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Market: TSX
Sector: Gold Mining
Epic: TSX-RBI
News: Latest news
Web Site: Redback Mining
Other Articles: 01-02-201015-01-201016-11-2009

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Redback Mining

Redback Mining

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.
Monday, February 01, 2010

Red Back Mining’s Tasiast Gold Mine resource keeps growing

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Red Back Mining ("Red Back") (TSX: RBI) reported another substantial increase in the measured and indicated resource at its flagship Tasiast Gold Mine in Mauritania. The combined measured and indicated resource now stands at 6.51 million ounces of gold - at a cut-off grade of 0.2 g/t gold for oxide material and 0.5g/t for fresh material –an increase of 21% in just three months.


“This large increase is the result of an ongoing drill program targeting the Greenschist Zone at West Branch,” Red Back reported, “From November 16, 2009 to December 31, 2009, approximately 50 holes (20,000m) were drilled in the Greenschist Zone. The new Resource represents only 500 metres of strike length of the Zone. Step out drilling since December 31, 2009 has extended the strike a further 400 metres.”


The mid-tier gold producer confirmed that a revised mineral reserve estimate is also being completed, due to be released in March. In the meantime, six rigs continue to drill, with a further 3 rigs on route. Red Back is expecting to complete 200,000 meters of drilling in the first half of 2010.


"The Greenschist Zone is a remarkable discovery and it is transforming Tasiast at a rapid pace. Exploration of the Zone is still in its infancy. The Zone remains open down dip and along strike to the north and the south,” Richard Clark, President and CEO stated, “The Tasiast mine is at the centre of an extensive Greenstone Belt which is completely controlled by Red Back. With an aggressive exploration program underway, we are excited by the potential for further significant expansions of Resources and Reserves at Tasiast and by the prospects for brand new discoveries along this prolific geological structure."

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