott Securities Inc. and Dundee 
Securities Corporation, as underwriters, have completed the sale, 
by way of private placement, of 11,144,600 units of the Company 
for gross proceeds of $25,075,350. 

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 $2.80 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. 

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. 



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