VANCOUVER, BRITISH COLUMBIA, May 7, 2010 (Marketwire) -- Red Back Mining Inc. (TSX:RBI) (the "Company" or "Red Back") is pleased to advise that it has closed the C$600 million private placement financing with Kinross Gold Corporation ("Kinross") (News Release: May 4, 2010).
Kinross now holds 24 million common shares of Red Back representing approximately 9.4% of Red Back's issued and outstanding common shares. The shares are subject to a statutory four month hold period.
About Red Back
Red Back is an unhedged African focused gold producer. It owns and operates the Chirano Gold Mine in Ghana and the Tasiast Gold Mine in Mauritania and continues to expand the potential of those operations. In addition to its two mines, the Company holds an extensive exploration portfolio in West Africa.
On behalf of the Board of Directors
Richard P. Clark, President