Fire River Gold provides operations update

Fire River Gold provides operations update

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Fire River Gold provides operations update

PR Newswire

VANCOUVER, March 28, 2013

VANCOUVER, March 28, 2013 /PRNewswire/ - Fire River Gold Corp. (TSXV: FAU),
(OTCQX: FVGCF), (FSE: FWR) (the "Company" or "Fire River") reports the
following operations update.

Underground exploration and definition drilling continues in both the
Crystal and Mystery mines. Once the 385/J5A drift is completed in the
next couple of months, additional definition drilling will be completed
of the J5A orebody to explore between the drift and the intrusive
contact of the Crystal Mine. Future drill targets in the Mystery mine
include along the M252drift to further define the M-4 ore prospect.

Drilling Summary	Year-to-Date
2013 U/G Exploration Drilling	3,339 meters
2013 Definition Drilling	3,507 meters
2013 Total	6,846 meters

The Company implemented a new mine plan effective December 31, 2012
supported by an updated geological model.

Mining Operations

Currently, ore is being produced from both the Crystal and Mystery
mines. In February, higher than anticipated gold grades were
encountered in the M250 stope of the Mystery mine, which is attributed
to the new mine plan.  Ramp development continues at a rapid pace in
the M300 stope.

Mining statistics for February and March to date, 2013 include the
following:

Period	Mined Ore Tonnes	Mined Waste Tonnes	Development Metres
Feb 2013	3,498	4,570	113.3
Mar 2013*	1,905	4,571	124.5

*As of 25 March 2013

Milling Operations

Mill statistics since January 31, 2013 include the following:

Period	Number of Days	Tonnage Processed (t)	Tonnes Per Day	Plant Availability (%)	Gold Production (oz)	Recovery (%)
Feb 2013	28	4,784	171	82	1,677	74
Mar 2013*	26	3,467	133	64.6	1,153	79.1

*As of 26 March 2013

While the Company has made progress in its efforts to become cash-flow
positive and has markedly improved its gold production over the course
of the past year, this progress has been interrupted by certain events
beyond the Company's control.  As a result the pace of progress has
been insufficient to generate the sustained productions levels
necessary to achieve commercial production to date in fiscal 2013.  In
particular, the Company's milling throughput for February and March has
been negatively impacted by continued inclement weather, logistical
challenges relating to air deliveries of key production supplies and
fuel, and unscheduled downtime for equipment repair of the Larox
filter, secondary cone crusher and ball mill motor.  In the current
fiscal year, the Company's cash flows have also been hindered by
certain liabilities that arose from reconciling concentrate shipments
from the second quarter of fiscal 2012. While these liabilities have
been successfully resolved by the Company this resolution did
negatively impact current fiscal year cash flows.

Current drill results have been positive for the long term prospects of
the Company; however, as a result of the foregoing issues, the
Company's short-term earnings and cash flows remain constrained and the
Company has grown increasingly dependent on its senior creditor,
Waterton Global Value, L.P. for short term funding requirements.  As of
March 28, 2013 the Company owed Waterton Global Value, L.P. $6.8
million for prepayments under the existing Gold and Silver Supply
Agreement (for more information see Managements Discussion & Analysis for the period ended January 31,
2013).  As a result of the foregoing the Board of Directors has decided
to explore all strategic options.

ON BEHALF OF THE BOARD OF DIRECTORS



FIRE RIVER GOLD CORP.

"Blane W. Wilson"

Blane W. Wilson


President and CEO

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.

SOURCE Fire River Gold Corp.