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Message: Assignment of Standard Bank Credit Agreements to Severstal / Appointment of CFO
| April 20, 2009 |
| High River Gold Announces Assignment of Standard Bank Credit Agreements to Severstal and Appointment of CFO to Board of Directors |
| TORONTO, ONTARIO--(Marketwire - April 20, 2009) - High River Gold Mines Ltd. ("High River" or the "Company") (TSX:HRG) announced today that both credit facilities with Standard Bank Plc ("Standard Bank") have been assigned by Standard Bank to OAO Severstal ("Severstal"). Both the credit agreement dated as of July 6, 2007 (the "High River Facility") between Standard Bank, High River, High River Gold Mines (West Africa) Ltd. and Jilbey Burkina SARL, as amended, and the credit agreement dated as of April 19, 2007 (the "Somita Facility") between Standard Bank, Societe des Mines de Taparko SA (known as Somita) and High River, as amended, were assigned by Standard Bank to Severstal as of April 17, 2009. Severstal is indirectly High River's largest shareholder, holding approximately 53% of the issued and outstanding common shares of High River. As previously disclosed, both the High River Facility and the Somita Facility are in default. Following the assignment to Severstal, such facilities continue to be in default. The aggregate amount outstanding under the two loans is approximately US$27 million. High River also announced today that Steven Poad, the Chief Financial Officer of High River, has been appointed to the Board of Directors on an interim basis until the next annual meeting of shareholders of High River. About High River High River is a gold company with interests in producing mines and advanced exploration projects in Burkina Faso and Russia. |
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