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Red Back Closes $110 Million Public Offering

Thursday, November 1st, 2007

Red Back Mining Inc. is pleased to announce that it has closed the previously announced public offering of 16,667,200 common shares at a price of CDN$6.60 per common share for gross proceeds of CDN$110,003,520 (the “Offering”). The Company filed a final short form prospectus in each of the provinces of Canada in connection with the Offering on October 23, 2007. Scotia Capital Inc. acted as lead underwriter in connection with the Offering together with a syndicate of underwriters that included GMP Securities L.P. and Cormark Securities Inc.
After deducting underwriters’ fees, the net proceeds of the Offering will be used to eliminate all obligations outstanding under Red Back’s current gold hedge book, to repay its credit facility and for general corporate purposes.
The Common Shares have not been and will not be registered under the United States Securities Act of 1933, as amended, or under any state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the United States of America and its territories and possessions except in certain transactions exempt from the registration requirements of such Act. This release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

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