Red Back Mining Inc. Vancouver, B.C. TSX: RBI is rapidly building a leading African gold producer.

Red Back's two key projects are the Chirano Gold Mine in Ghana and the Tasiast Gold Mine in Mauritania. In addition, the Company holds an extensive exploration portfolio both in Ghana and Mauritania

Operations

• Chirano Gold Mine in Ghana
• Tasiast Gold Mine in Mauritania.
• extensive exploration portfolio both in Ghana and Mauritania.

Highlights

The Company's highlights for the third quarter were:

• Total gold production of 60,003 oz (year-to-date, 188,181 oz), in line with forecast for the year.
• Average realized gold price of $853 per oz (year-to-date, $895 per oz) based on 63,504 oz of gold sold in quarter (year-to-date, 188,781 oz).
• Net income of $10.6 million (year-to-date, $53.9 million).
• Average monthly cash flow from operations, before changes in working capital, of $6.9 million (year-to-date, $8.6 million).
• Cash operating costs of $485 per oz (year-to-date, $441 per oz).
• Chirano and Tasiast plant expansions remain on target for commissioning in the first quarter of 2009.
• Akwaaba Deeps underground development remains on schedule with first delivery of ore to the mill in the fourth quarter of 2008.
• Commencement of construction of commercial dump leach pad at Tasiast.
• Purchase of a 12.8% interest in Mineral Deposits Limited, a Australian resource company with assets in Senegal, West Africa.

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.