GoldMinerPulse Report: High River Gold Mines Ltd. Metal Value

High River Gold Mines Ltd. (HRG) NI 43-101 Metal Value Report

High River is an unhedged gold company with interests in producing mines and advanced exploration projects in Russia and Burkina Faso. Nord Gold N.V., a subsidiary of OAO Severstal owns approximately 72.6% of the issued and outstanding shares of High River. [Source: October, 2010 News Releases]

The High River Gold Mines Ltd. website is at www.hrg.ca.

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GoldMinerPulse Metrics Summary

This report is based on NI 43-101 resource and reserve disclosures and fully diluted share counts available on 2010-10-16.

The GoldMinerPulse metrics, presented below in table format, are based on all projects and all in situ metals and are updated daily with closing market prices.

**High River Gold Mines Ltd. Metric Summary**
General Metric	Value on 2012-02-03
In Situ Metal Value per Share (MVpSh)	US$12.56
Average Ore Value per Tonne	US$182.01
Metal Value Leverage (MVL)	10.06
Market Capitalization as a Percentage of Metal Value	9.9%
Recent Closing Stock Price	C$1.24 [note 1]
Fully Diluted Share Count	886.70 M [note 2]
Percentage In Situ Proven + Probable Reserve	0%
Percentage In Situ Measured + Indicated Resource	66%
Percentage In Situ Inferred Resource	34%

**Gold Specific Metrics**
Metric	Value on 2012-02-03
Gold Reserves + Resources	4.35 M oz
Average Gold Ore Grade	2.1 g/t
Market Capitalization per oz of Gold In Situ	US$254.32 ( C$252.59 )
Gold Equivalent Ounces Estimate	6.45 M oz
Market Capitalization per oz of Gold Equivalent	US$171.57 ( C$170.41 )

**Silver Specific Metrics**
Metric	Value on 2012-02-03
Silver Reserves + Resources	107.74 M oz
Average Silver Ore Grade	92.4 g/t
Market Capitalization per oz of Silver In Situ	US$10.27 ( C$10.21 )
Silver Equivalent Ounces Estimate	331.13 M oz
Market Capitalization per oz of Silver Equivalent	US$3.34 ( C$3.32 )

Note 1: Conversion rate used: 1 Cnd$ = 1.00682 US$
Note 2: Fully diluted share count is from High River Gold, Share Structure webpage (viewed October 2010) plus the shares added with the October 2010 private placement with Nord Gold.

GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE)

All metal counts in this section are based on the combined Proven + Probable reserves plus the Measured + Indicated and Inferred resources.

**Metal Summary Based on Closing Prices on 2012-02-03**
Metric / Metal	Gold	Silver	Lead	Zinc
Total Counts (reserves + resources)	4.35 M oz	107.74 M oz
Metal Prices in US$ (from 2012-02-03)	$1,725.90 / oz	$33.63 / oz	$1.00640 / lb	$0.96490 / lb
Metal Value per Share (MVpSh) Shown in US$. Based on fully diluted share count	$8.47	$4.09	$0.00	$0.00
Percentage of Total Metal Value	67.46%	32.54%	0.00%	0.00%
Metal Value Percentage Proven + Probable	0%	0%	0%	0%
Metal Value Percentage Measured + Indicated	73%	52%	0%	0%
Metal Value Percentage Inferred	27%	48%	0%	0%

The above metal value totals derive from the following projects.

**Project/Deposit/Mine Summary Based on Closing Prices on 2012-02-03**
Project	Location	Metal Value per share (% total)	Average Ore Value US$/t	Gold	Silver	MI%	I%
Prognoz	Yakutia, Russia	$3.88 ( 30.9% )	US$735.87		102.40 M oz	50%	50%
Bissa	, Burkina Faso	$3.43 ( 27.3% )	US$100.44	1.76 M oz		47%	53%
Berezitovy	Tindinski District, Amur Oblast	$2.26 ( 18.0% )	US$141.18	1.06 M oz	5.34 M oz	98%	2%
Taparko-Bouroum	, Burkina Faso	$1.91 ( 15.2% )	US$156.13	980.97 K oz		91%	9%
Zun-Holba	Buryatia, Russia	$0.65 ( 5.2% )	US$791.40	334.41 K oz		69%	31%
Irokinda	Buryatia, Russia	$0.42 ( 3.4% )	US$852.70	217.12 K oz		77%	23%

PP%: percentage of metal value from Proven + Probable reserves
MI%: percentage of metal value from Measured + Indicated resources
I%: percentage of metal value from Inferred resources
Note: percentages may no add to 100% due to rounding errors

Berezitovy

The Berezitovy property is located in the Tindinski District, Amur Oblast, 900 kilometres northwest of the Oblast capital city of Blagoveshchensk. At Berezitovy, gold is associated with polymetallic sulphides and quartz-sericite (berezite) metasomatic alteration. Locally, tourmaline, garnet and epidote are also common. The Berezitovy deposit is mined by open pit mining using excavators/shovels and diesel haul trucks. [Source: company website] viewed online October 2010.

Latest NI43-101 Report:
(0 pages).

Updates: Reserves & Resources webpage, viewed October 2010. Proven + Probable are included in Measured + Indicated.

Project Location: Tindinski District, Amur Oblast.

Average Ore Value (all estimate types): US$141.18

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$2.02	1.04 M oz	2.321 g/t	14.04 M t
Silver	$0.20	5.23 M oz	11.710 g/t	14.04 M t

Estimate notes:
Resource quantities adjusted for ownership percentage of 99.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.04	20.92 K oz	2.120 g/t	310.00 K t
Silver	$0.00	104.00 K oz	10.540 g/t	310.00 K t

Estimate notes: See Measured + Indicated note.
Resource quantities adjusted for ownership percentage of 99.0%.

Bissa

Latest NI43-101 Report: Technical Report on Bissa Zandkom Project, Burkina Faso
2010-09 (145 pages).

Updates: Reserves & Resources webpage, viewed October 2010. Proven + Probable are included in Measured + Indicated.

Project Location: , Burkina Faso. View the Bissa gold project on a Google Map.

Average Ore Value (all estimate types): US$100.44

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.62	833.61 K oz	1.810 g/t	15.92 M t

Estimate notes: See Bissa-Zandkom Mineral Resource Statement on p. 12 of 145 in the NI 43-101 dated September 2010.
Resource quantities adjusted for ownership percentage of 90.0%.
Cut-off grade was 0.8 g/t to 1.1 g/t Au depending on rock type.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.81	928.58 K oz	1.810 g/t	17.73 M t

Estimate notes: See Measured + Indicated note.
Resource quantities adjusted for ownership percentage of 90.0%.

Irokinda

Latest NI43-101 Report: NI 43-101 TECHNICAL REPORT AND AUDIT OF THE RESOURCE AND RESERVE ESTIMATES FOR THE IROKINDA GOLD MINE REPUBLIC OF BURYATIA (BURYATIA), RUSSIAN FEDERATION
2008-09-30 (127 pages).

Updates: Reserves & Resources webpage, viewed October 2010. Proven + Probable are included in Measured + Indicated.

Project Location: Buryatia, Russia. View the Irokinda gold mine on a Google Map.

Average Ore Value (all estimate types): US$852.70

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.32	166.23 K oz	15.360 g/t	396.00 K t

Estimate notes: Reserves & Resources webpage, viewed October 2010. Proven + Probable are included in Measured + Indicated.
Resource quantities adjusted for ownership percentage of 85.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.10	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

Latest NI43-101 Report: NI 43-101 TECHNICAL REPORT AND RESOURCE ESTIMATE ON THE PROGNOZ SILVER PROJECT REPUBLIC OF SAKHA (YAKUTIA), RUSSIAN FEDERATION
2008-06-27 (215 pages).

Updates: Reserves & Resources webpage, viewed October 2010. Proven + Probable are included in Measured + Indicated.

Project Location: Yakutia, Russia. View the Prognoz silver project on a Google Map.

Average Ore Value (all estimate types): US$735.87

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$1.93	50.81 M oz	704.000 g/t	4.49 M t

Estimate notes: Reserves & Resources webpage, viewed October 2010. Proven + Probable are included in Measured + Indicated.
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	$1.96	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

Latest NI43-101 Report: Taparko-Bouroum Gold Mine Independent Technical Report Burkina Faso
2008-03-31 (170 pages).

Updates: Reserves & Resources webpage, viewed October 2010. Proven + Probable are included in Measured + Indicated.

Project Location: , Burkina Faso. View the Taparko-Bouroum gold mine on a Google Map.

Average Ore Value (all estimate types): US$156.13

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.73	889.52 K oz	2.810 g/t	10.94 M t

Estimate notes: Reserves & Resources webpage, viewed October 2010. Proven + Probable are included in Measured + Indicated.
Resource quantities adjusted for ownership percentage of 90.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.18	91.45 K oz	2.850 g/t	1.11 M t

Estimate notes: See noted for Taparko Measured + Indicated.
Resource quantities adjusted for ownership percentage of 90.0%.

Zun-Holba

Latest NI43-101 Report: 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
2008-10-10 (153 pages).

Updates: Reserves & Resources webpage, viewed October 2010. Proven + Probable are included in Measured + Indicated.

Project Location: Buryatia, Russia. View the Zun-Holba gold mine on a Google Map.

Average Ore Value (all estimate types): US$791.40

Measured + Indicated

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.45	232.10 K oz	14.900 g/t	570.00 K t

Estimate notes: Reserves & Resources webpage, viewed October 2010. Proven + Probable are included in Measured + Indicated.
Resource quantities adjusted for ownership percentage of 85.0%.

Inferred

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.20	102.32 K oz	13.000 g/t	288.00 K t

Estimate notes: Reserves & Resources webpage, viewed October 2010. Proven + Probable are included in Measured + Indicated.
Resource quantities adjusted for ownership percentage of 85.0%.

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