High River Gold Mines Ltd HRIVF

Prognoz News

[1marketmaker]

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2012) - High River Gold Mines Ltd. ("High River" or the "Company") (TSX:HRG) was informed that Argentum CJSC ("Argentum"), a joint venture partner in the Prognoz silver project, applied to the Arbitration Court of the City of Moscow for commencing official bankruptcy proceedings for Prognoz Silver LLC ("Prognoz Silver"). The formal bankruptcy proceedings have not yet been initiated by the court. As previously disclosed, the application to put Prognoz Silver into bankruptcy was initially filed by Prognoz Silver itself and, as disclosed in September 2011, the bankruptcy proceedings for Prognoz Silver had been terminated in connection with the application of Prognoz Silver claiming that the criteria of bankruptcy were no longer in place. As the formal proceedings are not yet started, the Company is considering the circumstances of the Argentum's application and evaluating its next steps. High River holds a 50% indirect interest in Prognoz Silver, which operates the Prognoz silver project in the Republic of Sakha (Yakutia), Russia.