High River Announces Updated Reserve and Resource Estimates for Berezitovy and Burkina Faso Properties

Marketwired

TORONTO, ONTARIO--(Marketwire - April 24, 2012) - High River Gold Mines Ltd. (HRG.TO - News) ("High River" or the "Company") today reported the results of the recently completed mineral reserve and resource estimates prepared for Berezitovy and High River's properties in Burkina Faso. Nord Gold N.V., High River's controlling shareholder, had updated "competent person reports" prepared for such properties by Wardell Armstrong International ("WAI"), which included updated mineral reserve and resource estimates. WAI is currently preparing technical reports compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") in respect of such estimates. The Company expects to file the completed reports in forty-five days. The mineral resources and reserves have been estimated and classified according to the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2004). The "qualified person" in charge of the preparation of the technical reports is Dr. Phil Newall, BSc (ARSM), PhD (ACSM), CEng, FIMMM, Director with WAI.

Highlights

The updated reserves and resources estimates as of January 1, 2012 for:





--  Berezitovy mine in Russia  

    --  18,351 kilotonnes of ore, with 1.63 g/t of gold grade resulting in

        963 koz of proven and probable gold reserves; 21,148 kilotonnes of

        ore, with 1.58 g/t gold grade resulting in 1,076 koz of measured and

        indicated gold resources; 6,208 kilotonnes of ore, with 1.24 g/t

        gold grade resulting in 247 koz of inferred gold resources 



--  Taparko-Bouroum mine including Nairy, Baola, F12, Welcome Stranger, Yeou

    and Ankouma in Burkina Faso 

    --  7,190 kilotonnes of ore, with 2.72 g/t of gold grade resulting in

        629 koz of proven and probable gold reserves; 9,468 kilotonnes of

        ore, with 2.48 g/t of gold grade resulting in 756 koz of  indicated

        gold resources; 8,654 kilotonnes of ore, with 1.87 g/t of gold grade

        resulting in 520 koz of inferred gold resources 



--  Bissa development project, including Bouly, Gougre, Liliga, Bissa Sud

    and Zinigma in Burkina Faso 

    --  30,611 kilotonnes of ore, with 1.83 g/t of gold grade resulting in

        1,803 koz of proven and probable gold reserves; 75,834 kilotonnes of

        ore, with 1.23 g/t of gold grade resulting in 2,991 koz of measured

        and indicated gold resources; 63,332 kilotonnes of ore, with 0.95

        g/t of gold grade resulting in 1,938 koz of inferred gold resources 



--  Labola project 

    --  1,231 kilotonnes of ore, with 1.22 g/t of gold grade resulting in

        48,136 oz of inferred gold resources  



Note: Mineral resources are reported inclusive of any reserves.

Mineral Resource/Reserve Estimates

Mineral resources and reserves have been estimated and classified according to the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (2004) (the "JORC Code"). The JORC Code is an acceptable foreign code under NI 43-101.

Berezitovy

The Berezitovy resource model has been derived from geostatistical studies. Key drillhole spacings for the allocation of measured resources were 30m x 30m (along-strike x down-dip) and 60m x 60m for indicated resources. The extent of inferred resources was limited to 120m but contained within the defined mineralised zones.

The final block model was used as the basis for resource evaluation. Summary results of the evaluation of the un-mined, in-situ resources are shown in the table for three different cut-off grade levels: 0.3g/t, 0.5g/t and 0.7g/t Au.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

Berezitovy Resource Estimate (WAI, 01 January, 2012)                        

(in accordance with guidelines of the JORC Code (2004))                     

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Ore Type                                                 Sulphide           

----------------------------------------------------------------------------

Cut Off Grade (g/t)                                  0.3       0.5       0.7

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Measured                    Tonnes (kt)           10,275     9,669     8,510

                    --------------------------------------------------------

                             Au (g/t)               1.66      1.74      1.89

                    --------------------------------------------------------

                        Metal          kg         17,046    16,791    16,094

                                 -------------------------------------------

                                      koz            548       540       517

----------------------------------------------------------------------------

Indicated                   Tonnes (kt)           12,410    11,479     9,755

                    --------------------------------------------------------

                             Au (g/t)               1.38      1.45      1.60

                    --------------------------------------------------------

                        Metal          kg         17,066    16,685    15,644

                                 -------------------------------------------

                                      koz            549       536       503

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Measured + Indicated        Tonnes (kt)           22,685    21,148    18,266

                    --------------------------------------------------------

                             Au (g/t)               1.50      1.58      1.74

                    --------------------------------------------------------

                        Metal          kg         34,112    33,476    31,738

                                 -------------------------------------------

                                      koz          1,097     1,076     1,020

----------------------------------------------------------------------------

----------------------------------------------------------------------------

                                                                            

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Inferred                    Tonnes (kt)            7,362     6,208     4,627

                    --------------------------------------------------------

                             Au (g/t)               1.11      1.24      1.45

                    --------------------------------------------------------

                        Metal          kg          8,150     7,679     6,729

                                 -------------------------------------------

                                      koz            262       247       216

----------------------------------------------------------------------------

Notes: 1. Mineral Resources are not reserves until they have demonstrated   

 economic viability based on a feasibility study or pre-feasibility study.  

 2. Mineral Resources are reported inclusive of any reserves.3. Grade       

 represents estimated contained metal in the ground and has not been        

 adjusted for metallurgical recovery.                                       

----------------------------------------------------------------------------

----------------------------------------------------------------------------

                                                                            

As a continuation of mineral resource modelling of the Berezitovy deposit,  

WAI has undertaken a pit optimisation using the Mineral Resource Block Model

prepared by WAI and updated in January 2012. The model was depleted to      

contain only those mineral Resources that have not been extracted as of     

January 1, 2012. WAI used NPV Scheduler(R) software for the optimisation,   

applying the conceptual financial and technical parameters shown in the     

following table.                                                            

                                                                            

----------------------------------------------------------------------------

----------------------------------------------------------------------------

WAI Pit Optimisation Parameters                                             

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Parameter                                               Units          Value

----------------------------------------------------------------------------

Metal Price (Au)                                       US$/oz          1,250

----------------------------------------------------------------------------

Metal Price (Au)                                        US$/g          40.19

----------------------------------------------------------------------------

Selling Cost                                            US$/g            3.2

----------------------------------------------------------------------------

Production Rate                                          ktpa        2.0Mtpa

----------------------------------------------------------------------------

Discount Rate                                               %             10

----------------------------------------------------------------------------

Dilution                                                    %              6

----------------------------------------------------------------------------

Mining Recovery Factor                                      %             97

----------------------------------------------------------------------------

Mining Cost (Ore and Waste)                             US$/t           2.05

----------------------------------------------------------------------------

Processing Cost (per t of processed ore)                US$/t          15.00

----------------------------------------------------------------------------

Gold Recovery                                               %             89

----------------------------------------------------------------------------

Final Pitwall Angle                                   Degrees             55

----------------------------------------------------------------------------

----------------------------------------------------------------------------

                                                                            

The results of the WAI pit optimisation as calculated by NPV Scheduler(R)   

are presented in the table below.                                           

                                                                            

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Berezitovy Open Pit Ore Reserves (WAI, 01 January 2012)                     

(in accordance with the guidelines of the JORC Code (2004))                 

----------------------------------------------------------------------------

----------------------------------------------------------------------------

                                      Proven                 Probable       

----------------------------------------------------------------------------

                               Ore    Au     Au    Au   Ore    Au     Au  Au

Ore Type                COG     kt   g/t     kg   kOz    kt   g/t     kg kOz

----------------------------------------------------------------------------

Sulphide (In-situ)     0.50  9,102  1.71 15,531   499 5,332  1.91 10,189 328

----------------------------------------------------------------------------

Sulphide (Stockpiles)  0.50                           3,917  1.08  4,245 136

----------------------------------------------------------------------------

Total                        9,102  1.71 15,531   499 9,249  1.56 14,435 464

----------------------------------------------------------------------------

----------------------------------------------------------------------------



----------------------------------------------------------------------------

----------------------------------------------------------------------------

Berezitovy Open Pit Ore Reserves (WAI, 01 January 2012)                     

(in accordance with the guidelines of the JORC Code (2004))                 

----------------------------------------------------------------------------

----------------------------------------------------------------------------

                               Proven + Probable              Pit Summary   

----------------------------------------------------------------------------

                                                                   Stripping

                           Ore       Au       Au       Au   Waste      Ratio

Ore Type                    kt      g/t       kg      kOz      kt        t/t

----------------------------------------------------------------------------

Sulphide (In-situ)      14,433     1.78   25,721      827  38,656        2.7

----------------------------------------------------------------------------

Sulphide (Stockpiles)    3,917     1.08    4,245      136                   

----------------------------------------------------------------------------

Total                   18,351     1.63   29,966      963                   

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Note: Mining Factors of 6% Dilution and 97% Mining Recovery applied         

(i)Waste is given inclusive of Inferred material                            



Taparko

The criteria for defining resource categories were derived from the geostatistical studies. Key drillhole spacings for the allocation of indicated resources were 20m x 20m (along strike and down dip). Key drillhole spacings for the allocation of inferred resources were 80m x 80m (along strike and down dip).

The final block models were cut against the topographic/pit surveys dated January 1, 2012 and used as the basis for resource evaluation. Summary results of the evaluation of the in-situ resources for all resources are shown in the table below for four different cut-off grade levels: 0.5, 1.0, 1.5 and 2.0g/t Au.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

Taparko Resource Estimate (WAI, 01 January 2012)                            

(in accordance with the guidelines of the JORC Code (2004))                 

----------------------------------------------------------------------------

----------------------------------------------------------------------------

          Cut Off Grade                 0.5        1.0        1.5        2.0

----------------------------------------------------------------------------

Indicated       Tonnage (kt)          5,583      5,055      4,180      3,170

            ----------------------------------------------------------------

                  Au (g/t)             2.84       3.05       3.43       3.96

            ----------------------------------------------------------------

               Metal      kg         15,835     15,437     14,324     12,555

                      ------------------------------------------------------

                          oz        509,078    496,286    460,526    403,647

----------------------------------------------------------------------------

Measured                                                                    

 +Indicated     Tonnage (kt)          5,583      5,055      4,180      3,170

            ----------------------------------------------------------------

                  Au (g/t)             2.84       3.05       3.43       3.96

            ----------------------------------------------------------------

               Metal      kg         15,835     15,437     14,324     12,555

                      ------------------------------------------------------

                          oz        509,078    496,286    460,526    403,647

----------------------------------------------------------------------------

                                                                            

----------------------------------------------------------------------------

Inferred        Tonnage (kt)          2,013      1,803      1,485      1,125

            ----------------------------------------------------------------

                  Au (g/t)             2.67       2.89       3.24       3.72

            ----------------------------------------------------------------

               Metal      kg          5,379      5,218      4,818      4,194

                      ------------------------------------------------------

                         t oz       172,946    167,752    154,881    134,817

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Notes:                                                                      

1. Mineral Resources are not reserves until they have demonstrated economic 

viability based on a Feasibility study or pre-feasibility study.            

2. Mineral Resources are reported inclusive of any reserves.                

3. The contained Au represents estimated contained metal in the ground and  

has not been adjusted for metallurgical recovery.                           

                                                                            

As a continuation of mineral resource modelling of Taparko deposit, WAI has 

undertaken a pit optimisation using the Mineral Resource Block Model        

prepared by WAI and updated in January 2012. The model was depleted to      

contain only those mineral resources, which have not been extracted as of 01

January 2012. WAI used NPV Scheduler(R) software for the optimisation,      

applying the conceptual financial and technical parameters shown in the     

following table.                                                            

                                                                            

----------------------------------------------------------------------------

----------------------------------------------------------------------------

WAI Pit Optimisation Parameters                                             

----------------------------------------------------------------------------

                                                                            

----------------------------------------------------------------------------

Parameter                                                   Units      Value

----------------------------------------------------------------------------

Metal Price (Au)                                           US$/oz      1,250

----------------------------------------------------------------------------

Metal Price (Au)                                            US$/g      40.19

----------------------------------------------------------------------------

Production Rate                                              ktpa      1,750

----------------------------------------------------------------------------

Discount Rate                                                   %         10

----------------------------------------------------------------------------

Dilution                                                        %          5

----------------------------------------------------------------------------

Mining Recovery Factor                                          %         97

----------------------------------------------------------------------------

Mining Cost(i) (Ore and Waste)                              US$/t        1.9

----------------------------------------------------------------------------

Processing Cost (per t of processed ore)                    US$/t       13.1

----------------------------------------------------------------------------

G&A                                                          US$M       17.5

----------------------------------------------------------------------------

Gold Recovery                                                   %         90

----------------------------------------------------------------------------

Final Pitwall Angle                                       Degrees         45

----------------------------------------------------------------------------

Note: additional cost of US$4.6/t was included into mining cost for F12     

 deposit as the ore from the deposit has to be transported from the F12 mine

 site to the main processing plant at Taparko.                              

----------------------------------------------------------------------------

----------------------------------------------------------------------------

                                                                            

The results of the WAI pit optimisation for Taparko as calculated by NPV    

Scheduler(R) are presented in the table below.                              

                                                                            

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Taparko Open Pit Ore Reserves (WAI, 01 January 2012)                        

(in accordance with the guidelines of the JORC Code (2004))                 

----------------------------------------------------------------------------

----------------------------------------------------------------------------

           Open Pit (Area)                  GT      2N2K       3/5     Total

----------------------------------------------------------------------------

         Cut Off Grade (g/t)              0.67      0.67      0.67         -

----------------------------------------------------------------------------

Proven           Tonnage (kt)                -         -         -         -

          ------------------------------------------------------------------

                   Au (g/t)                  -         -         -         -

          ------------------------------------------------------------------

              Metal          kg              -         -         -         -

                       -----------------------------------------------------

                            koz              -         -         -         -

----------------------------------------------------------------------------

Probable         Tonnage (kt)              993     1,187     2,779     4,959

          ------------------------------------------------------------------

                   Au (g/t)               4.18      1.66      2.86      2.83

          ------------------------------------------------------------------

              Metal          kg          4,149     1,976     7,945    14,071

                       -----------------------------------------------------

                            koz            133        64       255       452

----------------------------------------------------------------------------

Proven +                                                                    

 Probable        Tonnage (kt)              993     1,187     2,779     4,959

          ------------------------------------------------------------------

                   Au (g/t)               4.18      1.66      2.86      2.83

          ------------------------------------------------------------------

              Metal          kg          4,149     1,976     7,945    14,071

                       -----------------------------------------------------

                            koz            133        64       255       452

----------------------------------------------------------------------------

----------------------------------------------------------------------------



F12 and Welcome Stranger

The criteria for defining resource categories were derived from the geostatistical studies. Key drillhole spacings for the allocation of indicated resources at F12 were 20m x 20m (along-strike x down-dip). Inferred resources were allocated to blocks within the mineralised zone wireframes within 50m of a composite sample. All of the modelled resources at Welcome Stranger were classified as inferred due to high very short scale variability between paired holes.

The final block models were used as a basis for resource evaluation. Summary results of the evaluation of the in-situ resources are shown in the tables below for four different cut-off grade levels: 0.5, 0.6, 0.8 and 1.0g/t Au.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

F12 Resource Estimate (WAI, 01 January 2012)                                

(in accordance with the guidelines of the JORC Code (2004))                 

----------------------------------------------------------------------------

----------------------------------------------------------------------------

          Cut Off Grade                 0.5        0.6        0.8        1.0

----------------------------------------------------------------------------

Measured        Tonnage (kt)              0          0          0          0

            ----------------------------------------------------------------

                  Au (g/t)                0          0          0          0

            ----------------------------------------------------------------

               Metal      kg              0          0          0          0

                      ------------------------------------------------------

                          oz              0          0          0          0

----------------------------------------------------------------------------

Indicated       Tonnage (kt)          2,364      2,217      1,836      1,326

            ----------------------------------------------------------------

                  Au (g/t)             2.52       2.63       2.91       3.36

            ----------------------------------------------------------------

               Metal      kg          5,948      5,829      5,345      4,449

                      ------------------------------------------------------

                          oz        191,240    187,416    171,845    143,031

----------------------------------------------------------------------------

Measured +                                                                  

 Indicated      Tonnage (kt)          2,364      2,217      1,836      1,326

            ----------------------------------------------------------------

                  Au (g/t)             2.52       2.63       2.91       3.36

            ----------------------------------------------------------------

               Metal      kg          5,948      5,829      5,345      4,449

                      ------------------------------------------------------

                          oz        191,240    187,416    171,845    143,031

----------------------------------------------------------------------------

                                                                            

----------------------------------------------------------------------------

Inferred        Tonnage (kt)            646        604        550        442

            ----------------------------------------------------------------

                  Au (g/t)             2.74       2.88       3.04       3.34

            ----------------------------------------------------------------

               Metal      kg          1,772      1,738      1,669      1,477

                      ------------------------------------------------------

                          oz         56,956     55,889     53,665     47,490

----------------------------------------------------------------------------

Notes:                                                                      

1. Mineral Resources are not reserves until they have demonstrated economic 

 viability based on a Feasibility study or pre-feasibility study.           

2. Mineral Resources are reported inclusive of any reserves.                

3. The contained Au represents estimated contained metal in the ground and  

 has not been adjusted for metallurgical recovery.                          

----------------------------------------------------------------------------

----------------------------------------------------------------------------

                                                                            

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Welcome Stranger Resource Estimate (WAI, 01 January 2012)                   

(in accordance with the guidelines of the JORC Code (2004))                 

----------------------------------------------------------------------------

----------------------------------------------------------------------------

          Cut Off Grade                 0.5        0.6        0.8        1.0

----------------------------------------------------------------------------

Measured        Tonnage (kt)              0          0          0          0

            ----------------------------------------------------------------

                  Au (g/t)                0          0          0          0

            ----------------------------------------------------------------

               Metal      kg              0          0          0          0

                      ------------------------------------------------------

                          oz              0          0          0          0

----------------------------------------------------------------------------

Indicated       Tonnage (kt)              0          0          0          0

            ----------------------------------------------------------------

                  Au (g/t)                0          0          0          0

            ----------------------------------------------------------------

               Metal      kg              0          0          0          0

                      ------------------------------------------------------

                          oz              0          0          0          0

----------------------------------------------------------------------------

Measured +                                                                  

 Indicated      Tonnage (kt)              0          0          0          0

            ----------------------------------------------------------------

                  Au (g/t)                0          0          0          0

            ----------------------------------------------------------------

               Metal      kg              0          0          0          0

                      ------------------------------------------------------

                          oz              0          0          0          0

----------------------------------------------------------------------------

                                                                            

----------------------------------------------------------------------------

Inferred        Tonnage (kt)            210        199        181        162

            ----------------------------------------------------------------

                  Au (g/t)             5.03       5.26       5.67       6.12

            ----------------------------------------------------------------

               Metal      kg          1,054      1,045      1,023        989

                      ------------------------------------------------------

                          oz         33,875     33,601     32,900     31,799

----------------------------------------------------------------------------

Notes:                                                                      

1. Mineral Resources are not reserves until they have demonstrated economic 

 viability based on a Feasibility study or pre-feasibility study.           

2. Mineral Resources are reported inclusive of any reserves.                

3. The contained Au represents estimated contained metal in the ground and  

 has not been adjusted for metallurgical recovery.                          

----------------------------------------------------------------------------

----------------------------------------------------------------------------

                                                                            

The results of the WAI pit optimisation for F12 only was calculated by NPV  

Scheduler(R), using the same parameters as Taparko. The results are         

presented in the table below.                                               

                                                                            

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Boroum F12 Open Pit Ore Reserves (WAI, 01 January 2012)                     

(in accordance with the Guidelines of the JORC Code (2004))                 

----------------------------------------------------------------------------

----------------------------------------------------------------------------

                       Open Pit (Area)                                   F12

----------------------------------------------------------------------------

                     Cut Off Grade (g/t)                                0.82

----------------------------------------------------------------------------

Proven                                 Tonnage (kt)                        -

                              ----------------------------------------------

                                         Au (g/t)                          -

                              ----------------------------------------------

                                   Metal            kg                     -

                                             -------------------------------

                                                    oz                     -

----------------------------------------------------------------------------

Probable                               Tonnage (kt)                    2,087

                              ----------------------------------------------

                                         Au (g/t)                       2.42

                              ----------------------------------------------

                                   Metal            kg                 5,049

                                             -------------------------------

                                                    oz               162,324

----------------------------------------------------------------------------

Proven + Probable                      Tonnage (kt)                    2,087

                              ----------------------------------------------

                                         Au (g/t)                       2.42

                              ----------------------------------------------

                                   Metal            kg                 5,049

                                             -------------------------------

                                                    oz               162,324

----------------------------------------------------------------------------

Note: 5% dilution and 97% mining recovery applied                           

----------------------------------------------------------------------------

----------------------------------------------------------------------------



Nairy

Criteria for defining resource categories were derived from the geostatistical studies. Key drillhole spacings for the allocation of indicated resources were 40m x 40m (along strike x down dip) and for inferred resources were 80m x 80m (along-strike x down-dip). The final block model was used as the basis for resource evaluation. Summary results of the evaluation of the in-situ resources are shown in the table below, for four different cut-off grade levels: 0.4g/t, 1.0g/t, 1.5g/t and 2.0g/t Au.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

Nairy Mineral Resource Estimate (WAI, 01 January 2012)                      

----------------------------------------------------------------------------

----------------------------------------------------------------------------

                  JORC                                                      

COG     Classification   Volume    Tonnes Density      Au   Contained Metal 

                                                         -------------------

                           (m3)       (t)  (t/m3)   (g/t)    (kg)  (troy oz)

----------------------------------------------------------------------------

0.4          Indicated  401,549 1,084,182     2.7    1.23   1,334     42,874

----------------------------------------------------------------------------

0.4           Inferred  884,092 2,387,048     2.7    0.99   2,363     75,978

----------------------------------------------------------------------------

1.0          Indicated  186,423   503,341     2.7    1.87     941     30,262

----------------------------------------------------------------------------

1.0           Inferred  331,417   894,826     2.7    1.56   1,396     44,880

----------------------------------------------------------------------------

1.5          Indicated   91,904   248,142     2.7    2.54     630     20,264

----------------------------------------------------------------------------

1.5           Inferred  122,769   331,477     2.7    2.15     713     22,913

----------------------------------------------------------------------------

2.0          Indicated   62,387   168,444     2.7    2.92     492     15,814

----------------------------------------------------------------------------

2.0           Inferred   48,585   131,180     2.7    2.82     370     11,893

----------------------------------------------------------------------------

----------------------------------------------------------------------------



Baola

Criteria for defining resource categories were derived from the geostatistical studies. Key drillhole spacings for the allocation of indicated resources were 40m x 40m (along strike x down dip) and for inferred resources were 80m x 80m (along-strike x down-dip). The final block model was used as the basis for resource evaluation. Summary results of the evaluation of the in-situ resources are shown in the table below, for four different cut-off grade levels: 0.4g/t, 1.0g/t, 1.5g/t and 2.0g/t Au.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

Baola Mineral Resource Estimate (WAI, 01 January 2012)                      

----------------------------------------------------------------------------

----------------------------------------------------------------------------

                  JORC                                                      

COG     Classification   Volume    Tonnes Density      Au    Contained Metal

                                                         -------------------

                           (m3)       (t)  (t/m3)   (g/t)    (kg)  (troy oz)

----------------------------------------------------------------------------

0.4          Indicated  232,359   627,370     2.7    0.74     464     14,926

----------------------------------------------------------------------------

0.4           Inferred  332,252   897,081     2.7    1.06     951     30,572

----------------------------------------------------------------------------

1.0          Indicated   30,943    83,547     2.7    1.31     109      3,519

----------------------------------------------------------------------------

1.0           Inferred  132,902   358,835     2.7    1.65     592     19,036

----------------------------------------------------------------------------

1.5          Indicated    5,999    16,196     2.7    2.00      32      1,041

----------------------------------------------------------------------------

1.5           Inferred   69,824   188,524     2.7    2.02     381     12,244

----------------------------------------------------------------------------

2.0          Indicated    2,260     6,103     2.7    2.48      15        487

----------------------------------------------------------------------------

2.0           Inferred   27,417    74,027     2.7    2.50     185      5,950

----------------------------------------------------------------------------

----------------------------------------------------------------------------



Yeou

Criteria for defining resource categories were derived from the geostatistical studies. Key drillhole spacings for the allocation of inferred resources were 40m x 50m (along-strike x down-dip). The final block model was used as the basis for resource evaluation. Summary results of the evaluation of the in-situ resources are shown in the table below, for four different cut-off grade levels: 0.4g/t, 1.0g/t, 1.5g/t and 2.0g/t Au.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

Yeou Mineral Resource Estimate (WAI, 01 January 2012)                       

----------------------------------------------------------------------------

----------------------------------------------------------------------------

                  JORC   Volume    Tonnes Density     Au                    

COG     Classification     (m3)       (t)  (t/m3)   (g/t)    Contained Metal

                                                         -------------------

                                                             (kg)  (troy oz)

----------------------------------------------------------------------------

0.4           Inferred  426,790 1,066,052    2.50    2.39   2,550     81,980

----------------------------------------------------------------------------

1.0           Inferred  333,567   821,087    2.46    2.87   2,357     75,765

----------------------------------------------------------------------------

1.5           Inferred  211,808   523,880    2.47    3.76   1,968     63,286

----------------------------------------------------------------------------

2.0           Inferred  144,568   359,517    2.48    4.62   1,663     54,459

----------------------------------------------------------------------------

----------------------------------------------------------------------------



Ankouma

Criteria for defining resource categories were derived from the sample spacing. Key drillhole spacings for the allocation of Inferred resources were 40m x 40m (along-strike x down-dip). The final block model was used as the basis for resource evaluation. Summary results of the evaluation of the in-situ resources are shown in the table below, for four different cut-off grade levels: 0.5g/t, 1.0g/t, 1.5g/t and 2.0g/t Au.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

Ankouma Mineral Resource Estimate - Total Resources (WAI, 01 January 2012)  

----------------------------------------------------------------------------

----------------------------------------------------------------------------

                  JORC   Volume    Tonnes Density      Au                   

COG     Classification     (m3)       (t)  (t/m3)   (g/t)    Contained Metal

                                                         -------------------

                                                             (kg)  (troy oz)

----------------------------------------------------------------------------

0.5           Inferred  708,507 1,815,679    2.56    1.26   2,296     73,825

----------------------------------------------------------------------------

1.0           Inferred  352,915   896,641    2.54    1.78   1,599     51,417

----------------------------------------------------------------------------

1.5           Inferred  161,162   396,308    2.46    2.37     941     30,254

----------------------------------------------------------------------------

2.0           Inferred   63,619   159,579    2.51    3.27     522     16,792

----------------------------------------------------------------------------

----------------------------------------------------------------------------



Bissa

Criteria for defining resource categories were also derived from the geostatistical studies. Key drillhole spacings for the allocation of measured resources were 20m x 20m (along strike and down dip), forindicated resources were 40m x 40m (along strike and down dip), for inferred resources were 80m x 80m (along strike and down dip).

The final block model was used as the basis for resource evaluation. A summary of the results of the evaluation of the in-situ resources are shown in the table below, for four different cut-off grade levels: 0.3g/t, 0.5g/t, 1.0g/t and 1.5g/t.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

           Bissa Mineral Resource Estimate (WAI, 01 January 2012)           

         (in accordance with the guidelines of the JORC Code (2004))        

----------------------------------------------------------------------------

----------------------------------------------------------------------------

            Ore Type                 Laterite/Saprolite/Transition/Fresh    

----------------------------------------------------------------------------

       Cut Off Grade (g/t)              0.3        0.5        1.0        1.5

----------------------------------------------------------------------------

Measured        Tonnage (kt)          2,208      1,964      1,396      1,082

            ----------------------------------------------------------------

                  Au (g/t)             2.24       2.47       3.17       3.73

            ----------------------------------------------------------------

               Metal      kg          4,947      4,851      4,425      4,038

                      ------------------------------------------------------

                          oz        159,039    155,966    142,251    129,814

----------------------------------------------------------------------------

Indicated       Tonnage (kt)         72,194     61,789     26,741     12,573

            ----------------------------------------------------------------

                  Au (g/t)             1.09       1.21       1.84       2.56

            ----------------------------------------------------------------

               Metal      kg         78,691     74,765     49,203     32,187

                      ------------------------------------------------------

                          oz      2,529,989  2,403,742  1,581,923  1,034,838

----------------------------------------------------------------------------

Measured +                                                                  

 Indicated      Tonnage (kt)         74,402     63,753     28,137     13,656

            ----------------------------------------------------------------

                  Au (g/t)             1.12       1.25       1.91       2.65

            ----------------------------------------------------------------

               Metal      kg         83,638     79,616     53,628     36,225

                      ------------------------------------------------------

                          oz      2,689,028  2,559,708  1,724,174  1,164,652

----------------------------------------------------------------------------

                                                                            

----------------------------------------------------------------------------

Inferred        Tonnage (kt)         25,249     19,651      7,042      2,852

            ----------------------------------------------------------------

                  Au (g/t)             0.91       1.05       1.66       2.33

            ----------------------------------------------------------------

               Metal      kg         22,977     20,634     11,689      6,645

                      ------------------------------------------------------

                          oz        738,714    663,393    375,807    213,639

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Notes:                                                                      

1. Mineral Resources are not reserves until they have demonstrated economic 

viability based on a Feasibility study or pre-feasibility study.            

2. Mineral Resources are reported inclusive of any reserves.                

3. The contained Au represents estimated contained metal in the ground and  

has not been adjusted for metallurgical recovery.                           



As a continuation of mineral resource modelling at Bissa, WAI has undertaken a pit optimisation using the Mineral Resource Block Model prepared by WAI. The model was depleted to contain only those mineral resources that have not been extracted as of 01 January 2012. WAI used NPV Scheduler(R) software for the optimisation applying the conceptual financial and technical parameters shown in the following table.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

                       WAI Pit Optimisation Parameters                      

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Parameter                                               Units          Value

----------------------------------------------------------------------------

Metal Price (Au)                                       US$/oz          1,250

----------------------------------------------------------------------------

Metal Price (Au)                                        US$/g          40.19

----------------------------------------------------------------------------

Production rate                                          ktpa          4,000

----------------------------------------------------------------------------

Discount Rate                                               %             10

----------------------------------------------------------------------------

Dilution                                                    %              6

----------------------------------------------------------------------------

Mining Recovery Factor                                      %             97

----------------------------------------------------------------------------

Mining Cost (Fresh Ore)                                 US$/t           1.65

----------------------------------------------------------------------------

Mining Cost (Weathered Ore)                             US$/t           1.65

----------------------------------------------------------------------------

Mining Cost (Waste)                                     US$/t           1.65

----------------------------------------------------------------------------

Ore Processing Cost (per t of processed ore)            US$/t             13

----------------------------------------------------------------------------

Gold Recovery (Weathered and Fresh ore)                     %             90

----------------------------------------------------------------------------

G&A                                                   US$M/yr             18

----------------------------------------------------------------------------

Final Pitwall Angle                                   Degrees  Various for 4

                                                                     regions

----------------------------------------------------------------------------

----------------------------------------------------------------------------



The results of the WAI pit optimisation as calculated by NPV Scheduler(R) are presented in the table below.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

             Bissa Open Pit Ore Reserves (WAI, 01 January 2012)             

         (in accordance with the Guidelines of the JORC Code (2004))        

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Ore/Rock Type                                   Ore (kt)   Au (kg)  Au (g/t)

----------------------------------------------------------------------------

Weathered Proven                                     114       294      2.57

----------------------------------------------------------------------------

Weathered Probable                                10,742    18,655      1.74

----------------------------------------------------------------------------

Fresh Proven                                       1,365     4,031      2.95

----------------------------------------------------------------------------

Fresh Probable                                    16,807    30,304      1.80

----------------------------------------------------------------------------

                                                                            

----------------------------------------------------------------------------

Weathered Proven and Probable                     10,856    18,949      1.75

----------------------------------------------------------------------------

Fresh Proven and Probable                         18,172    34,335      1.89

----------------------------------------------------------------------------

Total Proven and Probable                         29,028    53,284      1.84

----------------------------------------------------------------------------

Waste(i) (kt)                                    156,989                    

----------------------------------------------------------------------------

Notes:                                                                      

COG=0.9g/t Au                                                               

Mining Factors of 6%                                                        

Dilution and 97% Mining Recovery applied.                                   

(i)Waste is given inclusive of Inferred material, which is also treated as  

 waste                                                                      

----------------------------------------------------------------------------

----------------------------------------------------------------------------



Bouly

Criteria for defining resource categories were derived from geostatistical studies. Key drillhole spacings for the allocation of indicated resources were based on a sample spacing of less than 80m x 35m along and across strike and with a minimum of 8 samples required from a minimum of 2 drillholes. Inferred resources were those resources which were estimated but did not fulfil the criteria for indicated classification. The grades in the final resource block model were derived from drill hole sample composites based on Ordinary Kriging for Au. The following table shows the WAI resource estimate for Bouly, dated 01 January 2012.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

           Bouly Mineral Resource Estimate (WAI, 01 January 2012)           

         (in accordance with the guidelines of the JORC Code (2004))        

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Measured                  Tonnage (kt)                                     0

                         ---------------------------------------------------

                            Au (g/t)                                       -

                         ---------------------------------------------------

                          Metal    kg                                      0

                                --------------------------------------------

                                   oz                                      0

----------------------------------------------------------------------------

Indicated                 Tonnage (kt)                                 9,037

                         ---------------------------------------------------

                            Au (g/t)                                    0.84

                         ---------------------------------------------------

                          Metal    kg                                  7,625

                                --------------------------------------------

                                   oz                                245,139

----------------------------------------------------------------------------

Measured + Indicated      Tonnage (kt)                                 9,037

                         ---------------------------------------------------

                            Au (g/t)                                    0.84

                         ---------------------------------------------------

                          Metal    kg                                  7,625

                                --------------------------------------------

                                   oz                                245,139

----------------------------------------------------------------------------

Inferred                  Tonnage (kt)                                32,150

                         ---------------------------------------------------

                            Au (g/t)                                    0.75

                         ---------------------------------------------------

                          Metal    kg                                 24,127

                                --------------------------------------------

                                   oz                                775,673

----------------------------------------------------------------------------

Notes:                                                                      

1. Cut-off grade of 0.6 g/t.                                                

2. Mineral Resources are not reserves until they have demonstrated economic 

viability based on a Feasibility study or pre-feasibility study.            

3. Mineral Resources are reported inclusive of any reserves.                

4. The contained Au represents estimated contained metal in the ground and  

has not been adjusted for metallurgical recovery.                           

----------------------------------------------------------------------------

----------------------------------------------------------------------------



Gougre

Criteria for defining resource categories were derived from the geostatistical studies. Key drillhole spacings for the allocation of indicated resources were 40m x 40m (along strike and down dip) and for inferred resources, 80m x 80m (along strike and down dip). No measured resources were assigned at Gougre.

The final block model was used as the basis for resource evaluation. Summary results of the evaluation of the in-situ resources are shown in the table below, for four different cut-off grade levels: 0.5g/t, 1.0g/t, 1.5g/t and 2.0g/t Au.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

           Gougre Mineral Resource Estimate (WAI, 01 January 2012)          

         (in accordance with the guidelines of the JORC Code (2004))        

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Cut Off Grade                           0.5        1.0        1.5        2.0

----------------------------------------------------------------------------

Measured        Tonnage (kt)              -          -          -          -

            ----------------------------------------------------------------

                  Au (g/t)                -          -          -          -

            ----------------------------------------------------------------

               Metal      kg              -          -          -          -

                      ------------------------------------------------------

                          oz              -          -          -          -

----------------------------------------------------------------------------

Indicated       Tonnage (kt)          3,044      2,468      1,669      1,080

            ----------------------------------------------------------------

                  Au (g/t)             1.90       2.16       2.60       3.07

            ----------------------------------------------------------------

               Metal      kg          5,785      5,335      4,338      3,314

                      ------------------------------------------------------

                          oz        185,997    171,509    139,473    106,554

----------------------------------------------------------------------------

Measured +                                                                  

 Indicated      Tonnage (kt)          3,044      2,468      1,669      1,080

            ----------------------------------------------------------------

                  Au (g/t)             1.90       2.16       2.60       3.07

            ----------------------------------------------------------------

               Metal      kg          5,785      5,335      4,338      3,314

                      ------------------------------------------------------

                          oz        185,997    171,509    139,473    106,554

----------------------------------------------------------------------------

                                                                            

----------------------------------------------------------------------------

Inferred        Tonnage (kt)          3,121      1,862        947        528

            ----------------------------------------------------------------

                  Au (g/t)             1.39       1.83       2.41       2.96

            ----------------------------------------------------------------

               Metal      kg          4,352      3,410      2,282      1,566

                      ------------------------------------------------------

                         t oz       139,922    109,644     73,367     50,360

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Notes:                                                                      

1. Mineral Resources are not reserves until they have demonstrated economic 

viability based on a Feasibility study or pre-feasibility study.            

2. Mineral Resources are reported inclusive of any reserves.                

3. The contained Au represents estimated contained metal in the ground and  

has not been adjusted for metallurgical recovery.                           



As a continuation of mineral resource modelling of the Gougre deposit, WAI has undertaken a pit optimisation using the mineral resource Block Model prepared by WAI and updated in January 2012. The model was depleted to contain only those mineral resources that have not been extracted as of 01 January 2012. WAI used NPV Scheduler(R) software for the optimisation, applying the conceptual financial and technical parameters provided in the below table.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

                       WAI Pit Optimisation Parameters                      

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Parameter                                                   Units      Value

----------------------------------------------------------------------------

Metal Price (Au)                                           US$/oz      1,250

----------------------------------------------------------------------------

Metal Price (Au)                                            US$/g      40.19

----------------------------------------------------------------------------

Selling Cost                                                US$/g        3.2

----------------------------------------------------------------------------

Production Rate                                              ktpa        750

----------------------------------------------------------------------------

Discount Rate                                                   %       11.2

----------------------------------------------------------------------------

Dilution                                                        %          6

----------------------------------------------------------------------------

Mining Recovery Factor                                          %         97

----------------------------------------------------------------------------

Mining Cost (Ore and Waste)                                 US$/t       6.53

----------------------------------------------------------------------------

Processing Cost (per t of processed ore) Oxide              US$/t      13.79

----------------------------------------------------------------------------

Processing Cost (per t of processed ore) Sulphide           US$/t      21.22

----------------------------------------------------------------------------

Gold Recovery                                                   %         95

----------------------------------------------------------------------------

Final Pitwall Angle                                       Degrees         45

----------------------------------------------------------------------------

----------------------------------------------------------------------------



The results of the WAI pit optimisation and subsequent ore reserve estimate are presented in the table below. Only the measured and indicated mineral resources were utilised in the optimisation. The table also includes a mining schedule for the Gougre deposit.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

             Gougre Open Pit Ore Reserves (WAI, 01 January 2012)            

         (in accordance with the guidelines of the JORC Code (2004))        

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Parameter                         Unit             Year                Total

                                         ------------------------           

                                                1       2       3           

----------------------------------------------------------------------------

Rock Mined                        kt        7,119   4,653     175     11,947

----------------------------------------------------------------------------

Probable Ore        Oxide         kt         99.4       -       -       99.4

                                  ------------------------------------------

                                  g/t        1.44       -       -       1.44

                    --------------------------------------------------------

                    Transition    kt        301.9     4.0       -      305.8

                                  ------------------------------------------

                                  g/t        1.85    2.47       -       1.86

                    --------------------------------------------------------

                    Sulphide      kt        348.9   745.9    83.3    1,178.1

                                  ------------------------------------------

                                  g/t        1.62    1.82    1.89       1.76

----------------------------------------------------------------------------

Total Probable Ore                kt          750     750      83      1,583

----------------------------------------------------------------------------

Contained Metal                   g/t        1.69    1.82    1.89       1.76

                                  ------------------------------------------

                                  kg        1,267   1,364     158      2,789

                                  ------------------------------------------

                                  koz       40.73   43.86    5.08      89.66

----------------------------------------------------------------------------

Waste(i)                          kt        5,852   3,289      17      9,159

----------------------------------------------------------------------------

Strip                             t/t        7.80    4.39    0.21       5.78

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Notes: Mining Factors of 6% Dilution and 97% Mining Recovery applied        

Cut-off-grade: Oxide 0.57g/t, Sulphide 0.78g/t.                             

(i)Waste is given inclusive of Inferred material                            



Liliga

Criteria for defining resource categories were derived from the geostatistical studies. Key drillhole spacings for the allocation of inferred resources were 80m x 80m (along-strike x down-dip). The final block model was used as the basis for resource evaluation. Summary results of the evaluation of the in-situ resources are shown in the table below, for four different cut-off grade levels: 0.4g/t, 1.0g/t, 1.5g/t and 2.0g/t Au.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

           Liliga Mineral Resource Estimate (WAI, 01 January 2012)          

----------------------------------------------------------------------------

----------------------------------------------------------------------------

     JORC                 Volume    Tonnes Density    Au                    

COG   Classification        (m3)       (t)  (t/m3)  (g/t)  Contained Metal  

                                                         -------------------

                                                              (kg) (troy oz)

----------------------------------------------------------------------------

0.4  Inferred          1,626,583 4,391,775     2.7   1.47    6,456   207,562

----------------------------------------------------------------------------

1.0  Inferred            952,293 2,571,191     2.7   1.99    5,117   164,505

----------------------------------------------------------------------------

1.5  Inferred            512,956 1,384,981     2.7   2.67    3,698   118,890

----------------------------------------------------------------------------

2.0  Inferred            299,740   809,298     2.7   3.34    2,703    86,905

----------------------------------------------------------------------------

----------------------------------------------------------------------------



Bissa Sud

Criteria for defining resource categories were derived from the geostatistical studies. Key drillhole spacings for the allocation of inferred resources were 80m x 80m (along-strike x down-dip). The final block model was used as the basis for resource evaluation. Summary results of the evaluation of the in-situ resources are shown in the table below, for four different cut-off grade levels: 0.4g/t, 1.0g/t, 1.5g/t and 2.0g/t Au.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

         Bissa Sud Mineral Resource Estimate (WAI, 01 January 2012)         

----------------------------------------------------------------------------

----------------------------------------------------------------------------

     JORC                 Volume    Tonnes Density    Au                    

COG   Classification        (m3)       (t)  (t/m3)  (g/t)    Contained Metal

                                                         -------------------

                                                              (kg) (troy oz)

----------------------------------------------------------------------------

0.4  Inferred            241,451   651,917     2.7   0.88      574    18,444

----------------------------------------------------------------------------

1.0  Inferred             62,324   168,275     2.7   1.39      234     7,520

----------------------------------------------------------------------------

1.5  Inferred             17,539    47,356     2.7   1.89       90     2,878

----------------------------------------------------------------------------

2.0  Inferred              5,954    16,075     2.7   2.38       38     1,230

----------------------------------------------------------------------------

----------------------------------------------------------------------------



Zinigma

Criteria for defining resource categories were derived from the geostatistical studies. Key drillhole spacings for the allocation of inferred resources were 66m x 55m (along-strike x down-dip). The final block model was used as the basis for resource evaluation. Summary results of the evaluation of the in-situ resources are shown in the table below, for four different cut-off grade levels: 0.5g/t, 1.0g/t, 1.5g/t and 2.0g/t Au.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

          Zinigma Mineral Resource Estimate (WAI, 01 January 2012)          

         (in accordance with the guidelines of the JORC Code (2004))        

----------------------------------------------------------------------------

----------------------------------------------------------------------------

          Cut Off Grade                 0.5        1.0        1.5        2.0

----------------------------------------------------------------------------

Measured        Tonnage (kt)              -          -          -          -

            ----------------------------------------------------------------

                  Au (g/t)                -          -          -          -

            ----------------------------------------------------------------

               Metal      kg              -          -          -          -

                      ------------------------------------------------------

                          oz              -          -          -          -

----------------------------------------------------------------------------

Indicated       Tonnage (kt)              -          -          -          -

            ----------------------------------------------------------------

                  Au (g/t)                -          -          -          -

            ----------------------------------------------------------------

               Metal      kg              -          -          -          -

                      ------------------------------------------------------

                          oz              -          -          -          -

----------------------------------------------------------------------------

Measured +                                                                  

 Indicated      Tonnage (kt)              -          -          -          -

            ----------------------------------------------------------------

                  Au (g/t)                -          -          -          -

            ----------------------------------------------------------------

               Metal      kg              -          -          -          -

                      ------------------------------------------------------

                          oz              -          -          -          -

----------------------------------------------------------------------------

                                                                            

----------------------------------------------------------------------------

Inferred        Tonnage (kt)          3,687      1,854        839        361

            ----------------------------------------------------------------

                  Au (g/t)             1.17       1.60       2.06       2.51

            ----------------------------------------------------------------

               Metal      kg          4,317      2,959      1,725        904

                      ------------------------------------------------------

                          oz        138,792     95,150     55,465     29,071

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Notes:                                                                      

1. Mineral Resources are not reserves until they have demonstrated economic 

viability based on a Feasibility study or pre-feasibility study.            

2. Mineral Resources are reported inclusive of any reserves.                

3. The contained Au represents estimated contained metal in the ground and  

has not been adjusted for metallurgical recovery.                           



Labola

Estimated resources for the Labola deposit were classified as inferred resources due to the limited sampling density, uncertainties regarding QA/QC and lack of data regarding dry density measurements. The grades in the final resource block model were derived from all drilling sample composites and were based on the IDW3 estimate. The mineral resource estimate is shown in the table below.





----------------------------------------------------------------------------

----------------------------------------------------------------------------

Labola Inferred Resource Estimate (WAI, 01 January 2012)                    

(in accordance with the guidelines of the JORC Code (2004))                 

----------------------------------------------------------------------------

----------------------------------------------------------------------------

Cut Off Grade (g/t)                         Inferred                        

                    --------------------------------------------------------

                                        Density      Au Grade               

                      Tonnes (kt)        (t/m3)         (g/t)  Metal Au (oz)

----------------------------------------------------------------------------

0.4                         1,231           2.4          1.22         48,136

----------------------------------------------------------------------------

0.6                           905           2.4          1.48         42,927

----------------------------------------------------------------------------

1.0                           481           2.4          2.09         32,272

----------------------------------------------------------------------------

2.0                           163           2.4          3.43         17,950

----------------------------------------------------------------------------

3.0                            68           2.4          4.84         10,552

----------------------------------------------------------------------------

4.0                            35           2.4          6.17          7,027

----------------------------------------------------------------------------

----------------------------------------------------------------------------



Data Verification

Dr. Phil Newall is a "qualified person" as defined by NI 43-101 and as a qualified person completed the verification of data on which the above mineral reserve and resource estimates were based. This verification included an assessment of QA/QC data, sample preparation and assay methodologies, core recoveries, density data, data inputs, survey data and validation of historic exploration data used in the estimate. Data were validated by using field checks, statistical methods and evaluating written protocols.

High River has implemented QA/QC procedures at all projects to ensure best industry practice in sampling and analysis of the drill core samples.

The Berezitovy mine has its own dedicated onsite core storage shed and preparation facility. All sample analysis at Berezitovy is undertaken in the on-site laboratory (process plant) which is adequate for the level of prospecting work. The laboratory uses a range of Standard Reference standards supplied by Rocklabs. The standard ore sample assays 1.65ppm Au (tolerance +/- 0.08ppm Au) and the tailings sample assays 0.71ppm Au (tolerance +/- 0.03ppm Au).

At Taparko mine, core from all mineralized intersections is stored in well-organized racks at the mine. For the Bissa development project, High River has a dedicated facility in the town of Kongoussi which includes core storage and sample preparation.

The primary analytical laboratory used by High River for the Taparko, Bouroum, Bissa and the other projects in Burkina Faso is Abilab in Ouagadougou. The Abilab laboratories do not have recognised accreditation, but are part of the ALS Laboratory Group and implement quality assurance and quality control measures generally meeting international industry standards. Reverse circulation and core pulp samples were also submitted to ALS Chemex, Sudbury and SGS, Ouagadougou laboratories for check assaying. High River partly relied on the laboratory internal quality control measures, and also implemented strict external quality control measures consisting of inserting an appropriate frequency of control samples (blanks, field standards and certified reference standards).

Assay data for the Bouly project was acquired from the BIGS Global Laboratory in Ouagadougou in 2010. The SGS Laboratory in Ougadougou was used for external quality control. High River has a written procedure for collecting, handling, labelling and assaying drilling samples, which conforms to industry best practice. High River's internal quality control procedures specify use of field duplicates, blanks and certified reference standards to measure any bias in sampling or assaying.

None of the laboratories contracted by High River for sample analyses has any relationship to, or interest in, High River or any of its projects.

Qualified Person

Dr. Phil Newall, BSc (ARSM), PhD (ACSM), CEng, FIMMM, Director with WAI is the qualified person responsible for supervising the preparation of this press release and the scientific and technical information contained in this press release. Dr. Newall is independent of High River.

Cautionary Note

The grades presented in the above tables are not meant to imply recoverable gold. Mineral resources and reserves have been estimated and classified according to the JORC Code. High River is not aware of any known environmental, permitting, legal, title, taxation, socio-economic, marketing or other relevant issues that could potentially affect the estimate of mineral resources or reserves. The mineral resources and reserves may be affected by subsequent assessments of mining, environmental, processing, permitting, taxation, socio-economic and other factors.

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.

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.

Contact:
Yury Lopukhin
High River Gold Mines Ltd.
CFO
011 7 495 981 0910 ext. 6821
info@hrg.ca
www.hrg.ca

Rates

View Comments (0)