Red Back Mining Inc

Published : January 13th, 2009

2008 PRODUCTION 76% ABOVE 2007, 2009 PRODUCTION TO GROW BY A FURTHER 53% - News Release

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Please find attached today?s Red Back Mining news release. Kindly contact me with any questions.

Best regards,

Sophia Shane, +1604 689 7842

 

RED BACK 2008 PRODUCTION 76% ABOVE 2007, 2009 PRODUCTION TO GROW BY A FURTHER 53%

 

January 13, 2009 (RBI - TSX) ?  Red Back Mining Inc. (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.

 

FORWARD-LOOKING INFORMATION

 

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.

 

On behalf of the Board of Directors:
Richard P. Clark, President

 

 

For further information, please contact Simon Jackson, VP-Corporate Development or Sophia Shane, Investor Relations at 604-689-7842

 

<
Data and Statistics for these countries : Ghana | Mauritania | All
Gold and Silver Prices for these countries : Ghana | Mauritania | All

Red Back Mining Inc

CODE : RBI.TO
ISIN : CA7562971076
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Red Back is a producing company based in Canada.

Red Back is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 17.3 millions as of today (US$ 15.3 millions, € 12.3 millions).

Its stock quote reached its highest recent level on July 25, 2008 at CA$ 9.25, and its lowest recent point on October 10, 2014 at CA$ 0.04.

Red Back has 230 890 000 shares outstanding.

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Financings of Red Back Mining Inc
5/7/2010ANNOUNCES CLOSING OF KINROSS PRIVATE PLACEMENT - News Releas...
1/23/2009$150 Million Bought Deal Financing
11/21/2008ANNOUNCES BOUGHT DEAL UPSIZED TO C$60 MILLION
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5/10/2007 Closes CDN $375 Million Private Placement
4/27/2007Prices Private Placement and Private Placement Increased to
Nominations of Red Back Mining Inc
12/10/2007Appoints Chief Operating Officer
9/5/2007APPOINTS NEW CFO AND VP CORPORATE DEVELOPMENT
Financials of Red Back Mining Inc
5/3/2010RED BACK REPORTS FIRST QUARTER NET INCOME OF $33 MILLION
4/12/2010First quarter exploration update
11/3/2009RED BACK REPORTS RECORD PROFITS IN THE THIRD QUARTER
8/6/2009STRONG PERFORMANCE CONTINUES IN THE SECOND QUARTER - News Re...
11/3/2008THIRD QUARTER RESULTS
8/11/2008ANNOUNCES SECOND QUARTER RESULTS
5/6/2008ANNOUNCES FIRST QUARTER RESULTS
11/14/2007 ANNOUNCES THIRD QUARTER RESULTS
8/14/2007Mining Second Quarter Results - News Release
8/15/2007Mining Second Quarter Report - News Release - Correction
Project news of Red Back Mining Inc
3/1/2010(Tasiast)Reserves grow by 64% to 5.0 Million oz
9/15/2009(Chirano)exploration programs and operations at its Chirano Gold Mine
9/14/2009(Tasiast)significant increase in both Proven and Probable Reserves
7/27/2009(Chirano)New high grade at Paboase South
2/9/2009(Tasiast)ACHIEVES RECORD PRODUCTION IN Q4 2008 AT $393 PER OZ CASH OP...
1/13/2009(Tasiast)2008 PRODUCTION 76% ABOVE 2007, 2009 PRODUCTION TO GROW BY A...
1/13/2009(Chirano)2008 PRODUCTION 76% ABOVE 2007, 2009 PRODUCTION TO GROW BY A...
11/18/2008(Tasiast)REACHES AKWAABA DEEPS ORE AND MAKES NEW DISCOVERY AT TASIAST
6/12/2008(Tasiast)TASIAST UPDATE
4/9/2008(Chirano)New Chirano Resources and Reserves - Akwaaba Reserves Increa...
4/7/2008(Tasiast) RESERVES INCREASE BY 58% AT TASIAST
2/25/2008(Tasiast)63% INCREASE IN MEASURED AND INDICATED RESOURCES AT TASIAST
12/3/2007(Tasiast)ANNOUNCES MAJOR EXPANSION PLANS FOR TASIAST GOLD MINE IN MAU...
11/27/2007(Chirano)High Grade Continues Under Akoti and Suraw Pits at Chirano M...
9/11/2007HIGH GRADE DISCOVERIES CONTINUE AT CHIRANO
7/12/2007(Bole - Bolgatanga) Set for Development-27% Increase in Resource
Corporate news of Red Back Mining Inc
2/26/2010RED BACK REPORTS RECORD NET INCOME OF $109 MILLION IN 2009
1/20/2010GREENSCHIST ZONE CONTINUES TO EXPAND
8/5/2009Moto transaction update
7/16/2009comment on randgold proposal for moto
7/3/2009Mining and Moto Goldmines annonce amendment to business comb...
6/1/2009and Moto Goldmines enter into business combination
3/2/2009Reports Record Net Income of $61.9 Million in 2008
2/12/2009CLOSES $165 MILLION PUBLIC OFFERING
12/11/2008CLOSES $60 MILLION PUBLIC OFFERING
9/24/2008INVESTMENT IN MINERAL DEPOSITS LIMITED
8/7/2008COMMENTS ON RECENT EVENTS IN MAURITANIA - News Release
7/28/20081 Million Ounce Akwaaba Deeps Reserve
6/27/2008GHANA POWER COST INCREASES
1/23/2008 President and CEO Rick Clark Live Interview on BNN today
1/8/2008 OPERATIONS UPDATE
11/21/2007ANNOUNCES NEW INTERCEPTS AT AKWAABA DEEPS
10/31/2007CLOSES $110 MILLION PUBLIC OFFERING
10/24/2007FILES FINAL SHORT FORM PROSPECTUS
10/16/2007FILES PRELIMINARY SHORT FORM PROSPECTU
9/24/2007AKWAABA KEEPS GETTING BETTER
9/18/2007ADDED TO S&P/TSX COMPOSITE INDEX
9/13/2007Deep Drill Program on Broulan Reef Gold Project to Commence ...
8/3/2007CLOSES PURCHASE OF TASIAST GOLD MINE
7/17/2007To Exercise Option To Acquire Tasiast Gold Mine From Lundin ...
7/4/2007 Open Pit Reserves at Chirano Increased by 33%
4/4/2007Signs Option Agreement to Acquire Tasiast Gold Mine
2/21/2007Obra Mineralization extends to depth
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