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Message: Decides Not to Complete Acquisition of Chaya Nickel Project

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Decides Not to Complete Acquisition of Chaya Nickel Project

posted on Mar 25, 09 01:15PM
March 25, 2009
High River Gold Decides Not to Complete Acquisition of Chaya Nickel Project
TORONTO, ONTARIO--(Marketwire - March 25, 2009) - High River Gold Mines Ltd. ("High River" or the "Company")(TSX:HRG) would like to report that its 85%-owned Russian subsidiary, OJSC Buryatzoloto ("Buryatzoloto"), has decided not to complete the acquisition of the Chaya Nickel Deposit, previously announced in a press release dated February 22, 2008. An initial payment of approximately US $4.15 million made in February 2008, which represents all acquisition costs incurred to-date, has been written off as at the 2008 year end. The second and final payment due on the acquisition, of approximately US $5 million, will not be made and no further costs associated with this project will be incurred. The Federal Mining Agency of Russia has confirmed Buryatzoloto's request to annul the auction results.

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.
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