High River Gold Announces Intention to Continue to Yukon

TORONTO, ONTARIO -- (Marketwire) -- 11/15/10 -- High River Gold Mines Ltd. (TSX: HRG) ('High River' or the 'Company') announced today that its Board of directors has approved the continuance of the Company from the federal jurisdiction of Canada to the Yukon Territory.

The international scope of the Company's business and the location of its assets combined with the fact that the majority shareholder of the Company is OAO Severstal of Russia, requires that High River's corporate governance regime be flexible enough to permit the Company to avail itself of the talents and skills of persons who are citizens of countries other than Canada or who otherwise reside outside of Canada. The Canada Business Corporations Act requires that at least 25% of the Company's directors be ordinarily resident in Canada. The Yukon Business Corporations Act has no residency requirements for directors. By continuing under the Yukon Business Corporations Act, High River's shareholders will have the flexibility which they do not presently enjoy to nominate and elect the directors based upon criteria other than residency.

The Board of directors of High River will be calling a special meeting of shareholders to be held in January 2011 to consider and approve the continuance to Yukon. The Company will mail a circular with additional details regarding the continuance and other information relevant to a decision to approve the continuance in due course.

About High River

High River is an unhedged gold company with interests in producing mines 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 two advanced exploration projects with NI 43-101 compliant resource estimates, the Bissa gold project in Burkina Faso and 50% interest in the Prognoz silver project in Russia.

FORWARD LOOKING INFORMATION

This release and subsequent oral statements made by and on behalf of the Company may contain forward-looking statements. Forward-looking information includes, but is not limited to, statements with respect to mineral reserve and resource estimates; the ability to realize estimated mineral reserves; recoveries, grades and annual production; receipt of all necessary approvals; the parameters and assumptions underlying the mineral resource and reserve estimates and the financial analysis; and gold prices. Wherever possible, words such as 'intends', 'expects', 'scheduled', 'estimates', 'anticipates', 'believes', and similar expressions or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved, have been used to identify these forward-looking statements. Estimates regarding mineral resources and reserves, as outlined above and in the technical reports, have been based on knowledge of the Company management and the knowledge and experience of third party experts. Although the forward-looking statements contained in this release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, High River cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. These factors should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause High River's actual results, event, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although High River has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended, including those risk factors discussed in the Company's 2009 Annual Information Form. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this release, and High River assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law.

Contacts:

High River Gold Mines Ltd.

Konstantin Sobolevskiy

CEO

011 7 495 981 0910 ext. 6676
info@hrg.ca
www.hrg.ca