Red Back Mining Inc
A Growing Gold Producer - Africa
Message: Achieves Record Production in Q4 2008 at $393 Per Oz Cash Operating Costs
| February 9, 2009 |
| Red Back Achieves Record Production in Q4 2008 at $393 Per Oz Cash Operating Costs |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2009) - Red Back Mining Inc. (TSX:RBI) (the "Company" or "Red Back") is pleased to report its preliminary financial results for the fourth quarter ended December 31, 2008. The Company expects to report its 2008 annual consolidated results on March 2, 2009. Dial in numbers are detailed below for a conference call to discuss the results which will be held at 11 am Eastern Standard Time on March 3, 2009. Highlights for the Fourth Quarter - Record gold production of 72,664 oz (Tasiast: 41,318 oz and Chirano: 31,346 oz) - Cash operating costs of $393 per oz (Tasiast: $319 per oz and Chirano: $497 per oz) - Average realized gold price of $786 per oz (year-to-date: $866 per oz) - Akwaaba Deeps underground development delivers first ore to the mill - First ore placed on dump leach pads at Tasiast - Closed Cdn $60 Million equity financing Tasiast Gold Project, Mauritania In the fourth quarter, Tasiast achieved record production of 41,318 oz at a cash operating cost of $319 per ounce (year-to-date, 140,054 oz at $384 per ounce). Operating costs were lower than forecast due to increased production and lower mining costs. Red Back estimates Tasiast 2009 cash operating costs to average $320 per oz based on forecast production of 230,000 oz. The expansion of the Tasiast processing facility remains on schedule and on budget. Commissioning of this facility will commence in April, 2009. Development of the new dump leach operation at Tasiast is ongoing and is estimated to contribute approximately 30,000 oz to total production in 2009. Chirano Gold Project, Ghana In the fourth quarter, Chirano produced 31,346 oz at a cash operating cost of $497 per ounce (year-to-date, 120,793 oz at $478 per ounce). Cash operating costs are expected to remain at these levels until completion of the new crushing facility and plant expansion, which remain on schedule and on budget for commissioning in Q1 and Q3 2009 respectively. Red Back estimates Chirano's 2009 cash operating costs to average $480 per oz based on forecast production of 170,000 oz. The development of the Akwaaba Deeps decline has now progressed to 605 metres and is on schedule and on budget. Conference Call dial in details To participate in the conference call, please dial the following numbers approximately 10 minutes before the start of the call: March 3, 2009 11:00 a.m. EST Ph. 1-416-644-3420 or Toll-Free in the U.S. and Canada: Ph. 1-800-814-4862 A replay will be available starting approximately two hours after the conclusion of the conference call until midnight on March 10, 2009. Ph. 416-640-1917 or Toll-Free in the U.S. and Canada: Ph. 877-289-8525 Passcode: 21297644# 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 underway. Aggressive exploration programs 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 |
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