Tuesday, December 30, 2008

Adventure Gold Announces Closing of an $800,800 Private Placement With Desjardins Securities Inc.

MONTREAL, QUEBEC, Dec 30, 2008 (MARKET WIRE via COMTEX) ----Adventure Gold Inc. (TSX VENTURE: AGE) (the "Company"), is pleased to announce the closing of a private placement with Desjardins Securities Inc. on December 30, 2008, for gross proceeds of $800,800 (the "Offering"). The Offering consisted of the issuance of 650 Units (the "Units") at a price of $1,232 per Unit. Each Unit is comprised of 6,600 flow-through common shares at a price of $0.14 per flow-through share and 2,800 common shares at a price of $0.11 per common share. All shares issued in relation to this Offering are subject to a four-month hold period.

In connection with the Offering, Desjardins Securities received a cash finder's fee of $80,080 (10% of the gross proceeds of the Offering) and non-transferable broker warrants entitling it to acquire 427,700 common shares (7% of shares issued in this Offering) at a price of $0.14 per common share for a period of 18 months following the closing date.

The net proceeds from the private placement will be used for exploration activities on the Company's Senore property located in the Abitibi region of Quebec and for working capital purposes.


Adventure Gold Inc. is a mining exploration company focused on discovering high quality gold deposits in the Abitibi greenstone belt located in north-west Quebec and north-east Ontario - one of the richest gold deposit areas in the world. Adventure Gold holds quality assets in the Val-d'Or, Quebec and Timmins, Ontario areas and is led by highly motivated management and technical teams with extensive exploration and mine production experience.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Adventure Gold Inc. Maureen Doherty Manager Corporate Communications
613-745-4041 maureen@adventure-gold.com

Adventure Gold Inc. Marco Gagnon President & CEO 450-743-5527 marco@adventure-gold.com


SOURCE: Adventure Gold Inc.

mailto:maureen@adventure-gold.com mailto:marco@adventure-gold.com
Adventure Gold

Copyright 2008 Market Wire, All rights reserved.

Sunday, December 28, 2008

Bob Moriarty, 321 Gold: Riots in the Streets of America in Several Months! How to Prepare for it

Bob Moriarty in an explosive interview on what he sees in the not-too-distant future for America, and how people can prepare for the unsettling times.

The Gold Report: Bob, what do you think of the Fed’s latest move—cutting to a flexible zero to a quarter rate? Where do you see us going?

Bob Moriarty: We are to the point where we are about 14 feet from going over the edge of Niagara Falls. We haven’t gone over the edge yet; we haven’t gone to a total collapse. We don’t have riots in the streets; we don’t have a revolution. That’s coming; that’s about two to three months off.

Here’s what we’ve got: the Fed has committed to $8.5 trillion of taxpayers’ money to bail out the worst run companies and banks. It hasn’t worked. Now, they’re at a 0% to .25% on the Fed Funds rate for funds for banks, which means if you go down and you pay $100,000 for a T-bill for 90 days, your return is zero, which is to imply that there is zero risk to investing with the government. Anybody who actually believes that is going to be in for a real shock in the first quarter of next year.

GM has lost has lost $80 billion dollars in the last four years. They’re burning through $2 billion a month when everything is going well. Their sales are down 37% in November; the mathematical probability of GM surviving is zero. But we’re going to pour more taxpayer money down that hole. AIG's also turned into the proverbial black hole. I would think that at $300 billion or $400 billion or $500 billion or $600 billion, somebody’s going to wake up and say, “You know, we’re losing a lot of money here.”

TGR: It’s getting to be real money at that point.

BM: What we have done is guaranteed hyperinflation in the United States. We have guaranteed the destruction of the United States. We will have riots starting in the first quarter of next year; we will default by the summer of 2009.

TGR: Default on how many of the bonds? All? Or just some?

BM: 100%. The US government is going to default. Treasuries, Fannie Mae, Freddie Mac, the whole lot. It’s the end of empire. The United States government will not exist in its current form a year from now.

TGR: When you say “its current form,” what form will it take?

BM: I don’t know. It’s a really good question. I’m sure it will be a total state of chaos. I mean we’ve never been here. I think the analogy of the Soviet Union is probably the closest; we could break up into a series of little fiefdoms. But here’s what’s important to understand—the United States government has failed at every single level. It is too big; it is too unwieldy; it doesn’t work.

TGR: So, what does it mean? We’ve got impending chaos in the United States—and the financial markets will continue to go downward. Are we talking globally or U.S.?

BM: U.S. primarily, but globally because the U.S. is so important. The U.S. is the linchpin right now, but the rest of the world is going to have to learn to get by without the United States. What George Bush and Dick Cheney have done is essentially destroyed the United States; they have bankrupted the country. We are going to end up having our troops march out of Iraq to the nearest border because we can no longer afford to pay for them. We’re going to go into Zimbabwe-type inflation where they’re printing off $200 million dollar bills to buy a loaf of bread.

TGR: Other than moving to a nice island in the Caribbean, what does an investor or a resident of the U.S. do?

BM: You have to prepare; first of all, it’s important to prepare mentally and that means doing some education. Second, you don’t want to be in debt. You don’t want to be buying real estate. You don’t want to be taking any chances financially whatsoever. You want to be investing in real resources: good solid producing gold companies or silver companies or energy companies. You want to really hunker down.

TGR: If the financial markets continue to get clobbered, I would assume the gold equity stocks would continue to get clobbered?

BM: I don’t think they will. Here’s what is going to happen. There is actually a lot of money sitting on the sidelines. I’ve heard there's billions of dollars waiting to be invested in resource stocks. Resource stocks are selling for 5 cents or 10 cents on the dollar; that’s not going to last for very long.

What I want to get across to everybody is and it’s very important, is that when you go through chaos, the worse it gets, the more inclined you are to solve it. There are some easy solutions to this financial situation in the United States.

First of all, we downsize; we stop spending all this money at the federal level; we stop spending money at the state level. We end up with a much smaller government that isn’t trying to make every decision for every person all the time. Big government doesn’t work any more. We need to change that. We need to go back to self-sufficiency; we need to go back to citizens participating in government.

We need to go back to Economics 101 where you invest to make money, save money. The gold companies that have the business model of print shares and drill, print shares and drill—those guys aren’t going to succeed. But the guys who have producing assets and real stories, they’re going to succeed beyond their wildest imagination.

We need to kill the Federal Reserve System and go back to honest money. That’s 90% of our problem right now. We are all playing at investing with Monopoly money backed by nothing. It’s about as smart as you sitting down at a high stakes poker game, you have a wad of $20 gold pieces and everyone else is playing with their Mobil Oil credit card. Those fools will bet on anything, it’s not real money.

TGR: Can they perform in a falling financial market?

BM: Of course.

TGR: Assuming gold is rising.

TGR: Do you see think a lot of these juniors have bottomed? A lot of the producers have doubled off of bottoms.

BM: Yes, they have actually—they bottomed in October. If you go back to what I was saying back then, I said we were at a bottom. They had definitely bottomed. The HUI has doubled since then and no one noticed.

The general stock market is going to be good until maybe January or February. But it’s going to get far worse after that. We have some real problems that will be surfacing between now and then. But there’s an enormous amount of money sitting on the sidelines waiting to go somewhere safe. When people realize that resource stocks are the only safe haven, they’re going to go up more than anybody can imagine.

So, there are two things I would do with new money. First of all, gold and silver serve as an insurance policy against chaos. If you cannot put your hands on some physical gold, physical silver, it’s like living without an insurance policy. When you need food, if you don’t have gold or silver, you’re going to be a bit shocked. Second of all as far as an investment program, beyond the insurance policy, you want to be in real assets. That’s gold or silver or energy producers or near-term producers, or companies with a good business model.

TGR: Any names you could share with us?

BM: Look at the recent Haywood Securities report, "Junior Mining: Report on Cash Sustainability." Now, 96 companies currently traded at discount to their last reported net working capital. This is the greatest opportunity to invest that I have ever read or heard about; it’s absolutely unimaginable. It’s not going to last very much longer, but stocks could move up. The really bad gold stocks are going to move up 500%.

TGR: You mentioned that you looked at gold and silver as an insurance policy and recommend investing in real assets. Do you have a recommendation of a percentage of the portfolio that people should be holding in these? How much cash should they keep for future opportunities?

BM: Ah, very little. Cash is going to be the most dangerous thing you can invest in. Cash, T-bills, T-bonds are going away; they’re going to be worth zero. You’re going to walk into a bank one day and your ATM machine is not going to work, and your cash is going to be no good. I would think two to three months' living expenses, if you can do that in cash or silver, would be a very high comfort level. That percentage will change depending on what people have. Everybody—I really want to emphasize that—everybody needs to have some physical gold or silver.

TGR: Bob, you don’t see that we’re going to get this hyperinflation kicking in or it’s going to be so short, it won’t matter?

BM: Hyperinflation is starting to kick in now. I think you’re going to see it turn shortly. The government has been flooding the system with money and in short order it’s going to try to find a safe haven. Here’s what to look for. If you take a look at a chart right now, the 10-year, 30-year bonds have gone curve linear. They’re going straight up to the moon. Any time a market does that, it’s about to crash. When the bond market crashes, it’s going to be 15 on the Richter scale. It’s going to be enormous. It’s far more dangerous than the stock market crashing. When the bond market crashes, the hyperinflation starts.

TGR: And what’s your timeline on that? You were saying before, January or February?

BM: The bond market is literally going to start crashing any day now. I mean it’s very, very soon. I think that the stock market is good through January or February. I think the resource market will start up in an explosive way literally in a few weeks or so. It’s actually going up now. If you go back the last month or six weeks, it’s gone up a lot more than anybody would believe. Everybody thinks, “Well, my gold stocks are all down, I’m going to lose money hand over fist.” But they’re actually 50% better off now than they were in October.

TGR: Bob, earlier you mentioned investing in real assets. You said gold and silver and energy producers. That’s a pretty broad-based statement; could you give us an idea of what you mean when you say energy producers?

BM: Coal producers, oil producers, natural gas producers—energy is absurdly cheap now; it was absurdly expensive at $147. You can buy energy producers really cheaply, and I have written up a number of them on 321energy.com. I like anything real, anything that’s based on Economics 101. We’re going to take something of value and we’re going to increase its value, and we’re going to sell it to the public for a profit. That’s just a really good business model.

Here’s what I want to emphasize, and what’s important to get across—I don’t want to sound like I’m totally negative because I’m not totally negative. The worse it gets in the United States, the more impetus there will be to say, “Hey, what caused this in the first place? And what can we do to prevent it in the future?” And the answer to that is quite simple. We got off the gold standard in 1933 and in 1971, and that let government grow totally out of control. We need to rein government in; we need to go back to government of the people, by the people, and for the people. The way to do that is to go back to a gold and silver based currency. Once we do that we can start investing with some kind of common sense.

TGR: So the good news is that through all this chaos there will be some change in the way the government operates?

BM: Government will be much smaller; I think that any rational American can look at big government and say, “Hey, wait a minute. This doesn’t work.” And the funny thing is it’s not because I’m a liberal or I’m a conservative. I’m not sure there is any such thing as a perfect liberal or a perfect conservative, even though we act like they’re two totally different things. Big government doesn’t work; we need to go back to Economics 101 and only spend the money that you earn.

TGR: OK, other than getting mentally ready, getting into gold and silver and real assets, do you have any other thoughts on where to put our cash if we have any cash right now? What about other commodities, such as food commodities?

BM: Absolutely. I believe in peak oil, and peak oil is an analog of peak food. So, it requires X number of calories of energy to produce X number of calories of food, so when you run out of cheap energy, you run out of cheap food. Americans are going to be very angry. We have a very dangerous system in the United States where we essentially have a day and a half’s worth of food in our food stores. It’s a just in time now system. And it’s very vulnerable to civil disorders.

TGR: Is there an investment play within the food component?

BM: I think anything in food. Strangely enough, what I like is fertilizers. Fertilizers are a real cheap way of betting on food. Some of the big food companies, like R Gill, are just as corrupt as everybody in Washington, everybody in Wall Street, so I can’t recommend them. I don’t know that big food stocks are good, but maybe equipment manufacturers would be a good bet.

TGR: Bob, do you think there’s any gold in Fort Knox?

BM: That’s a really good question. I hope there is. But I don’t know. The really interesting thing is nobody in the government has ever even pretended that they might do something with it. If it was me, I’d go count the bars; I’d figure out who owns them and I’d come up with some kind of currency tied to gold, you know—1 gram notes, and 5 gram notes and 10 gram notes. I think mathematically there probably isn’t, but I don’t know. Nobody knows.

TGR: And there’s no accountability?

BM: Ah, are you kidding? George Bush is president of the United States.

TGR: Yes, but soon he won’t be. You know, I’ll write a letter to Obama and ask him. Well, Bob, as usual, it’s always great to do these interviews. We appreciate it.

Bob Moriarty and his wife, Barb, launched 321gold.com as a private website seven years ago, when they were convinced gold and silver were at a bottom and wanted to help others understand what they needed to know about investing in resource stocks. Since then, they’ve introduced a second resource site, 321energy.com. Bob travels to dozens of mining projects a year. He was one of the first analysts to write about NovaGold, Northern Dynasty, Silver Standard, Running Fox and YGC Resources, among others. Prior to his Internet career, Bob was a Marine F-4B pilot at the age of 20 and a veteran of over 820 missions in Viet Nam. Becoming a Captain in the Marines at 22, he was one of the most highly decorated pilots in the war.

Visit The GOLD Report

The GOLD Report is Copyright © 2008 by Streetwise Inc. All rights are reserved. Streetwise Inc. hereby grants an unrestricted license to use or disseminate this copyrighted material only in whole (and always including this disclaimer), but never in part. The GOLD Report does not render investment advice and does not endorse or recommend the business, products, services or securities of any company mentioned in this report. From time to time, Streetwise Inc. directors, officers, employees or members of their families, as well as persons interviewed for articles on the site, may have a long or short position in securities mentioned and may make purchases and/or sales of those securities in the open market or otherwise.

African Queen Mines Abandons Braganza Gold Project In Mozambique to Focus On

Vancouver, British Columbia CANADA, Dec 27, 2008 (Filing Services Canada via COMTEX) ---- African Queen Mines Ltd. (AQ - TSX Venture, QM0 - FWB), (the "Company") announces that it has provided formal notice of abandonment to Bobcat Mining Limitada ("Bobcat") with respect to the Braganza Gold Project in Mozambique (the "Project"). The Company has the right to earn up to a 75% interest in the Project pursuant to the Letter Agreement dated August 17, 2007, between Pan African Mining Corp., predecessor to the Company, and Bobcat, as amended on October 4, 2007 and May 30, 2008 (the "Agreement"). By abandoning the Project at this time, the Company is relinquishing all rights with respect to the underlying property licenses and otherwise relating to the Project.

The Agreement covered exploration and development of the historic Braganza gold mine situated at the eastern end of the Mutare - Penhalonga Greenstone Belt in Manica Province in central Mozambique. The Project comprises a single exploration license (EPL 857L) and a portion of EPL 679L to the immediate south, encompassing in aggregate approximately 6 km2. Included in the regional project area are also the Diaz Pereirra, Damp, Richmond and Marianas historic minesites, marked by pits, trenches and small adits.

During the past two years, the Company carried out exploration activities on the Project under the guidance of Senior Consulting Geologist Pete Siegfried, P. Geol., a qualified person. Work included detailed mapping and sampling, ground magnetic and IP surveys of the area, trenching, channel sampling of old adits and limited reconnaissance drilling.

The prospecting operations were carried out on behalf of the Company by Remote Exploration Services of Cape Town, South Africa. The data compiled reflects the results of a highly professional and intensive geological study of the area with aggregate costs approximating $600,000.

While surface sampling of the area reflected the presence of gold with grades typically ranging from 0.1 g/t Au to 1.0 g/t Au, and individual grab samples as high as >5 g/t Au, trench sampling and limited reconnaissance drilling did not provide encouragement for the existence of a commercially viable primary deposit in the area. To the contrary, results just received indicate a disappointing tenor of gold below surface, with the most intensely mineralized and sheared part of the structure yielding 0.22 and 0.25 g/t Au over 2 m contiguously. Other values were in the range of 0.1 g/t Au.

Due to the results of the exploration program to date, management of the Company has concluded that no further work on the Project is recommended, although some potential may exist on other parts of the regional structure, albeit with difficult access in steep and mountainous terrain. The Company has therefore decided to abandon the Project and relinquish its rights.

According to Irwin Olian, CEO of the Company, ?Results from Braganza to date simply do not justify further expenditure of time, energy and funds on the part of the Company. It appears that the Portuguese did a very efficient job of mining all of the productive, higher-grade zones at Braganza decades ago; in this rather difficult economic environment it is important that we prioritize our projects with a view toward committing our resources to those projects most likely to add value long-term for our shareholders. We remain very excited about our diamond projects in Botswana and Namibia, which will be the principal focus of our activities in the coming months. At the same time, we will be evaluating results from our other three gold projects in Mozambique with a very sharp pencil to ensure that our efforts there are being optimized.

About African-Queen

The Company is an exploratory resource company with diversified mineral properties in Southern Africa. It is exploring its properties in Botswana and Namibia for diamonds, and it is exploring its properties in Mozambique for gold and other metals. The Company licences in Botswana and Namibia comprise approximately 11,800 sq km of diamond prospects. In Mozambique it has approximately 2,000 sq km of gold and other metals licences under agreements with three other companies. Its operations in Botswana are carried out through its operating subsidiary, PAM Botswana (Pty) Ltd.; its operations in Namibia are carried out through its operating subsidiary PAM Minerals Namibia (Pty) Ltd.; and its operations in Mozambique are carried out through its subsidiary PAM Mocambique Limitada.

The Company has its executive offices in Vancouver, Canada.

On Behalf of The Board of Directors of

African Queen Mines, Ltd.

"Irwin Olian"

Irwin Olian

Chairman & CEO

For more information, contact:

Irwin Olian, President and CEO

E-mail: tigertail@africanqueenmines.com

Phone: (604) 899-0100

Fax: (604) 899-0200

Carrie Howes, Corporate Communications

Email: carrie@totumos.com

Phone: Dusseldorf - +49 (0) 1722 1234 47

Phone: London - +44 (0) 7780 602 788

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of the information contained herein. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations.

Source: African Queen Mines Ltd.

Maximum News Dissemination by Filing Services Canada Inc. *


http://www.useTDAS.com Copyright (c) 2006 Filing
Services Canada Inc.

Saturday, December 27, 2008

New "Guinea" Leader Captain Moussa Dadis Camara Shutters all Mining Contracts, Stops Gold Production

The new military leader of Guinea, Captain Moussa Dadis Camara, almost immediately after taking control of the country in a coup, announced he was blocking all existing mining contracts and would start to renegotiate them.

Just hours after the death of President Lansana Conte late Monday, the coup began.

According to Camara, production in gold mines has already been stopped, and there'll be "no more extraction until further notice."

Along with gold, there are significant deposits of iron, nickel and diamonds in the country. Guinea also is the world's largest exporter of bauxite. In 2007 uranium deposits were found in the country as well.

Monday, December 22, 2008

Shoreham Farms Out Black Banana Gold Project in Guyana

TORONTO, ONTARIO - Shoreham Resources Ltd. (TSX VENTURE: SMH), a Canadian based exploration company dedicated to the exploration of advanced precious metal and polymetallic deposits in South America and Canada, is pleased to announce that the company has signed a Letter of Intent ("LOI") with Mulgravian Ventures Corporation (a privately held company) whereby Mulgravian may acquire a 60% working interest in the Black Banana Property through a series of qualified exploration and development expenditures on the Property and direct investments in Shoreham Resources Ltd. This investment will include the cost of a due diligence review, land holding costs, payments to underlying vendors, costs to incorporate and capitalize a Guyana holding company, (Black Jack Mines Ltd.), and exploration funding. Upon completion of this program, Mulgravian shall become the beneficial owner of 60% of the capitalized shares of Black Jack Mines Ltd. with Shoreham holding the remaining 40% of the shares. During this exploration and development program, Shoreham shall be the operator of the program on behalf of Mulgravian and Black Jack Mines Ltd. In consideration for this service, Shoreham shall be entitled to charge a management fee equal to 10% of the qualified expenditures in the program.

The Black Banana Property consists of a group of 10 medium scale prospecting permits totaling approximately 8,290 acres located in northwestern Guyana near Matthews Ridge. The property lies in the same stratigraphic package as the El Callao gold district in Venezuela, which boasts a combined historical production plus reserves in excess of 25 million ounces of gold. Recent sampling on the Property has returned gold grades of up to 1,914.5 gm Au/tonne (55.8 oz. Au/ton - see SMH News Release 2008-17 dated October 8, 2008). Mulgravian has completed due diligence sampling and mapping of the property which confirmed the presence of multiple mineralized veins, visible gold in the high grade veins, and a favourable geological setting; assay results from 41 soil samples, 42 chip/channel samples and 7 vein samples are imminent. Crews are presently constructing camp facilities to support an extensive geological mapping and geochemical sampling field campaign to be launched in mid-January.

Private Placements into Shoreham:

Upon satisfactory completion of Mulgravian's due diligence review, Mulgravian will complete a private placement financing in Shoreham for $250,000 at C$0.20 per share. Within one year of exchange approval of this LOI, Mulgravian will complete a second private placement financing in Shoreham for an additional $250,000 at a price of $0.40 per share. The completion of these private placements shall be governed by private placement agreements, which will be subject to TSX Venture Exchange approval.

Exploration Expenditures:

Mulgravian will invest US$500,000 in qualified exploration expenditures within one year of exchange approval of the LOI, an additional US$600,000 in qualified exploration expenditures prior to the second anniversary and an additional US$900,000 for a cumulative total of US$ 2,000,000 in qualified exploration expenditures prior to the third anniversary.

David Bending, M.Sc., P.Geo., President and CEO of Shoreham Resources Ltd., a Qualified Person as defined in National Policy 43-101 ("NI43-101"), is responsible for all technical information contained in this news release. He reports that; "The exploration team is pleased that the due diligence program completed to December 6 confirmed our expectations for the project and gave Mulgravian Ventures the confidence to move forward on its commitments. Mulgravian has committed to invest in both Shoreham and the project. While it will not detract our focus from our Flagship Marudi Mountain prospect, the Black Banana opportunity provides for SMH's long term growth plans in Guyana."

For further information regarding our Black Banana Project please visit our website at www.shoreham.ca or our Investor Relations Hub at www.agoracom.com/IR/Shoreham where you can post questions and receive answers or review questions and answers already posted by other investors or contact our Investor Relations Representative, Mr. Mike Kachanovsky via email at mike@shoreham.ca.

The TSX Venture Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this news release.

Shoreham Resources Ltd.
David Bending
(416) 867-1101
Email: dabending@cs.com
Website: www.shoreham.ca
© MarketWire 2008

GoldQuest Reports Drill Results From New Gold Zone at Las Animas

VANCOUVER, BRITISH COLUMBIA - GoldQuest Mining Corp. ("GoldQuest" or the "Company") (TSX VENTURE: GQC)(FRANKFURT: M1W) is pleased to report drill results from ten holes completed on its 100% owned Las Animas project located in the central Dominican Republic. The Las Animas project is excluded from the Gold Fields Option Agreement.


- New gold-zone discovered at Las Guazumitas, 950 meters southeast of main Las Animas Zone;

- Drill hole LA-44 intercepted 27.95 meters grading 1.32 g/t Au;

- Drill hole LA-45 intercepted 18.00 meters grading 1.32 g/t Au;

- Las Guazumitas is disseminated gold mineralization with base metals, hosted by sericite altered rhyolite;

- Partially tested gold-in-soil anomaly approximately 1,200 meters long by 200 meters wide.

The drill results of the last ten diamond drill holes totalling 1,879 meters of the Phase 3 drill programme at Las Animas are reported. Nine of these holes (1,208 m) were drilled in the Las Guazumitas zone located approximately 950 meters southeast of the main Las Animas zone. Results from a tenth hole completed on the main Las Animas zone are also reported.

Drilling at Las Guazumitas tested a large gold in soil anomaly defined over an approximate 1,200 by 200 meter area. The soil gold anomaly trends in a north-south direction obliquely across the topography and is still open to the south. The anomaly is terminated at the north end by a NE-trending creek which follows a late fault zone. Surface trenching within the soil anomaly returned 9.10 meters grading 4.33 g/t Au and grab samples of rock float in the area returned values up to 21.40 g/t Au. The soil anomaly correlates with a mapped body of sericite schist approximately 1,200 meters long, which is elongated north-south and 150 to 200 meters wide. North of the sericite schist and gold anomaly there are sediments with a NE-strike which are the eastward continuation of the sediments that form the hanging wall to massive sulphide mineralization at the main Las Animas zone. The sediments appear to thin and pinch out to the east of Las Guazumitas.

Gold mineralization is related to sericite alteration and bands of disseminated to semi-massive pyrite in the schistosity. Gold is associated with silver, lead, zinc, barium and anomalous arsenic, antimony, copper, and molybdenum. Mineralization is interpreted to be related to either a blind massive sulphide body or a deep epithermal intermediate sulphidation system hosted by felsic volcanic rocks possibly related to an underlying or adjacent intrusive or porphyry source that has either not been identified or is not exposed at surface.

Hole LA-38 was a deep hole drilled directly south of LA-26 on the main Las Animas Zone. It was drilled to test for the continuation of the massive sulphide body directly below hole LA-26 which returned a drill intercept of 67.77 meters grading 3.38% Cu, 3.98% Zn, 1.49 g/t Au and 26.52 g/t Ag. LA-38 intercepted 631.20 meters of sericite altered rhyolites before intersecting 0.71 meters of pyritic semi-massive sulphide with 0.17 g/t Au and 0.22% Zn, interpreted to be a band of massive sulphide within the footwall felsic volcanics. This interpretation is significant since it extends the alteration zone 153 meters vertically below LA-26, and implies potential mineralization over 500 meters below surface. The hole continued in weakly altered rhyolite to a depth of 671 m.

Hole LA-41 returned anomalous Au from surface with 16.25 meters grading 0.34 g/t Au in sericite schist with up to 50 ppm Mo. Gold values correlate with amount of hematite and jarosite after sulphides. The hole also returned 9.35 m from 43.00 m grading 0.45 g/t Au in sericite schist with pyrite, with 8.1 g/t Ag, 0.15% Cu, and 0.28% Zn.

Hole LA-42 intercepted 10.60 m grading 0.53 g/t Au with 24.90 g/t Ag and 0.13% Pb in oxidized sericite schist. The hole was drilled below the trenching that returned 9.10 meters grading 4.33 g/t Au.

Hole LA-43 intercepted rhyolite and rhyolite breccia with propylitic alteration grading 0.13% Zn over 73.06 m. The hole was drilled to test the extension of mineralization intercepted in hole LA-42.

Hole LA-44 intercepted sericite schist and rhyolite which returned an interval of 27.95 m grading 1.32 g/t Au with 11.80 g/t Ag from the top of hole. The hole also returned 14.40 m grading 0.19 g/t Au and 18.00 m grading 0.16 g/t Au, 4.60 g/t Ag, and 0.24% Zn. The hole was drilled below a deep surface pit that returned 2.60 g/t Au.

Hole LA-45 intercepted rhyolite and sericite schist. The hole intercepted 18.00 m grading 1.32 g/t Au with 11.30 g/t Ag, 0.15% Cu, 0.16% Pb, and 1.00% Zn in sericite schist with sulphides. At depth the hole intercepted 16.00 m at 0.32 g/t Au and 39.60 g/t Ag with 0.05% Cu, 0.30% Zn. The hole was drilled below a deep surface pit that returned 1.00 g/t Au.

Hole LA-46: The upper part of hole is anomalous in Zn over 67.95 m grading 0.14% Zn in dacite and mudstone with volcanic sandstone and volcanic breccia. At the base of this interval there is 5.06 m grading 0.14 g/t Au at a contact between volcanic sediments and rhyolite.

Hole LA-47 was completely in sericite schist drilled partially sub parallel to schistosity. The hole has drill intervals of anomalous gold associated with pyrite including 72.00 m grading 0.23 g/t Au including 3.26 m at 1.35 g/t Au. Results from drill holes LA-39 and 40 did not return any significant results.

Table of Results

From To Length Gold Silver Copper Lead Zinc Oxide or
Hole (m) (m) (m) (g/t) (g/t) (%) (%) (%) Sulphide
LA-41 4.57 20.82 16.25 0.35 0.01 Oxide
and 27.00 31.00 4.00 0.24 Sulphide
and 43.00 52.35 9.35 0.45 8.10 0.15 0.05 0.28 Sulphide
and 71.00 80.77 9.77 0.21 Sulphide
LA-42 73.22 83.82 10.60 0.53 24.90 0.13 Oxide
and 79.77 88.10 8.33 0.24 Sulphide
LA-43 58.00 131.06 73.06 0.13 Sulphide
LA-44 3.05 31.00 27.95 1.32 11.80 0.20 Oxide
and 45.53 59.94 14.41 0.19 Oxide
and 72.00 90.00 18.00 0.16 4.70 0.09 0.03 0.24 Sulphide
LA-45 54.00 72.00 18.00 1.32 11.30 0.15 0.16 1.00 Sulphide
and 112.00 128.00 16.00 0.32 39.60 0.05 0.30 Sulphide
LA-46 3.05 71.00 67.95 0.14 Oxide
and 65.94 71.00 5.06 0.148 0.09 Oxide
and 94.00 100.00 6.00 0.12 Sulphide
LA-47 105.00 119.00 14.00 0.216 Sulphide
and 153.00 225.00 72.00 0.232 Sulphide
inc 205.74 209.00 3.26 1.356 Sulphide

About GoldQuest

GoldQuest is a Vancouver based Exploration company focused on the Dominican Republic. Through regional grass-roots generative exploration and new geological models the Company has built a portfolio of new gold and copper discoveries including its 100% owned Las Animas Au-Ag-Cu-Zn project excluded from the Gold Fields joint venture.

Dr Stewart D. Redwood, FIMMM, Consulting Geologist to the Company, is the qualified person as defined by National Instrument 43-101 and has reviewed and approved the content of this news release. Preparation and geochemical analyses of samples were carried out by Acme Analytical Laboratories Ltd. Standards and blanks are routinely inserted into all sample batches for quality assurance and quality control.

GoldQuest is traded on the TSX-V under the symbol GQC.V and in Frankfurt/Berlin with symbol M1W.

On behalf of the Board of Directors

Alistair H. Waddell

Forward-looking statements:

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that GoldQuest expects to occur, are forward looking statements.

Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although GoldQuest believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of GoldQuest's management on the date the statements are made. GoldQuest undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

GoldQuest Mining Corp.
Alistair Waddell
President & Chief Executive Officer
(604) 632-4333

GoldQuest Mining Corp.
Dan Maarsman
Investor Relations - Vancouver, Canada
(604) 632-4333
Email: investorrelations@goldquestcorp.com
Website: www.goldquestcorp.com
© MarketWire 2008

Arctic Oil & Gas Corp. (AOAG) Alaska Placer Gold Mines; Forward Gold Sales Offering

Arctic Oil & Gas Corp. (PINKSHEETS: AOAG), a resources development company, is pleased to announce the Company is rapidly progressing its plans for two new Alaska placer mine developments for commissioning in 2009 to produce approximately 300,000 ounces gold p.a. in the first year.

The Company has completed preparing and is now distributing a $250 million private offering for delivery of 500,000 ounces of gold at $500 per ounce paid upfront, with bullion deliveries estimated to commence in July 2009. The forward gold purchase offer promises Banks and Institutional investors delivery of gold bullion at a discount to the spot price.

The unique forward gold purchase offer promises qualified investors a potentially more profitable mechanism than gold exchanges for securing large quantities of gold bullion, with a lower net cost of $500 per ounce.

The non NI 43-101 compliant gold resources providing security to the forward gold purchase offer total approximately 1.00 million ounces of placer gold based on detailed historical resources estimates in the following placer deposits:

Nome Offshore: 7.3 million cubic yards measuring only the first yard depth, (in a 10-15 yard deep placer deposit) grading 0.0269 Oz/yard, (0.83 grams/yard) Gold reported by Westgold and others in 1980s and cited in previous news releases. Adjacent lease application areas could hold an additional 1-10 million ounces.

Denali North Mine, Onshore: At least 15 million cubic yards grading 0.029 to 0.039 Oz/yard Gold from sampling, drilling and mapping, reported by independent geologists, the mine operator and others and cited in previous news releases. Gold reserves on this property are in excess of 500,000 ounces.

The Company plans to re-evaluate the substantial amount of historical drilling and bulk sampling on the two project areas to prepare new NI 43-101 compliant reserves statements.

Use of Historic Resource Estimates: All historical resource estimates quoted herein are based on prior data and reports obtained and prepared by previous operators and certain other information. The historical estimates should not be relied upon. No qualified person (as defined by NI 43-101) has done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Further work will be required to evaluate these resource estimates.

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Actual results may differ from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks associated with resource exploration risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, government regulation and taxation. More information about factors that potentially could affect AOAG's financial results is included in its filings with the Securities and Exchange Commission.

Peter Sterling
Email Contact

Thursday, December 18, 2008

B2Gold Corp. Announces Additional Positive Exploration Drill Results From the Quebradona Gold Property in Colombia

VANCOUVER, BRITISH COLUMBIA, Dec 18, 2008 (MARKET WIRE via COMTEX) -- B2Gold Corp. (CA:BTO) ("B2Gold" or the "Company"), is pleased to announce further exploration drilling results from the Aurora target on the Quebradona property in Colombia. The Quebradona property is a joint venture with AngloGold Ashanti Limited ("AngloGold Ashanti").

The new drilling results from Quebradona confirm the good grade and consistency of gold mineralization from the first 16 holes (see press releases dated 02/07/08 and 08/05/08) in the Aurora system. The drilling intersected up to 380 metres ("m") at 1.1 grams per tonne of gold ("g/t Au") in Hole 24.

Quebradona Property

The Quebradona property is located 60 kilometres ("km") southwest of Medellin, Colombia. The new results from the Quebradona property are from an additional nine holes (holes 17 to 25), totaling 2,782.6 m drilled in the La Mama zone of the Aurora system. The additional holes followed up positive results obtained from the first 16 holes at Aurora. A total of 25 holes and 7,280.8 m have been drilled at Aurora in 2008.

In addition to Aurora, the Company has drill tested the Isabella, La Sola, Chaquiro and Tenedor gold-bearing porphyry systems outlined by prior surface sampling over a six by four km area. A total of 13,318.8 m in 43 holes were drilled at Quebradona in 2008, comprised of 7,280.8 m in 25 holes in Aurora, 803.1 m in four holes in Isabella, 1,900.1 m in six holes in La Sola, 1,987.6 m in five holes at Chaquiro and 1,347.2 m in three holes at Tenedor. Assay results are pending on La Sola, Chaquiro and Tenedor, and will be released as available but results are not expected to show significant gold mineralization. Assay results on Isabella were previously released (see press release dated 08/05/08).

The Aurora system consists of two strong porphyry gold occurrences contained within a suite of intermediate intrusive and volcanic rocks. The Aurora system covers an 800 by 700 m area and is comprised of the La Mama zone and the La Isla zone, separated by 200 m of late, unmineralized porphyry.

The additional nine holes drilled at Aurora tested the continuity of previously outlined gold mineralization in the La Mama zone. Of the 25 holes drilled at Aurora, 22 holes totaling 6,129.9 m tested La Mama and three holes totaling 1,150.9 m tested La Isla.

Highlights of the results from the additional nine holes (Holes 17 to 25) at Aurora are shown below.

Aurora Drill Holes 17 to 25 Assay Results

From To Metres Gold Silver Copper
Location Hole # (m) (m) (m) (g/t) (g/t) (%)
La Mama 17 Low Grade
La Mama 18 Low Grade
La Mama 19 0 208.1 208.1 0.90 1.9 0.124
La Mama 20 0 454.5 454.5 0.69 1.8 0.124
La Mama Incl. 135.00 264.10 129.1 1.00 2.2 0.124
La Mama(i) 21(i) 0 91.25 91.25 0.72 2.2 0.119
La Mama 22 0 80.30 80.30 1.01 3.3 0.209
La Mama 23 136.00 195.20 59.20 1.66 2.5 0.192
La Mama 24 0 379.9 379.9 1.09 1.6 0.161
La Mama Incl. 60.72 141.00 80.28 2.02 2.1 0.206
La Mama(i) 25(i) 2.00 369.65 367.65 0.67 1.6 0.126
La Mama Incl. 2.00 80.00 78.00 1.08 2.6 0.157
(i)Parts of holes 21 and 25 are currently being re-assayed to meet B2Gold's
QA/QC standards

Drilling has now tested a 700 by 400 m area of the La Mama zone with intercepts from the recent drilling returning up to 129 m of 1.0 g/t Au in Hole 20, 80 m of 1.0 g/t Au in Hole 22, 380 m of 1.1 g/t Au including 80 m of 2.0 g/t Au in Hole 24 and 78 m of 1.1 g/t Au in Hole 25. Significant gold mineralization has been outlined over a 400 m long by 150 m wide zone extending to at least 450 m in depth. The zone remains open at depth. The Company expects to prepare a National Instrument 43-101 compliant resource study based on this drilling at the La Mama zone of Aurora by early 2009.
At La Isla, significant gold mineralization has been outlined over a 300 m long by 50 to 100 m wide zone extending to at least 350 m in depth with the zone remaining open in all directions. Drilling at La Isla has encountered significant mineralization over a 250 by 200 m area with intercepts up to 182 m at 1.08 g/t Au in Hole 8. Further drilling will test the extensions of the zone.

Highlights of the previously released first 16 drill holes at Aurora are shown below.

Aurora Drill Holes 1 to 16 Assay Results - Previously Released

From To Metres Gold Silver Copper
Location Hole # (m) (m) (m) (g/t) (g/t) (%)
La Mama 1 4.05 165.92 161.87 0.97 2.50 0.154
La Mama 2(i) 0 52.70 52.70 1.36 2.10 0.144
La Mama 3 0 86.15 86.15 0.99 2.10 0.134
La Mama Incl. 0 32.90 32.90 1.67 2.60 0.167
La Mama 4 0.70 87.00 86.30 2.07 2.60 0.166
La Mama 5 0 65.80 65.80 0.94 2.50 0.162
La Mama 6 5.40 235.00 229.60 0.79 2.00 0.152
La Mama Incl. 29.00 154.00 125.00 1.07 2.00 0.163
La Mama 7 No significant values
La Isla 8 0 439.00 439.00 0.61 1.00 0.127
La Isla Incl. 256.60 439.00 182.40 1.08 1.20 0.190
La Isla 9 136.00 223.00 87.00 0.54 1.80 0.138
La Isla and 251.10 272.90 21.80 0.54 1.70 0.138
La Mama 10 1.00 268.00 267.00 0.50 1.60 0.101
La Mama 11 211.00 296.00 85.00 1.20 2.80 0.247
La Mama Incl. 258.00 296.00 38.00 1.66 2.80 0.269
La Mama 12 Low Grade
La Mama 13 No significant values
La Isla 14 182.00 262.70 80.70 1.02 0.80 0.176
La Mama 15 0 49.00 49.00 0.34 0.90 0.081
La Mama 16 Low Grade
(i)Lost hole at 52.70 m in mineralization.

Under the terms of the Colombian joint venture agreement (the "Agreement"), B2Gold has earned its 51% interest in the Quebradona property by completing 5,000 m of exploration drilling. In September 2008, B2Gold and AngloGold Ashanti reached an agreement to amend the Agreement and jointly fund an additional 10,000 m of exploration drilling at the Quebradona Property on a 51% B2Gold / 49% AngloGold Ashanti basis (see press releases dated 16/09/08).

An additional 8,318.8 m of the planned 10,000 m drilling was completed in 2008 and after receipt of all results, data and interpretation from the drilling program, AngloGold Ashanti will have 30 days to choose from the following participation alternative regarding further exploration at the Quebradona property: (i) elect to fund all future exploration as the operator at 65% and free carry B2Gold through to feasibility; (ii) elect to be the operator and fund on a pro-rata basis of 51% AngloGold Ashanti and 49% B2Gold; or (iii) elect to fund as the owner of a 49% interest with B2Gold as operator owning and funding to 51%.

The drilling program at the Quebradona property is reviewed and the results approved by Tom Garagan, B2Gold's Qualified Person under National Instrument 43-101. The Quebradona drill program utilizes extensive QA/QC (quality assurance and quality control) protocols for assaying and core sample handling that consist of the systematic insertion of blanks, standards and duplicates as well as using a secondary laboratory for regular check assaying. Core samples are cut with a diamond saw with one-half of the core placed in sealed bags and shipped directly to ALS Chemex Labs in Bogota, Colombia for sample preparation with the pulps subsequently sent to ALS Chemex Labs in Lima, Peru for gold fire assay and ICP analyses. Further Colombian Exploration

B2Gold has carried out approximately 30,000 m drilling on the 51% B2Gold / 49% AngloGold Ashanti Gramalote gold property in 2008 and drilling is continuing. B2Gold intends to publish a National Instrument 43-101 compliant resource calculation of the Gramalote Ridge zone on the property in January 2009.

At the 100% owned Mocoa copper molybdenum deposit, B2Gold has completed a 5,122 m drill program. B2Gold has a 2008 Colombian exploration budget of US$23 million.

Corporate Update

B2Gold maintains a strong financial position with approximately CDN$57.6 million in cash. The Company continues to explore and evaluate potential acquisition opportunities, capitalizing on the extensive experience and relationships that its management team has developed in the mining industry over the past 25 years. B2Gold's corporate objective is to build an intermediate gold company through exploration and acquisitions.


Clive T. Johnson, President and Chief Executive Officer

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.

The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.

B2Gold Corp.
Ian MacLean
Vice President, Investor Relations
(604) 681-8371

B2Gold Corp.
Kerry Suffolk
Manager, Investor Relations
(604) 681-8371
Website: www.b2gold.com

SOURCE: B2Gold Corp.

Copyright 2008 Market Wire, All rights reserved.

Yamana Gold Declares December 2008 Dividend

TORONTO, ONTARIO, Dec 18, 2008 (MARKET WIRE via COMTEX) -- YAMANA GOLD INC. (CA:YRI) (AUY:Yamana Gold Inc.) (UK:YAU) today announced its December 2008 monthly dividend of US$0.01 per share. Shareholders of record at the close of business on Wednesday, December 31, 2008 will be entitled to receive payment of this dividend on Wednesday, January 14, 2009. The dividend is an "eligible dividend" for Canadian tax purposes.

About Yamana

Yamana is a Canadian gold producer with significant gold production, gold development stage properties, exploration properties, and land positions in Brazil, Argentina, Chile, Mexico, and Central America. Yamana is producing gold at intermediate company production levels in addition to significant copper and silver production. The Company plans to continue to build on this base through existing operating mine expansions and throughput increases, the advancement of its exploration properties and by targeting other gold consolidation opportunities in Brazil, Argentina and elsewhere in the Americas.

Yamana Gold Inc.
Jodi Peake
Vice President, Corporate Communications
& Investor Relations
(416) 815-0220
Email: investor@yamana.com

Yamana Gold Inc.
Letitia Wong
Director, Investor Relations
(416) 815-0220
Email: investor@yamana.com

SOURCE: Yamana Gold Inc.

Copyright 2008 Market Wire, All rights reserved.

Adventure Gold Reports on a 3,800-Metre Drill Program on Lapaska

MONTREAL, QUEBEC, Dec 18, 2008 (MARKET WIRE via COMTEX) -- Adventure Gold Inc. (CA:AGE) (the "Company"), a mining exploration company with strategic properties in the Val-d'Or region of Quebec, is pleased to announce that a ten-hole 3,800-metre drill program is currently ongoing on the Lapaska property.

The Lapaska property, 100%-owned by the Company, is favourably located between the past producing gold deposit Sigma II to the east (150,000 oz at 2.5 g/t Au: Placer Dome, 1997) and the Simkar gold deposit to the west (43-101 inferred resource of 105,000 oz at 5.3 g/t Au: Megastar - MDV: TSX-V, September 2008), along the prolific Cadillac Larder Lake Gold Break, a regionally extensive structure that is spatially related to numerous gold mines.

The 3,800-metre drill program is designed to test the down plunge and lateral extensions of the West Zone, which contains historic drill intersections grading 8.2 g/t Au over 6.7 m, 9.3 g/t Au over 3.1 m and 7.5 g/t Au over 5.5 m (core length) to a depth of 200 metres. The drill program will also test the down plunge extension of the Lapaska Central Zone ("LC Zone") and lateral extensions of the gold system. The April 2008 drill program intersected interesting values grading: 13.2 g/t Au over 1.5 m (LP-08-02) and 9.7 g/t Au over 2.2 m (LP-08-01). Follow-up drilling has been proposed. Gold mineralization is associated with a network of dm-scale quartz-carbonate-tourmaline-pyrite veining, largely hosted in a silicified felsic volcanic unit along the contact with a mafic intrusion. This geological environment is very similar to the Simkar gold system. The 40-m-thick gold-bearing system in the LC Zone has been traced along strike over more than 600 metres and to a depth of 300 metres. Within this low-grade gold envelope, the depth and strike extensions of higher-grade mineralized zones represent very high-quality exploration targets for follow-up work.

"We are very excited to start our second drill program on the Lapaska property. Last spring's drill program identified very interesting gold intersections and the potential to intercept significant gold mineralization between the surface and a depth of 300 metres in the down plunge of the LC Zone higher grade oreshoot, is excellent," stated Marco Gagnon, President and CEO of Adventure Gold Inc.

Fieldwork on the Lapaska property will be completed by Adventure Gold employees. Jules Riopel P.Geo., Vice-President Exploration and Acquisitions, who acts as the Company's "Qualified Person" as defined by NI 43-101, will supervise the drill program.


Adventure Gold Inc. is a mining exploration company focused on discovering high quality gold deposits in the Abitibi greenstone belt located in north-west Quebec and north-east Ontario - one of the richest gold deposit areas in the world. Adventure Gold holds quality assets in the Val d'Or, Quebec and Timmins, Ontario areas and is lead by highly motivated management and technical teams with extensive exploration and mine production experience.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Contacts:

Adventure Gold Inc.
Maureen Doherty
Manager Corporate Communications

Adventure Gold Inc.
Marco Gagnon
President & CEO

SOURCE: Adventure Gold Inc. mailto:maureen@adventure-gold.com
Copyright 2008 Market Wire, All rights reserved.

High River Gold Reports Third Quarter 2008 Results

TORONTO, ONTARIO, Dec 18, 2008 (MARKET WIRE via COMTEX) -- (All currency figures are in Canadian dollars unless otherwise noted)

High River Gold Mines Ltd. ("High River" or the "Company") (CA:HRG) today reported its financial results and operational highlights for the nine month period ended September 30, 2008. The Consolidated Financial Statements and related Notes along with the Management's Discussion and Analysis have been filed with SEDAR ( www.sedar.com) and can be viewed on the Company's website at www.hrg.ca.


Financial Results

- Gold Revenue of $34.9 million, an increase of 31% from Q3 2007.

- Cashflow from Operations of $4.7 million, up from $1.3 million last year.

- Net loss of $15.3 million ($.05 per share) compared to a net loss of $4.7 million ($.02 per share) in Q3 2007.

- Attributable gold production declined 2.5% to 33,460 ounces. Cash cost per ounce increased 42% to US $546 per ounce (excluding cash costs from Berezitovy which was commissioned after the quarter end).

- Cash and cash equivalents declined to $4.1 million from $51.5 million last year.
- Working capital declined to a deficit of ($86.5) million from $38.0 million as at December 31, 2007.

- Current and long term debt levels rose to $ 193.4 million from $ 175.3 million as at December 31, 2007.


Zun-Holba and Irokinda Gold Mines

-- Gold production of 38,787 ounces (100%) at a cash operating cost of US$541 per ounce.

Taparko-Bouroum Gold Mine

-- Gold production realized in the third quarter was from material in process at the end of the second quarter as ongoing mechanical problems with the ball mill drive-train resulted in a continuing mill shutdown. A new custom-made gear box was installed early in November and the mill was re-started.

Berezitovy Gold Mine

-- Gold production during the quarter totalled 14,293 ounces (100%), with an average plant capacity utilization rate of 72%.

- Bissa Gold Exploration Project

-- Substantial work for the Bissa preliminary feasibility study was completed during the quarter, including an infill drilling programme designed to expand and upgrade existing National Instrument ("NI") 43-101 compliant resources.

Prognoz Silver Project

-- Drilling, designed to define/expand existing resources and to discover/develop potential new resources, continued on some of the 30 vein systems identified to date at Prognoz.


- High River entered into an agreement to acquire the remaining 50% interest in the Prognoz Silver Project for 34.1 million common shares of the Company. The closing of the transaction was extended to October 31, 2008 pending regulatory approval.

- The Company entered into an agreement to issue up to 160 million shares at $1.79 per share through a non-brokered private placement for proceeds of up to $286.4 million, to the Alfa Group Consortium, one of Russia's largest privately-owned financial/industrial organizations. This strategic investment agreement was subsequently terminated due to market conditions.

- Four new directors (Murray Sinclair, Robert Buchan, Terrence Lyons, and Stephen Polakoff) joined the Company's board, replacing Michael Chieng, Laurence Curtis, David Davidson and Donald Whalen who resigned. A Special Committee of the Board of Directors was established to increase shareholder value through the evaluation of strategic alternatives for the Company. Financial advisors were retained by the Special Committee to assist in this matter.

- High River was deleted from the S&P/TSX Composite, Global Gold, Global Mining, and SmallCap Indices.

Events Subsequent to the Quarter

- On October 6, 2008 High River announced that the Berezitovy Gold Mine achieved commercial production effective October 1, 2008.

- On October 31, 2008, the Company announced that the closing of the agreement to acquire the remaining 50% of the Prognoz Silver Project was extended to November 30, 2008. On December 4, 2008, the Company announced the termination of the agreement to acquire the remaining 50% of the Prognoz Silver Project.

- On October 31, 2008, High River reported that debt covenants with Royal Gold Inc. and Standard Bank Plc were in breach since October 1, 2008, and that the Company was experiencing liquidity problems. High River indicated that its ability to continue as a going concern remained dependent upon discussions and/or forbearance from its lenders, accommodations from trade creditors, establishing steady production at its two new mines and obtaining additional financings. The Company also reported the resignation of two directors, Graham Farquharson and Robert Buchan.

- On November 10, 2008, the Company announced the re-start of the Taparko mill. High River also announced the resignation of two directors, Murray Sinclair and Mark Rachovides.

- On November 16, 2008, the Company announced that it will be late in filing its interim financial statements for the nine month period ended September 30, 2008 due to concerns raised by the board of directors regarding the reliability of financial information that High River had received from its 85% owned subsidiary, OJSC Buryatzoloto. Those concerns have been subsequently addressed to the satisfaction of the board of directors.

- On November 20, 2008, High River announced a non-brokered private placement of 282 million shares at $0.20/share, for proceeds of $56 million, to an affiliate of Severstal Resources. Four new directors (Roman Deniskin, Nikolay Zelenskiy, Evgeny Tulubensky and Oleg Pelevin) were appointed to the board of directors of the Company on behalf of Severstal Resources in place of resigning directors David Mosher and Valery Dmitriev. As well, David Mosher resigned as President and Chief Executive Officer and Nikolay Zelenskiy was appointed Chief Executive Officer. Post-transaction, Severstal Resources held 53% of the outstanding shares of High River.


Mine 2008 (100%) 2008 (Attributable)
(000's of ozs) (000's of ozs)
Irokinda 72 61
Zun-Holba 73 62
Taparko-Bouroum 32 29
Berezitovy 41 40
Total 218 192


Selected Financial Results

(in thousands of Canadian Three Months Ended Nine Months Ended
dollars except per share September 30, September 30,
amounts) 2008 2007 2008 2007
Gold revenue $ 34,939 $ 26,572 $ 123,375 $ 84,819
Net income
(loss) (15,348) (4,657) (22,382) (3,495)
Net income
(loss) per
share (basic) (0.05) (0.02) (0.07) (0.01)
Cashflow from
operations 4,673 1,333 7,092 3,183
average number
of shares
(basic) 307,905,158 260,709,088 307,865,853 253,941,944

Gold revenue for the quarter was 31% higher than last year largely due to higher gold prices. The average gold price realized on sales was US $864 per ounce during Q3/08, up 30% from US $664 per ounce last year. Ounces sold increased by 2%, to 38,891 ounces, due to ounces sold from production at the Taparko-Bouroum Gold Mine.

The net loss reflects higher revenues offset by higher mining costs (wage, material and energy inflation in Russia), costs at Taparko-Bouroum not offset by production revenue (standby costs), and an increase in other expenses related to an unrealized foreign exchange loss resulting from a weaker Burkina Faso currency (CFA) effect on US dollar denominated debt at Taparko-Bouroum.

Cashflow from operations increased from the third quarter last year due to changes in non-cash working capital.

Gold production (100%) was 39,358 ounces for the quarter at a cash operating cost of US $546 per ounce (excluding cash costs Berezitovy, which was commissioned just after the end of the quarter), compared to 40,403 ounces at a cash operating cost of US $398 per ounce a year ago.

Working Capital decreased to a deficit of ($86.5) million from $38.0 million as at September 30, 2007 largely due to a decline in cash and cash equivalents ($47.4 million) and an increase in current loans and interest payable ($74.8 million). The increase in current loans and interest payable was largely due to increased drawdowns on working capital facilities, and the re-classification of the Royal Gold debt facility as current since certain loan covenants are in breach and restructuring negotiations are underway.


Operating Mines

Zun-Holba Gold Mine (Russia) Zun-Holba produced 17,651 ounces of gold (100%) in the third quarter, up slightly from 17,440 ounces last year. Cash operating costs for the quarter increased to US $616 per ounce from US $453 per ounce last year due to wage and material cost inflation and lower grades mined.
Irokinda Gold Mine (Russia)

Gold production at the Irokinda Mine totalled 19,957 ounces (100%) during the quarter, down slightly from 20,806 last year. Cash operating costs increased to US $413 per ounce compared to US $323 per ounce last year, for the same reasons cited for the Zun-Holba Mine.

Taparko-Bouroum Gold Mine (Burkina Faso)

The Taparko mill was re-started early in November 2008, after the installation of a new gearbox. Excessive vibration in the Taparko mill drive train resulted in the mill remaining idle during the third quarter. The re-started mill is being closely monitored to ensure that the vibration problem has indeed been resolved. In the event vibration reoccurs, the mill may need to be shut down for further remedial actions. In 2009, at the latest, the Company will study whether a further shutdown and further work are required to ensure that the mill continues to be in good operating condition.

Gold production during the quarter totalled 571 ounces and was entirely from gold already in the circuit at the beginning of Q3. Cash operating costs were US $920 per ounce and reflected the low production volume. An ore stockpile of approximately 200,000 tonnes will be used to feed the process plant. Mining operations are scheduled to resume by January 2009. During the nine months ending September 30, 2008, Taparko-Bouroum produced 23,538 gold ounces on a 100% basis. Whole year 2008 attributable gold production for Taparko-Bouroum is expected to total approximately 29,000 ounces.

Berezitovy Gold Mine (Russia)

Numerous plant upgrades and repairs prior to and during the third quarter resulted in increasing mill throughput rates and the achievement of criteria established for commercial production (i.e. mill throughput equal to or exceeding 60% of design capacity over a 30 day period). Commercial production was declared effective October 1, 2008. Gold production, on a 100% basis, totalled 14,293 ounces during the third quarter and 28,202 ounces during the nine month period ending September 30, 2008. Attributable gold production at Berezitovy for 2008 is expected to be approximately 40,000 ounces.

At the end of the quarter, 390,000 tonnes of ore have been stockpiled, which approximates 3.5 months of production.

Exploration Projects

Bissa Project

A significant amount of work related to the Bissa preliminary feasibility study was completed during the quarter. An infill drilling and trenching programme, consisting of 33 diamond drill holes (5,256 metres), 176 reverse circulation holes (14,715 metres), and 45 trenches (5,009 metres), to define and upgrade existing resources, ended during the quarter. Other work conducted during the quarter included three dimensional modeling, resource estimation, geotechnical mapping, metallurgical sampling (10 samples totalling approximately 2,000 kg), heap leach testwork, topographical surveying, and environmental baseline work.

Prognoz Project


Drilling continued during the third quarter with 44 diamond drill holes completed totalling 6,621 metres. During the nine months ending September 30, 2008, 117 holes were completed (15,465 metres).

Strategic Investment Transaction with Alfa Group Terminated

On August 1, 2008 High River announced a strategic investment transaction with an indirect wholly-owned subsidiary of the Alfa Group Consortium, one of Russia's largest privately owned financial/industrial organizations. High River was to issue up to 160 million common shares at $1.79 per share by means of a non-brokered private placement for proceeds of up to approximately $286.4 million. Proceeds of the financing were to be used for development of the Prognoz Silver Project, to acquire and consolidate advanced projects in Russia and Africa, and to reduce debt.
On August 26, 2008 the Company announced that the transaction was terminated after the Alfa Group reassessed its overall investment strategy and plans in light of the severe decline in precious metals producer equity values and the market in general.
Acquisition of the Remaining 50% of the Prognoz Silver Project Terminated
On July 31, 2008, High River announced that it had entered into an arm's-length agreement to acquire the remaining 50% interest in the Prognoz Silver Project not already owned by High River. Under the agreement, High River was to issue 34.1 million common shares, representing 9.9% of the issued capital of the Company, and assume debt obligations totalling approximately US $16 million related to past exploration expenditures on the Prognoz property. Approximately US $13.5 million of these debt obligations are owed to High River's 84.9%-owned subsidiary Buryatzoloto. The closing date of this transaction was extended twice during the quarter, first to October 31, 2008 and then to November 30, 2008, pending regulatory approval.

As at November 30, 2008, the required approval of the Ministry of the Russian Federation for Anti-Monopoly Policy and Support of Businesses had not yet been received. However, a further extension to the closing date of the transaction was not negotiated as the parties to the transaction were unable to agree to mutually satisfactory terms for the extension of the transaction agreement. As a result, on December 4, 2008 the Company announced the termination of the agreement to acquire the remaining 50% of the Prognoz Silver Project.

About High River

High River is a gold company with interests in producing mines, mines under development, and advanced exploration projects in Burkina Faso and Russia.


This release and subsequent oral statements made by and on behalf of the Company may contain 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, event, 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. 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.



(Thousands of Canadian dollars)
September 30, December 31,
(unaudited) 2008 2007
Current Assets
Cash and cash equivalents $ 4,073 $ 51,491
Restricted cash -- 69
Accounts receivable 13,043 25,339
Inventory 57,193 48,777
Available-for-sale securities 5,341 --
Other assets 9,671 4,318
89,321 129,994
Available-for-sale securities 33,045 38,131
Property, plant and equipment 207,006 202,780
Exploration properties and
deferred exploration 142,399 115,643
Development properties 213,762 177,417
Due from joint venture partner 17,632 --
Other assets 936 2,090
Total Assets $ 704,101 $ 666,055
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $ 33,245 $ 24,186
Loans and interest payable 142,556 67,793----------------------------------------------------------------------------
175,801 91,979
Loans and interest payable 50,848 107,470
Reclamation 8,485 7,866
Non-hedge derivatives 11,553 9,867
Future income taxes 12,475 13,062
259,162 230,244
Non-controlling interest 19,280 17,830
Total Liabilities 278,442 248,074
Shareholders' Equity
Share capital 490,226 453,225
Warrants 13,680 19,951
Contributed surplus 12,800 11,192
Debenture conversion option 538 538
Deficit (76,971) (57,494)
Accumulated other comprehensive
income (loss) (14,614) (9,431)
Total Shareholders' Equity 425,659 417,981
Total Liabilities and
Shareholders' Equity $ 704,101 $ 666,055
(Thousands of Canadian dollars except per share figures)
Three months ended Nine Months Ended
September 30, September 30,
(unaudited) 2008 2007 2008 2007
Gold $ 34,939 $ 26,572 $ 123,375 $ 84,819
Silver 1 (7) 70 241
34,940 26,565 123,445 85,060
Mining costs 21,812 17,048 81,211 49,751
Mine administrative costs 1,816 1,338 6,274 4,344
Mine amortization and
depletion 5,576 3,837 16,840 11,677
(12) 32 264 100
5,805 - 5,805 -
34,997 22,255 110,394 65,872
Income before the undernoted (57) 4,310 13,051 19,188
Administrative costs (3,089) (1,842) (8,467) (6,260)
Amortization and depletion (177) 23 (546) (85)
Exploration expense (3,269) (2,094) (7,952) (2,254)
Financing costs and investment
income, net 330 (5,657) (8,237) (10,674)
Other income/(expense) (9,578) 1,076 (3,879) 1,943
Income (loss) before tax and
non-controlling interest (15,840) (4,184) (16,030) 1,858
Income tax expense (322) (330) (4,902) (3,621)
(16,162) (4,514) (20,932) (1,763)
Non-controlling interest in
earnings of subsidiary 814 (143) (1,450) (1,732)
Net loss for the period $ (15,348) $ (4,657) $ (22,382) $ (3,495)
- basic and diluted $ (0.05) $ (0.02) $ (0.07) $ (0.01)
(Thousands of Canadian dollars)
Three Months Ended Nine Months Ended
September 30, September 30,
(unaudited) 2008 2007 2008 2007
Operating Activities
Net loss for the period $ (15,349) $ (4,657) $ (22,382) $ (3,495)
Non-cash items:
Non-controlling interest in
earnings of subsidiary (813) 143 1,450 1,732
Amortization and depletion 5,101 4,382 17,385 12,265
Asset retirement obligation
accretion (184) 32 264 100
Debenture accretion 1 87 144 257
Financial instrument accretion 84 717 830 1,760
Fair value adjustments to
derivatives (2,108) 3,263 1,686 4,718
Stock option benefit expense 959 558 1,940 1,823
Loss on disposal of assets 41 154 145 174
Future income taxes (188) (465) 182 (228)
Unrealized foreign
exchange loss 7,668 - 4,594 -
1,877 (1,328) 2,836 (1,326)
Subtotal (2,911) 2,886 9,074 17,780
Change in non-cash
working capital 7,584 (1,553) (1,982) (14,597)
Net cash provided by operating
activities 4,673 1,333 7,092 3,183
Investing Activities
Property, plant and equipment (9,897) (3,482) (21,668) (11,121)
Proceeds on disposal 6 -- 6 5
(9,947) (2,756) (28,448) (12,799)
Development properties 975 (30,230) (28,409) (77,331)
in investments - (1,186) (10,802) (1,186)
Allocation of restricted cash 3 (190) 72 (263)
145 2,059 (704) 1,992
Net cash used by investing
activities (18,715) (35,785) (89,953) (100,703)
Financing Activities
Loans received 13,246 25,590 43,387 61,402
Loans repaid (12,251) (4,301) (38,421) (14,423)
Common shares issued - 23,313 30,334 27,741
995 44,602 35,300 74,720
Effect of exchange rate
changes on cash held in
foreign currencies (69) (2,605) 143 (2,925)
Increase/(decrease) in cash
and cash equivalents during
the period (13,116) 7,545 (47,418) (25,725)
Cash and cash equivalents -
Beginning of period 17,189 2,346 51,491 35,616
Cash and cash equivalents -
End of period $ 4,073 $ 9,891 $ 4,073 $ 9,891

High River Gold Mines Ltd.
Dan Hrushewsky
(416) 947-1440
(416) 360-0010 (FAX)
Email: info@hrg.ca
Website: www.hrg.ca

SOURCE: High River Gold Mines Ltd.

Copyright 2008 Market Wire, All rights reserved

Renet Health Announcing Gold Exploration Sector

TORONTO, Dec 18, 2008 /PRNewswire-FirstCall via COMTEX/ -- Renet Health. Inc. (Pink Sheets: "RNTT") is pleased to announce that it is the process of changing business direction and is entering the field of gold exploration. A new board of directors and management team has been appointed. The group consists of renowned geologists and mining industry veterans from US and Canadian public companies.

The company will be announcing the acquisition of significant mining claims in the US. These claims are strategically located in a mining district in the US which has had some newsworthy results in the last ten weeks. The company has the stated goal of acquiring a portfolio of properties which will make it a takeover target for a major US or Canadian based miner.

The Company has filed the appropriate documentation with NASDAQ to effectuate a change in the corporate name to "Bryn Resources Inc" and a reverse split of the Company's total shares issued and outstanding. Management deems it to be in the best interests of the Company and its shareholders to change the name to better reflect the future business operations of the Company and to effectuate a reverse stock split based upon current market conditions. It is anticipated that the change in name and reverse split will be effectuated by NASDAQ within the next two weeks.

A website is being prepared and will be online by month end. The company will also be appointing an IR representative which will be made available to answer investor calls in regards to the expected PR flow.

Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
SOURCE Renet Health Inc.

Copyright (C) 2008 PR Newswire. All rights reserved