High River Gold Mines Ltd HRIVF

Really Bad News

[yeppp]

High River Gold Mines Ltd.: Increasing Operating Costs At New Britannia 08:39 EST Monday, November 03, 2003 TORONTO, ONTARIO--(TSX:HRG) - An increase in the mine operating costs at the New Britannia Mine, located in Snow Lake, Manitoba, has caused Kinross Gold Corporation (mine operator) and High River Gold Mines Ltd. to re-evaluate the mine and its future operations. Although both companies remain committed to extending operations as long as economically viable, the increased operating costs resulting from mining at deeper levels, a reduced strike length of the ore zones and a flattening of the ore zones adjacent to the McLeod Road Thrust Fault (causing increased dilution) could reduce the previous forecast life of the mine. At this time, Kinross and High River expect the mine will continue to operate at least until the end of 2004. Regional exploration activities are ongoing and a number of priority targets have been defined for future drilling that, with success, could have a positive impact on the mine over the longer term. Should efforts at extending the mine life prove unsuccessful both companies are committed to an orderly shutdown of operations. FOR FURTHER INFORMATION PLEASE CONTACT: High River Gold Mines Ltd. David Mosher President and CEO, or Don Whalen, Chairman [phone] [phone] (FAX) Email: [e-mail] www.hrg.ca