NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  HIGH RIVER GOLD MINES LTD.

TSX SYMBOL:  HRG

SEPTEMBER 20, 2004 - 15:04 ET

High River Gold Arranges Bridge Financing

TORONTO, ONTARIO--(CCNMatthews - Sept. 20, 2004) -  

Not for Distribution to US News Wire Services or Dissemination in 
the United States 

High River Gold Mines Ltd. is pleased to announce it has an 
agreement with one investor for a non-brokered private placement 
consisting of 3 million common shares of the Company at a share 
purchase price of Cdn. $1.60 per share for gross proceeds of Cdn. 
$4.8 million. This agreement is subject to definitive 
documentation, board and regulatory approval. 

High River decided that a small bridge financing was required to 
provide the Company with sufficient flexibility to meet its 
current project requirements while management evaluates a number 
of available strategic opportunities to meet the Company's longer 
term financial needs and objectives. After exploring various 
bridge options, the Company determined that a small equity 
private placement was preferable to a bridge loan. 

High River is making considerable progress towards its objective 
of "almost tripling" its annual gold production to over 300,000 
ounces by 2006. The Company will be constructing two gold mines, 
Taparko-Bouroum in West Africa and Berezitovy in Russia, and is 
currently carrying out an initiative to increase its controlling 
equity interest in the Russian company, OJSC Buryatzoloto. 

Recent accomplishments include: 

- The purchase of Newmont's "Mill 4" Processing Plant, Crusher 
and Conveyor System in Nevada for relocation to Berezitovy (press 
release - August 30/04)  

- The arrangement, subject to due diligence and credit committee 
approval, of a US $36 million project financing for the 
Taparko-Bouroum project with Absa Bank Limited of South Africa 
(press release - August 12/04) 

- The acquisition, subject to regulatory approvals, of a further 
13% equity interest in Buryatzoloto from the European Bank for 
Reconstruction and Development (EBRD) for shares in High River. 
This transaction will increase High River's interest in 
Buryatzoloto to 66.8% (63.1% on a fully diluted basis) and will 
make the EBRD the second largest High River shareholder with a 
10% interest (press release - August 24/04) 

- The release of bankable feasibility studies for both properties 
which are available on SEDAR. Press releases: 

Taparko-Bouroum (June 14/04) 

Berezitovy (June 15/04) 

- The pipeline of future projects through strategic alliance 
partners continues to evolve (press release - August 17/04, for 
current status) 



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