NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  HIGH RIVER GOLD MINES LTD.

TSX SYMBOL:  HRG

MAY 22, 2003 - 16:43 EST

High River Gold Announces First Quarter Results

TORONTO, ONTARIO--(TSX:HRG) - High River Gold Mines Ltd. today 
reported production and consolidated financial results for the 
quarter ending March 31, 2003. All figures are in Canadian 
dollars unless otherwise stated. 

First Quarter Corporate Highlights (compared to 1Q 02): 

- Revenue increased 210% to $25.2 million 

- Cash flow increased from $1.4 million to $5.0 million 

- Net Profit of $758,000 compared to a loss of $637,000 

- Attributable Gold Production increased 115 % to 30,992 ounces 

The significant improvement in the Company's financial and 
production results continues to reflect the consolidation of the 
operating performance of the Russian company, OJSC Buryatzoloto. 
High River increased its equity interest in Buryatzoloto to 51% 
on a fully diluted basis, effective April 1, 2002. Prior to that 
date, the Company accounted for its 26.5% interest in 
Buryatzoloto as an investment using the equity method. 

High River entered into a preferred status agreement with Jilbey 
Enterprises Ltd. that will provide for exploration of two permits 
that are located immediately east of the Taparko property in 
Burkina Faso. 

During the period, the gold market continued to improve and the 
Company was able to complete a financing for approximately $24 
million to support its expansion strategy in Russia and provide 
additional working capital. 

Production Highlights 

Reflecting the Company's increased interest in Buryatzoloto, High 
River's attributable gold production for the first quarter 2003 
increased significantly to 30,992 ounces at a total cash cost of 
US $213 per ounce compared to 14,420 ounces at US $192 per ounce 
in 2002. The increase in total cash cost was primarily due to the 
higher total cash cost at the New Britannia Mine during the first 
quarter. 


/T/

Production Results            Buryatzoloto Mines  New Britannia Mine
                              --------------------------------------
                                 1Q 03     1Q 02     1Q 03     1Q 02
--------------------------------------------------------------------
High River share (oz)           20,157     9,865(a) 10,835    14,420
Gold Production (oz) (100%)     37,265    37,227    21,669    28,840
Grade (grams/tonne)              10.22     10.47      4.29      5.03
Tonnes Milled                  119,386   117,649   166,159   190,198
Recovery (%)                      94.0      94.2      94.6      93.7
Total Cash Costs (US $/oz)        $175      $151      $285      $192
Realized Gold Price (US $/oz)     $349      $293      $336      $298
--------------------------------------------------------------------
(a) During 1Q 02, High River accounted for its 26.5% interest in
    Buryatzoloto as an investment

/T/

Buryatzoloto Operating Results 

Buryatzoloto owns and operates two producing gold mines in 
southern Siberia and is one of Russia's leading gold producers. 
During the quarter, Buryatzoloto produced 37,265 ounces of gold 
at a total cash cost of US $175 per ounce, compared to 37,227 
ounces at a cost of US $151 in 2002. High River's share of 
Buryatzoloto's production increased 104% to 20,157 ounces, due to 
its increased ownership interest. 

The average gold price realized by Buryatzoloto increased to US 
$349 per ounce during the quarter from US $293 for the previous 
year, reflecting the improving gold market. 

New Britannia Operating Results 

At the 50%-owned New Britannia Mine ("New Britannia") in 
Manitoba, gold production (100%) for the quarter was 21,669 
ounces at a total cash cost of US $285 per ounce compared to 
28,840 ounces at US $192 per ounce in 2002.  

During the period, gold production was negatively impacted by a 
six day shutdown of the mill, due to a bearing failure, as well 
as the forecasted temporary thinning of the orebody in the 
current area of mining. Production is expected to improve in the 
second half of the year. The increase in the per ounce total cash 
cost in US dollar terms resulted from the reduced gold production 
combined with a strengthening of the Canadian dollar. 

High River is proud to announce that the New Britannia Mine has 
won the John T. Ryan Prairies and Northwest Territories/Nunavut 
Regional Safety Trophy in the metal mine category for the year 
2002. This trophy is presented to the mining operation achieving 
the lowest reportable injury rate among the metal mines within 
the region. This award demonstrates the excellent consistency of 
safety performance at New Britannia as the mine previously won 
this trophy in 1996 and 1998 and captured the "National" metal 
mine trophy in 1997. 


/T/

Financial Results

                                          Three Months Ending 
(Thousands of $ Cdn except per        ------------------------------
 share amounts and # of shares)       March 31, 2003  March 31, 2002
--------------------------------------------------------------------
Gold Revenue                                  25,163           8,113
Net Income (Loss)                                758            (637)
Net Income (Loss) per Share                     0.01           (0.01)
Cash Flow from Operations(a)                   5,006           1,398
Cash Flow per Share                             0.05            0.03
Weighted Average Shares outstanding       97,435,000      48,393,000
--------------------------------------------------------------------
(a) Before change in non-cash working capital

/T/

For the quarter ended March 31, 2003, consolidation of the 
Buryatzoloto operations, together with an improving gold price, 
resulted in a consolidated profit of $758,000, or $0.01 per 
share, on gold revenue of $25.2 million. This compares to a loss 
of $637,000, or ($0.01) per share, on gold revenue of $8.1 
million for the same period in 2002. Cash flow from operating 
activities for the period increased to $5.0 million, or $0.05 per 
share, from $1.4 million, or $0.03 per share, for 2002. High 
River's consolidated working capital position at March 31, 2003 
was $41.0 million compared to $12.6 million as at December 31, 
2002. The cash component of working capital at March 31, 2003 was 
$34.7 million as compared to $9.1 million at year end 2002. 

High River's consolidated financial statements are available on 
SEDAR. 

Project Activity 

During the period, Buryatzoloto completed a 27 hole drill 
programme on the Berezitovoye deposit as part of the mineral 
resource audit being conducted by Roscoe Postle Associates Inc. 
and for input to the block model resource estimate. A feasibility 
study has been commissioned to meet Russian regulatory and 
permitting requirements in a timely manner. 

A new diamond drill programme has started on the Taparko deposit 
and on AXMIN Inc.'s nearby Bouroum deposit with the objective of 
expanding the reserve/resource base and providing additional 
samples for metallurgical testing. A new feasibility study has 
been initiated that will consider the joint development of the 
Taparko and Bouroum properties. 

High River and Buryatzoloto continue to evaluate additional 
acquisition opportunities in Russia. 



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