Rio Alto Mining: $24.25 Million Accessed to Build La Arena Gold Mine

Rio Alto Mining Limited (TSX VENTURE:RIO)(BVLAC:RIO)(DBFrankfurt:MS2) reported that the company has entered into terms for a gold prepayment agreement in the amount of US$24.25 million with a New York-based, private institutional investor.

The press release is quoted as saying:

At closing the Company will pay a cash fee of US$750,000 for assistance in arranging the prepayment agreement. Net proceeds from the agreement will be used to develop the La Arena gold oxide project in Peru.

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