Fire River Drills 7.6 Metres Grading 50.26 g/t Gold at Nixon Fork

Vancouver, British Columbia,
December 10, 2012. Fire River Gold Corp. (TSXV: FAU), (OTCQX: FVGCF), (FSE:
FWR) (the "Company", "Fire River") is pleased
to announce results from its 2012 surface diamond drilling program
(Figure 1) at its wholly owned Nixon Fork Gold Project in Alaska. Fire
River completed 38 surface diamond drill holes totalling 2976 metres
targeting resource expansion at the Mystery Mine. Twenty of 38 drill
holes intercepted significant gold, silver and copper mineralization, a
very high success ratio.

Figure 1: Plan view of the Mine site showing the location of the camp
and mill sites, airfield, and the Crystal and Mystery portals. All
summer 2012 surface drilling was from the Mystery vent raise/boiler area
pad, above the Mystery portal.



Drilling highlights include:

• 7.6 metres grading 50.26 g/t gold
  in drill hole N12-014*


• 8.3 metres grading 36.75 g/t gold
  in drill hole N12-001


• 6.1 metres grading 31.83 g/t gold
  in drill hole N12-012

Blane Wilson, President and CEO of
Fire River, commented: "We are extremely
pleased with these high grade gold and silver drill hole intercepts at
the Mystery Mine. The drilling was designed to define and expand the
known resources at the mine and to better understand the geologic
controls of higher grade gold and silver mineralization. It is important
to note the very high grades associated with some of the intercepts such
as, 3.7 metres grading 96.6 g/t gold, 84 g/t silver and 6.7% copper in
drill hole N12-014*. These higher grade zones will contribute to an
optimized mine plan for the Mystery Mine and potentially provide a more
consistent high grade feed for the mill."

* Note: In hole N12-014, the interval
between16.15 to 23.77 has approximately 50% core recovery, and
therefore, the data presented here is the weighted average of the
material present and may not be representative of the actual grade of
the intercept. The poor recovery is most likely due to the fine grain
nature of oxidized material being flushed during the drilling process.
No voids were noted in this interval.

Table summarizing significant drill
intercepts from the 2012 surface drill program:

Drill Hole	From (metres)	To (metres)	Width (metres)	Gold (g/t)	Silver (g/t)	Copper (%)
N12-001	27.84	36.15	8.31	36.75	22.55	1.6
Including	27.84	31.70	3.86	67.38	39.3	2.67
N12-003	15.85	17.37	1.52	6.66	4	0.27
N12-005	12.34	13.11	0.77	12.65	7	0.33
Including	11.28	13.11	1.83	12.65	7	0.33
N12-006	28.35	32.92	4.57	5.55	12.3	0.66
Including	29.87	31.39	1.52	9.75	9	0.38
N12-008	19.20	21.59	2.39	3.79	5.6	0.43
N12-009	19.20	20.73	1.53	3.35	1	0.04
N12-011	13.11	14.63	1.52	2.36	3	0.19
N12-012	28.35	34.44	6.09	31.83	37	2.28
Including	29.87	32.92	3.05	49.31	62	3.75
N12-013	2.13	3.96	1.83	6.14	75	0.82
N12-014*	15.22	16.15	0.93	33.4	28	0.83
	16.15	23.77	7.62	50.26	42.36	3.37
Including	16.15	19.88	3.73	96.6	84.37	6.72
Including	19.10	19.88	0.78	141	165	10.4
N12-015	5.86	8.62	2.76	6.08	11.9	1.06
Including	6.92	7.42	0.50	23.1	39	0.81
	25.16	26.26	1.10	3.23	14	0.64
	29.87	34.44	4.57	13.17	35.3	2.35
Including	32.92	34.44	1.52	28.4	31	2.31
N12-016	10.06	14.63	4.57	25.67	85.1	1.78
Including	10.06	10.58	0.52	123.5	229	8.89
Also including	12.49	13.85	1.36	27.2	163	0.54
	23.77	26.67	2.90	81.33	5.96	0.64
Including	23.77	24.50	0.73	214	8	0.49
N12-018	2.44	3.96	1.52	2.62	23	1.02
	34.14	35.66	1.52	2.98	0.5	0
N12-019	32.92	34.44	1.52	3.13	6	0.18
N12-020	0.00	5.49	5.49	19.23	125	1.32
	10.06	11.58	1.52	2.27	55	1.18
	24.40	25.30	0.90	2.26	28	1.57
	31.87	32.92	1.05	2.35	74	2.88
N12-021	28.59	29.72	1.13	71.6	18	1.09
	31.77	33.43	1.66	11.35	20	1.34
N12-022	5.18	5.48	0.30	2.42	15	0.43
	16.15	17.67	1.52	4.47	0.5	0.02
N12-026	10.06	11.58	1.52	17.2	8	0.16
	19.20	20.73	1.53	6.51	9	0.66
N12-028	31.39	32.92	1.53	6.04	0.5	0.01
	35.87	37.49	1.62	23.3	25	1.56
N12-029	41.76	43.43	1.67	53.2	2	0.01

Figure 2: Cross-section view, looking
west, of drill holes with significant intercepts with respect to the
Mystery Mine. Significant intercepts are shown with the large diameter
rods on drill hole traces.

About Fire River Gold:

Fire River Gold Corp.'s flagship property
is the wholly owned Nixon Fork Gold Project located in the Tintina Gold
Belt, Central Alaska. Operations at Nixon Fork recommenced in July 2011.
Nixon Fork is a past producing mine with a high grade production
history, and a low capital requirement due to pre-existing
infrastructure. The mine operates year-round producing both gold
concentrate and doré bars. District scale exploration potential provides
additional upside for the project.

All drill intercepts and corresponding
assay values reported in this news release, have been reviewed and
approved by David D. Adams, MS, BS, CPG, P.Geo., who is a qualified
person under the definitions established by National Instrument 43-101.
Drill core at Nixon Fork is boxed and covered, at the drill rig and
moved to Nixon Fork's logging and sample preparation facilities by Fire
River personnel. The core is then split down the centre using a typical
table fed circular rock saw normally at one metre intervals. One half of
the core is sent for assay to ALS Minerals in Anchorage, AK where they
are dried, crushed, and representative splits are transported to ALS
Minerals labs in either Reno, NV or Vancouver, BC for assay, while the
other half is returned to the core box and stored at Nixon Fork's
sampling facility in a secure area. ALS Minerals complies with the
requirements for the International Standards ISO 9001:2000 and ISO
17025:1999. Analysis includes Fire Assay with gravimetric finish for
gold and ICP for 33 other elements. ALS Minerals is at arm's length to
Fire River. Nixon Fork's QA/QC procedures include the regular use of
blanks, standards and duplicate samples. As a rough estimate, the true
thickness of the above intercepts is approximately 76%.

ON BEHALF OF THE BOARD OF DIRECTORS FIRE
RIVER GOLD CORP..



"Blane Wilson"



Blane Wilson

President and CEO

For further information, please contact:

FIRE RIVER GOLD CORP.

Kimberly Ann, Corporate Communications

Email:

[e-mail]

Telephone: [phone]

www.firerivergold.com

 

Cautionary Statement Regarding
Forward-Looking Information

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. This news release contains forward-looking
statements regarding the business and operations of Fire River Gold. In
particular, statements regarding use of proceeds and production targets
in the upcoming years are forward-looking statements. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated
in such statements. Important factors that could cause actual results to
differ materially from Fire River's plans or expectations include risks
relating to the actual results of current exploration activities,
fluctuating gold prices, possibility of equipment breakdowns and delays,
exploration cost overruns, availability of capital and financing,
general economic, market or business conditions, regulatory changes,
timeliness of government or regulatory approvals and other risks
detailed herein and from time to time in the filings made by Fire River
with securities regulators. Fire River expressly disclaims any intention
or obligation to update or revise any forward-looking statements whether
as a result of new information, future events or otherwise except as
otherwise required by applicable securities legislation.