DEC 4, 2008 - 15:33 ET
High River Gold Advises That Closing of Prognoz Acquisition Not Extended and Agreement Terminated
TORONTO, ONTARIO--(Marketwire - Dec. 4, 2008) - High River Gold Mines Ltd. ("High River" or the "Corporation") (TSX:HRG) advises that the closing date of the previously announced acquisition of the remaining 50% interest in the Prognoz Silver Project ("Prognoz") has not been extended and the Prognoz Agreement (as defined below) has been terminated.|
The proposed acquisition of the remaining interest in Prognoz was pursuant to a share purchase agreement, as amended (the "Prognoz Agreement"), which was to have closed no later than November 30, 2008, unless otherwise extended by the mutual agreement of the parties thereto. The parties were unable to agree to mutually satisfactory terms for the extension of the agreement, with the result that the Prognoz Agreement has been terminated in accordance with its terms. The transaction required the approval of the Ministry of the Russian Federation for Anti-Monopoly Policy and Support of Businesses, which as of the date hereof, has not been received.
About High River
High River is a gold company with interests in producing mines, mines under development, and advanced exploration projects in Burkina Faso and Russia.
FORWARD LOOKING STATEMENTS
This release and subsequent oral statements made by and on behalf of the Corporation may contain forward-looking statements. Wherever possible, words such as "intends", "expects", "scheduled", "estimates", "anticipates", "believes", and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward-looking statements contained in this release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, High River cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause High River's actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although High River has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this release, and High River assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law.
FOR FURTHER INFORMATION PLEASE CONTACT:
High River Gold Mines Ltd.
Vice President Investor Relations
(416) 360-0010 (FAX)
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