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October
3, 2012 Vancouver, Canada - Fire River
Gold Corp. (TSXV: FAU), (OTCQX: FVGCF),
(FSE: FWR) (the "Company") is pleased to
announce that Mr. Kenneth Stowe and Mr.
Jacques McMullen have been appointed
directors of the Company in place of R.
David Russell and M. Christine Melian
who have resigned. Mr. Stowe will also
act as Chairman of the Board for the
Company. Mr. Paul Dyer has been
appointed Chief Financial Officer of the
Company in place of Mr. Brent Timmons.
The Board of Directors would like to
thank Mr. Russell, Ms. Melian and Mr.
Timmons for their contributions to the
Company and wishes them well in their
future endeavours.
Mr. Stowe
joins us with over 35 years of mining
industry experience. Most recently, he
was President and Chief Executive
Officer of Northgate Minerals
Corporation from September 1999 to July
2011. He was the recipient of the
Canadian Mineral Processor of the Year
Award in 2006.
Mr. McMullen has over thirty years of
industrial experience. He has held
numerous operating and corporate
positions in mining which have involved
him internationally with
cross-functional expertise applied to
operations, feasibility studies,
evaluations, project development and
start-ups. He has held various positions
with Barrick Gold Corp. including,
Senior Vice President of Technical
Services and Vice President of
Metallurgy and Process Development. Mr.
McMullen graduated in 1977 from Laval
University (Quebec, Canada) with a
degree in Metallurgical Engineering;
subsequently, he completed a Master's
Degree in Mineral Processing.
Mr. Dyer has over 18 years of experience
in the mining industry including
controller at the Carson Hill Mine for
Carson Hill Gold Corp., U.S. corporate
controller for Western Mining Corp. of
Australia, controller at the Jerritt
Canyon Mine for Queenstake Resources,
controller at the start-up of the
Mineral Ridge Project for Scorpio Gold
US and controller for the El Quevar
project in Salta, Argentina for Golden
Minerals Company.
Mr. Blane Wilson, President and CEO of
Fire River Gold Corp. commented
"Everyone here at Fire River Gold gives
a warm welcome to Ken, Jacque and Paul.
We look forward to their leadership and
expertise to collaborate with our team,
as we rapidly advance the Nixon Fork
mine".
The Company also announces the granting
of 3,786,636 stock options at an
exercise price of $0.11 per share to
certain directors, officers, employees
and consultants of the Company. All
options have a term of five years and
shall vest in accordance with the
policies of the TSX Venture Exchange.
The options are granted pursuant to the
Company's fixed stock option plan (the
"Plan"). The aggregate number of shares
reserved for issuance under the Plan
which may be made subject to Options at
any time and from time to time shall not
exceed 10,244,237 shares.
About Fire River Gold:
Fire River Gold Corp.'s flagship
property is the wholly owned Nixon Fork
Gold Mine located in the resource rich
Tintina Gold Belt. Operations at Nixon
Fork commenced in July 2011, with a near
term production target of 30,000 oz gold
by end of 2012, and projecting an
increase to 35,000 to 40,000 oz gold per
year in 2013. The Nixon Fork Mine is a
past producing mine with a high grade
production history, and a low capital
requirement due to pre-existing
infrastructure. The Nixon Fork Mine is
operated by Mystery Creek Resources, a
wholly owned subsidiary of Fire River
Gold Corp. based in Anchorage, Alaska.
The mine operates year-round producing
both gold concentrate and doré bars. The
company's mine plan is designed to
replace mined resources on an annual
basis, insuring sustainable gold
production. Excellent district scale
exploration potential provides
additional upside for the project.
Fire
River Gold has built a stable platform
for growth and a new, experienced and
dynamic management team and Board of
Directors. With new leadership, a
revamped mine plan, increased mill
production and exploration upside, Fire
River is poised for a period of growth
and increased shareholder value.
Cautionary Note Regarding Forward-Looking
Statements
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.
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