Fire River Announces New CEO and Private Placement Financing

    




 /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.  WIRE SERVICES/ 

 VANCOUVER, July 19, 2012 /CNW/ - Fire River Gold Corp. (the "Company")  , (OTCQX: FVGCF),  is pleased to announce the  appointment of Blane Wilson as President, Chief Executive Officer and  Director. 

 R. David Russell, the interim President and Chief Executive Officer of  the Company, shall return to his previous position as Non-Executive  Chairman. 

 Mr. Wilson brings extensive experience to his new position, having  worked in the mining industry for the past 25 years.  His expertise  includes mining, metal processing and recovery, project management,  permitting with Federal and State agencies, exploration, and  construction.  Prior to his position with Fire River Gold, Mr. Wilson  held various senior positions with Klondex Mines Ltd., Freeport  McMoRan, Minorco, Anglo Gold North American, Queenstake Resources,  Yukon Nevada Gold Corporation and Golden Eagle International.  He  previously spent 19 years at the Jerritt Canyon mine north of Elko,  Nevada.  Since 1981, the Jerritt Canyon mine has produced over 8  million troy ounces of gold. 

 R. David Russell, the Company's Non-Executive Chairman reports, "The Board takes great pleasure in Blane's appointment.  With his  background in mining, metal processing and recovery, he is uniquely  suited to his new role at Fire River and we look forward to his  valuable contribution to the Company's Nixon Fork mine." 

 The Company is also pleased to announce that it has entered into an  agreement with BayFront Capital Partners Ltd. ("BayFront") to act as  agent in connection with a best efforts private placement financing  (the "Private Placement") of units (the "Units") of the Company at a  price to be determined in the context of the market for gross proceeds  of up to $10,000,000. Each Unit shall be comprised of one common share  (a "Common Share") and one common share purchase warrant (a "Purchase  Warrant"). 

 The Company has been advised by Sprott Asset Management LP, on behalf of  certain of its funds, and by Waterton Global Value that each propose to  subscribe for such number of Units as would result in them holding  19.9% of the issued and outstanding securities of the Company following  the closing of the Private Placement. 

 The proceeds of the Private Placement will be used for the further  development of the Company's Nixon Fork mine and for general working  capital. 

 All of the Common Shares and Purchase Warrants issued pursuant to the  Private Placement are subject to a four-month hold period. Completion  of the Private Placement is subject to TSX Venture Exchange approval. 

 On behalf of the Board of Directors, 

 "R. David Russell" 

 Director 

 Cautionary Note Regarding Forward-Looking Statements  

 Certain statements contained in this news release constitute  "forward-looking information" as such term is used in applicable  Canadian securities laws, including with respect to the use of proceeds  of the Private Placement. Forward-looking information is based on plans  and estimates of management at the date the information is provided and  certain factors and assumptions of management. Forward looking  information is subject to a variety of risks and uncertainties and  other factors that could cause plans, estimates and actual results to  vary materially from those projected in such forward-looking  information. Factors that could cause the forward-looking information  in this news release to change or to be inaccurate include, but are not  limited to, the risks related to unsatisfactory results of due  diligence, international operations and doing business in foreign  jurisdictions, risks associated with mineral exploration and  development activities generally, the risk of commodity price and  foreign exchange rate fluctuations, and risks and uncertainties  associated with securing and maintaining necessary regulatory  approvals. The Company does not undertake to update any forward-looking  information except in accordance with applicable securities laws.  

Fire River Gold Corp.


CONTACT:  www.firerivergold.com 


    

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