High River Gold Mines Ltd. - Projects

High River's assets are located in Burkina Faso and Russia, countries with large geological potential.

Operations

Buryatzoloto's Zun-Holba and Irokinda mines in Russia produce approximately 150,000 ounces of gold annually.

High River's 84.1%-owned Russian subsidiary, OJSC Buryatzoloto, continues to be one of Russia's leading gold producers, operating two underground mines located in the Republic of Buryatia in southern Siberia, Russia. For 2004, Buryatzoloto achieved its mine plan target and produced 155,253 ounces of gold from these two underground mines and a small placer operation, at a total cash cost of US $251 per ounce.

Gold production for 2005 at the Buryatzoloto operations was 135,000 ounces at a total cash cost of US$266 per ounce. High River is pursuing its objective of increasing reserves and extending the mine life of the current operations by initiating a more aggressive exploration programme at the mines themselves and in the vicinity of the mines.

Development

In Russia, construction is underway at the Berezitovy open pit project with production scheduled to start at the end of 2006. Gold production is expected to average 100,000 ounces per year from a reserve base of 1 million ounces of gold.

In Burkina Faso, High River is advancing the construction of the Taparko-Bouroum open pit project containing mineral reserves of approximately 825,000 ounces for production to start at the end of 2006. Gold production is expected to start at 100,000 ounces annually and ramp to over 140,000 ounces by the third year of production.

Exploration

High River's exploration activities have been focused in Burkina Faso where the Company has proven its ability to advance projects from discovery through to construction. It has recently completed a merger with Jilbey Gold Exploration Ltd. whose exploration work has significantly extended the Bissa Hill gold deposit. The Company is currently conducting an agressive exploration program at Bissa with the objective of defining a significant gold deposit.

In February 2005, High River acquired the Novophirsovskoye exploration and mining license, a promising gold exploration property in a poly-metallic district. An initial exploration programme is underway on the property.