Red Back Mining Inc.

Red Back Mining Inc.

October 23, 2007 20:27 ET

Red Back Files Final Short Form Prospectus

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2007) -


Red Back Mining Inc. (the "Company" or "Red Back") (TSX:RBI) is pleased to announce that it has filed a final short form prospectus (the "Prospectus") with the regulatory authorities in each of the provinces of Canada in connection with the bought deal financing announced on October 9, 2007 and October 10, 2007 and a preliminary short form prospectus filed on October 15, 2007. The Prospectus qualifies the distribution of an aggregate of 16,667,200 common shares in the capital of the Company (the "Common Shares") at an offering price of $6.60 per common share (the "Offering"). Scotia Capital Inc. is acting as lead underwriter in connection with the Offering together with a syndicate of underwriters that included GMP Securities L.P. and Cormark Securities Inc.

Closing of the Offering is expected to occur on or about October 31, 2007 and is subject to final TSX approval.

Proceeds from the Offering will be used to eliminate all obligations outstanding under Red Back's current gold hedge book, to repay its credit facility and for general corporate purposes.

The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, or under any state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the United States of America and its territories and possessions except in certain transactions exempt from the registration requirements of such Act. This release does not constitute an offer to sell or a solicitation to buy such securities in the United States.


This press release contains "forward-looking information" that is based on Red Back's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Red Back's plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "intend", "estimate", "plan", "forecast", "project", and "believe" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Red Back's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to drilling results; the ability to raise sufficient capital to fund exploration; changes in economic conditions or financial markets; changes in prices for Red Back's mineral products or increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Red Back disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.


Richard P. Clark, President

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