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APR 14, 2008 - 08:00 ET
High River Gold Announces Management Changes
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TORONTO, ONTARIO--(Marketwire - April 14, 2008) - High River Gold Mines Ltd. ("High River" or the "Company") (TSX:HRG) announces that Daniel G. Vanin will be leaving the Company to accept the position of President & CEO with Iberian Minerals Corp, effective June 2, 2008. Mr. Vanin was appointed Executive Vice President and Chief Operating Officer of High River in February 2004.
Mr. Vanin has been a key, integral part of the High River senior management team that has recently brought two new open-pit gold mines into production; the Taparko-Bouroum Gold Mine in Burkina Faso and the Berezitovy Gold Mine in Russia.
David Mosher, President of High River commented: "It is both with great pride and sadness that we see Daniel move on. Daniel has been an important member of our team, and has shown true dedication to the Company, our people and our shareholders. He has been instrumental with the construction and start-up phase of our two new mines, and our drive to advance High River to become a mid-tier producer. We are sad to see him go, but Daniel has a great opportunity to pursue his career and life objectives with a company based in Europe, that will further his profile and talents. Everyone at High River wishes him the very best of success".
Mr. Vanin has agreed to provide continuity, as needed, with the new management to cover any transition issues.
In that regard, Mr. Mosher added: "We are in an advanced state of negotiations with an extremely qualified replacement candidate who will be absolutely ideal for High River going forward, both from an operations and new project development perspective as we continue to grow the Company. We intend to make an announcement shortly".
High River also intends to add two new names to management's proposed slate for election to the Board of Directors at the annual meeting to be held on May 28, 2008. We have identified candidates with substantial mining credentials who will add depth to the High River Board in the areas of mine operations, financial reporting and corporate governance.
About High River
High River is an unhedged gold company with producing mines, mines under development and advanced exploration projects in Burkina Faso and Russia. High River is bringing two new open-pit gold mines into production. The Taparko-Bouroum Gold Mine in Burkina Faso achieved commercial production in October 2007, and the Berezitovy Gold Mine in Russia is expected to achieve commercial production in Q2 2008. Annual gold production from Taparko-Bouroum is planned at 100,000 ounces increasing to a rate of approximately 140,000 ounces by mid-year 2009 and expected to exceed 100,000 ounces at Berezitovy. Attributable 2008 gold production is planned to be approximately 80,000 ounces from Taparko-Bouroum and approximately 75,000 ounces for Berezitovy. Combined with gold production from two underground mines in Russia, Zun-Holba and Irokinda, High River's attributable unhedged gold production is expected to total approximately 280,000 ounces in 2008. In addition, the Company has three advanced exploration projects, the Bissa Gold Project in Burkina Faso, the world-class Prognoz Silver Project in Russia and the Chaya Nickel Project in Russia. These projects are expected to significantly add to shareholder value 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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