Red Back Mining Inc
A Growing Gold Producer - Africa
Message: 2009 Production to Grow by a Further 53%
| January 13, 2009 |
| Red Back 2008 Production 76% Above 2007, 2009 Production to Grow by a Further 53% |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 13, 2009) - Red Back Mining Inc. (TSX:RBI) (the "Company" or "Red Back") is pleased to provide the following update on the Company's 2008 production and anticipated 2009 production. In 2008 Red Back achieved record gold production. The Chirano Gold Mine in Ghana produced 120,793 oz and the Tasiast Gold Mine in Mauritania, in its first full year of operations, produced 140,054 oz, for a Company total of 260,847 oz. This represents an increase of 76% over 2007 production of 148,008 oz. Cash operating costs are still being calculated, however are expected to be in line or better than the forecast of $450 per oz set out in the September 2008 quarterly report. For 2009, the Company is forecasting production of 170,000 oz at Chirano and 230,000 oz at Tasiast for a Company total of 400,000 oz, a 53% increase over 2008 levels. Cash operating costs at Chirano are expected to be in the range of $480 per oz whilst Tasiast will produce at a cost of approximately $320 per oz. The Company average cash operating cost for 2009 is therefore anticipated to be approximately $385 per oz. Commenting, Richard Clark, President and CEO of the Company stated: "Management and the Board of Directors of Red Back are very pleased with the Company's performance in 2008. Results are substantially in line with our forecasts to the market and confirm our expectations for both Chirano and Tasiast going into 2009. We remain on track to achieve production levels of 400,000 oz in 2009 growing to approximately 500,000 oz in 2010." 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 advanced. An aggressive exploration program aimed at increasing the Company's resource and reserve base at both Chirano and Tasiast is continuing. |
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