cnw




FAU: TSX.V

FVGCF: OTCQX

FWR: FSE


VANCOUVER, March 18 /CNW/ - Fire River Gold Corp. (TSX.V: FAU) (OTCQX:
FVGCF) (FSE: FWR) (the "Company") is pleased to announce that further
to its news release dated March 4th 2011, the Company has completed the
first tranche of its non-brokered private placement and has issued
4,425,000 units (the "Units") at a price of $0.50 per Unit for gross
proceeds of $2,212,500.


Each unit will consist of one common share and one-half of one
non-transferable share purchase warrant. Each whole share purchase
warrant entitles the holder to purchase one common share of the Company
at a price of $0.70 per share for 18 months, subject to accelerated
expiry, such expiry may be accelerated to 30 days in the event the
Company's shares have closed at or above a price of $0.90 per share for
10 consecutive trading days.


All common shares issued in connection with the units are subject to
regulatory hold periods, restricting them from trading until July 18,
2011. In connection with the closing of the financing, the Company has
paid finder's fees of $7,250. The foregoing is subject to final
regulatory approval.


The proceeds from the private placement will be used primarily to
supplement the Company's working capital budget by covering the
operating costs (estimated at $2.5 M per month) as the mine ramps up to
full production, to evaluate and expand the exploration drilling
program, and to review potential acquisitions.


About Fire River Gold Corp.


Fire River Gold Corp. is a near term production company with an
experienced technical team focused on bringing its flagship project,
the Nixon Fork Gold Mine, back into production in 2011. The Nixon Fork Gold Mine is a permitted
and bonded mine which include a ~200 tpd processing plant with a
gravity gold circuit, sulphide flotation circuit and a gold recovery
system (CIL circuit) that is scheduled to be completed by Summer 2011.
The mine also includes a fleet of surface & underground mining
vehicles, a self-contained power plant, maintenance facilities,
drilling equipment, an 85 person camp, office facilities and a 1.2 km
long landing strip.


A 28,000 metre exploration and ore definition drill program is in
progress to expand the current resources and support the detailed mine
plan. Fire River Gold is a member of the International Metals Group .


On behalf of the Board of Directors, I look forward to keeping you
updated with our corporate developments.


(signed)

_________________________________

Richard Goodwin

President & COO


Disclaimer: Certain information regarding the Company including management's
assessment of future plans and operations, may constitute
forward-looking statements under applicable securities laws and
necessarily involve risks associated with mining exploration and
development, volatility of prices, currency fluctuations, imprecision
of resource estimates, environmental and permitting risks, access to
labour and services, competition from other companies and ability to
access sufficient capital. As a consequence, actual results may differ
materially from those anticipated in the forward-looking statements. A
feasibility study has not been completed and there is no certainty the
disclosed targets will be reached nor that the proposed operations will
be economically viable. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy
accuracy of this release. We seek safe harbour.






For further information:

Tel: +1 604 685 1870 Fax: +1 604 685 8045 Email: info@firerivergold.com or visit http://www.firerivergold.com/">www.firerivergold.com 2303 West 41st Avenue, Vancouver, B.C., Canada, V6M 2A3