NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: HIGH RIVER GOLD MINES LTD.
TSX SYMBOL: HRG
NOVEMBER 3, 2003 - 08:39 ET
High River Gold Mines Ltd.: Increasing Operating Costs
At New Britannia
TORONTO, ONTARIO--(TSX:HRG) - An increase in the mine operating
costs at the New Britannia Mine, located in Snow Lake, Manitoba,
has caused Kinross Gold Corporation (mine operator) and High
River Gold Mines Ltd. to re-evaluate the mine and its future
Although both companies remain committed to extending operations
as long as economically viable, the increased operating costs
resulting from mining at deeper levels, a reduced strike length
of the ore zones and a flattening of the ore zones adjacent to
the McLeod Road Thrust Fault (causing increased dilution) could
reduce the previous forecast life of the mine.
At this time, Kinross and High River expect the mine will
continue to operate at least until the end of 2004. Regional
exploration activities are ongoing and a number of priority
targets have been defined for future drilling that, with success,
could have a positive impact on the mine over the longer term.
Should efforts at extending the mine life prove unsuccessful both
companies are committed to an orderly shutdown of operations.
FOR FURTHER INFORMATION PLEASE CONTACT:
High River Gold Mines Ltd.
President and CEO, or Don Whalen, Chairman
(416) 360-0010 (FAX)