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AUG 8, 2007 - 08:00 ET
High River Gold Announces First Gold Pour at Berezitovy
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TORONTO, ONTARIO--(Marketwire - Aug. 8, 2007) - High River Gold Mines Ltd. ("High River" or "the Company")(TSX:HRG) is pleased to announce that the first gold pour occurred at the Berezitovy Gold Mine on August 7, 2007. Attending the first gold pour was the Acting Head of the Department of Natural Resources and Mining of the Amur Region of Russia, Mr. Gennady Nosovtseff. The hot gold bar was quenched in champagne to cool it, a Russian custom signifying good luck.
Gold was produced out of the gravity circuit. Commercial Production, defined as 30 consecutive days of operation at 60% of planned capacity or better, is scheduled to be achieved during the fourth quarter of 2007. Gold production for the first 12 months is expected to exceed 100,000 ounces of gold. Mining of the open pit is well underway with over 120,000 tonnes (one month's supply) of ore stockpiled.
In commenting on this landmark occasion, Daniel Vanin, Executive Vice-President and Chief Operating Officer, stated: "The operating and management team at Berezitovy are to be commended for an excellent mine construction and successful mine start-up. We look forward to ramping up to full production levels. This mine is a significant accomplishment for High River and the Amur Region, and I would like to take this opportunity to thank the Berezitovy management and construction teams, together with the Russian contractors assisting in the mine construction, for their hard work, as well as the Government of the Amur Region, and the Federal Government of Russia for their support in helping make the Berezitovy Gold Mine a success."
About High River
High River has brought two new open-pit gold mines into production this year, the Taparko-Bouroum Gold Mine in Burkina Faso (July) and the Berezitovy Gold Mine in Russia (August). Annual gold production from Taparko-Bouroum is planned at 100,000 ounces for the first 12 months increasing to over 140,000 ounces in the third year of operation, and annual production from Berezitovy is expected to exceed 100,000 ounces. Combined with gold production from High River's 85%-owned Russian subsidiary, OJSC Buryatzoloto, High River's attributable unhedged gold production is expected to approach 200,000 ounces in 2007, and to exceed 300,000 ounces in 2008. In addition, the Company has two advanced exploration projects, the Bissa Gold Project in Burkina Faso and the world-class Prognoz Silver Project in Russia. These projects are expected to significantly add to the Company's production profile in the future.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
High River Gold Mines Ltd.
Dan Hrushewsky
Vice President Investor Relations
(416) 947-1440
(416) 360-0010 (FAX)
Email: info@hrg.ca
Website: www.hrg.ca
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