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To: LoneClone who wrote (17459)	4/9/2008 4:41:33 PM
From: LoneClone	Read Replies (1) \| Respond to of 194042

Red Back Announces New Chirano Resources and Reserves - Akwaaba Reserves Increase 80% Wed Apr 9, 12:43 PM ca.news.finance.yahoo.com VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 9, 2008) - Red Back Mining Inc. (TSX: RBI.TO) (the "Company" or "Red Back") is pleased to announce that its independent consultants Hellman and Schofield and AMC Consultants of Perth, Western Australia have recently updated the Mineral Resource and Ore Reserve estimates at the Company's Chirano Gold Mine, Ghana, West Africa. The new Resource/Reserve update is based upon an infill drill program carried out in 2007 around the existing surface deposits at Chirano and at depth at Akwaaba Deeps, where Red Back is developing an underground operation. Since April 2007, open pit resources at Chirano have increased by 10%. At Akwaaba Deeps, Indicated Resources have increased by 50% and Reserves by 80%. The following tables show the new Chirano Open Pit and Underground Resources as at 31 December 2007: --------------------------------------------------------------- Open Pit Resource Estimate at a 1.0 g/t gold cut-off --------------------------------------------------------------- Tonnes Au Ounces Resource Category (Mt) (g/t) (Moz) --------------------------------------------------------------- Measured 20.8 1.92 1.29 --------------------------------------------------------------- Indicated 13.0 1.73 0.72 --------------------------------------------------------------- Stockpiles 1.2 1.07 0.04 --------------------------------------------------------------- Total Meas+Ind 35.0 1.83 2.05 --------------------------------------------------------------- Inferred 6.2 1.70 0.35 --------------------------------------------------------------- --------------------------------------------------------------- Underground Resource Estimate at a 2.5g/t cut-off --------------------------------------------------------------- Tonnes Au Ounces Resource Category (Mt) (g/t) (Moz) --------------------------------------------------------------- Indicated 5.86 6.09 1.15 --------------------------------------------------------------- Inferred 0.68 4.07 0.09 --------------------------------------------------------------- Notes: 1. Open pit Mineral Resources are reported above a 1g/t cut off inclusive of ROM/low grade stockpiles. Gold grades for the reported open pit resource have been determined using Multiple Indicator Kriging (MIK) based on block dimensions of 12.5m (east) x 25m (north) x 6m (elevation) and using a selective mining unit of 2m (east) by 5m (north) by 2.5m (elevation). Gold estimation and model blocks were constrained within geologically derived wireframes. Due to the homogenous nature of the data no top cut has been applied to the resource data prior to estimation. It is observed that higher values in the dataset have little influence on the grade of the deposit. 2. Underground Mineral Resources are reported above a 2.5g/t cut off and below the 2212mRL which is the base of the proposed Akwaaba open pit. Gold grades for the reported underground resource model have been determined using Ordinary Kriging (OK) with grades interpolated into parent blocks with dimensions of 5m (east) by 25m (north) by 10m (elevation). Gold estimation and model blocks were constrained within geologically derived wireframes. The Chirano Open Pit Reserves as at December 31, 2007 are: -------------------------------------------------------------- Chirano Open Pit Reserve Estimate ($700/0z) -------------------------------------------------------------- Tonnes Au Ounces Reserve Category (Mt) (g/t) (Moz) -------------------------------------------------------------- Proven 19.0 1.7 0.90 -------------------------------------------------------------- Probable 4.6 1.4 0.20 -------------------------------------------------------------- Stockpiles 1.2 1.1 0.04 -------------------------------------------------------------- Total 24.8 1.4 1.14 -------------------------------------------------------------- The Akwaaba Underground Ore Reserves are based on a Sub Level Open Stoping (SLOS) mining analysis and have increased by 80% since April 2007. The actual mining method which will be employed at Akwaaba Deeps is Sub Level Caving (SLC). Engineering work is ongoing to further restate the Akwaaba Deeps Underground Reserve based upon SLC, with an updated restatement expected by the end of the Second Quarter. It is anticipated that the final Reserve number is forecast to be approximately 1 Million ounces. The SLOS Ore Reserve estimate for Akwaaba Deeps as at 31 December 2007 is: ------------------------------------------------------------------- Akwaaba Deeps Underground Reserve Estimate (SLOS) ($700/0z) ------------------------------------------------------------------- Tonnes Au Ounces Reserve Category (Mt) (g/t) (Mozs) ------------------------------------------------------------------- Probable 4.10 5.9 0.77 ------------------------------------------------------------------- Notes 1. Variable cut-off grades were used to estimate the Open Pit inventories and form the Ore Reserve depending on material type and location with an average breakeven cut-off grade in the range of 0.60 g/t and 0.65 g/t. 2. The Underground Ore Reserve is based on Sub Level Open Stope design and comprises development and production (stope) ore. Development ore includes only the Indicated Resources that are intersected by the development headings. Production ore includes only the Indicated Resources and the defined dilution material in stopes, where the Inferred Resources comprised 5% or less of the total stope tonnes. 3. The reserve estimates are based upon a gold price of US$700/oz. Ongoing drilling at Chirano is now focused on testing and defining high grade mineralization below the existing surface deposits (11) and following up on numerous geophysical targets generated by a comprehensive survey carried out in 2007. As well, during the Second Quarter, drilling will commence on a series of deep holes aimed at testing the depth extension of Akwaaba Deeps up to 300m below the current resource. Commenting on the updated Mineral Resource and Ore Reserve figures, Richard Clark, President and CEO of the Company, stated, "Open Pit reserves at Chirano have held steady in an atmosphere of increasing costs. With new surface discoveries in 2008 we expect this trend to continue. Employing a conservative mining methodology, Reserves at Akwaaba Deeps have increased by 80%. We are confident that the completion of the Sub Level Caving design will see Reserves exceed 1 Million ounces. The potential for additional high grade mineralization at depth at Chirano is considered to be excellent and drilling in 2008 will test this potential. We look forward to reporting further resource and reserve upgrades at Chirano in 2008." 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 have been commenced. At Chirano, the Company is expanding its current operations through development of the Akwaaba Deeps underground mine. Red Back is continuing an aggressive exploration program to increase its resource and reserve base at both projects. The independent Resource estimate reported herein was undertaken by Nic Johnson (Member of the Australian Institute of Geoscientists) of Hellman and Schofield Pty. Ltd with more than five years experience in the use of geostatistics for estimation of recoverable resources in gold deposits. For the purpose of reporting under National Instrument 43-101 Mr. Johnson is regarded as a Qualified Person. The independent Ore Reserve estimate reported herein was undertaken under the supervision of Patrick Smith (Member of the Australasian Institute of Mining and Metallurgy), Principal Mining Engineer of AMC Consultants Pty Ltd with more than five years experience in Ore Reserve estimation. For the purpose of reporting under National Instrument 43-101 Patrick Smith is regarded as a Qualified Person. 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 VP - Exploration of the Company and a Member of the Australasian Institute of Mining and Metallurgy. Samples are prepared and analyzed by fire assay using a 50 gram charge at the Analabs facility in Bibiani, 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 at other Analabs laboratories worldwide. 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 Contacts Simon Jackson Red Back Mining Inc. VP - Corporate Development (604) 689-7842 Sophia Shane Red Back Mining Inc. Investor Relations (604) 689-7842 (604) 689-5452 (FAX) Website: www.redbackmining.com