TORONTO, ONTARIO--(Marketwire - May 15, 2012) -

(All currency figures are in Canadian Dollars unless otherwise noted)

High River Gold Mines Ltd. (News - Market indicators) ("High River" or the "Company") announces its financial results for the quarter ending March 31, 2012.

First Quarter Financial Highlights

• Average realized gold price of US$1,663 per ounce, up 20% (Q1 2011: US$1,385)
• Revenue of $138.9 million, up 13% (Q1 2011: $122.4 million)
• Net income up 54% to $57.6 million (Q1 2011: $37.3 million)
• Cash flow from operating activity of $71.5 million (Q1 2011: $53.5 million)
• Cash and cash equivalents of $95.6 million (Q1 2011: $204.1 million)

Corporate Developments

• Bissa project construction in Burkina Faso progressing rapidly with engineering work mostly complete; on track to deliver first gold in H1 2013.

The Company's financial results for Q1 2012 are available under the Company's SEDAR profile.

For further information on High River please visit the company's website - http://www.hrg.ca.

Notes to Editors

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 resource estimates compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects (" NI 43-101"), the Prognoz silver project in Russia.

Capital Expenditure Programme

We forecast 2012 capex to be in the region of US$230 million. Exploration will continue to remain a significant part of High River's capex programme going forward. The Company's existing operations will require mainly maintenance capex going forward.

Reserves & Resources

On April 16 and April 24, 2012, High River announced the results of its resource and reserve upgrade using all available data for the Company's mineral projects as reported by Wardell Armstrong International and Valls Geoconsultant (NI 43-101 compliant updates). These estimates supersede all previously announced estimates.

Highlights as of January 1, 2012:

• Combined JORC Code and NI 43-101 compliant proven and probable reserves of 3.6 mOz of gold (56,736 kilotonnes of ore, at an average grade of 1.96 g/t).
• Combined JORC Code and NI 43-101 compliant measured and indicated resources of 5.0 mOz of gold (106,862 kilotonnes of ore, at an average grade of 1.46 g/t) and inferred resources of 3.1 mOz of gold (80,297 kilotonnes of ore, at an average grade of 1.20 g/t).

For details on the specific reserve and resource category, grade and total tonnage for each mineral project, and for information on key assumptions, parameters, methods and procedures used to estimate the mineral reserves and resources and the data verification methods employed, see the press release issued by the Company on April 16, 2012, titled "High River Announces Updated Reserve and Resource Estimate and Current Technical Reports for Irokinda and Zun-Holba" and the press release issued by the Company on April 24, 2012, titled "High River Announces Updated Reserve and Resource Estimates for Berezitovy and Burkina Faso Properties".

Exploration and Production

The 2011 exploration programme of US$39 million showed encouraging results across all regions and mines, including:

• Bissa: Mineral resources up 10%. New resources estimated near the Bissa mine combining five different satellites with total mineral resources of approximately 4.9 mOz, including 1.0 mOz of resources at a grade of 0.77 g/t at Bouly.

Key exploration priorities in 2012 - 2013 will include:

• Continued life of mine extension at Buryatzoloto and Taparko;
• Initiation of drilling programme at Berezitovy;
• Further resource definition at Bouly;
• Bissa satellite drilling; and
• Regional exploration in Russia and Burkina Faso.

Review of Operations

• Total gold production decreased 8% to 84,457 (Q1 2011 - 91,756 ounces). Total cash cost per ounce increased 40% to US$786 (Q1 2011 - US$560 per ounce);
• The Zun-Holba and Irokinda Gold Mines produced 30,426 ounces (Q1 2011 - 31,855) at a total cash cost of US$805 per ounce;
• The Taparko-Bouroum Gold Mine produced 33,747 ounces (Q1 2011 - 36,456) at a total cash cost of US$602 per ounce;
• Gold production at Berezitovy was 20,284 ounces (Q1 2011 - 23,445 ounces) at a total cash cost of US$ 1,065 per ounce; and
• In 2011, High River's subsidiary in Burkina Faso, Bissa Gold S.A. ("Bissa Gold") was granted the mining license for the Bissa Gold Project by the governmental authorities of Burkina Faso for a term of 20 years with a possibility of renewal. In Q1 2012, Bissa Gold continued procurement of mining and processing equipment and construction of the new mine's production facilities and infrastructure.

Qualified Person

Dr. Phil Newall, BSc (ARSM), PhD (ACSM), CEng, FIMMM, Director with Wardell Armstrong International is a "qualified person" as such term is defined in NI 43-101 and has reviewed and approved the technical information and data, other than for Zun-Holba and Irokinda, included in this press release. Dr. Newall is independent of High River.

Ricardo Valls, M. Sc, P. Geo., is a "qualified person" as such term is defined in NI 43-101 and has reviewed and approved the technical information and data related to Zun-Holba and Irokinda included in this press release. Mr. Valls is independent of High River.

FORWARD LOOKING INFORMATION

This release contains forward-looking statements. 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. 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, events, 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 2011 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.