Fire River Gold Reports 2010/2011 Underground Drill Holes Results: 25 g/t (0.73 opt) Gold Over 3.2 m (10.5 ft) at 3300 Zone, Nixon Fork Gold Mine, Alaska

  • 25 g/t (0.73 opt) gold over 3.2 m (10.5 ft) in hole N10U-009
  • 12 g/t (0.35 opt) gold over 7.4 m (24.3 ft) in hole N10U-008
  • 14 g/t (0.42 opt) gold over 2.5 m (8.4 ft) in hole N10U-002
    • including 52g/t (1.53 opt) gold over 0.6m (2.0 ft)
  • Results pending for 41 additional underground holes in 2010
  • 28,000 metre drill program ongoing - 8100 metres drilled to date
  • PEA for Underground Mining by Jan 2011, being completed by Snowden, an International Mining Consultancy

FAU: TSX.V
FVGCF: OTCQX
FWR: FSE

VANCOUVER, Jan. 12 /CNW/ - Fire River Gold Corp. (TSX-V: FAU; OTCQX: FVGCF; FSE: FWR) ("FAU" or the "Company") is pleased to announce results obtained from the 2010/2011 28,000 metre drill program at the Nixon Fork Gold Mine situated in Alaska's Tintina Gold Belt. The Company has received assay results of holes 1 through 10 (N10U-001 - N10U-009) from the 3100 and 3300 Zone.

New significant intercepts include N10U-009 returning grades of 25 g/t (0.73 opt) gold over 3.2 m (10.5 ft) and 12 g/t (0.35 opt) gold over 7.4 m (24.3 ft) in hole N10U-008. A complete list of significant intercepts is provided in Table 1. The widths of the intercepts are approximate to the true width of the mineralized intercept.

This phase of the underground drill program commenced on the 3100 Zone on the 380 level. This ore shoot was historically mined from the 380 level to just bellow surface. However, it was not mined from the  380 sill to depth. The Company is encouraged with the initial results from the 2010/2011 drill program, because it is exhibiting the potential to provide additional resources to the mill.  A Bazooka Drill is also being employed, drilling short holes for ore definition for the stope that will be mined earliest.

Table 1. Results from holes N10U-001 to N10U-009
Hole From To Length Length Au Au Ag Ag Cu
Number (metres) (metres) (metres) (Feet) (gpt) (opt) (gpt) (opt) (%)
Location 3100 zone              
N10U-001 NSI                
N10U-002 65.2 67.8 2.6 8.4 14 0.41 4 0.13 0.32
including 66.2 66.8 0.6 2.0 52 1.52 16 0.47 1.28
N10U-003 76.7 77.7 1.0 3.3 9 0.26 86 2.51 2.99
N10U-004 65.7 66.3 0.7 2.3 2 0.06 11 0.32 0.65
N10U-005 NSI                
N10U-006 79.4 80.2 0.8 2.6 1 0.03 28 0.82 1.50
Location 3300 zone
N10U-007 NSI                
N10U-008 80.3 87.8 7.4 24.3 12 0.35 1 0.03 0.11
N10U-009 94.3 97.5 3.2 10.5 25 0.73 5 0.15 0.37

With 8100 metres completed to date, of which 5700 metres were underground drilling the underground drill program will continue to test and define additional mineralized zones and will follow up on historical known prospects.

Nixon Fork Gold Mine

The Nixon Fork Gold Mine was acquired in September 2009. From 1995 - 2007, the project produced approximately 175,000 ounces of gold at an average grade of 39 grams per ton (1.14 opt). The mining and processing facilities at Nixon Fork are permitted and bonded. The deposit is a gold-rich copper silver skarn typical of other skarn systems found throughout the world. At Nixon Fork, the higher grades are found in steeply plunging pipe-like bodies which are oxidized to depths of up to 350 meters below the surface. Oxidization of the system has resulted both in secondary copper and gold, with high grades and a "nuggety" distribution. 

The Qualified Person for this news release is Richard Goodwin, P.Eng., Vice President of Mining for Fire River Gold.

About Fire River Gold Corp.

Fire River Gold Corp. is a near term production company with an experienced technical team focused on bringing its flagship project, the Nixon Fork Gold Mine, back into production in 2011. The Nixon Fork Gold Mine is a permitted and bonded mine which include a ~200 tpd processing plant with a gravity gold circuit, sulphide flotation circuit and a gold recovery system (CIL circuit) that is scheduled to be completed by Summer 2011. The mine also includes a fleet of surface & underground mining vehicles, a self-contained power plant, maintenance facilities, drilling equipment, an 85 person camp, office facilities and a 1.2 km long landing strip.

Fire River Gold Corp is a member of the International Metals Group.

To view photos please visit: http://www.firerivergold.com/s/NewsReleases.asp?ReportID=437323

On behalf of the Board of Directors, I look forward to keeping you updated with our corporate developments.

(signed)

Harry Barr
President and C.E.O.

Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable. 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. We seek safe harbour.


SOURCE Fire River Gold Corp.

For further information:

Tel: +1 604 685 1870 Fax: +1 604 685 8045
Email:  info@firerivergold.com or visit www.firerivergold.com
2303 West 41st Avenue, Vancouver, B.C., Canada, V6M 2A3

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Fire River Gold Corp.

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