High River Gold Mines Ltd HRIVF

Hey Pillow

[Power1]

THe russian subsidary owns 50% of Gazteck who holds 100% of prgnoz.  Don't discount their ability to make a deal.  Lets try and be positive here and I know its hard given past events.  

 The big A/R (16 million) i.e exploration that HRG funded has some levarge behind decisions.  Being it is a private co I have not been able to source the directors.  Someone holds the balance of power at the board level. 

CCNMatthews - June 21, 2006) - High River Gold Mines Ltd. (TSX:HRG) ("High River", the "Company") is pleased to announce its 85%-owned Russian subsidiary, OJSC Buryatzoloto ("Buryatzoloto") through a subsidiary, has entered into an agreement to acquire a 50% equity interest in LLC Gazteck Industry ("Gazteck"), a private Russian company holding the licence for the high grade Prognoz Silver Project. The Prognoz Project is one of the few undeveloped, significant, silver-rich projects in the world. The agreement has been approved by the Board of Directors of Buryatzoloto and the transaction has received approval from the Anti-Monopoly Authorities of the Russian Federation. The Prognoz Project was the target of extensive exploration by the Russian State exploration company during the period 1987 through 2000, which included 317 trenches (17,756 metres) and 89 diamond drill holes (17,805 metres). Based on the results of this exploration and using the Russian Classification System for calculating mineral reserves and resources, the Prognoz deposit contains published