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High River Gold Mines Ltd > answer from Nord Gold

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Post by bart_dc on Apr 15, 2011 4:17am

answer from Nord Gold

Answer from Nord Gold IR to the mail I posted yesterday.

Dear Bart De Coster,

With reference to your email below, in which you have mentioned Mr . Zelenski speech at the Denver Gold Group conference in Zurich re the Bouly project and its potential resources of 2 million ounces.

I believe this is a management estimation of Nord Gold N.V. (“Nordgold”), being the majority shareholder of HRG, in relation to Nordgold’s future growth potential. As you may have seen from the Nordgold Prospectus published in January 2011, Bouly has 253K ounces of inferred resources. This is also evidenced by the NI 43-101 compliant report prepared for HRG by WAI in March 2011.

With kind regards,

Dmitriy Gudovskiy
Director – Corporate Communications and IR

I immediately sent my answer back to Nord Gold, not agreeing with their statement.

Dear Mr. Gudovskiy,

thank you for your swift response to my question.

I do agree that the NI43-101 compliant states 253K.
I listened to the presentation again and Mr. Zelenski clearly states that
“the project is interesting and very exciting and we already have about 2 million ounces
of resources there”.

To me that sentence does not mean that it is an estimation about future growth potential.
I would urge management of Nord Gold and High River to communicate much better
about its projects. We noticed in the past that there were other violations of legal rules concerning publication of resources. We, as a large group of minority shareholders, can not accept that such an event would happen again in the future.

Thanks in advance for checking the statement of Mr. Zelenski with him again personally.
If possible, I would like to contact him personally by phone to discuss this matter.

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