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High River Gold’s Berezitovy Gold Mine on Track to Achieve Commercial Production in December

Thursday, November 15th, 2007

High River Gold Mines Ltd. is pleased to report on construction progress at its unhedged Berezitovy Gold Project in Russia.
The Berezitovy Gold Mine is on track to achieve Commercial Production in December of this year after having poured its first gold bar on August 7, 2007 (see press release dated August 8, 2007). Commercial Production is defined as 30 consecutive days of process plant operation at 60% capacity or better. Berezitovy’s annual production, after achieving full production levels, is expected to exceed 100,000 ounces of gold for at least 9 years.
Project Construction Update
Pre-stripping has been completed, and mining continues with approximately 230,000 tonnes of ore (approximately 2 months of production) stockpiled.
Process Plant
The crushing, grinding and leach circuits are operating and processing ore. Some minor work remains on the carbon stripping circuit.
Tailings Storage Facility
The double-lined, zero discharge Tailings Storage Facility is complete, with the liner laid and the slurry pipeline and radial stacker assembled and operational. Construction of the filter plant is nearing completion, with all components on site and only minor work remaining on electrical and piping connections.
Power Generation
Low cost, reliable electrical power has been available on-site for more than 2 years from the regional hydro-electric power grid, which the project accesses through a 110 KV, 100 kilometre-long power line built by the Company. Power costs in 2007 were less than US 5 cents per kilowatt hour.
Water Supply
All pumps and piping supplying water have been installed and are operational. Water sources are abundant and of high quality.
Flotation Circuit Project
In a May 30, 2007 press release, High River announced scoping level plans for the installation of flotation circuits to recover zinc and lead and to improve the recovery of silver. High River is currently planning additional bench-scale confirmatory test-work to refine flotation equipment sizing. Also in the planning stages are permitting and detailed engineering work. Construction of the flotation circuits is tentatively scheduled to begin in Q2 2008 and the production of zinc and lead concentrates could begin as early as January 2009. As noted in the May 30th press release, implementation of the Flotation Circuit Project has the potential to significantly reduce the cash cost per ounce gold at Berezitovy through zinc, lead and silver by-product credits.
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