Red Back Mining Inc.
TSX : RBI

Red Back Mining Inc.

November 18, 2008 16:53 ET

Red Back Reaches Akwaaba Deeps Ore and Makes New Discovery at Tasiast

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 18, 2008) - Red Back Mining Inc. (TSX:RBI) (the "Company" or "Red Back") is pleased to announce that on November 19, 2008 it will mine the first ore from the high grade 1 million oz Akwaaba Deeps underground deposit at its Chirano Gold Mine in Ghana, West Africa. Having reached the ore body, mining will now steadily ramp up to 75,000 tonnes per month to coincide with the commissioning of the Chirano plant expansion (to 3.5 mtpa), expected in the second quarter of 2009. With the expansion Chirano is scheduled to produce at a rate of 250,000 oz per annum.

Commenting on the development of Akwaaba Deeps, Richard Clark, President and CEO of the Company stated:

"Reaching the orebody at Akwaaba Deeps is the first step in the transformation of the Chirano Mine from a 125,000 oz per annum producer to a 250,000 oz per annum producer. It is a testament to our Chirano team that Akwaaba Deeps has been reached on time and under budget, especially in the current challenging environment. Exploration continues under the other surface deposits at Chirano towards the discovery and development of other high grade underground operations, to further expand the production profile at Chirano."

New Tasiast Discovery

Exploration at Tasiast has continued the program of infill drilling to upgrade resources in the Piment Zone and at the West Branch prospects. This phase of drilling will finish by year end and will be the basis for a revised Ore Reserves Estimate planned for the first quarter 2009.

The current drill program has discovered a new zone of mineralisation in the Piment area. This new zone is improving at depth and to date has been defined over a strike length of + 600m. The discovery lies close to the western limit of the current Piment pit design. Results to date from this new zone are set out below:



------------------------------------
Hole id From To Metres Au g/t
------------------------------------
TA00243RC 110 116 6 2.19
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TA00243RC 149 160 11 1.29
------------------------------------
TA00687RC 105 144 39 2.29
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TA00738RC 91 98 7 5.30
------------------------------------
TA00738RC 117 130 13 1.04
------------------------------------
TA00743RC 185 197 12 2.12
------------------------------------
TA00744RC 87 119 32 1.69
------------------------------------
TA00747RC 78 101 23 1.45
------------------------------------
TA00748RC 121 134 13 1.14
------------------------------------
TA00748RC 137 153 16 0.76
------------------------------------
TA00749RC 172 183 11 2.75
------------------------------------
TA00752RC 53 63 10 4.58
------------------------------------
TA00756RC 87 96 9 2.95
------------------------------------
TA00756RC 128 139 11 2.42
------------------------------------
TA00759RC 126 143 17 1.64
------------------------------------
TA00759RC 152 158 6 5.43
------------------------------------
TA00764RC 79 116 37 1.42
------------------------------------
TA00767RC 113 148 35 3.15
------------------------------------
TA00769RC 98 122 24 6.51
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TA00770RC 119 128 9 2.04
------------------------------------
TA00842RC 121 126 5 2.90
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TA00842RC 140 145 5 6.72
------------------------------------
TA00844RC 153 162 9 9.95
------------------------------------
TA00855RC 118 153 35 1.49
------------------------------------
TA00856RC 116 155 39 2.27
------------------------------------
High grade assays cut to 20g/t
Note: intercepts represent +95% of true width


West Branch Continues to Grow

Drilling also continues to expand the West Branch resource. The table below shows intercepts on the main West Branch structure located down dip and outside the current resource (News Release: June 12, 2008). All intercepts are within 140m of surface.



------------------------------------
Hole id From To Metres Au g/t
------------------------------------
TA00342RC 70 85 15 2.16
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TA00347RC 94 114 20 2.94
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TA00348RC 101 118 17 4.48
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TA00354RC 109 133 24 2.88
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TA00358RC 108 131 23 2.66
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TA00382RC 92 101 9 7.83
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TA00382RC 105 117 12 1.14
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TA00394RC 62 73 11 1.10
------------------------------------
TA00394RC 90 108 18 2.20
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TA00411RC 103 118 15 2.23
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TA00512RC 136 160 24 1.26
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TA00516RC 134 161 27 1.32
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TA00534RC 107 137 30 1.90
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TA00571RC 71 103 32 1.43
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TA00823RC 155 171 16 1.95
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TA00824RC 141 159 18 2.56
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TA00825RC 140 150 10 4.61
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TA00827RC 86 116 30 1.21
------------------------------------
High grade assays cut to 20g/t
Note: intercepts represent +95% of true width


Commenting on the Tasiast exploration results, Richard Clark, President and CEO of the Company stated:

"The discovery of a new zone of mineralisation at Piment confirms the potential for Tasiast to evolve into a world class operation. To date drilling has been confined to a 4 km strike length of the parallel Piment and West Branch structures, both of which have been traced on surface in excess of 20km. The exploration potential at Tasiast continues to impress. We look forward to releasing a new resource and reserve for Tasiast in early 2009."

The technical contents of this release have been reviewed by Hugh Stuart, BSc., MSc, a Qualified Person pursuant to NI-43101. Mr. Stuart is the VP - Exploration of the Company and a Member of the Australasian Institute of Mining and Metallurgy. Samples are prepared and analyzed by fire assay using a 50 gram charge at the SGS facility at the Tasiast mine site in compliance with industry standards. Field duplicate samples are taken and blanks and standards are added to every batch submitted. Selected samples from this lab are check assayed each month at other SGS laboratories worldwide.

About Red Back

Red Back Mining Inc. is an unhedged African focused gold producer. It owns and operates the Chirano Gold Mine in Ghana (90% interest) and the Tasiast Gold Mine in Mauritania (100% owned). Major plant expansions at both Chirano and Tasiast are advanced. An aggressive exploration program aimed at increasing the Company's resource and reserve base at both Chirano and Tasiast is continuing.

This News Release contains forward looking statements which are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward looking statements. The Company does not intend to update this information and disclaims any legal liability to the contrary.

On behalf of the Board of Directors:

Richard P. Clark, President

Contact Information

  • Red Back Mining Inc.
    Simon Jackson
    VP-Corporate Development
    (604) 689-7842
    or
    Red Back Mining Inc.
    Sophia Shane
    Investor Relations
    (604) 689-7842
    (604) 689-5452 (FAX)
    Website: www.redbackmining.com