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Auszug aus dem Sedar Statement- hört sich gut an.
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RED BACK MINING INC.
(formerly, Champion Resources Inc.)
ANNUAL REPORT TO SHAREHOLDERS
For the Year Ended December 31, 2003
The Board of Directors is pleased to present the following report to shareholders on the activities of the
Corporation during fiscal 2003 and its plans for the coming year.
2003 saw the opening of a whole new chapter in the life of the Corporation when it entered into an
agreement with Red Back Mining NL, an Australian gold company, to merge the two companies.
Shareholders recently approved the merger and change of name of the Corporation and on May 3, 2004,
following receipt of regulatory approval, the merger closed. The shares of the Corporation continue to
trade on the TSX-V in Vancouver, Canada, under the symbol “RBI” .
Red Back Mining NL and the Chirano Gold Project
Red Back Mining NL is the owner of the Chirano Gold Project (“Chirano”), located in the West African
country of Ghana, a country known for its rich and plentiful gold deposits.
Chirano is located 20 kilometres south of the Bibiani gold mine (230,000 ounces per year) owned by
Ashanti Goldfields Company Limited. Chirano currently has proven and probable reserves of 16.1 million
tonnes grading 2.1 grams per tonne for approximately 1 million ounces of gold. A bankable feasibility
study completed by Lycopodium Pty Ltd. of Perth, Australia concludes that at a gold price of US$325 per
ounce, an open pit mining operation at Chirano will produce approximately 930,000 ounces of gold over a
mine life of 6.5 years (130,000 ounces per year). Open pit optimization studies show the potential to
convert additional resource ounces (8 million tonnes inferred resources) into reserves at higher gold
prices.
A 10,000 metre drilling program commenced in December, 2003 at Chirano with the objective to convert
currently defined Inferred Resources into Ore Reserves and to test mineralization at depth to maximize
the economic size of the current pits with a higher gold price applied.
Results reported to date include:
? Discovery of blind, open-at-depth mineralized shoots in the Tano area (CHRC 572, 50m @
4.00g/t)
? Extension of the Akoti North and Akwaaba shoots to vertical depths of 180m (CHRC 559, 19m @
4.69g/t) and 150m (CHRC 537, 24m @ 3.05g/t) respectively. These shoots remain open at depth
? The intersection of economic mineralization (CHRC550, 77m @ 1.33g/t) below shallow portions
of current pit designs within the 3.5km long main pit complex
? Potential for discovery of additional blind mineralised shoots within structural hinge zones near
the southern and northern limits of the main pit complex
? Higher grade intersections within the Akwaaba satellite pit (CHRC 540, 7m @ 21.39g/t)
The results support management’s expectation of an increased size potential for Chirano and enhanced
project economics. Drilling will continue in 2004 to further develop the economic potential of Chirano.
Mineralization at Chirano is hosted in a major splay fault off the main Bibiani Shear. Gold lodes are
consistently 20-30 metres wide and to date have only been drilled to depths of 100 - 175 metres. Based
upon similar deposit types in Ghana, it is reasonable to expect additional resources at depth.
With the successful completion of the merger, the Corporation will look to finalize the necessary equity
and debt financing to commence and complete development of a mine at Chirano. Subject to market
conditions, construction is anticipated to commence in May, 2004. Construction completion is projected at
15 months from start up, which would see a first gold pour in the second quarter of 2005 at a projected
rate of 130,000 ounces per annum.
Chirano represents only a small part of Red Back’s extensive land holding in Ghana, including the
majority of the 200 kilometres of strike length of the Bibiani Shear structure which hosts the Chirano and
Bibiani deposits. To date Red Back has only systematically explored 10 kilometres of this structure. In
2004, Red Back will carry out exploration programs on all of its exploration projects, looking to make
another gold discovery to complement Chirano.
Farim Phosphate Deposit
Farim is a world class phosphate deposit located in Guinea Bissau on the coast of West Africa.
Resources at Farim exceed 166 million tonnes grading 29.1% P2O5, including 37 million tonnes grading
31% P2O5 scheduled for the first 15 years of mine life. Processed rock concentrate will grade 33% P2O5
with high recoveries, low CaO/P2O5 ratios and low quantities of deliterious elements such as cadmium.
Significantly, deposit characteristics are also amenable for production of a higher grade (36% P2O5)
product. With these reserves and grades and strategic transport location, Farim represents a unique
opportunity for competitive growth in the phosphate business.
The political situation in Guinea Bissau is stable and Farim has the full support of both the local and
national governments. The Corporation intends to continue to advance Farim towards a development
decision.
Administrative
During the course of the year, the Corporation raised $3,412,000 by way of private placement for general
working capital purposes and costs related to the merger.
Investor relations activities are carried out by Corporation personnel and include the design and
maintenance of a web site, investor information packages and well as corporate presentations.
Looking Forward
The Corporation would like to express its gratitude and thank its shareholders for their support and extend
a warm welcome to its new shareholders as a result of the merger. The Corporation is entering an
exciting new phase, and development of the Chirano gold project will launch the Corporation as a
significant new gold producer in the industry. The Corporation looks forward to many years of growth as
it not only develops Chirano to its full extent but explores its prime exploration properties in gold-rich
Ghana.
On Behalf of the Board,
Richard P. Clark
President
May 12, 2004

[Dickhaut]

Das hört sich sogar sehr gut an !!!
Heute +16% in Toronto.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Source CCNMatthews
Date 05/25/2004
Time 12:09:36 PM
Company RED BACK MINING INC.
Title Red Back Mining Inc.: Special Warrant Private Placement Oversubscribed;
$25 Million Total Financing

Den Rest könt ihr auf
www.tse.com, Kürzel RBI, nachlesen.

dickhaut

[Dickhaut]

Habt ihr eine Ahnung was mit Red back los ist- oder spielen da investmentbanker ihre spielchen ?
Seitdem hier die Champions resources leute mitmischen, scheint der Wurm drinnen.