Red Back Announces Bought Deal Upsized to C$60 Million

Red Back Mining Inc. (the "Company" or "Red Back") (TSX:RBI) announces that, in response to strong investor demand, it has upsized their previously announced bought deal of C$40,005,000 (11,430,000 Common Shares) to C$60,025,000 (17,150,000 Common Shares). The offering was led by Scotia Capital Inc. and BMO Capital Markets. The Offering is expected to close on or about December 11, 2008 and is subject to regulatory and stock exchange approvals.

Proceeds from the Offering will be used to fund capital expansion projects currently underway at Tasiast and Chirano, 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 or to, or for the account or benefit of, United States persons 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.

FORWARD-LOOKING INFORMATION

This press release contains "forward-looking information" that is based on Red Back's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Red Back's plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "intend", "estimate", "plan", "forecast", "project", and "believe" or other similar words and phrases are intended to identify forward-looking information.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Red Back's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to drilling results; the ability to raise sufficient capital to fund exploration; changes in economic conditions or financial markets; changes in prices for Red Back's mineral products or increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters.

This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Red Back disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.

ON BEHALF OF THE BOARD:

Richard P. Clark, President

SOURCE: Red Back Mining Inc.

Red Back Mining Inc. (604) 689-7842 Website: www.redbackmining.com