High River announces updated reserve and resource estimate and current technical reports for Irokinda and Zun-Holba
Tuesday, Apr 17, 2012
High River Gold Mines Ltd. ("High River" or the "Company") (TSX:HRG) announced that it has filed on SEDAR a technical report on the Irokinda project, entitled "Technical Report on the Irokinda Project, Republic of Buryatia, Russian Federation" dated April 5, 2012, and a technical report on the Zun-Holba project, entitled "Technical Report on the Zun-Holba Project, Republic of Buryatia, Russian Federation" dated April 5, 2012 (collectively, the "Technical Reports"), which were prepared by Ricardo Valls, P. Geo.
The Technical Reports audit and convert the results of the exploration work of High River for both projects into Canadian Institute of Mining, Metallurgy and Petroleum compliant mineral resources and mineral reserves. The Technical Reports are compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
Ricardo Valls is a "qualified person" as defined by 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 reviewing randomly selected blocks of Russian classified "reserves" and reviewing the parameters by which they were converted to "operational reserves." Discussions with mining personnel were also held on the appropriate category in which to place the individual blocks according to the CIM classification system.
Depending on the geological boundaries, mineralization is sampled by core samples of varying length to a maximum of one metre at Irokinda and Zun-Holba. All host rocks without sulphide mineralization are photographed in the core boxes and sampled by geochemical (chip) samples up to 5 m in length.
The data verification programs undertaken on the data collected from the Irokinda and Zun-Holba mines adequately support the geological interpretations and the analytical and database quality, and therefore support the use of the data in mineral resource and mineral reserve estimation.
Internal check assays are performed to find random errors in the analytical work at the on-site laboratories at both Irokinda and Zun-Holba. The external check assays for the gold grades are performed using the fire assay method at the laboratories located in the cities of Irkutsk (IRGIREDMET, which has ISO 9000 and ISO 14000 certificates valid until 2014) and Ulan-Ude (Republic Analytical Centre). These laboratories contracted by High River for sample analyses do not have any relationship to, or interest in, High River or any of its projects.
Ricardo A. Valls, P. Geo, consultant from Valls Geoconsultant, is a "qualified person" as such term is defined in NI 43-101 and was responsible for supervising the preparation of the Technical Reports and has reviewed and approved the scientific and technical information included in this press release. Mr. Valls is independent of High River.
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 CIM Guidelines. 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.