TORONTO, ONTARIO--(Marketwire - May 22, 2009) - The Board of High River Gold Mines Ltd. (TSX:HRG) ("High River" or the "Company") notes the recent increase in its stock price and wishes to provide an update on recent events.

High River has previously updated the market with respect to certain operating difficulties, current liquidity and loan maturities that include the obligation to repay approximately US$15 MM to its lenders in May and June 2009 as well as approximately US$27 MM in obligations to Standard Bank now assigned to OAO Severstal ("Severstal") which are currently in default.

Following an independent analysis by High River of its liquidity position and a review of financing and strategic alternatives, on May 19, 2009 Severstal indicated to the Board of High River, by way of non-binding expression of interest, that it proposes to make a cash offer of C$0.18 per share to minority shareholders in High River.

There can be no guarantee that such an offer will ultimately be made at this stage. The Board of High River has formed a special committee consisting of independent directors to oversee discussions with Severstal and evaluate any proposal that may be made.

Severstal has already provided significant financial support to High River (including the November 2008 private placement of US$45 MM and the April 2009 reassignment of loans-in-default totalling US$27 MM), and absent further support as suggested above, the Board of High River believes that outlook for the Company remains uncertain.

A further announcement will be made as soon as is appropriate.

About High River

High River is a gold company with interests in producing mines and advanced exploration projects in Burkina Faso and Russia.

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