Good
morning!
Please
find enclosed a news release issued this morning. If you have any
questions or require further information, please do not hesitate to call.
Best
regards,
Sophia
Shane
Ph.
604-689-7842
OBRA MINERALIZATION
EXTENDS TO DEPTH
February 21, 2007… (RBI
- TSX) … Red Back Mining Inc.
(the “Company” or “Red Back”) is pleased
to report that it has almost completed a major resource drill out at its
Chirano gold mine in Ghana
and expects to announce updated resources and reserves early in the second
quarter of 2007. Current reserves at Chirano were calculated in 2004 at a US $375
gold price.
As part of the reserve/resource upgrade program,
recent drilling at the Obra deposit (41% of the current Chirano reserve) has
targeted inferred resources below the presently designed pit shell. The table
below lists results from significant infill holes in this area.
Hole ID
|
From (m)
|
To (m)
|
Interval1 (m)
|
Grade
(g/t gold)
|
CHRC602D
|
219
|
347
|
128
|
1.75
|
incl
|
313
|
343
|
30
|
4.01
|
CHRC676D2
|
302.3
|
399.6
|
97.3
|
1.77
|
CHRC848D
|
243.2
|
409
|
165.8
|
1.81
|
incl
|
303.5
|
343
|
39.5
|
3.86
|
CHRC856D
|
258.4
|
354.7
|
96.3
|
2.14
|
incl
|
323
|
348
|
25
|
4.36
|
CHRC877D
|
130
|
265
|
135
|
2.76
|
incl
|
247.9
|
264
|
16.1
|
7.61
|
1These intercepts represent true mineralized widths of
between 60 and 85 metres.
2Previously released hole.
Drilling continues to demonstrate the potential for
increasing current reserves at Obra through conversion of inferred resources
and the material extension of mineralization at depth. The widening of the host
intrusive up to true widths of 85 metres and the discovery of several high
grade intercepts at depth significantly add to the potential of the Obra
deposit.
Commenting on the results, Richard Clark, President
and CEO of the Company stated, “Historically, the possibility of
extending the Chirano mineralization to depth has received minimal attention.
Recent drilling however, particularly below the Obra deposit, demonstrates a
continuation of mineralization with an associated increase in both width and
grade. These results, coupled with the exciting high grade underground
discovery at the Akwaaba deposit, clearly demonstrate the potential for Chirano
to grow significantly.
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. 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
For further information, please
contact Sophia Shane at 604-689-7842