|By Marketwired .||
|May 15, 2014 08:00 AM EDT|
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/15/14 -- Rio Alto Mining Limited ("Rio Alto" or the "Company") (TSX:RIO)(NYSE:RIOM)(LMA:RIO)(DBFrankfurt:MS2) is pleased to report assay results from 19 reverse circulation ("RC") drill holes within and around the Calaorco Pit at the Company's La Arena Gold Oxide Mine located in La Libertad, northern Peru.
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 "December 2013 Report"), a copy of which is available under the Company's SEDAR profile at www.sedar.com.
The more significant intercepts were:
CA-R14-007 - 74 m @ 0.42 g/t Au, including 22 m @ 1.06 g/t Au, all of which being outside the 2014 Reserve Pit.
CA-R14-015 - 314 m @ 0.7 g/t Au, of which 166 m @ 0.80 g/t Au being outside the 2014 Reserve Pit.
CA-R14-016 - 230 m @ 0.97 g/t Au, of which 74 m @ 0.67 g/t Au being outside the 2014 Reserve Pit.
Rio Alto acquired the La Arena Gold Project in mid-2009 from IAMGOLD with the objective of bringing the mine into production as rapidly as possible. Twenty months later, the first gold bar at La Arena was poured and since then the Company has produced approximately 550,000 ounces of gold. The principal focus during the first two years of project ownership was to achieve gold production to allow the Company to generate cash flow and fund further expansion and development of the project from this cash flow. Exploration drilling was deferred during this period and only commenced after positive cash flow started to be generated by the project in early 2012.
Since 2012, oxide drilling has resulted in the gold oxide reserve increasing from 821,000 ounces at the beginning of 2011 to 1,056,000 ounces at the beginning of 2014 with approximately 500,000 ounces having been produced during the first two and half years of production. This represents an increase of approximately 780,000 ounces since mining commenced at La Arena.
The following results are from the first 19 RC holes drilled at Calaorco during 2014 with 13 out of the 19 holes intersecting gold mineralization above the mining cutoff grade. These drill holes were within ("Inside") and extended outside or below ("Outside") the 2014 gold oxide Reserve Pit.
The results of the recent 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 the possibility of extending mine life beyond 2019.
A total of 14,200 metres of RC drilling is currently planned to be completed during 2014, in and around the Calaorco Pit. The Company's geologists will interpret the data generated by this drilling program, once it is completed, with the objective of calculating an updated resource and reserve estimate for the gold oxide mineralization at La Arena. 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 northwest 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 Q1, 2015.
References to the comments in the following table refer to intercepts within ("Inside") the 2014 Reserve Pit or drill hole intercepts that extended outside or below ("Outside") the 2014 Reserve Pit. A map illustrating drill hole locations and selected drill hole cross sections related to this press release may be accessed by following this link.
Hole ID From To Interval Au g/t Ag g/t Cu ppm Comments ============================================================================ CA-R14-001 Not significant Intercepts CA-R14-002 Not significant Intercepts CA-R14-003 116 176 60 0.31 1.97 77 Inside Reserve Pit Including 116 134 18 0.72 3.56 151 Outside Reserve Pit CA-R14-003 190 218 28 0.44 1.04 176 Outside Reserve Pit CA-R14-004 6 26 20 0.14 0.13 28 Inside Reserve Pit CA-R14-004 92 110 18 0.15 0.21 28 Inside Reserve Pit CA-R14-004 120 168 48 0.38 0.92 36 Outside Reserve Pit CA-R14-005 Not significant Intercepts CA-R14-006 Not significant Intercepts CA-R14-007 12 94 82 0.62 0.62 101 Inside Reserve Pit CA-R14-007 110 138 28 0.19 0.32 16 Outside Reserve Pit CA-R14-007 150 164 14 0.16 0.33 44 Outside Reserve Pit CA-R14-007 202 276 74 0.42 0.51 83 Outside Reserve Pit Including 254 276 22 1.06 1.30 146 Outside Reserve Pit CA-R14-008 Not significant Intercepts CA-R14-009 30 90 60 0.18 0.36 52 Inside Reserve Pit CA-R14-009 112 272 160 0.40 0.71 68 Outside Reserve Pit Including 254 268 14 1.56 0.73 113 Outside Reserve Pit CA-R14-010 Not significant Intercepts CA-R14-011 Not significant Intercepts CA-R14-012 Not significant Intercepts CA-R14-013 28 44 16 0.29 0.73 16 Inside Reserve Pit CA-R14-013 66 76 10 0.23 0.74 17 Inside Reserve Pit CA-R14-013 108 118 10 0.16 0.32 23 Outside Reserve Pit CA-R14-013 132 150 18 0.18 0.32 21 Outside Reserve Pit CA-R14-013 166 248 82 0.25 0.26 66 Outside Reserve Pit Including 166 188 22 0.46 0.39 163 Outside Reserve Pit CA-R14-014 18 56 38 0.20 0.13 60 Inside Reserve Pit CA-R14-014 64 118 54 0.70 0.55 55 Inside Reserve Pit Including 82 86 4 1.26 1.15 24 Inside Reserve Pit Including 102 108 6 4.10 1.57 238 Inside Reserve Pit CA-R14-014 156 162 6 1.93 0.87 226 Outside Reserve Pit CA-R14-014 152 222 70 0.35 0.34 50 Outside Reserve Pit Including 206 210 4 1.12 0.30 133 Outside Reserve Pit CA-R14-014 232 282 50 0.74 0.19 88 Outside Reserve Pit Including 266 280 14 1.90 0.24 233 Outside Reserve Pit CA-R14-014 294 304 10 0.15 0.22 11 Outside Reserve Pit CA-R14-015 0 8 8 0.29 0.10 113 Inside Reserve Pit CA-R14-015 22 336 314 0.70 0.21 113 Inside Reserve Pit Including 22 26 4 2.15 0.10 432 Inside Reserve Pit Including 72 86 14 0.96 0.21 43 Inside Reserve Pit Including 96 110 14 2.18 0.53 72 Outside Reserve Pit Including 170 336 166 0.80 0.24 137 Outside Reserve Pit CA-R14-016 0 230 230 0.97 0.72 78 Inside/Outside Reserve Pit Including 0 36 36 2.75 1.11 28 Inside Reserve Pit Including 156 230 74 0.67 0.70 123 Outside Reserve Pit Including 214 230 16 1.38 1.99 242 Outside Reserve Pit CA-R14-017 0 164 164 0.45 0.17 80 Inside/Outside Reserve Pit Including 40 48 8 1.72 0.23 372 Inside Reserve Pit Including 82 94 12 1.69 0.15 269 Inside Reserve Pit CA-R14-017 206 226 20 0.23 0.10 17 Outside Reserve Pit CA-R14-018 102 210 108 0.20 0.80 32 Inside Reserve Pit Including 114 128 14 0.82 1.63 73 Outside Reserve Pit CA-R14-019 30 78 48 0.72 0.68 69 Inside Reserve Pit Including 38 68 30 1.04 0.67 94 Inside Reserve Pit CA-R14-019 88 138 50 0.21 0.65 22 Inside Reserve Pit CA-R14-019 172 210 38 0.49 1.22 211 Outside Reserve Pit Including 182 192 10 0.85 1.78 80 Outside Reserve Pit CA-R14-019 224 241 17 0.32 0.35 32 Outside Reserve Pit
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 (the "Report"). 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. All silver assays reported in the press release were obtained by Aqua-Regia dissolution followed by ICP measurement. CERTIMIN is an ISO 9001:2000 certified laboratory.
Phase II Update
Good progress is being made in respect to the completion of the feasibility study for the Phase II copper/gold project at La Arena. On January 6, 2014, the Company announced that it had received formal notification from the Ministry of Energy and Mines of Peru that approval had been given for modifications to its Environmental Impact Study (EIA) for the La Arena Project Gold Oxide Mine. This EIA modification allows Rio Alto to apply for permits for a future Phase II open pit sulphide mine, construct an 18,000 tonne per day copper/gold concentrator, expand the current waste dump facilities to accommodate sulphide waste and to use the Calaorco Pit for tailings deposition once open pit oxide reserves are exhausted. However, the recent increase in the size of the adjacent gold oxide deposit and possible expansion of the oxide resources and reserves as a consequence of the ongoing drill program, has meant that the general layout of the Phase II infrastructure needs to be revised. It is important that none of the Phase II infrastructure, such as process plant, conveying systems, stockpiles and waste dumps are impeding the possible future expansion of the oxide mine and its associated infrastructure. This revision of the general layout has meant that the completion of the feasibility study will be delayed until later in the year. Current estimates for timing are sometime in Q4, 2014.
"We are all excited at the results coming out of our current oxide drilling program at La Arena. It is hoped that the program underway can increase the size and life of the gold oxide mine and provide our technical team with a better understanding of what the optimal general layout for Phase II should be. La Arena has been a great project from the outset and continues to evolve positively for all stakeholders involved," commented Alex Black, President & CEO.
Mr. Enrique Garay, MSc. P.Geo (AIG Member), Vice President Geology of Rio Alto, is the Qualified Person (as defined by NI 43-101) responsible for managing the Company's exploration programs and disclosure of drilling results. Mr. Garay has read and approved the scientific and technical information in this news release.
For additional information regarding La Arena Project please refer to the December 2013 Report prepared on behalf of the Company by Mining Plus Peru S.A.C., a copy of which is available on the Company's SEDAR profile at www.sedar.com.
Certain statements contained herein constitute forward-looking statements, most particularly the potential to increase the resource and reserve estimate of the gold oxide mineralization at La Arena Project, the timing for the completion of an updated resource and reserve estimate for the gold oxide mineralization at La Arena Project, to extend the life of La Arena Gold Oxide Mine and the timing for the completion of a feasibility study for the La Arena copper/gold sulphide project. 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 www.sedar.com. 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.
ON BEHALF OF THE BOARD OF RIO ALTO MINING LIMITED
Alex Black, President, CEO & Director
SYS-CON Events announced today that Catchpoint, a global leader in monitoring, and testing the performance of online applications, has been named "Silver Sponsor" of DevOps Summit New York, which will take place on June 7-9, 2016 at the Javits Center in New York City. Catchpoint radically transforms the way businesses manage, monitor, and test the performance of online applications. Truly understand and improve user experience with clear visibility into complex, distributed online systems.Founde...
Dec. 1, 2015 04:15 AM EST
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facin...
Dec. 1, 2015 03:30 AM EST Reads: 528
I recently attended and was a speaker at the 4th International Internet of @ThingsExpo at the Santa Clara Convention Center. I also had the opportunity to attend this event last year and I wrote a blog from that show talking about how the “Enterprise Impact of IoT” was a key theme of last year’s show. I was curious to see if the same theme would still resonate 365 days later and what, if any, changes I would see in the content presented.
Dec. 1, 2015 03:00 AM EST Reads: 467
The revocation of Safe Harbor has radically affected data sovereignty strategy in the cloud. In his session at 17th Cloud Expo, Jeff Miller, Product Management at Cavirin Systems, discussed how to assess these changes across your own cloud strategy, and how you can mitigate risks previously covered under the agreement.
Dec. 1, 2015 03:00 AM EST Reads: 102
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Dec. 1, 2015 03:00 AM EST Reads: 468
Most of the IoT Gateway scenarios involve collecting data from machines/processing and pushing data upstream to cloud for further analytics. The gateway hardware varies from Raspberry Pi to Industrial PCs. The document states the process of allowing deploying polyglot data pipelining software with the clear notion of supporting immutability. In his session at @ThingsExpo, Shashank Jain, a development architect for SAP Labs, discussed the objective, which is to automate the IoT deployment proces...
Dec. 1, 2015 01:15 AM EST Reads: 119
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...
Dec. 1, 2015 01:00 AM EST Reads: 435
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company Logz.io. In the past, he was co-founder of social-trading platform Currensee, which...
Nov. 30, 2015 10:00 PM EST Reads: 286
Countless business models have spawned from the IaaS industry – resell Web hosting, blogs, public cloud, and on and on. With the overwhelming amount of tools available to us, it's sometimes easy to overlook that many of them are just new skins of resources we've had for a long time. In his general session at 17th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, an IBM Company, broke down what we have to work with, discussed the benefits and pitfalls and how we can best use them ...
Nov. 30, 2015 03:45 PM EST Reads: 106
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 30, 2015 03:15 PM EST Reads: 248
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Nov. 30, 2015 03:00 PM EST Reads: 494
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Nov. 30, 2015 02:00 PM EST Reads: 372
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
Nov. 30, 2015 01:45 PM EST Reads: 436
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Nov. 30, 2015 01:45 PM EST Reads: 438
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Nov. 30, 2015 01:00 PM EST Reads: 541