Something I found on the Nasdaq Rio Alto Announces Acquisition...

Something I found on the Nasdaq

Rio Alto Announces Acquisition of 100% of La Arena Project


CALGARY, ALBERTA -- (MARKET WIRE) -- 02/09/11 -- Rio Alto Mining Limited ("Rio Alto") (TSX VENTURE: RIO)(OTCQX: RIOAF)(BVLAC: RIO)(DBFrankfurt: MS2) is pleased to announce that it has exercised its option and has acquired 100% of La Arena gold-copper project ("La Arena Project") located in north-central Peru upon payment of the exercise price of US$49 million cash.

Rio Alto entered into an option and earn-in agreement with IAMGOLD Quebec Management Inc. in June 2009 which provided it with an option to acquire 100% of La Arena S.A., the Peruvian company that owns La Arena Project, upon payment of payment of US$47.6 million cash, subject to certain adjustments and the completion of expenditure commitments.

Alex Black, President and COO of Rio Alto, stated, "The completion of the acquisition of the La Arena Project is another significant milestone for Rio Alto. This brings to a conclusion a four year relationship with IAMGOLD during which time our executive management team worked closely with IAMGOLD's senior management team in negotiating the acquisition terms for La Arena during a very difficult financial environment particularly in 2008 and advancing the gold oxide project through feasibility and construction during the past 18 months. We sincerely thank IAMGOLD for their support and confidence during that time."

Construction activities are nearing completion, mining equipment is arriving on site, plant commissioning will occur in March and the La Arena gold oxide project is on schedule to produce first gold in Q2, 2011.