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TORONTO,
ONTARIO--(Marketwire - June 19, 2009) - High River Gold Mines Ltd. ("High
River" or the "Company") (TSX:HRG) would like to report
the results of a revised Mineral Resource evaluation completed for the
Bissa Gold Exploration Project ("Bissa"), by SRK Consulting
(Canada) Inc. ("SRK"). The revised Mineral Resource estimate
was prepared following the National Instrument 43-101 ("NI
43-101") guidelines and incorporates new assay results from
drilling and trenching performed by High River during 2007 and 2008. It
was prepared to support conceptual mine design work currently being
completed by engineering consultants GENIVAR ("GENIVAR") to
evaluate the feasibility of an open pit mining and processing operation
at Bissa. The effective date of the Mineral Resource Statement is April
23, 2009. The Mineral Resource Statement is contained within a
Technical Report prepared by SRK dated June 18, 2009.
Relative to a previous Mineral Resource estimate incorporating Mineral
Resource evaluations dated September 28, 2004 and May 23, 2006,
Measured Mineral Resources increased by 11%, Indicated Mineral
Resources increased by 43%, and Inferred Mineral Resources increased by
18%, as follows:
Bissa Gold Exploration Project Mineral Resource Estimate(i) (100%
basis)
---------------------------------------------------------------------------- Measured and Indicated Resources Resource ------------------------------------------------------ Category Tonnage (t) Gold Grade (g/t) Contained Gold (oz) ---------------------------------------------------------------------------- Measured 906,000 3.13 91,000 ---------------------------------------------------------------------------- Indicated 14,931,000 1.73 832,000 ---------------------------------------------------------------------------- Total 15,838,000 1.81 924,000 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Inferred Resources Resource ------------------------------------------------------ Category Tonnage (t) Gold Grade (g/t) Contained Gold (oz) ---------------------------------------------------------------------------- Total Inferred 17,730,000 1.40 799,000 ---------------------------------------------------------------------------- (i) All figures rounded to reflect the relative accuracy of estimates. Reported Resources are within optimized pit shells at a cut-off grade of 0.5 g/t gold
The
revised Mineral Resource estimate is constrained within conceptual pit
shells and includes only those resource blocks exhibiting
"reasonable prospects for economic extraction" from an open
pit mine after considering certain additional physical and economic
constraints (please see note #3 below, under section titled
"Resource Estimate").
The revised Mineral Resource estimate was based on assay results
derived from samples taken from 118 trenches (11,935 metres), 181
diamond drill holes (23,068 metres), and 462 reverse circulation drill
holes (43,823 metres) completed over the period 2004 to 2008.
After review of the Bissa data, SRK concluded that:
- There is an opportunity to upgrade the resource classification of
portions of the Bissa gold mineralization with additional infill
drilling targeting the Inferred Mineral Resources near surface at Zone
51W, IO, Bissa SW and Zone 51E.
- There is potential to increase the gold resource at IO with step-out
and infill drilling along strike and down plunge, as the controls on
the distribution of the higher grade gold mineralization in IO are not
well understood.
- Gold mineralization is open along strike to the southwest of Zones
51W and 52.
- Gold mineralization in most of the auriferous zones extends at depth
into fresh rock below the current drilling, providing an opportunity to
expand the gold Mineral Resources at depth, especially in Zone 52 where
the depth of the conceptual pit shells used to report Mineral Resources
is limited by data availability.
Resource Estimate
Bissa Mineral Resource Statement(i) (100% basis), SRK Consulting, April
23, 2009
---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Weathering profile Tonnage Gold Grade Contained Gold (tonne) (g/t) (ounces) ---------------------------------------------------------------------------- Measured Mineral Resources ---------------------------------------------------------------------------- Laterite Saprolite 896,000 3.14 90,000 Saprock 10,000 2.86 1,000 Fresh Rock ---------------------------------------------------------------------------- Total Measured 906,000 3.13 91,000 ---------------------------------------------------------------------------- Indicated Mineral Resources ---------------------------------------------------------------------------- Laterite 759,000 0.78 19,000 Saprolite 8,610,000 1.78 493,000 Saprock 2,371,000 1.89 144,000 Fresh Rock 3,270,000 1.70 178,000 ---------------------------------------------------------------------------- Total Indicated 15,010,000 1.73 834,000 ---------------------------------------------------------------------------- Measured & Indicated Mineral Resources ---------------------------------------------------------------------------- Laterite 759,000 0.78 19,000 Saprolite 9,507,000 1.91 584,000 Saprock 2,381,000 1.90 145,000 Fresh Rock 3,270,000 1.70 178,000 ---------------------------------------------------------------------------- Total Measured & Indicated 15,917,000 1.81 926,000 ---------------------------------------------------------------------------- Inferred Mineral Resources ---------------------------------------------------------------------------- Laterite 894,000 0.76 22,000 Saprolite 9,257,000 1.29 383,000 Saprock 3,164,000 1.42 144,000 Fresh Rock 4,415,000 1.76 250,000 ---------------------------------------------------------------------------- Total Inferred 17,730,000 1.40 799,000 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- (i) All figures rounded to reflect the relative accuracy of the estimates. Reported Resources are within optimized pit shells at a cut-off grade of 0.5 g/t gold
Notes
to the Mineral Resource Estimate:
1. The Qualified Persons responsible for the preparation of this NI
43-101 compliant resource estimate are Dr. Jean-Francois Couture,
P.Geo., Principal Resource Geologist; Martin Pittuck, C. Eng, Principal
Resource Geologist; and James Gilbertson, C.Geol, Senior Exploration
Geologist; all with SRK. Dr. Couture, Mr. Pittuck, and Mr. Gilbertson
have reviewed the content of this news release. A complete technical
report will be filed on SEDAR within 45 days.
2. The effective date of the Mineral Resource Statement is April 23,
2009.
3. Details of the key assumptions, parameters, and methods used to
estimate the above Mineral Resource estimate are as follows:
The Mineral Resources were estimated using a geostatistical block
modelling approach constrained by gold mineralization wireframes. Gold
grades were estimated using ordinary kriging based on capped composited
data and estimation parameters derived by variography.
In order to determine the quantities of material offering reasonable
prospects for economic extraction from an open pit, SRK used a pit
optimizer to evaluate the profitability of each resource block based on
optimization parameters derived, in part, from ongoing engineering
studies undertaken by High River and adjusted where appropriate.
---------------------------------------------------------------------------- Key assumptions and parameters Values ---------------------------------------------------------------------------- Wireframe external cut-off grade 0.2 g/t ---------------------------------------------------------------------------- Resource block model internal block cut-off grade 0.5 g/t ---------------------------------------------------------------------------- Pit optimizer gold price US $910/oz ---------------------------------------------------------------------------- Pit optimizer metallurgical recovery (CIL) 90% ---------------------------------------------------------------------------- Pit optimizer mining and processing costs (open-pit, CIL) US $20/tonne processed ---------------------------------------------------------------------------- Pit optimizer pit slope 45 degrees ---------------------------------------------------------------------------- Grade Capping levels (trenches) 10 g/t ---------------------------------------------------------------------------- Grade Capping levels (drill holes) 15-25 g/t ---------------------------------------------------------------------------- The reader is cautioned that the results from the pit optimization work are used solely for the purpose of reporting Mineral Resources that have "reasonable prospects" for economic extraction by an open pit and do not represent an attempt to evaluate Mineral Reserves for this project. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any of the Mineral Resources will be converted into Mineral Reserves.
Measured Resources are those portions
of the block model that have good continuity, good quality local grade
estimation, and are defined by tight drill spacing (20 metre drill
spacing).
Indicated Resources are those portions of the block model that exhibit
good continuity and reasonable quality local grade estimation.
Inferred Resources were all remaining resource blocks.
4. SRK is unaware of any environmental, permitting, legal, title,
taxation, socio-political, marketing or other issues which would materially
affect the Mineral Resource estimates.
About High River
High River is a gold company with interests in producing mines 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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