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Wednesday, 22nd April 2009 (1393 views)

High River Gold Mines has revealed that both its credit facilities with Standard Bank have been assigned to OAO Severstal.

Both agreements dating from July 2007 between Standard Bank, High River, High River Gold Mines (West Africa) and Jilbey Burkina and the April 2007 deal between Standard Bank, Societe des Mines de Taparko and High River were assigned by the bank to Severstal as of April 17th 2009.

Severstal indirectly holds around 53 per cent of the issued and outstanding common shares of High River.

Based in Ontario and listed on the Toronto Stock Exchange, High River Gold Mines has interests in producing mines and advanced exploration properties in Burkina Faso and Russia, including the Taparko-Bouroum and Berezitovy open pit gold mines.

The company recently unveiled a series of changes to its board of directors following the resignation of chairman John Crow, including the appointment of Alexey Khudyakov as his replacement.

 

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