The men were trying to climb Howse Peak on the Icefields Parkway.
Canadian officials deployed rescue helicopters to the isolated area of the Canadian Rockies after the group was reported overdue on Wednesday.
"We have learned that three members of our Global Athlete Team, Jess Roskelley, David Lama and Hansjörg Auer were presumed caught in an avalanche on April 16th in Alberta, Canada", the statement read, adding, "David, Jess, and Hansjörg are valued and loved members of The North Face family and we are doing everything we can to support their families, friends and community during this hard time".
Poor weather conditions have increased avalanche risks in the mountainous area on the border between Alberta and British Columbia, with the search halted for safety reasons. Advanced mountaineering skills are required to climb it, according to Parks Canada.
The missing party includes Austrians Hansjörg Auer and David Lama, as well as United States climber Jess Roskelley.
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Though the scenery is breathtaking, the peak has a steep alpine wall - making it a choice destination for only experienced climbers, he said.
In this 2003 file photo, Jess Roskelley, then 20, answers questions during a news conference in Seattle. His father, John Roskelley, is also a renowned climber. John Roskelley told the Spokesman-Review he was expecting his son to call Tuesday night to check in - but he never did.
He says Lama and Auer had pulled off a number of hard solo climbs over the past 12 months so they are pretty recognized names in Europe.
Auer, 35, who grew up in the mountains of Austria, was known as "one of the world's top solo climbers", as Outside reported.
Climbing mountains was in Jess Roskelley's blood too, although for years he couldn't decide whether he wanted to pursue it, he told Men's Journal last year, when the magazine named him the second-most adventurous person in the world, just behind Honnold.
It has closed the Howse Peak area to all traffic and travel until further notice.
He adds climbers are aware of the risks when they go out climbing and strive to take an unsafe environment and try to minimize the risks as much as possible.