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President's MessageMessage to shareholders from 2008 Second Quarter Report. The second quarter of 2008 saw Red Back Mining Inc. ("Red Back" or "the Company") report record consolidated operating profits from its two gold mines in West Africa along with healthy cash flow from operations. Highlights for the Second Quarter include:
Message to shareholders from 2008 First Quarter Report. The First Quarter of 2008 saw Red Back Mining Inc. ("Red Back" or "the Company") report record earnings and cashflow from its two gold mines in West Africa. These results reflect the significant steps taken during 2007 which have resulted in Red Back becoming debt free and unhedged moving into 2008. The Company is very pleased with its two African operations and looks forward to this strong performance continuing in 2008. The First Quarter results are a credit to Red Back's operations teams at both Chirano and Tasiast. more Message to shareholders from 2007 Annual Report. Red Back Mining Inc. ("Red Back" or "the Company") had an outstanding year in 2007:
more Message to shareholders from 2007 Third Quarter Report. This past Quarter saw the Company achieve a number of material milestones. Tasiast, Mauritania The acquisition of a 100% interest in the Tasiast gold project in Mauritania, West Africa successfully closed on 2 August, 2007. The purchase price was $276 Million which included the repayment of the project debt facility ($42.5 Million) and the retirement of the Tasiast hedge book ($10.1 Million). The Tasiast gold project has current resources of 2,395,000 ounces of gold (Measured + Indicated: 1,230,000 ounces @ 2.63 g/t and Inferred: 1,165,000 ounces @ 1.94 g/t) and Reserves of 1,040,000 ounces @ 2.75 g/t. The mine is within an extensive gold system that is largely under-explored. The deposit itself is open along strike and at depth. Tasiast is the first mine in the highly prospective 70 kilometre long by 15 kilometre wide north-south trending Archaen age greenstone belt, which is geologically similar to other Archaen greenstone belts in the world that host major gold deposits. more Message to shareholders from 2007 Second Quarter Report. During the Quarter the Company achieved a number of key successes. Ghana At Chirano a major resource/reserve definition program was completed in the Quarter optimizing open pit designs at a US$500 gold price. This resulted in a 33% increase in ore reserves over the last estimate in 2004. As at April 30, 2007 remaining surface ore reserves at Chirano are 24 million tonnes @ 1.6 g/t Au containing 1.2 million ounces. This is after mining almost 300,000 ounces since mid 2005. This new estimate was prepared by the Company's consultants AMC Consultants of Perth, Australia. more Message to shareholders from 2007 First Quarter Report. Towards its goal of becoming a leading international gold producer, the Company is pleased to report to shareholders that it recently signed an option agreement with Lundin Mining Corporation ("Lundin Mining") to acquire the Tasiast gold project in Mauritania, West Africa. The Tasiast project comprises a gold mine under development and extensive exploration licenses(+13,000 square kilometers). The Tasiast Gold Mine has current Resources of 3,395,000 ounces of gold (Measured + Indicated: 1,230,000 ounces @ 2.63 g/t Au + Inferred: 1,165,000 ounces @ 1.94 g/t Au) and current Reserves of 1,040,000 ounces @ 2.75 g/t Au. Construction of the mine is at an advanced stage with production start-up scheduled for mid-2007 at an initial rate of 108,000 ounces per year at an average grade of 3.25 g/t gold. more Message to shareholders from 2006 Annual Report. The year ended June 30, 2006 represents the most significant period in the history of the Company. This year saw the completion of the construction and commencement of production at the Company's Chirano Gold Mine in Ghana, West Africa. These achievements follow the successful raising of US$75 million in project financing and a construction period of only 14 months. Gold started to flow at Chirano in October 2005 and to June 30, 2006 the mine had produced 86,441 ounces at a cash cost of $269 per ounce. Profit from operations for the year was $8.3 million prior to charging financing costs, corporate costs, write-offs and minority interest. There have of course been challenges. The start-up phase at Chirano experienced short term water supply shortages as well as a series of plant mechanical problems, which included the failure, in March 2006, of one of the SAG mill drive motors. However, by year end these challenges had all been successfully met and operations are again meeting design parameters. In August 2006 Chirano produced a record 13,650 ounces of gold. more |
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