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NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: HIGH RIVER GOLD MINES LTD.
TSX SYMBOL: HRG
SEPTEMBER 30, 2003 - 08:46 ET
High River Gold Reclassifies Reserves at Berezitovoye to
CIM Standards
TORONTO, ONTARIO--High River Gold Mines Ltd. is pleased to report
the results of an audit of the Russian classified reserves for
the Berezitovoye gold deposit, acquired in December 2002. High
River retained Roscoe Postle Associates Inc. to conduct the audit
according to Canadian Institute of Mining and Metallurgy (CIM)
Standards as part of the Company's due diligence.
For the audit, High River completed a 25-hole core drilling
programme to provide Roscoe Postle with additional assay
information to assist in the preparation of a CIM classified
block model resource estimate (press release dated June 23,
2003). This resource estimate will provide the basis for the
feasibility study which is currently in progress.
The audit resulted in a CIM classified indicated resource
estimate similar to the original reserve estimate calculated
according to the Russian Classification System. Using a block
cut-off grade of 0.9 grams of gold per tonne, the gold and silver
indicated resource estimate is:
/T/
14.04 million tonnes containing 1.28 million ounces of gold
and 5.7 million ounces of silver, at an uncut grade of 2.84
grams of gold per tonne and 12.7 grams of silver per tonne.
/T/
The attached table details the indicated and inferred resource
estimates using different block cut-off grades and high assay
cut/uncut values. The CIM resource estimate was calculated by
Luke Evans, M. Sc., P. Eng., of Roscoe Postle, a qualified person
under National Policy 43-101.
High River and the Russian company, Buryatzoloto, have initiated
a feasibility study, utilizing a combination of International and
Russian engineering expertise. Micon International Limited
("Micon") and the Russian company, NBL Zoloto have been retained
to provide overall technical advice to Buryatzoloto's General
Director, Valery Dmitriev, the Project Manager. Micon are
currently preparing an optimized pit based on the Roscoe Postle
resource estimate and mine operating cost parameters provided by
the other consultants. The Berezitovoye Project will be developed
as a Joint Venture between High River and Buryatzoloto, with
Buryatzoloto being the mine operator.
/T/
Table 1. Roscoe Postle Associates, Mineral Resource Estimate
Berezitovoye Gold Deposit, Russia, September 2003
Block Cut-Off Tonnes Above
Grade Cut-Off Grade Cut Au(i) Uncut Au Ag
(g/t) (g/t) (g/t)
-------------------------------------------------------------------
Zone 1 Indicated Mineral Resources
1.4 g/t Au 8,950,000 3.01 3.46 13.32
1.2 g/t Au 9,500,000 2.91 3.33 13.00
1.0 g/t Au 10,000,000 2.82 3.22 12.71
-------------------------------------------------------------------
0.9 g/t Au 10,200,000 2.79 3.18 12.59
-------------------------------------------------------------------
0.8 g/t Au 10,340,000 2.76 3.15 12.50
0.0 g/t Au 10,580,000 2.71 3.09 12.34
Zone 2 Indicated Mineral Resources
1.4 g/t Au 2,340,000 2.24 2.42 13.80
1.2 g/t Au 2,900,000 2.06 2.21 13.50
1.0 g/t Au 3,480,000 1.90 2.02 13.18
-------------------------------------------------------------------
0.9 g/t Au 3,840,000 1.81 1.92 12.99
-------------------------------------------------------------------
0.8 g/t Au 4,040,000 1.76 1.87 12.88
0.0 g/t Au 4,290,000 1.70 1.80 12.78
-------------------------------------------------------------------
-------------------------------------------------------------------
Total Indicated Resources
above 0.9 g/t Au 14,040,000 2.52 2.84 12.70
-------------------------------------------------------------------
-------------------------------------------------------------------
-------------------------------------------------------------------
Total Inferred Resources
above 0.9 g/t Au 310,000 2.12 2.19 10.54
-------------------------------------------------------------------
Contained Contained Contained
Block Cut-Off Tonnes Above
Grade Cut-Off Grade Cut Au(i) Uncut Au(i) Ag
(ozs Au) (ozs Au) (ozs Ag)
-------------------------------------------------------------------
Zone 1 Indicated Mineral Resources
1.4 g/t Au 8,950,000 866,000 996,000 3,832,000
1.2 g/t Au 9,500,000 889,000 1,017,000 3,971,000
1.0 g/t Au 10,000,000 907,000 1,035,000 4,087,000
-------------------------------------------------------------------
0.9 g/t Au 10,200,000 915,000 1,043,000 4,129,000
-------------------------------------------------------------------
0.8 g/t Au 10,340,000 918,000 1,047,000 4,156,000
0.0 g/t Au 10,580,000 922,000 1,051,000 4,197,000
Zone 2 Indicated Mineral Resources
1.4 g/t Au 2,340,000 168,000 182,000 1,036,000
1.2 g/t Au 2,900,000 192,000 206,000 1,257,000
1.0 g/t Au 3,480,000 213,000 226,000 1,476,000
-------------------------------------------------------------------
0.9 g/t Au 3,840,000 223,000 237,000 1,602,000
-------------------------------------------------------------------
0.8 g/t Au 4,040,000 228,000 243,000 1,672,000
0.0 g/t Au 4,290,000 234,000 248,000 1,763,000
-------------------------------------------------------------------
-------------------------------------------------------------------
Total Indicated Resources
above 0.9 g/t Au 14,040,000 1,138,000 1,280,000 5,731,000
-------------------------------------------------------------------
-------------------------------------------------------------------
-------------------------------------------------------------------
Total Inferred Resources
above 0.9 g/t Au 310,000 21,000 22,000 105,000
-------------------------------------------------------------------
/T/
(i) High assays from Zone 1 cut to 35 g/t Au and high assays from
Zone 2 cut to 20 g/t Au.
The 0.9 g/t Au block cut-off grade is based on a US$350/oz gold
price, US$5.75/t for processing, US$4.08 for G&A and royalties,
and a 93% gold recovery.
Mineralized wireframe models constructed based on approximately a
0.5 g/t Au cut-off grade.
Blocks are 10 m by 10 m by 10 m.
Ordinary kriging grade interpolation for gold and inverse
distance squared for silver using 45 m by 60 m by 10 m primary
search radii to estimate indicated and 90 m by 120 m by 20 m
secondary search radii to estimate Inferred.
Mineral Resources constrained at depth using a preliminary
Whittle Four-X pit shell based on a US$400/oz gold price and a
US$5.00 silver price and 45(degree) pit slopes.
Tonnage factors: 2.87 tonnes/m3 for ore; 2.70 tonnes/m3 for waste
rock; and 2.20 tonnes/m3 for overburden.
RPA used a 31.1035 g/oz conversion factor to calculate contained
ounces of metal.
Gemcom Software International Inc. Resource Evaluation Edition
Version 4.21 was used.
Mineral Resource estimate by Roscoe Postle Associates Inc.
Qualified Person Luke Evans, M.Sc., P.Eng.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
High River Gold Mines Ltd.
David Mosher
President and CEO
(416) 947-1440
(416) 360-0010 (FAX)
or
High River Gold Mines Ltd.
Don Whalen
Chairman
(416) 947-1440
highrivergold@hrg.ca
www.hrg.ca
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