VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 11/10/14 — Rio Alto Mining Limited („Rio Alto“ or the „Company“) (TSX: RIO)(LMA: RIO)(NYSE: RIOM) announces that its net income for the quarter ended September 30, 2014 was $21.3 million or $0.08 per share. Cash provided by operations for the quarter amounted to $30.9 million. The World Gold Council („WGC“) adjusted operating cost was $538 per ounce for the quarter.
Highlights for the quarter included:
„Strong operational and financial performance continued at La Arena during Q3. Our management team continues to focus on the optimization of costs at the mine which has resulted in the Company beating its financial guidance for the first three quarters of the year, and we expect that this trend will continue during the remainder of 2014. As well, we are very happy to have completed the acquisition of Sulliden during Q3. Our management team looks forward to applying the experience we gained transforming La Arena into a producing gold mine to executing and delivering the timely development of the Shahuindo Gold Project,“ commented Alex Black, President & CEO.
During Q3, Rio Alto closed its acquisition of Sulliden and is in the process of completing re-engineering studies to determine the capital cost and timing of the starter gold project the Company intends to build at Shahuindo during 2015. Official guidance for the timeline and capital expenditures of the Shahuindo Gold Project will be publicly released by the end of November 2014. The Company also anticipates the feasibility study for the La Arena Phase II Copper/Gold Sulphide Project by early 2015 in preparation for a new mineral resource and reserve statement for La Arena to be released during Q1 2015.
This release should be read in conjunction with Rio Alto–s Q3 2014 financial statements and related Management–s Discussion and Analysis which may be found at the Company–s website, on the SEDAR website and on the EDGAR website.
Forward Looking Statements
Certain statements contained herein constitute forward-looking statements, most particularly the timing of the started gold project at Shahuindo, the timing of results for the re-engineering studies currently planned for that property, the timing for the first gold pour at Shahuindo, and the timing for a new mineralized resource and reserve statement for La Arena. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Rio Alto believes the expectations reflected in these forward looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements in this press release should not be unduly relied upon. 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 . Forward-looking statements included in this press release are made as of the date of this press release and Rio Alto disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
To learn more about Rio Alto Mining Limited, please visit: or Rio Alto–s SEDAR profile at .
ON BEHALF OF THE BOARD OF RIO ALTO MINING LIMITED
Kathryn Johnson, Chief Financial Officer
Contacts: Rio Alto Mining Limited Kathryn Johnson CFO 604.628.1401 866.393.4493 (FAX)
Rio Alto Mining Limited Alejandra Gomez Investor Relations 604.628.1401 866.393.4493 (FAX)
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