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rio alto mining ltd (RIO) Details

Rio Alto Mining Limited, together with its subsidiaries, is engaged in the acquisition, exploration, development, and mining of mineral properties in Latin America. The company explores for gold oxide, copper/gold sulphide, copper, and silver properties. It holds interest in the La Arena mineral project, which consists of 20,673 hectares in 44 concessions located to the north-northwest of Lima, Peru. The company was formerly known as Mexican Silver Mines Ltd. and changed its name to Rio Alto Mining Limited in July 2009. Rio Alto Mining Limited is headquartered in Vancouver, Canada.

747 Employees
Last Reported Date: 03/28/14

rio alto mining ltd (RIO) Top Compensated Officers

Chief Executive Officer, President, Non-Indep...
Total Annual Compensation: $500.0K
Mining Manager of La Arena S.A.
Total Annual Compensation: $373.1K
Vice President of Operations
Total Annual Compensation: $366.6K
Vice President of Peru Corporate Affairs
Total Annual Compensation: $245.0K
Total Annual Compensation: $500.0K
Compensation as of Fiscal Year 2013.

rio alto mining ltd (RIO) Key Developments

Rio Alto Mining Limited Reports Production Results at its La Arena Gold Mine for the Third Quarter and Nine Months Ended September 30, 2014; Maintains Gold Production Guidance for the Year 2014

Rio Alto Mining Limited reported production results at its La Arena Gold Mine for the third quarter and nine months ended September 30, 2014. For the period, the company has produced 56,368 ounces of gold against 59,157 ounces of gold poured for the three months ended September 30, 2013. For the nine months, the company has produced 164,347 ounces compared with 143,940 ounces for the nine months ended September 30, 2013. The company maintains its previous gold production guidance of 200,000 to 220,000 ounces of gold in 2014.

Rio Alto Mining Limited Reports Assay Results from 29 Reverse Circulation Drill Holes

Rio Alto Mining Limited reported the assay results from 29 reverse circulation drill holes drilled between May and August 2014 within and around the Calaorco Pit at the Company's La Arena Gold Oxide Mine located in La Libertad, northern Peru. The Calaorco Pit is the primary source of Rio Alto's current gold production. These results are in addition to the results from 19 RC drill holes. The 2014 phase of oxide drilling in and around the Calaorco Pit is now completed and comprised of 48 RC drill holes for a total of 12,119 metres drilled. Reference is made to the 2014 oxide gold Reserve Pit which is detailed in the La Arena Project Technical Report with an effective date of December 31, 2013, prepared on behalf of the Company by Mining Plus Peru S.A.C. The more significant intercepts of the latest 29 RC drill holes are: CA-R14-022 - 168 m @ 0.38 g/t Au, of which 14 m @ 1.54 g/t Au being Outside the 2014 Reserve Pit. CA-R14-48 - 156 m @ 0.54 g/t Au, of which 30 m @ 1.54 g/t Au being Outside the 2014 Reserve Pit. In addition, 27 out of the 29 drill holes intersected gold mineralization at grades above the current mining cut-off grade. Of the total 48 RC drill holes completed during 2014, 10 RC drill holes ended in oxide mineralization, namely: CA-R14-007 (16 m @ 1.28 g/t Au); CA-R14-016 (16 m @ 1.38 g/t Au); CA-R14-019 (18 m @ 0.32 g/t Au); CA-R14-023 (20 m @ 0.48 g/t Au); CA-R14-025 (42 m @ 0.76 g/t Au); CA-R14-027 (10 m @ 0.41 g/t Au); CA-R14-034 (12 m @ 1.83 g/t Au); CA-R14-038 (46 m @ 0.65 g/t Au); CA-R14-040 (76 m @ 1.06 g/t Au); and CA-R14-043 (34 m @ 0.81 g/t Au). Oxide mineralization within and around the Calaorco Pit is still open, and exhibiting strong gold grades, in three directions: to the west, to the north and at depth. These target areas will be further tested by a RC drill program currently being planned for 2015. The results of the 2014 oxide drilling program demonstrate that a large amount of oxide brecciated sandstone mineralization (the main mineral type at La Arena) lies outside the 2014 Reserve Pit. The results are very encouraging and indicate the potential to increase oxide gold resources and reserves and extending mine life. Updated resource and reserve modeling for the gold oxide mineralization at La Arena is currently underway. Management expects that this drilling program has the potential to allow positive changes to be made to the resource block classification, define new resource blocks and given that the deposit is open to the north, west and at depth, identify new areas to test in order to further increase resources and reserves in the future. The updated resource and reserve estimate for the gold oxide mineralization at La Arena is expected to be released in first quarter of 2015. Sampling of the reverse circulation drilling and sample preparation were performed by Rio Alto personnel and were carried out under strict protocols recommended in the NI 43-101 Technical Report dated July 31, 2010 prepared by Coffey Mining Pty Ltd. for the Company. Samples were taken every 2m and split in half to yield seven to ten kilogram samples. Drill sample recovery was generally in excess of 90%. Rio Alto has a rigorous QA/QC program over the chain-of-custody of samples and the insertion of blanks, duplicates, and certified reference standards in each batch of samples. Samples were shipped to CERTIMIN in Lima where they were dried, crushed, pulverized, and assayed. All gold assays were obtained by standard 50g fire assaying with AA finish.

Rio Alto Mining Provides Production Guidance for the Year 2014

Rio Alto Mining provided production guidance for the year 2014. For the year, the company expects gold production of 200,000 ounces to 220,000 ounces. Shahuindo is projected to start producing 85,000 oz/y gold at a $550/ounces cash cost by early 2016. The company also plans to complete a study for an 18,000t/d, $300 million copper-gold operation at La Arena by the end of the year, including a 14,200 meters drill program.


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