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High River is a Canadian based mining company engaged in
Russian Federation
and
Burkina Faso, West Africa.
Russia
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In 2005, High River increased its equity interest in the Russian company
OJSC Buryatzoloto ("Buryatzoloto") from 54.1% to 84.1% by completing
share transaction agreements with several investors. This initiative
simplifies the Company's structure and places High River/Buryatzoloto in
a stronger position to compete for quality assets in Russia. The
Company has demonstrated its ability to generate positive operating
cash flows at its underground operations (click Zun-Holba & Irokinda
Mines), even though it has experienced higher production costs due to
changes in mining methods, higher inflation and labour costs, and the
appreciation of the Russian rouble against the US dollar. The Company
has initiated cost management initiatives and is reviewing operational
procedures to mitigate these factors. High River/Buryatzoloto are
planning additional exploration work at the mines and seeking
opportunities in the vicinity of the mines with the objective of increas
ing reserves and extending the mine life of these operations.
Gold production for 2005 at these operations is expected to be
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approximately 147,000 ounces at a total cash cost of US$280 per ounce.
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High River has a 99% interest in the Berezitovy gold project (click
Berezitovy Project) located in the Amur Region of Russia. Construction
and development of the open pit mine and on-site processing activities
started in late 2004 with production scheduled to start at the end of 2006
. Annual gold production is expected to average 100,000 ounces over a
mine life of nine years.
On the exploration front, the Company acquired in early 2005 the
Novophirsovskoye exploration and mining license, a promising gold
exploration property in a poly-metallic district.
Burkina Faso
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In Burkina Faso, West Africa, High River is constructing and developing
the first recent gold mine in the country (click Taparko-Bouroum Project),
which is scheduled to commence production in late 2006 at an initial
annual production rate of 100,000 ounces and ramping up to over
140,000 ounces in the third year of operation. The Company's objective
is to use this infrastructure as a base to expand its activities in Burkina
Faso and throughout West Africa. In September 2005, as part of this
plan,
High River merged with Jilbey Gold Exploration Ltd. ("Jilbey") who
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had identified potentially new significant gold mineralization at Bissa
(October 2004: measured and indicated resources of 150,000 oz
averaging 3.3 g/t at Bissa Hill). High River now has the largest
prospective landholding in Burkina Faso (over 8,000 km2) and is
currently focussing on extending and defining a significant deposit at
Bissa.