Red Back Mining Inc. Investment in Mineral Deposits Limited

MDL wishes to advise that it has today received notification from Red Back Mining Inc. of Vancouver, Canada that it has acquired approximately 62 million shares (12.8%) of MDL's issued capital. We understand that these shares were formerly controlled by hedge fund Ospraie Management of New York. Attached is Red Back's press release to the Canadian market.

To view the press release, please visit the following link: http://media3.marketwire.com/docs/redbackpr.pdf

The board of MDL has initiated a process to review strategic alternatives. It has appointed CIBC World Markets as its financial advisor in connection with this process.