TORONTO, ONTARIO--(Marketwire - March
31, 2009) - High River Gold Mines Ltd. (TSX:HRG)("High River"
or the "Company") announces that it will be filing its
audited financial statements, management's discussion and analysis,
annual information form and related CEO and CFO certifications for the
year ended December 31, 2008 (the "Annual Filings") late due
to concerns regarding production numbers received by the Company from
its 99% owned subsidiary, Berezitovy Rudnik LLC
("Berezitovy"). Berezitovy owns 100% of the Berezitovy Mine in the
Amur Region, Russia. Although the board of directors has not determined
that the production numbers are inaccurate, a management investigation
into these concerns is being conducted and board approval of the Annual
Filings will not be provided until such investigation has been
concluded. High River anticipates that the Annual Filings will be filed
prior to May 31, 2009.
As a result of the delay in filing, High River will be requesting that
the Ontario Securities Commission and other Canadian securities
regulatory authorities issue a temporary management cease trade order
("MCTO") that prohibits certain directors and officers of the
Company from trading in securities of High River for so long as the
Annual Filings are not filed. The issuance of such MCTO would generally
not affect the ability of persons who have not been directors or
officers of High River to trade in their securities. However, in its
discretion, the Ontario Securities Commission may determine that it
would be appropriate to issue an issuer cease trade order affecting all
of High River's securities.
High River intends to provide information in accordance with National
Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults
with respect to further developments in respect of this matter promptly
following their occurrence, including the issuance of bi-weekly status
update reports for so long as the Annual Filings are not filed. In the
event that the cease trade order is limited to management and the Annual
Filings are not filed by May 31, 2009 or bi-weekly status update
reports are not filed on a timely basis, the Canadian securities
regulatory authorities may impose an issuer cease trade order on the
outstanding securities of High River.
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 Company 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, event,
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. Any 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.
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