Red Back Mining Inc.

Red Back Mining Inc.

November 02, 2005 13:39 ET

Red Back Raises CDN $20.5 Million From Warrant Exercise

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2005) - Red Back Mining Inc. (the "Company") (TSX:RBI) is pleased to report that 9,743,333 warrants have been exercised in response to the reduction in the warrant exercise price from $2.25 to $2.10 (News Release dated October 13, 2005), netting the Company $20,461,000. Management would like to thank our warrant holders for their strong vote of confidence in the future prospects and value of Red Back.

The Company is also pleased to report that its first shipment of gold from its Chirano Gold Mine was delivered this week to Rand Refinery in South Africa. Deliveries will now continue on a regular basis. Start up operations at Chirano continue to exceed expectations.

On Behalf of the Board of Directors

Richard P. Clark, President

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