High River Gold Mines Ltd HRIVF

RE: RE: Wow, did you see the news

[production05]

Maybe his efforts to skrue minority shareholders were not satisfying enough for Mr.  Big Man (as he wasn't able to deliver our shares).  You remember the tactics, right?:

1) Pretty much a complete write-off of Prognoz prior to performing even a basic feasibility study of the largest (by both resource in the ground and silver grade) undeveloped silver project in the world - at a time when silver prices are near all time highs is expected to at least double from this point.  This is almost criminal, IMO.  This act masked the significant Net Profit delivered by our operations in Q2'09.  As a result, the only headline the general market saw was "HRG POST HUGE LOSS."  The general market does not look behind numbers to see that it was entirely due to an extraordinary accounting entry, with had nothing to do with operating performance.  It buys Severstal another quarter to come up with yet another plan in their efforts to skrue us, IMO.

2) Using blatant scare tactics about the TSX delisting in their attempts to steal the company from minority shareholders, IMO. 

3) Absolutely ZERO promotion of the company.  They run the company like they own 100% of it.  No one is management demonstrates that they are independent.  They show absolutely no signs of following through with required fiduciary duties to ALL shareholders of the company (a publicly trading company at that).

4) They have communicated no short-term or long-term plans for growth at their advanced stage projects (i.e. Bissa).  Look how a real Russian focused company is operated.  Look at Peter Hambro.  It's leaving High River Gold in the dust, BIG TIME!!!!!!!!!!!!!  Peter Hambro is now showing 500,000 ounces of production planning for 2009, going to 769,000 ounces in 2010, and then going to 949,000 ounces in 2012.  Now that is real management of a publicly traded company that is focused in Russia.  High River Gold has the advanced stage asset portfolio to follow in similar steps.  IMO, HRG's management (which is suppose to act independently regardless of takeover situations) is clearly not acting in this manner.

5) Cheap share dilution to benefit Severstal when all of that dilution was not required (as not all of the funds went towards paying down debt).  Also, management disregarded alternatives avenues of financing in favour of dilution, and in particular dilution to the benefit of Severstal (a company that was in the middle of a takeover attempt of the company).

I could go on and on and on and on.........