High River Gold Mines Ltd HRIVF

RE: NEWS First Quarter 2008 Results

[shortUSA2]

Prognoz Silver Project:

-- Initial NI 43-101 resource estimate released:

--- Indicated: 71.5 million ounces grading 636 g/t

--- Inferred: 39.2 million ounces grading 551 g/t

-- Updated NI 43-101 resource estimate scheduled for Q2 2008.

-- Spin-out plans expected to be press released shortly.

So what's a property like this worth on its own, 50 million? 100 million? 200 million?  If High River has any clue about what its shareholdeholders would prefer (assuming they even care) they will give us the shares in the new company rather than having High River  retain them "for investment purposes".   I expect they will bungle this opportunity to actually do something positive for the share price but you never know.  I'm not holding my breath.   Costs on all the operating mines look horrendous.   There should be some improvement in the next quarter, however, the price of oil/diesel has been shooting up at the same time, so the two might just cancel each other out.   Doesn't look like they will do anything more than break even in the next quarter.   Very disappointed in this one but will wait to see what they do with Prognoz.  This company is a classic example of  bad management destroying good value.  Prove me wrong High River management, start  by doing the right thing with Prognoz.