High River Gold Mines Ltd HRIVF

RE: News!

[production05]

With 90 day success of the completion test, it sounds like our strategic investments (Detour, Pelangio, etc.) will still be pledged a little while longer (until some further contruction work is done - perhaps successful installment of the additional mill).  However, the game changing development here is the release of Taparko and Bissa (with successful completion of the tonnes per hour test), with perhaps (what I would consider a) REAL (unsuppressed) West African value of at least $350,000,000.

Also, Taparko, Bissa and our entire West African division will essentially be debt free.  The Severstal debt has already been retired.  The only debt remaining is the $19.5M value of remaining royalty commitment to Royal Gold.  That $19.5M will be secured by our $50 - $60M in strategic investment value.  Our main assets in West Africa will be 100% debt free because the shares in Somita and HRG West Africa will be fully released, with success of the completion test.