High River Gold Mines Ltd HRIVF

And the answer is......

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TORONTO, ONTARIO -- 10/27/09 -- High River Gold Mines Ltd. ("HighRiver" or the "Company") (TSX: HRG) announced today that the TorontoStock Exchange (the "TSX") has accepted notice and conditionallyapproved the listing of up to 150,000,000 common shares of the Company(the "Shares") in connection with a proposed private placement (the"Private Placement") to Polenica Investments Limited ("Polenica"), anaffiliate of Troika Dialog Group ("Troika"). Subject to negotiation offinal agreements and due diligence, as well as the receipt andclearance of a Personal Information Form in respect of Polenica by theTSX, Polenica will acquire 150,000,000 Shares, representingapproximately 23.1% of the 649,213,040 currently outstanding Shares, ata price of $0.38 per Share. The proceeds of the Private Placement willbe used by High River to repay the approximately US$27 millionoutstanding under the two credit agreements that were assigned byStandard Bank Plc to OAO Severstal ("Severstal") as of April 20, 2009,with the balance being used to fund the exploration program atBuryatzoloto and for general corporate purposes.

The Private Placement was unanimously approved by the Board ofDirectors of High River, with nominees of Severstal abstaining. It isexpected that concurrently with the closing of the Private Placement, anominee of Troika will be appointed to the Board of Directors of HighRiver and to the Audit Committee, provided such nominee qualifies forsuch appointment under applicable securities legislation.