NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  HIGH RIVER GOLD MINES LTD.

TSX SYMBOL:  HRG

FEBRUARY 19, 2004 - 08:52 ET

High River Gold-Production And Project Update For 2003

TORONTO, ONTARIO--(TSX:HRG) - High River Gold Mines Ltd. today 
reported its attributable gold production for 2003 and provided 
an update on mine and project activities for the year. The 
Company's gold production is unhedged. 

High River continues to benefit from its 54.1% equity interest in 
the Russian company, OJSC Buryatzoloto, which owns and operates 
two underground gold mines, Zun-Holba and Irokinda, located in 
the Republic of Buryatia in southern Siberia, Russia. High River 
also has a 50% joint venture interest in the New Britannia Mine, 
located in Snow Lake Manitoba, where Kinross Gold Corporation is 
the mine operator. 

High River will also benefit from its two development projects, 
the Taparko Gold Project in Burkina Faso, West Africa and the 
Berezitovoye Gold Project in the Amur Oblast in southern Siberia, 
Russia. Both of these projects will be open pit mines with 
conventional mills and are scheduled to start production during 
the fourth quarter of next year. 

High River is well funded with available cash of approximately 
$15 million and continues to pursue new, advanced projects and 
growth opportunities in both Russia and West Africa. 

CONSOLIDATED PRODUCTION RESULTS 

High River's attributable gold production for the year declined 
by 15% to 118,182 ounces compared to 139,121 ounces in 2002. The 
decreased production resulted from lower production at the New 
Britannia Mine which is nearing the end of its mine life. Total 
cash cost for the year is estimated to be US $235 per ounce (cash 
operating cost of US $217 per ounce) compared to US $180 per 
ounce (cash operating cost of US $166 per ounce) in 2002. The 
higher cash costs were primarily the result of increasing 
operating costs at New Britannia. 


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Production Highlights         New Britannia      Buryatzoloto Mines
                            -----------------------------------------
                              2003     2002       2003         2002
                            -----------------------------------------
Gold Production (oz) (100%) 70,002  107,490    153,754      153,377
High River Share (oz)       35,001   53,745     83,181       85,376
Total Cash Cost (US $/oz)      329      206        195(est.)    164
Tonnes Milled              606,630  751,146    485,245      461,975
Head Grade (g/t)              3.80     4.73       10.1         10.8
Recovery (%)                  94.5     94.0       94.1         94.3
Realized Gold Price (US $/oz)  359      315        358          310
---------------------------------------------------------------------

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Buryatzoloto Operating Results 

Buryatzoloto continues to be one of Russia's leading gold 
producers. For 2003, Buryatzoloto achieved its target and 
produced 153,754 ounces (100%) of gold, from its two underground 
mines and a small placer operation, at an estimated total cash 
cost of US $195 per ounce (cash operating cost of approximately 
US $173 per ounce). The 2003 results exceeded last year's record 
production of 153,377 ounces at a total cash cost of US $164 per 
ounce (cash operating cost of US $143 per ounce). The increased 
cash cost reflects the impact of a transition to shaft mining 
using a cut-and-fill mining method at the Zun-Holba operation, 
combined with a stronger Russian rouble. Buryatzoloto is 
essentially unhedged and realized an average price of US $358 per 
ounce for gold sales during the year. 

New Britannia Operating Results 

At the Company's 50%-owned New Britannia Mine, gold production 
for the year was 70,002 ounces (100%) at a total cash cost of US 
$329 per ounce. Lower than planned mill throughput and lower 
realized head grades resulted in a 24% shortfall from planned 
production which, combined with the stronger Canadian dollar, 
resulted in a 29% higher than budgeted total cash cost. New 
Britannia realized an average price of US $359 per ounce for gold 
sales during the year. 

As previously reported, production at New Britannia is being 
negatively impacted by a thinning and flattening of the orebody 
in the current area of mining, contributing to fewer tonnes and a 
diluted grade. The increased 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 has caused Kinross (mine operator) and High River to 
re-evaluate the mine and its future operations. At this time, 
Kinross and High River expect the mine will continue to operate 
at least to the end of 2004. Kinross and High River are 
considering exploration initiatives that, with success, could 
extend the life of the mine. Should efforts at extending the mine 
life prove unsuccessful, both companies are committed to an 
orderly shutdown of operations. 

Taparko Gold Project 

In October 2003, High River announced a decision to commence 
development of the Taparko Gold property in Burkina Faso. The 
feasibility study, available on SEDAR, evaluated the construction 
of a mill and infrastructure on High River's Taparko property to 
process ore from both the Taparko Gold deposits and the nearby 
Bouroum Gold deposits of Axmin Inc., located 49 kilometres 
northwest of the Taparko property. 

The combined operation would process one million tonnes per year 
and average more than 90,000 ounces per year over an eight year 
period, exceeding 100,000 ounces in each of the first three 
years. Reserves exceeding 600,000 ounces of gold have been 
established for three pits on the Taparko property and ore 
containing a minimum of 110,000 ounces of gold is expected from 
three pits on the Bouroum property. High River controls, directly 
and indirectly through an agreement with Jilbey Gold Exploration 
Ltd., in excess of 3500 square kilometres of prospective property 
within trucking distance of the planned Taparko mill. The Company 
is confident that a number of satellite deposits will be found 
within trucking distance which could support expanded production 
or an extended mine life. The current feasibility study will be 
upgraded to bankable within four to six weeks. 

Berezitovoye Gold Project 

During 2003, High River reported results of an audit of the 
reserves of the Berezitovoye Gold deposit, conducted according to 
CIM standards by Roscoe Postle Associates Inc. (report is 
available on SEDAR). The audit resulted in a CIM classified 
"indicated resource" estimate of 1.14 million ounces of gold 
using a block cut-off grade of 0.9 grams of gold per tonne (g/t) 
and a "mineable resource" of 907,000 ounces of gold using a 
cut-off grade of 1.22 g/t. Based on this resource estimate, the 
Berezitovoye operation would process approximately 1.5 million 
tonnes per year from a single pit with gold production expected 
to exceed 100,000 ounces per year for a ten year period. The 
Berezitovoye property also contains a number of exploration 
targets that could enhance production or extend the mine life. 

The feasibility study, initiated during the second quarter, is 
expected to be finished shortly. Micon International Limited has 
prepared an optimized pit based on the Roscoe Postle resource 
estimate and operating cost parameters provided by Russian 
consultants. The Berezitovoye Project will be developed as a 
joint venture between High River and Buryatzoloto, with 
Buryatzoloto being the mine operator. 

STRATEGIC ALLIANCE COMPANIES 

High River continues to focus on the acquisition of development 
stage and/or producing properties as well as on exploration in 
areas close to its existing mining operations. To gain exposure 
to exploration success in other areas, the Company has 
established preferred status relationships with well-managed 
exploration companies. 

Grassroots exploration is a high-risk, high-cost but potentially 
high-reward business. High River's strategy in this area is to 
position itself to participate in a significant part of the 
"reward" through equity interests and, where possible, back-in 
and operatorship rights while minimizing the early exploration 
cost. High River currently has three strategic alliances in 
place, each of which is presently conducting aggressive 
exploration programmes which include drilling. 

Intrepid Mineral Corporation (TSXV:IAU), in which the Company has 
an 11% equity interest, has aggressive drilling programmes 
underway in Argentina and El Salvador. One of Intrepid's most 
significant assets is its exploration team, headed by Laurie 
Curtis. Mr. Curtis' credibility, knowledge and international 
experience opens doors to exciting new projects which, when 
advanced, could present joint venture opportunities between 
Intrepid and High River. Intrepid's Casposo Project in Argentina 
is well advanced having an identified, relatively high grade, 
open-pit resource of 320,000 ounces of gold and 6.7 million 
ounces of silver in a single zone with drilling underway on four 
similar targets along strike. High River has a right of first 
offer should Intrepid require an operating partner for this 
project. 

Jilbey Gold Exploration Ltd. (TSXC:JLB), in which the Company 
holds a 10% equity interest, has initiated a drill programme to 
follow up significant gold assays from exploration on its permits 
adjacent to the Company's Taparko property in Burkina Faso. High 
River has formed a strategic alliance with Jilbey in Burkina Faso 
to focus on gold exploration which could enhance or expand the 
Company's development plans in that country (press release dated 
February 18, 2004). High River has back-in and operatorship 
rights on discoveries within trucking distance of the planned 
Taparko mill and a right of first refusal on discoveries outside 
trucking distance. 

Pelangio Mines Inc. (TSXV:PLG), in which the Company has an 18% 
equity interest, is drilling their large Detour Lake gold camp. 
The objective of this programme is to upgrade and extend the 
current gold resource of 1.7 million ounces (1.2 million ounces 
presently in the inferred category). High River is supervising 
all the technical work for Pelangio and is acting as Pelangio's 
advisor. Pelangio may enter into joint venture agreements with 
third party companies, where appropriate, but will control the 
development and operation of new discoveries. 

FORWARD LOOKING STATEMENTS 

This report contains forward-looking statements based on current 
expectations. These forward-looking statements entail various 
risks and uncertainties that could cause actual results to differ 
materially from those reflected. Risk and uncertainties about the 
Company's business are more fully discussed in the Management 
Discussion and Analysis published in the Company's Annual Report 
and Annual Information Form. 


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HIGH RIVER GOLD MINES LTD.
155 University Avenue, Suite 1700, Toronto, Canada M5H 3B7

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