GoldMinerPulse Report on High River Gold Mines Ltd.: (NI) 43-101 Metal Valuation Report

High River Gold Mines Ltd. (HRG)

Company Web Site: www.hrg.ca
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2009-06-18. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-09-02.
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Recent Production
2009 : Q2: 79,997 ozs gold
2008 : 167,000 oz gold
Source(s): Q2 2009 production figures are from High River Gold Reports Second Quarter 2009 Results.
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-09-02
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Lead Zinc
    Taparko-Bouroum BF $2.93 42% 52% 5% 1.70 M oz
    Prognoz RU $2.77 0 50% 50%      102.40 M oz
    Bissa BF $2.67 0 54% 46% 1.55 M oz
    Zun-Holba RU $0.94 39% 42% 19% 547.21 K oz
    Irokinda RU $0.64 42% 44% 14% 373.65 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal Gold Silver Lead Zinc
    Metal Totals 4.17 M oz     102.40 M oz
    Metal Prices in US$ (from 2010-09-02) $1,251.30 per oz     $19.69 per oz     $0.96240 per lb     $0.94810 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $7.19     $2.77     $0.00     $0.00
    Percentage of Total Metal Value 72.15%     27.85%     0.00%     0.00%
    PP% | MI% | I% 26% | 51% | 23%     0 | 50% | 50%     0 | 0 | 0     0 | 0 | 0

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
    Metal Value per Share (MVpSh)    US$9.96
    Average Ore Value per Tonne    US$129.33
    Metal Value Leverage (MVL)    11.28
    Market Capitalization as % of Metal Value    8.9%
    Recent Stock Price    C$0.93   (TSX/TSXV close on 2010-09-02.)
Conversion rate used: 1 Cnd$ = 0.949244 US$ )
    Fully Diluted Share Count    726.70 M    ( Fully diluted share count is from High River Gold, Share Structure web page (viewed August 2009). )
    PP% | MI% | I%    19% | 51% | 31%
Gold Metrics-- all Projects/Deposits
    Average Gold Ore Grade    2.531 g/t
    Market Capitalization
    per oz of Gold In Ground    $153.69   US$  |   161.91   C$
    Gold Eq Oz Estimate    5.79 M oz   ( 4.17 M oz are in ground)
    Market Capitalization
    per oz of Gold Equilavent    $110.89   US$  |   116.81   C$
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    680.6 g/t
    Market Capitalization
    per oz of Silver In Ground    $6.26   US$  |   6.60   C$
    Silver Eq Oz Estimate    367.67 M oz   ( 102.40 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $1.74   US$  |   1.84   C$

See terms for more about GoldMinerPulse metrics.
Additional Notes:
OAO Severstal (Severstal) owns 61.7% of High River Gold    -   P. 2 of 33 of the June 30, 2009 MD&A filing.
In the fourth quarter of 2008, OAO Severstal (“Severstal”) acquired indirect ownership of approximately 53% of High River and in Q2 2009 increased its ownership to approximately 57.3%. As of August 14, 2009 Severstal owns approximately 61.7% of High River.
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of High River Gold Mines Ltd. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver
Taparko-Bouroum	BF	$2.93	42%	52%	5%	1.70 M oz
Prognoz	RU	$2.77	0	50%	50%		102.40 M oz
Bissa	BF	$2.67	0	54%	46%	1.55 M oz
Zun-Holba	RU	$0.94	39%	42%	19%	547.21 K oz
Irokinda	RU	$0.64	42%	44%	14%	373.65 K oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal	Gold	Silver	Lead	Zinc
Metal Totals	4.17 M oz	102.40 M oz
Metal Prices in US$ (from 2010-09-02)	$1,251.30 per oz	$19.69 per oz	$0.96240 per lb	$0.94810 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$7.19	$2.77	$0.00	$0.00
Percentage of Total Metal Value	72.15%	27.85%	0.00%	0.00%
PP% \| MI% \| I%	26% \| 51% \| 23%	0 \| 50% \| 50%	0 \| 0 \| 0	0 \| 0 \| 0

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
Metal Value per Share (MVpSh)	US$9.96
Average Ore Value per Tonne	US$129.33
Metal Value Leverage (MVL)	11.28
Market Capitalization as % of Metal Value	8.9%
Recent Stock Price	C$0.93 (TSX/TSXV close on 2010-09-02.) Conversion rate used: 1 Cnd$ = 0.949244 US$ )
Fully Diluted Share Count	726.70 M ( Fully diluted share count is from High River Gold, Share Structure web page (viewed August 2009). )
PP% \| MI% \| I%	19% \| 51% \| 31%
Gold Metrics-- all Projects/Deposits
Average Gold Ore Grade	2.531 g/t
Market Capitalization per oz of Gold In Ground	$153.69 US$ \| 161.91 C$
Gold Eq Oz Estimate	5.79 M oz ( 4.17 M oz are in ground)
Market Capitalization per oz of Gold Equilavent	$110.89 US$ \| 116.81 C$
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	680.6 g/t
Market Capitalization per oz of Silver In Ground	$6.26 US$ \| 6.60 C$
Silver Eq Oz Estimate	367.67 M oz ( 102.40 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$1.74 US$ \| 1.84 C$

See terms for more about GoldMinerPulse metrics.

Bissa - ^top^

(NI) 43-101 Report:

Title: Mineral Resource Evaluation Bissa Gold Project Burkina Faso
Date: 2009-06-18 (137 pages)

Project Location: , Burkina Faso

Map View: View the Bissa gold project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.14 82.06 K oz 3.130 g/t 906.00 K t
Estimate notes: See Table i: Mineral Resource Statement* for the Bissa Gold Project, Burkina Faso, SRK Consulting, April 23, 2009 on p. 8 of 137 in the NI 43-101 dated June 2009.
Resource quantities adjusted for ownership percentage of 90.0%.
cutOffNotes

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.14	82.06 K oz	3.130 g/t	906.00 K t
Estimate notes: See Table i: Mineral Resource Statement* for the Bissa Gold Project, Burkina Faso, SRK Consulting, April 23, 2009 on p. 8 of 137 in the NI 43-101 dated June 2009. Resource quantities adjusted for ownership percentage of 90.0%. cutOffNotes

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.29 751.38 K oz 1.730 g/t 15.01 M t
Estimate notes: See Measured notes.
Resource quantities adjusted for ownership percentage of 90.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.29	751.38 K oz	1.730 g/t	15.01 M t
Estimate notes: See Measured notes. Resource quantities adjusted for ownership percentage of 90.0%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.24 718.24 K oz 1.400 g/t 17.73 M t
Estimate notes: See Measured notes.
Resource quantities adjusted for ownership percentage of 90.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.24	718.24 K oz	1.400 g/t	17.73 M t
Estimate notes: See Measured notes. Resource quantities adjusted for ownership percentage of 90.0%.

Irokinda - ^top^

(NI) 43-101 Report:

Title: NI 43-101 TECHNICAL REPORT AND AUDIT OF THE RESOURCE AND RESERVE ESTIMATES FOR THE IROKINDA GOLD MINE REPUBLIC OF BURYATIA (BURYATIA), RUSSIAN FEDERATION
Date: 2008-09-30 (127 pages)

Project Location: Buryatia, Russia

Map View: View the Irokinda gold mine on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.27 156.54 K oz 11.530 g/t 496.80 K t
Estimate notes: See Table 1.3, Summary of the Proven and Probable Mineral Reserves at the Irokinda Mine on p. 12 of 127 in the NI 43-101 dated September 2008.
Resource quantities adjusted for ownership percentage of 85.0%.
cutOffNotes

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.27	156.54 K oz	11.530 g/t	496.80 K t
Estimate notes: See Table 1.3, Summary of the Proven and Probable Mineral Reserves at the Irokinda Mine on p. 12 of 127 in the NI 43-101 dated September 2008. Resource quantities adjusted for ownership percentage of 85.0%. cutOffNotes

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.29 166.23 K oz 15.360 g/t 396.00 K t
Estimate notes: See Summary of the Measured and Indicated Mineral Resources at the Irokinda Mine on p. 11 of 127 in the NI 43-101 dated September 2008.
Resource quantities adjusted for ownership percentage of 85.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.29	166.23 K oz	15.360 g/t	396.00 K t
Estimate notes: See Summary of the Measured and Indicated Mineral Resources at the Irokinda Mine on p. 11 of 127 in the NI 43-101 dated September 2008. Resource quantities adjusted for ownership percentage of 85.0%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.09 50.89 K oz 15.390 g/t 121.00 K t
Estimate notes: See Summary of the Inferred Mineral Resources at the Irokinda Mine on p. 12 of 127 in the NI 43-101 dated September 2008.
Resource quantities adjusted for ownership percentage of 85.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.09	50.89 K oz	15.390 g/t	121.00 K t
Estimate notes: See Summary of the Inferred Mineral Resources at the Irokinda Mine on p. 12 of 127 in the NI 43-101 dated September 2008. Resource quantities adjusted for ownership percentage of 85.0%.

Prognoz - ^top^

(NI) 43-101 Report:

Title: NI 43-101 TECHNICAL REPORT AND RESOURCE ESTIMATE ON THE PROGNOZ SILVER PROJECT REPUBLIC OF SAKHA (YAKUTIA), RUSSIAN FEDERATION
Date: 2008-06-27 (215 pages)

Project Location: Yakutia, Russia

Map View: View the Prognoz silver project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Silver $1.38 50.81 M oz 704.000 g/t 4.49 M t
Estimate notes: See Table 1.1 Mineral Resource Estimate for the Prognoz Property (100 g/t Silver Cut-off) on p. 15 of 215 in the NI 43-101 dated June 2008.
Resource quantities adjusted for ownership percentage of 50.0%.
100 g/t silver cut-off

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$1.38	50.81 M oz	704.000 g/t	4.49 M t
Estimate notes: See Table 1.1 Mineral Resource Estimate for the Prognoz Property (100 g/t Silver Cut-off) on p. 15 of 215 in the NI 43-101 dated June 2008. Resource quantities adjusted for ownership percentage of 50.0%. 100 g/t silver cut-off

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Silver $1.40 51.59 M oz 659.000 g/t 4.87 M t
Estimate notes: See notes for Indicated.
Resource quantities adjusted for ownership percentage of 50.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$1.40	51.59 M oz	659.000 g/t	4.87 M t
Estimate notes: See notes for Indicated. Resource quantities adjusted for ownership percentage of 50.0%.

Taparko-Bouroum - ^top^

(NI) 43-101 Report:

Title: Taparko-Bouroum Gold Mine Independent Technical Report Burkina Faso
Date: 2008-03-31 (170 pages)

Project Location: , Burkina Faso

Map View: View the Taparko-Bouroum gold mine on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.24 719.59 K oz 2.810 g/t 8.85 M t
Estimate notes: See Table ii: Mineral Reserve Statement*, Taparko-Bouroum Gold Project, SRK Consulting, December 31, 2007. on p. 7 of 170 in the NI 43-101 dated March 2008.
Resource quantities adjusted for ownership percentage of 90.0%.
cutOffNotes

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.24	719.59 K oz	2.810 g/t	8.85 M t
Estimate notes: See Table ii: Mineral Reserve Statement, Taparko-Bouroum Gold Project, SRK Consulting, December 31, 2007. on p. 7 of 170 in the NI 43-101* dated March 2008. Resource quantities adjusted for ownership percentage of 90.0%. cutOffNotes

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.27 738.12 K oz 2.730 g/t 9.34 M t
Estimate notes: See Taparko Project portion of Table i: Mineral Resource Statement*, Taparko and Bouroum Gold Project, Burkina Faso, SRK Consulting, December 31, 2007 on p. 6 of 170 of the NI 43-101 report dated June 2008.
Resource quantities adjusted for ownership percentage of 90.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.27	738.12 K oz	2.730 g/t	9.34 M t
Estimate notes: See Taparko Project portion of Table i: Mineral Resource Statement, Taparko and Bouroum Gold Project, Burkina Faso, SRK Consulting, December 31, 2007* on p. 6 of 170 of the NI 43-101 report dated June 2008. Resource quantities adjusted for ownership percentage of 90.0%.

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.26 152.40 K oz 3.300 g/t 1.60 M t
Estimate notes: See Bouroum Project portion of Table i: Mineral Resource Statement*, Taparko and Bouroum Gold Project, Burkina Faso, SRK Consulting, December 31, 2007 on p. 6 of 170 of the NI 43-101 report dated June 2008.
Resource quantities adjusted for ownership percentage of 90.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.26	152.40 K oz	3.300 g/t	1.60 M t
Estimate notes: See Bouroum Project portion of Table i: Mineral Resource Statement, Taparko and Bouroum Gold Project, Burkina Faso, SRK Consulting, December 31, 2007* on p. 6 of 170 of the NI 43-101 report dated June 2008. Resource quantities adjusted for ownership percentage of 90.0%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.14 83.77 K oz 2.800 g/t 1.03 M t
Estimate notes: See noted for Taparko Indicated.
Resource quantities adjusted for ownership percentage of 90.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.14	83.77 K oz	2.800 g/t	1.03 M t
Estimate notes: See noted for Taparko Indicated. Resource quantities adjusted for ownership percentage of 90.0%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.01 7.68 K oz 3.540 g/t 75.00 K t
Estimate notes: See notes for Bouroum Indicated project.
Resource quantities adjusted for ownership percentage of 90.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.01	7.68 K oz	3.540 g/t	75.00 K t
Estimate notes: See notes for Bouroum Indicated project. Resource quantities adjusted for ownership percentage of 90.0%.

Zun-Holba - ^top^

(NI) 43-101 Report:

Title: NI 43-101 TECHNICAL REPORT AND AUDIT OF THE RESOURCE AND RESERVE ESTIMATES FOR THE ZUN-HOLBA GOLD MINE REPUBLIC OF BURYATIA (BURYATIA), RUSSIAN FEDERATION
Date: 2008-10-10 (153 pages)

Project Location: Buryatia, Russia

Map View: View the Zun-Holba gold mine on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.37 212.80 K oz 10.800 g/t 721.00 K t
Estimate notes: See Table 1.3 Summary of the Proven and Probable Mineral Reserves at the Zun-Holba Mine Property on p. 13 of 153 in the NI 43-101 dated October 2008.
Resource quantities adjusted for ownership percentage of 85.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.37	212.80 K oz	10.800 g/t	721.00 K t
Estimate notes: See Table 1.3 Summary of the Proven and Probable Mineral Reserves at the Zun-Holba Mine Property on p. 13 of 153 in the NI 43-101 dated October 2008. Resource quantities adjusted for ownership percentage of 85.0%.

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.40 232.10 K oz 14.900 g/t 570.00 K t
Estimate notes: See Table 19.1 Summary of the Measured and Indicated Mineral Resources at the Zun-Holba Mine Property on p. 147 of 153 in the NI 43-101 dated October 2008.
Resource quantities adjusted for ownership percentage of 85.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.40	232.10 K oz	14.900 g/t	570.00 K t
Estimate notes: See Table 19.1 Summary of the Measured and Indicated Mineral Resources at the Zun-Holba Mine Property on p. 147 of 153 in the NI 43-101 dated October 2008. Resource quantities adjusted for ownership percentage of 85.0%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $0.18 102.32 K oz 13.000 g/t 288.00 K t
Estimate notes: See Table 19.2 Summary of the Inferred Mineral Resources at the Zun-Holba Mine Property on p. 147 of 153 in the NI 43-101 dated October 2008.
Resource quantities adjusted for ownership percentage of 85.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.18	102.32 K oz	13.000 g/t	288.00 K t
Estimate notes: See Table 19.2 Summary of the Inferred Mineral Resources at the Zun-Holba Mine Property on p. 147 of 153 in the NI 43-101 dated October 2008. Resource quantities adjusted for ownership percentage of 85.0%.