NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  HIGH RIVER GOLD MINES LTD.

TSX SYMBOL:  HRG

NOVEMBER 16, 2004 - 08:55 ET

High River Gold Announces Third Quarter Results

TORONTO, ONTARIO--(CCNMatthews - Nov. 16, 2004) - High River Gold Mines 
Ltd. (TSX:HRG) today reported consolidated financial results for the 
three and nine month periods ending September 30, 2004. All figures are 
in Canadian dollars unless otherwise stated.

The Company's consolidated financial and production results continue to 
benefit from the operating performance of its Russian subsidiary, OJSC 
Buryatzoloto (54.1% equity interest). During the period, High River 
entered into an agreement with the European Bank for Reconstruction and 
Development ("EBRD") to acquire an additional 13% interest in 
Buryatzoloto in exchange for 11,760,000 High River shares. The Company 
is in discussions to acquire additional Buryatzoloto shares on the same 
exchange ratio, which could increase its interest in Buryatzoloto to 
approximately 85%.

CORPORATE HIGHLIGHTS

- Consolidated net income for the quarter increased to $1.5 million 
($4.2 million ytd) compared to $278,000 for the same period in 2003 
($164,000 ytd in 2003)

- Attributable gold production for the quarter was 32,678 ounces (86,750 
ounces ytd) at a total cash cost of US $252 per ounce (US $260 per ounce 
ytd)

- Raised a total of $64.8 million in two equity financings, of which $60 
million was raised subsequent to quarter end

- Purchased the "Mill 4" Processing Plant from Newmont Mining 
Corporation for relocation to the Berezitovy Project in Russia

- Increased the Company's interest in the Taparko Project to 90% from 80%

- Arranged a debt financing package in the amount of US $36 million for 
the Taparko-Bouroum Project

- Increased the Company's equity interest in OJSC Buryatzoloto

CONSOLIDATED FINANCIAL RESULTS

For the quarter ending September 30, 2004, the Company achieved 
consolidated net income of $1.5 million, or $0.01 per share, on gross 
revenue of $25.6 million. Cash flow from operating activities for the 
quarter increased marginally to $4.6 million.

For the nine month period ending September 30, 2004, consolidated net 
income was $4.2 million, or $0.04 per share, on gross revenue of $76.6 
million. Cash flow from operating activities before changes in non-cash 
working capital was $14.5 million.

High River's unaudited third quarter consolidated financial statements 
and
management's discussion are available on SEDAR and at www.hrg.ca

/T/

                      Three Months Ending          Nine Months Ending
                             September 30                September 30
                      -------------------          ------------------
(thousands of Cdn $)    2004         2003           2004         2003
---------------------------------------------------------------------
Revenue             $ 25,617     $ 25,478       $ 76,582     $ 75,485
Net Income             1,524          278          4,195          164
Net Income per Share
 (basic)                0.01         0.00           0.04         0.00
Cash Flow from
 Operations (i)        4,646        4,546         14,544       14,525
Weighted Average
 Shares Outstanding
 - Basic         105,986,016  105,948,071    105,978,539  104,261,825
---------------------------------------------------------------------
(i) Before change in non-cash working capital                        

/T/


High River's consolidated working capital position at September 30, 2004 
was $17.2 million, compared to $27.0 million as at December 31, 2003. 
The consolidated cash position at September 30, 2004 was $7.1 million, 
of which High River Canada's portion was $6.0 million. Subsequent to the 
quarter end, High River raised an additional $60 million through an 
equity financing.

PRODUCTION RESULTS

High River's attributable gold production for the nine month period 
ending September 30, 2004 declined by 5% to 86,750 ounces compared to 
91,216 ounces in the 2003 period. The decreased production resulted from 
lower production at the 50%-owned New Britannia Mine which closed, as 
scheduled, in early October. Total cash cost for the period was US $260 
per ounce compared to US $225 per ounce in 2003.

/T/


Production Highlights         Buryatzoloto Mines   New Britannia Mine
(nine months ended Sept 30)   ------------------   ------------------
                               2004         2003     2004        2003
---------------------------------------------------------------------
Gold Production (oz, 100%)  116,632       116,049  47,304      56,868
High River Share (oz)        63,098        62,782  23,652      28,434
Total Cash Cost (US $/oz)      $248          $188    $293        $309
Tonnes Milled               395,398       364,269 391,081     477,095
Head Grade (Au g/t)            9.33          10.1    4.04        3.91
Recovery (%)                   94.5          95.6    93.2        94.8
Realized Gold Price (US $/oz)  $400          $354    $401        $352
---------------------------------------------------------------------

/T/

Buryatzoloto Operating Results

Buryatzoloto continues to achieve its production objectives and is one 
of Russia's leading gold producers. For the first nine months of 2004, 
Buryatzoloto produced 116,632 ounces of gold (100%) at a total cash cost 
of US $248 per ounce and remains on plan to achieve its full year 
objective to exceed 150,000 ounces. The increased total cash cost 
reflects substantial advanced mine development and preparatory work 
charged to operating expense in the first nine months at the Zun-Holba 
Mine, combined with the transition to shaft mining using a cut-and-fill 
method, as well as a stronger Russian rouble and reduced head grades. 
Buryatzoloto is essentially unhedged and realized an average price of US 
$400 per ounce for gold sales during the period.

New Britannia Operating Results

Gold production for the nine month period at the Company's 50%-owned New 
Britannia Mine was 47,304 ounces (100%) at a total cash cost of US $293 
per ounce. The mine continued to experience production shortfalls, both 
in tonnage and grade. During the second quarter, High River and Kinross 
Gold Corporation (the mine operator) announced that they had suspended 
underground development at the mine and that the mine would continue to 
produce until approximately the end of the third quarter using the 
developed ore. Mining was completed during the third quarter. The mill 
continued to treat mined ore but shut down in October. Approximately 
16,000 feet of drilling at an estimated cost of $760,000 is underway to 
determine whether the better than expected widths and grades recently 
encountered in the Dick Zone will continue to depth. New Britannia 
realized an average price of US $401 per ounce for gold sales during the 
period.

DEVELOPMENT PROJECTS UPDATE

High River is developing the Taparko-Bouroum gold project in Burkina 
Faso, and the Berezitovy gold project in the Amur Oblast in southern 
Siberia, Russia. The Company has provided for the equity portion for 
financing both projects through the recent equity financings. The debt 
portion for the Taparko-Bouroum project, in the amount of US $36 
million, has been arranged with Absa Bank of South Africa and the 
Company expects to shortly announce the mandate for the debt financing 
for Berezitovy.

The development teams are now in place and construction activity has 
started on both projects. Construction of the powerline at Berezitovy is 
well advanced and is scheduled to be commissioned in March 2005. 
Dismantling of the "Mill 4" Processing Plant, purchased from Newmont 
Mining, is underway and the components are scheduled to arrive on-site 
in Russia during the first quarter. Construction of the camp at Taparko 
is now underway.

High River's interest in the Taparko Project increased to 90% from 80% 
as a result of the Government of Burkina Faso reducing its interest to 
10% for consistency with the country's mining legislation.

During the quarter, Buryatzoloto declined the opportunity to participate 
on an equity basis in the Berezitovy Project. High River retains 100% of 
the project and intends to transfer 1% to the Government of the Amur 
Oblast.

STRATEGIC ALLIANCE UPDATE

High River's strategic alliance exploration companies are enjoying 
continued success from their aggressive exploration programmes. Intrepid 
Minerals Corporation (TSX:IAU, 10% interest) and Pelangio Mines Inc. 
(TSXV:PLG, 19% interest) are both well-funded to support their 
programmes. Jilbey Gold Exploration Ltd. (TSXV:JLB, 10% interest) is 
currently completing a financing to fund its on-going exploration 
activities in Burkina Faso. Based on the success to date at the Bissa 
Project and the increasingly positive profile of Burkina Faso, High 
River has decided to participate in Jilbey's current financing and, as a 
result, the Company's equity interest will increase to approximately 15%.

High River continues to pursue potential strategic alliance 
opportunities with companies interested in Russia.

PRODUCTION OUTLOOK

Following successful development of the Taparko-Bouroum and Berezitovy 
Projects, High River's attributable annual gold production is expected 
to triple to more than 300,000 ounces by 2006, taking into account the 
Company's increased interests in each of Buryatzoloto, Taparko and 
Berezitovy. High River continues to evaluate additional acquisition 
opportunities in Russia and West Africa and is making excellent progress 
toward its goal of becoming an intermediate producing company.

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's Discussion and Analysis 
published in the Company's Annual Report and Annual Information Form.

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