NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  HIGH RIVER GOLD MINES LTD.

TSX SYMBOL:  HRG

JANUARY 16, 2004 - 08:00 ET

High River Gold Extends Expiry Date of Warrants

TORONTO, ONTARIO-- 

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR 
DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH 
THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES 
LAW. 

High River Gold Mines Ltd. is pleased to announce that the expiry 
date of warrants previously issued on January 31, 2003 as part of 
the company's $25 million private placement financing has been 
extended. The original expiry date of the warrants of January 31, 
2004 has now been extended to July 30, 2004. The exercise price 
remains unchanged at $2.80 per share. 

A total of 5,850,914 warrants are affected. The proposed 
amendment to the warrants held by non-arm's length parties must 
be approved by a majority of shareholders of the Company, 
excluding those non-arm's length parties. Sprott Asset Management 
Inc., on behalf of Sprott Group of Funds and various management 
accounts ("Sprott"), are non-arm's length to the Company. It is 
expected that the matter will be put forward for approval at the 
Company's Annual and General Meeting of the shareholders which is 
expected to be held in June of this year. The effective date of 
the amendment will be January 30, 2004 and arm's-length holders 
of warrants may exercise in accordance with the amendment after 
that time, provided that the company has complied with all the 
filing requirements of the TSX. Warrants held by Sprott may not 
be exercised until receipt of shareholder approval. 

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