Rio Alto Mining Limited

Published : February 09th, 2011

Announces Acquisition of 100% of La Arena Project

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Keywords :   Copper | Peru |

 

Rio Alto announces acquisition of 100% of la arena project

 

 

 

 

 

 

 

 

Rio Alto Mining Limited ("Rio Alto") (TSX VENTURE:RIO - News; OTCQX:RIOAF)(BVLAC:RIO)(DBFrankfurt:MS2) is pleased to announce that it has exercised its option and has acquired 100% of La Arena gold-copper project ("La Arena Project") located in north-central Peru upon payment of the exercise price of US$49 million cash.

Rio Alto entered into an option and earn-in agreement with IAMGOLD Quebec Management Inc. in June 2009 which provided it with an option to acquire 100% of La Arena S.A., the Peruvian company that owns La Arena Project, upon payment of payment of US$47.6 million cash, subject to certain adjustments and the completion of expenditure commitments.

Alex Black, President and COO of Rio Alto, stated, "The completion of the acquisition of the La Arena Project is another significant milestone for Rio Alto. This brings to a conclusion a four year relationship with IAMGOLD during which time our executive management team worked closely with IAMGOLD's senior management team in negotiating the acquisition terms for La Arena during a very difficult financial environment particularly in 2008 and advancing the gold oxide project through feasibility and construction during the past 18 months. We sincerely thank IAMGOLD for their support and confidence during that time."

Construction activities are nearing completion, mining equipment is arriving on site, plant commissioning will occur in March and the La Arena gold oxide project is on schedule to produce first gold in Q2, 2011.

Forward Looking Statements

This news release contains certain forward-looking information including statements concerning the expected timing for commissioning of a gold recovery plant and production of gold. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Rio Alto's disclosure documents on the SEDAR website at www.sedar.com. Rio Alto does not undertake to update any forward-looking information except in accordance with applicable securities laws.

To learn more about Rio Alto Mining Limited, please visit: www.rioaltomining.com or Rio Alto's SEDAR profile at www.sedar.com.

ON BEHALF OF THE BOARD OF RIO ALTO MINING LIMITED

Alex Black, President & COO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of this release.

Contact:

Alex Black
Rio Alto Mining Limited
President & COO
+511 99279 4655
+511 625 9900 (FAX)
alexb@rioaltomining.com

Alejandra Gomez
Rio Alto Mining Limited
Investor Relations
604.628.1401
866.393.4493 (FAX)
alejandrag@rioaltomining.com
www.rioaltomining.com

 

 

 

 

 

 

 

 

 

 

 

 

 

Data and Statistics for these countries : Peru | All
Gold and Silver Prices for these countries : Peru | All

Rio Alto Mining Limited

DEVELOPMENT STAGE
CODE : RIO.TO
ISIN : CA76689T1049
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Rio Alto is a copper and gold development stage company based in Canada.

Rio Alto develops copper, gold and silver in Peru, and holds various exploration projects in Mexico.

Its main asset in development is LA ARENA in Peru and its main exploration properties are ANILLO DE FUEGO, PROVIDENCIA, RAL ( LA IGUANA ), VALLECILLO, MAMULIQUE and LA BLANCA in Mexico.

Rio Alto is listed in Canada. Its market capitalisation is CA$ 793.2 millions as of today (US$ 798.5 millions, € 597.1 millions).

Its stock quote reached its lowest recent point on December 26, 2008 at CA$ 0.07, and its highest recent level on February 23, 2012 at CA$ 4.54.

Rio Alto has 175 886 000 shares outstanding.

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In the News and Medias of Rio Alto Mining Limited
1/31/2008Follow up N° 2
Annual reports of Rio Alto Mining Limited
2007 annual report
2007 Q1 report
2006 Q3 report
2006 annual report
Financings of Rio Alto Mining Limited
11/30/2010Completes First Tranche of Private Placement for C$12.8 Mill...
1/7/2009Extends Expiry Date of Outstanding Warrants
12/23/2008Proposes to Extend Expiry Date of Outstanding Warrants
Option Grants of Rio Alto Mining Limited
7/23/2009Name Change to Rio Alto Mining Limited and Grant of Stock Op...
5/25/2009Announces Grant of Stock Options
Nominations of Rio Alto Mining Limited
3/14/2011Announces Appointment of Victor Gobitz and Sidney Robinson t...
2/18/2011Announces the Departure of Feisal Somji
6/17/2008Appoints Jose Sayo Garcia as VP Exploration and Brings Addit...
Project news of Rio Alto Mining Limited
4/29/2011(La Arena)Drills 173 Metres of 1.53 Grams of Gold Per Tonne
2/9/2011(La Arena)Announces Acquisition of 100% of La Arena Project
8/5/2009(La Arena)La Arena Surface Rights and Project Update
6/29/2009(La Arena)Confirms Option Agreement on La Arena and Equity Position in...
7/7/2008(Mamulique)Commences First Phase Drilling at the Mamulique Project
6/4/2008(Ral ( La Iguana ))Reports Extension of Mantos in the First Phase of Drilling a...
5/12/2008(La Blanca)Discovers New High Grade Veins
3/25/2008(Vallecillo)Initiates IP Geophysics at Vallecillo
2/19/2008(Mamulique) Announces Positive Exploration Results and Drill Plan for t...
1/30/2008(Ral ( La Iguana ))Announces an Exploration Update on its Iguana Project
1/23/2008(Vallecillo)Reports further drill results from the Vallecillo drill prog...
Corporate news of Rio Alto Mining Limited
4/1/2015Tahoe Resources and Rio Alto Mining Announce Completion of M...
3/30/2015Announces Shareholder and Court Approval of the Plan of Arra...
3/16/2015Announces Net Income of US$49.8 Million for 2014
7/20/2011Drills 238 Metres of 1.06 Grams of Gold Per Tonne
6/15/2011Drills 134 Metres of 2.29 Grams of Gold Per Tonne
5/9/2011(La Arena)Pours 1,115 Oz of Gold at La Arena
6/30/2009Completes Acquisition of Rio Alto Mining Limited
6/22/2009Enters Definitive Agreement to Acquire Rio Alto Mining Limit...
3/10/2009Enters into Letter of Intent to Acquire Rio Alto Mining Limi...
2/25/2009at 2009 Prospectors & Developers Association of Canada Confe...
12/19/2008Featured on Business Television
11/19/2008Provides a Corporate Update and Initiates Review of Strategi...
4/23/2008 Grants and Re-Prices Options
4/8/2008 Announces the Addition of Jim Glass to Board of Directors
2/29/20082007 Q3 Report
1/28/2008Announces Exploration Results from the Magnolia Mine Area wi...
12/5/2007 Announces Positive Drill Assay Results From Vallecillo and ...
11/30/20072007 Q2 report
11/19/2007 Acquires the Voladora Mine in the State of Nuevo Leon
10/31/2007Increases Drill Program at Vallecillo
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