NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR:  HIGH RIVER GOLD MINES LTD.

TSX SYMBOL:  HRG

FEBRUARY 8, 2005 - 15:07 ET

High River Gold-Production Update For 2004

TORONTO, ONTARIO--(CCNMatthews - Feb. 8, 2005) - High River Gold Mines 
Ltd. (TSX:HRG) today reported its attributable gold production for 2004. 
The Company's gold production remains unhedged.

CONSOLIDATED PRODUCTION RESULTS

High River continues to benefit from its 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. Additionally, the Company has a 50% joint 
venture interest in the New Britannia Mine, Manitoba, which ceased 
operations in the last quarter of 2004.

High River's attributable gold production for the year declined by 9% to 
107,644 ounces compared to 118,182 ounces in 2003 as a result of lower 
production at the New Britannia Mine. Total cash cost for the year is 
estimated at US $261 per ounce (cash operating cost of US $238 per 
ounce) compared to US $234 per ounce (cash operating cost of US $217 per 
ounce) in 2003. The Russian mines experienced higher operating costs due 
to the transition to shaft mining using a cut-and-fill mining method at 
the Zun-Holba Mine and reduced head grades at Irokinda. Operating costs 
were also negatively affected by the impact of a weaker U.S. dollar on 
Russian rouble denominated costs.

The Company's annual gold production is expected to reach 300,000 ounces 
by the end of 2006 with the successful completion of its two development 
projects, the Taparko/Bouroum Gold Project in Burkina Faso, West Africa 
and the Berezitovy Gold Project in the Amur Oblast in southern Siberia, 
Russia. Both projects will be open pit mines with conventional mills and 
are scheduled to start production in early 2006.

High River is well funded with available cash of approximately Cdn $40 
million and continues to pursue new, advanced projects and growth 
opportunities in both Russia and West Africa.

/T/

2004 Production Highlights

                         Buryatzoloto Operations       New Britannia
                   Zun-Holba     Irokinda     Placer
---------------------------------------------------------------------
Gold Production
 (oz) (100%)          65,017       85,484      4,752          47,304
High River Share (oz) 35,174       46,247      2,571          23,652
Tonnes Milled        225,208      308,127          -         391,081
Head Grade (g/t)        9.50         9.11          -            4.04
Recovery (%)            93.7         95.0          -            93.2
Total Cash Cost
 (US $/oz)         297 (est.)   216 (est.) 352 (est.)            293
---------------------------------------------------------------------

2003 Production Highlights

                         Buryatzoloto Operations       New Britannia
                   Zun-Holba     Irokinda     Placer
---------------------------------------------------------------------
Gold Production
 (oz) (100%)          65,267       83,943      4,545          70,002
High River Share (oz) 35,309       45,413      2,459          35,001
Tonnes Milled        229,332      255,913          -         606,630
Head Grade (g/t)        9.46        10.66          -            3.80
Recovery (%)            93.2         94.8          -            94.5
Total Cash Cost
 (US $/oz)               215          169        322             329
---------------------------------------------------------------------

/T/

Buryatzoloto Operating Results

Buryatzoloto is one of Russia's leading gold producers and continues to 
achieve its production objectives. For 2004, Buryatzoloto produced 
155,252 ounces (100%) of gold, from its two underground mines and a 
small placer operation, at an estimated total cash cost (excluding the 
placer operation) of US $251 per ounce (cash operating cost of 
approximately US $223 per ounce). The 2004 results exceeded last year's 
record production of 153,754 ounces at a total cash cost of US $195 per 
ounce (cash operating cost of US $173 per ounce). The increased 
operating costs reflect advanced mine development associated with a 
transition to shaft mining using a cut-and-fill mining method at 
Zun-Holba and a lower head grade at Irokinda. During the year, a small 
seasonal plant was installed at Irokinda to process a stockpile of lower 
grade ore. The operating costs of the Russian operations continue to be 
negatively impacted by the stronger Russian rouble.

New Britannia Operating Results

Gold production for 2004 at the Company's 50%- owned New Britannia Mine 
was 47,304 ounces (100%) at a total cash cost of US $293 per ounce (cash 
operating cost of US $288 per ounce). Throughout the year, 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 the suspension of underground 
development at the mine and that the mine would continue to produce 
until approximately the end of the third quarter. The mine was 
officially closed in September. Underground exploration efforts were not 
successful in defining an extension of the ore body sufficient to 
support further mining. In January 2005, the joint venture made the 
decision to place New Britannia on care and maintenance. A small 
exploration program may take place to potentially justify mining in the 
area in the future.

ANTI-MONOPOLY APPROVAL RECEIVED

At the end of 2004, the Company increased its equity interest in 
Buryatzoloto from 54.1% to 84.9% of the issued shares (81.8% fully 
diluted) through a share exchange. This increased interest was approved 
by the Russian Federal Anti-Monopoly Service in late January 2005. The 
actual exchange of High River shares for Buryatzoloto shares with the 
individual investors will occur shortly following completion of formal 
documentation.

NEW APPOINTMENT

High River is pleased to announce that Ms. Laurie Gaborit has joined the 
Company's management team as Vice President of Investor Relations and 
Corporate Secretary. Ms. Gaborit brings strong expertise in investor 
relations and corporate governance to the Company and will significantly 
contribute to increasing awareness of High River throughout the 
investment community. Ms. Gaborit has over 18 years of experience in the 
mining industry.

FORWARD-LOOKING STATEMENTS

This press release 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 in the Annual Information 
Form.

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