Click here to close now.




















Welcome!

News Feed Item

Alto Produces a Record 214,742 Ounces of Gold in 2013

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/21/14 -- Rio Alto Mining Limited ("Rio Alto" or the "Company") (TSX: RIO)(BVL: RIO)(NYSE: RIOM)(DBFrankfurt: MS2) is pleased to announce that its La Arena Gold Mine produced and sold a quarterly record of 70,551 ounces of gold during the three months ended December 31, 2013 (214,742 ounces of gold poured for the twelve months ended December 31, 2013 compared to guidance of 190,000 to 210,000 ounces for the year).

Ore and waste production from the La Arena Gold Mine for the fourth quarter of 2013 was:


                     Actual              Planned            Difference
                    Tonnes  Au gpt      Tonnes  Au gpt  Tonnes/Ozs   Au gpt
              --------------------------------------------------------------

Ore mined        4,077,748    0.59   3,632,000    0.61     445,748    (0.02)
Waste mined      5,163,924           5,858,000            (694,076)

Ounces poured       70,551              58,808              11,743

Production for 2013 was:


                     Actual              Planned            Difference
                    Tonnes  Au gpt      Tonnes  Au gpt  Tonnes/Ozs    Au gpt
              --------------------------------------------------------------

Ore mined       14,507,292    0.59  13,417,000    0.54   1,090,292      0.05
Waste mined     22,997,357          23,373,000            (375,643)

Ounces poured      214,742             200,181              14,561

Gold production exceeded plan for the year due to better than expected ore grade of 0.59 gpt compared to planned grade of 0.54 gpt and tonnes of ore mined exceeding plan by 8 per cent.

2014 Production and Cost Guidance

The Company forecasts producing between 190,000 and 210,000 ounces of gold in 2014 at adjusted operating costs forecasted to be in the range of $629 to $695 per ounce of gold sold. All-in sustaining costs - including selling, general and administrative costs, exploration, and sustaining capital - are forecast to fall within a range of $824 to $911 per ounce and all-in costs within a range of $990 to $1,094 per ounce for the year.

The 2014 production forecast and operating cost estimates are based on the following assumptions:


--  Gold recovery of 87 per cent from the run of mine, dump leach operation;
--  Throughput: 32,000 tpd ore;
--  Average grade: 0.62 gpt Au;
--  Waste-to-ore ratio of 1.63:1;
--  Diesel of $4.00 per gallon; and
--  Peruvian Sol : United States dollar foreign exchange rate of 2.8:1.

Rio Alto's 2014 cost per ounce projection is based on sales of between 190,000 and 210,000 ounces of gold and the following cost estimates:


                                                    $(000's)       Per Ounce
----------------------------------------------------------------------------
Mining                                                73,608
Processing & power                                    17,477
Worker profit participation                            7,321
Mine & Lima administration                            32,877
Refining costs net of silver revenue                     734
----------------------------------------------------------------------------
Adjusted operating costs                             132,017    $629 to $695
----------------------------------------------------------------------------
Corporate administration                               2,711
Reclamation                                            3,000
Sustaining capital                                    35,373
----------------------------------------------------------------------------
All-in sustaining costs                              173,101    $824 to $911
----------------------------------------------------------------------------
Phase II capital                                      26,069
Exploration                                            8,229
Other                                                    500
----------------------------------------------------------------------------
Total All-in Costs                                   207,899  $990 to $1,094
----------------------------------------------------------------------------

The Company expects these parameters to fluctuate during the year. The 2014 forecast should be treated as full-year average estimates. Quarterly results will vary from these estimates.

Looking beyond 2014, the Company will complete an update of the gold oxide resources and reserves at La Arena in February. In conjunction with the reserve estimate, the Company will release an updated life of mine production plan, financial model and sustaining capital estimate for the oxide mine.

2014 Capital Budget

The 2014 La Arena sustaining capital budget is $35.4 million and includes the key items outlined below:


Pad Construction                                               $20.8 million
Waste Dump Construction                                         $4.0 million
Acid Water Treatment Plant                                      $2.2 million
Local school expansion                                          $0.8 million

2014 Phase II Budget

The 2014 La Arena Phase II budget is $26 million which includes feasibility study costs, power line and substation and surface rights acquisition.

2014 Exploration budget

The Company plans to drill approximately 14,500 metres of reverse circulation (RC) infill and extension drilling around the Calaorco open pit during 2014 with the objective of adding to the existing resources and reserves. Approximately 5,000 metres of RC exploration drilling is also planned for each of the Carmen and El Alizar exploration targets located on the 27,000 hectare land package at La Arena. Also planned is approximately 10,000 metres of condemnation and scout drilling in the immediate area surrounding the La Arena oxide mine and areas designated for infrastructure for the future sulphide mine.

The cost of exploration activities and drilling is estimated to amount to $8.2 million.

"The production of 214,742 ounces of gold from the second year of commercial production at the La Arena Gold Mine significantly exceeded management's expectations and was due in large part to the hard work and focus of the Lima based management team and everyone involved in mine operations. The board of directors would like to express its appreciation for the commitment and effort of everyone involved in the mine development and its operation and looks forward to a solid performance in 2014 despite challenging market conditions", commented Alex Black, President & CEO.

Rio Alto intends to release its Q4 and 2013 financial results in late March.

The Company's exploration programs are designed and managed by Enrique Garay, M Sc. P. Geo. (AIG Member), Vice President Geology of Rio Alto who is a qualified person within the meaning of National Instrument 43-101 of the Canadian securities regulators and who has reviewed the contents of this news release.

Forward-Looking Statements

This news release contains certain forward-looking information including statements concerning expected timing for completion of a feasibility study, future production, capital spending plans, exploration programs and cost performance and the timing for the preparation of an updated oxide resource and reserve estimate. 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 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 & CEO

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of tech...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advance...
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ET...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of ...
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...