TORONTO, ONTARIO--(Marketwire - Nov. 15, 2011) -

(All currency figures are in Canadian dollars unless otherwise noted)

High River Gold Mines Ltd. ("High River" or the "Company") (News - Market indicators) today reported its financial results and operational highlights for the three month period ended September 30, 2011. The Unaudited Interim Consolidated Financial Statements and related Notes along with the Management's Discussion and Analysis have been filed with SEDAR (www.sedar.com) and can be viewed on the Company's website at www.hrg.ca. 

HIGHLIGHTS FOR THE THIRD QUARTER 2011

Financial Results

• Net gold revenue of $111.5 million, a decrease of 18% from $136.2 million in Q2 2011, an increase of 11% from $100.8 million in Q3 2010.
• Net income of $41.3 million ($0.05 per share) compared to a net income of $41.4 million ($0.05 per share) in Q2 2011 and a net income of $24.0 million ($0.03 per share) in Q3 2010.
• Cash flow from operations of $23.1 million, down from $42.9 million in Q2 2011, and from $26.3 million in Q3 2010.
• Cash and cash equivalents decreased to $150.0 million from $207.3 million at the end of Q2 2011, and increased from $125.6 million at the end of Q3 2010.
• Working capital decreased to $296.0 million from $307.2 million at the end of Q2 2011 and increased from $205.3 million at the end of Q3 2010.
• Current and long term debt decreased to $22.7 million from $24.0 million at the end of Q2 2011 and increased from $22.1 million at the end of Q3 2010.

Operations

• Total gold production decreased 5.0% to 91,057 (Q2 2011 – 96,093) ounces (100%). Total cash cost per ounce increased 2% to US$ 720 (Q2 2011 – US$704 per ounce).
• The Zun-Holba and Irokinda Gold Mines produced 34,100 ounces (Q2 2011 – 33,594) (100%) at a total cash cost of US$ 705 per ounce.
• The Taparko-Bouroum Gold Mine produced 31,391 ounces (Q2 2011 – 33,753) (100%) at a total cash cost of US$ 681 per ounce.
• Gold production at Berezitovy was 25,565 ounces (Q2 2011 – 28,746 ounces) (100%) at a total cash cost of US$ 787 per ounce.

Corporate

• The Arbitration Court of the City of Moscow terminated the official bankruptcy proceedings for Prognoz Silver LLC ("Prognoz Silver") in connection with the application of Prognoz Silver claiming that the criteria of bankruptcy are no longer in place.

Subsequent Events

• In October 2011, the share capital of Berezitovy was increased which resulted in the increase of the Group's interest in Berezitovy up to 99.91%.

DISCUSSION OF FINANCIAL RESULTS

Selected Financial Results

The Company reported a net income of $41.3 million ($0.05 per share) in Q3 2011 compared to a net income of $41.4 million ($0.05 per share) during Q2 2011 and net income of $24.0 million ($0.03 per share) in Q3 2010.

About High River

High River is an unhedged gold company with interests in producing mines, development and advanced exploration projects in Russia and Burkina Faso. Two underground mines, Zun-Holba and Irokinda, are situated in the Lake Baikal region of Russia. Two open pit gold mines, Berezitovy in Russia and Taparko-Bouroum in Burkina Faso, are also in production. Finally, High River has a 90% interest in a development project, the Bissa gold project in Burkina Faso, and a 50% interest in an advanced exploration project with NI 43-101 compliant resource estimates, the Prognoz silver project in Russia.

FORWARD LOOKING INFORMATION

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, 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, including those risk factors discussed in the Company's 2010 Annual Information Form. 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.