High River Gold Provides Update on Operations and Financial Status

TORONTO, ONTARIO, May 19 (MARKET WIRE) --
High River Gold Mines Ltd. ("High River" or the "Company") (TSX: HRG)
would like to provide an update on the operating status of its four gold
mines and its financial situation:

Financial Status (Liquidity and Capital Resources)

As of April 30, 2009, High River's total consolidated debt outstanding
was estimated at approximately US$ 122 million. This includes: (a) US $54
million under various loans between Nomos Bank and High River's Russian
subsidiaries, Buryatzoloto and Berezitovy; (b) US $27 million under a
loan agreement between Royal Gold Inc. and High River's subsidiary,
Somita SA; and (c) approximately US $27 million under loan agreements
between OAO Severstal ("Severstal") and High River and Somita SA (this
loan was previously held by Standard Bank plc and assigned to Severstal
on April 20, 2009). The Company continues to be in breach of certain
financial covenants under the loan agreements with Royal Gold Inc. and
Severstal, who have not taken any actions thus far but have reserved
their rights to do so. Total scheduled principal and interest debt
repayments due in May and June 2009 amount to approximately US $15.5
million, with approximately US $22 million additional repayments due in
the second half of 2009. Additionally, as of April 30, 2009, the
Company's consolidated accounts payable totalled US $20 million.

As of May 11, 2009, High River's head office cash position totalled
approximately US $0.6 million, and consolidated cash totalled
approximately US $7.4 million.

The Company is continuing to consider alternatives regarding additional
financing required to ensure that it will be able to meet its financial
obligations. However, there can be no assurances that the Company will
secure the required financing.

Operations Update (March and April, 2009)

Taparko

The scheduled mid-March shutdown began on March 18th and lasted until
March 31st when the mill was restarted. During the shutdown, new ball
mill liners were installed to eliminate recurring liner breakage and to
lower mill vibration levels. However, since the restart, the mill has
failed to achieve stable operation and has shown no improvement in
throughput rates. Vibration levels at the pinion/girth gear interface
remain high and problems with excessive cyclone pump wear resulted in a
further decrease of the mill average throughput rate to 81 tonnes per
operating hour in April from 87 tonnes per operating hour in March. The
Company continues to undertake actions to correct these problems and to
increase mill throughput and recovery.

Gold poured at Taparko during March and April, 2009 totalled 7,726 ounces
and 4,088 ounces, respectively.

Berezitovy

During March, the Berezitovy mill was shut down for 9 days and average
mill utilization was at 60% due to scheduled mill maintenance
(replacement of SAG mill liners and unloading grates), and additional
extra work which was done to take advantage of the downtime (replacement
of SAG mill lifters, ball mill motor repair, etc.). Mill utilization
during April was significantly higher at 80%. The Company continues to
undertake actions to correct the problems described in our February 2,
2009 press release to increase mill throughput and recovery.

Gold poured at Berezitovy during March and April, 2009 totalled 6,529
ounces and 8,623 ounces, respectively.

Buryatzoloto (Zun-Holba and Irokinda)

The Zun-Holba and Irokinda underground gold mines reported no material
challenges or shortcomings in their operations during March and April,
2009 and continue to operate according to plan.

Gold poured at Buryatzoloto during this period totalled 22,487 ounces.

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.

Contacts:
High River Gold Mines Ltd.
Dan Hrushewsky
Vice President Investor Relations
(416) 947-1440
(416) 360-0010 (FAX)
info@hrg.ca
www.hrg.ca

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