By Marketwire,
May 19, 2009 at 12:00 PM
TORONTO, ONTARIO--(Marketwire - May 19, 2009) - High River Gold Mines Ltd. ("High River" or the "Company") (TSX:HRG) would like to provide an update on the operating status of its four gold mines and its financial situation: Financial Status (Liquidity and Capital Resources) As of April 30, 2009, High River's total consolidated debt outstanding was estimated at approximately US$ 122 million. This includes: (a) US $54 million under various loans between Nomos Bank and High River's Russian subsidiaries, Buryatzoloto and Berezitovy; (b) US $27 million under a loan agreement between Royal Gold Inc. and High River's subsidiary, Somita SA; and (c) approximately US $27 million under loan agreements between OAO Severstal ("Severstal") and High River and Somita SA (this loan was previously held by Standard Bank plc and assigned to Severstal on April 20, 2009). The Company continues to be in breach of certain financial covenants under the loan agreements with Royal Gold Inc. and Severstal,