High River Acknowledges Expiry of Offer by Nord Gold

TORONTO, ONTARIO -- (Marketwire) -- 12/11/12 -- High River Gold Mines Ltd. ("High River" or the "Company") (TSX: HRG) acknowledges that Nord Gold N.V. ("Nordgold") has reported that it has taken-up as additional 77,776,721 common shares ("Shares") of the Company under its take-over bid (the "Offer"), which expired at 12:01 am (Toronto time) on December 8, 2012. Nordgold has reported that with the acquisition of the additional Shares, it has acquired an aggregate of 192,039,770 Shares under the Offer, representing approximately 91.6% of the Shares held by shareholders other than Nordgold as of the commencement of the Offer. Nordgold also reported that it now owns 822,667,242 Shares, representing approximately 97.9% of the issued and outstanding Shares.

Nordgold has stated that it plans to acquire all Shares not tendered to the Offer and is currently assessing which transaction structure will be used to do so, and that if it is determined that a shareholder-approved transaction will be undertaken, based on the number of Shares acquired under the Offer, Nordgold will have enough votes to approve the transaction without requiring the support of any other High River shareholders. Nordgold also stated that consideration payable under any such transaction will be identical to the consideration offered under the Offer.

About High River

High River is an unhedged gold company with interests in producing mines, development and advanced exploration projects in Russia and Burkina Faso. Two underground mines, Zun-Holba and Irokinda, are situated in the Lake Baikal region of Russia. Two open pit gold mines, Berezitovy in Russia and Taparko-Bouroum in Burkina Faso, are also in production. Finally, High River has a 90% interest in a development project, the Bissa gold project in Burkina Faso, and a 50% interest in an advanced exploration project with NI 43-101 compliant resource estimates, the Prognoz silver project in Russia.

High River Gold Mines Ltd.
Yury Lopukhin
011 7 495 981 0910 ext. 6821

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