CALGARY, ALBERTA, Mar. 3, 2010 (Marketwire) -- Rio Alto Mining Limited ("Rio Alto") (TSX VENTURE:RIO)(BVLAC:RIO)(DBFrankfurt:MS2) is pleased to announce that Rio Alto S.A.C., a wholly-owned Peruvian subsidiary of the Company, has acquired five mining concessions consisting of 4,300 hectares contiguous to the 20,673 hectares making up the Company's La Arena Project. In addition, Rio Alto has made application for another 1,500 hectares of mining concessions and expects that the application will be approved within two weeks.
Three of the recently acquired mining concessions are contiguous to and on the same geological trend as the La Arena gold / copper deposit and two concessions are adjacent to Barrick Gold Corporation's Lagunas Norte mining concessions.
Rio Alto is carrying out the technical and development work necessary to bring the La Arena gold oxide project into production by the end of 2010. The Company expects to release the results of an updated NI 43-101 technical report for the La Arena gold oxide project and gold/copper/molybdenum sulphide project before the end of March.
Rio Alto Mining Limited is focused on developing the La Arena Gold Oxide Project by the end of 2010 to become the next company in Peru to bring a gold project into production and to use cash flow from production to further develop its assets in Peru and Mexico.
To learn more about Rio Alto Mining Limited, please visit: www.rioaltomining.com
Forward Looking Statements
Certain statements contained herein constitute forward-looking statements, including the expected timing for the development of the La Arena Gold Oxide Project, the award of an additional 1,500 ha of mining concessions and the provision of an updated NI 43-101 technical report. 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 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
Feisal Somji, B.Sc., MBA, President and Chief Executive Officer
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.