Red Back Mining Inc.
TSX : RBI

Red Back Mining Inc.

October 26, 2005 09:00 ET

Red Back Mining Inc.: Drilling Confirms New Gold Discovery in Ghana

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 26, 2005) - Red Back Mining Inc. (TSX:RBI) (the "Company") is pleased to report further results on the Boin Valley West discovery previously announced September 15, 2005. The latest round of reverse circulation (RC) drilling has produced significant intersections of gold mineralization along strike.

The Boin Valley prospect lies within the 627 sq km Enchi Project and is located 80km south west of the Company's Chirano gold mine. The prospect is within 3km of the projected southern extension of the Bibiani Shear Zone which hosts Chirano (2.35 million ounces) and the Bibiani gold mine (+5 million ounces) owned by Anglogold Ashanti.

Soil sampling at Boin Valley in late 2004 identified a 4.5km, north east trending (+20 ppb contour) gold in soil anomaly with +100 ppb values over a 2.5km strike length and up to 300m in width. A Rotary Air Blast (RAB) drilling program (2,164m in 58 holes) was completed in June 2005 over a 1.40km section of the anomaly. The RAB program intersected two sub-parallel zones of mineralization, the Main and North zones, with intercepts up to 15m at 3.00g/t and 12m at 1.60g/t respectively.

RC drill follow up commenced in late September 2005 with 3,400m (26 holes) of a planned 7,500m completed to date. The Main Zone anomaly is being tested on 100m spaced lines over a strike length of 1.50km with further holes planned to test a 600m strike of the North Zone. Results have been received for 11 holes which cover a strike length of 400m on the main zone:



------------------------------------------------------------------------
Interval Au
Hole ID Northing From To (m) g/t Comments
------------------------------------------------------------------------
29 49 20 1.57 Main Zone
KBRC001 4200 -------------------------------------
Incl 24 44 10 2.56
------------------------------------------------------------------------
67 70 3 0.65
KBRC002 4200 ------------------------------------- Main Zone
82 102 20 1.42
------------------------------------------------------------------------
92 96 4 0.73
-------------------------------------
103 106 3 0.42
KBRC003 4200 ------------------------------------- Main Zone
113 121 8 1.00 (ii)
-------------------------------------
138 142 4 0.39 (ii)
------------------------------------------------------------------------
KBRC004 4100 67 83 16 2.26 Main Zone
------------------------------------------------------------------------
88 91 3 0.95
-------------------------------------
KBRC005 4100 94 99 5 1.41 Main Zone
-------------------------------------
112 118 6 1.78 (ii)
------------------------------------------------------------------------
KBRC006 4100 134 137 3 0.55 (ii) Main Zone
------------------------------------------------------------------------
59 71 12 1.13 (ii)
-------------------------------------
75 78 3 1.09 (ii)
-------------------------------------
KBRC007 3800 84 96 12 1.75 (ii) Main Zone
-------------------------------------
116 133 17 1.07 (ii)
-------------------------------------
140 150
eoh 10 1.02 (ii)
------------------------------------------------------------------------
KBRC008 3800 26 56 30 1.92
------------------------------------------------------- Main Zone
Incl 27 39 12 2.53
------------------------------------------------------------------------
KBRC009 3800 Results Pending
------------------------------------------------------------------------
KBRC010 3900 Results Pending
------------------------------------------------------------------------
KBRC011 3900 53 57 4 1.55 Main Zone
-------------------------------------------------------
74 79 5 1.56
-------------------------------------
92 98 6 0.57
-------------------------------------
105 126 21 2.56 (ii)
-------------------------------------
incl 114 126 12 3.82 (ii)
------------------------------------------------------------------------
KBRC012 4000 31 64 33 2.05
------------------------------------------------------- Main Zone
Incl 46 63 17 3.27
------------------------------------------------------------------------
KBRC013 4000 88 106 18 1.80 Main Zone
Incl 88 100 12 2.49
------------------------------------------------------------------------

(ii) The prospect area is low lying and several intersections were
water saturated and of less than 50% recovery. As such those
intersections are included as an indication only and will be verified
by core drilling before completion of the drill programme.


Gold mineralisation strikes northeast, dips between 50 degrees and 75 degrees to the west and is hosted by mafic volcaniclastics and phyllitic sediments in close proximity to a Birimian volcanic - sediment contact. Mineralisation is associated with strong silicification and finely grained disseminated pyrite.

The mineralisation remains open along strike in both directions. The Boin Valley West discovery is associated with a major structure close to the belt margin and exploration is now focusing on extending the strike of the target beyond the current 4.5km soil anomaly into areas dominated by alluvium where soil sampling is less effective and isolated gold in soil anomalies suggest the presence of the structure over a strike length of up to 9km.

On completion of the Boin Valley West programme, the drill will move to the Boin Valley East prospect which lies 5km to the south east and where trench intercepts of up to 60m at 0.80g/t and 250m grading 0.45g/t, respectively have been received (News Release September 15, 2005) within a 4.5km +100ppb soil anomaly.

Commenting on the drill results at Boin Valley West, Richard Clark, President and CEO of the Company stated:

"The confirmation of significant gold mineralization at Boin Valley West is a material step towards proving up an exciting new prospect for the Company. The Boin Valley West and the Boin Valley East prospects lie in a similar geological setting to all the major gold mines in Ghana and the currently defined soil anomalies at both prospects suggest the potential for gold mineralisation over a +5 kilometre strike length. RC drilling to this point on only 400m at Boin Valley West confirms the potential for higher grade at depth over substantial widths. With these positive results we will be fast tracking these prospects to a resource definition."

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 Exploration Manager of the Company. Samples are prepared and analyzed by fire assay using a 50 gram charge at the Transworld Laboratory facility in Tarkwa, Ghana 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.

On behalf of the Board of Directors

Richard P. Clark, President


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