Red Back Mining Inc.
TSX : RBI

Red Back Mining Inc.

November 15, 2006 09:31 ET

Red Back Announces Initial Underground Indicated Resource at Akwaaba of 674,000 Ounces Gold + 221,000 Ounces Inferred

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 15, 2006) - Red Back Mining Inc. (the "Company" or "Red Back")(TSX:RBI) is pleased to announce an updated Mineral Resource estimate for the Akwaaba Deposit, the southern most of the planned open pits at its wholly owned Chirano Project in Ghana. The previous measured and indicated open pit resource was 0.60Mt grading 2.91g/t and 0.23Mt grading 2.48g/t inferred and did not include an underground component.

During 2006 a combined reverse circulation (RC) and diamond drilling (DD) program totaling 16,261m in 58 holes (8,656m RC and 7,605m DD) has been systematically targeting a recently identified high grade, north plunging shoot below the Akwaaba open pit.

The tables below summarize the updated Mineral Resource estimates at Akwaaba as calculated by the Company's Perth based independent resource consultants, Hellman and Schofield. For the purposes of classification Resources have been separated into Open Pit and Underground on a horizontal RL basis being 150m below the surface. Optimisation of this interface will be the subject of a feasibility study.

Open Pit Resources

Open Pit resources are shown in the table below and have been calculated from surface (approximately 2300mRL) to 2150mRL and are reported based on a 1g/t Au cut-off grade.



------------------------------------------------------------
Resource Tonnes Gold
Category (Mt) (g/t Au) Ounces
------------------------------------------------------------
Measured 0.677 2.84 62,000
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Indicated 0.082 2.34 6,000
------------------------------------------------------------
Total 0.759 2.79 68,000
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Inferred 0.136 2.6 11,000
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NB: Totals in table may not sum correctly due to rounding


Gold grades for the reported open pit resource have been determined using Multiple Indicator Kriging (MIK) based on block dimensions of 15m (east) x 25m (north) x 5m (elevation) and using a selective mining unit of 2m (east) by 5m (north) by 2.5m (elevation). Gold estimation and model blocks were constrained within geologically derived wireframes

Underground Resources

Underground resources are shown in the table below and have been calculated from 2150mRL to 1850mRL (300 metres vertical) and are reported based on a 3g/t Au cut-off grade.



------------------------------------------------------------
Resource Tonnes Gold
Category (Mt) (g/t Au) Ounces
------------------------------------------------------------
Indicated 3.197 6.56 674,000
Inferred 0.780 8.8 221,000
------------------------------------------------------------
NB: Totals in table may not sum correctly due to rounding


Gold grades for the reported underground resource model have been determined using Ordinary Kriging (OK) with grades interpolated into parent blocks with dimensions of 5m (east) by 25m (north) by 10m (elevation). Gold estimation and model blocks were constrained within geologically derived wireframes.

Due to the homogenous nature of the data no top cut has been applied to the resource data prior to estimation. It is observed that higher values in the dataset have little influence on the grade of the deposit.

Commenting on the new resource figures, Richard Clark, President and C.E.O. of the Company, said: "The new Akwaaba resource estimate exceeds our expectation and dramatically changes the potential of the Chirano Mine. The new underground ounces reflect a vertical cut of only 300 metres on this high grade chute. The mineralization remains open to depth and we are confident that further drilling will greatly expand this discovery. With this success at Akwaaba exploration efforts are focused on identifying other high grade structures below and around the other surface deposits (10) at Chirano."

The independent resource estimate reported herein was undertaken by Nic Johnson (Member of the Australian Institute of Geoscientists) of Hellman and Schofield Pty. Ltd with more than five years experience in the use of geostatistics for estimation of recoverable resources in gold deposits. For the purpose of reporting under National Instrument 43-101 Nic Johnson is regarded as a Qualified Person.

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

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