Mr. Alex Black reports

RIO ALTO ANNOUNCES NET INCOME OF $15.9 MILLION FOR Q3 2013

Rio Alto Mining Ltd.'s net income was $15.9-million or nine cents per share for the quarter ended Sept. 30, 2013. Cash provided by operations for the quarter amounted to $35.5-million. Adjusted production cost was $569 per ounce for the quarter.

Highlights for the quarter included:

• Gold produced was 59,157 ounces that were sold at an average price of $1,310 per ounce.
• Adjusted net income amounted to $17-million (10 cents per share).
• Adjusted production cost per ounce was $569.
• All-in sustaining costs per ounce were $808.
• All-in costs per ounce were $961.
• Net income amounted to $15.9-million (nine cents per share).
• Cash provided by operations was $35.5-million.
• Capital investments amounted to $19.4-million and exploration spending was $2-million.

Management is reducing La Arena's 2013 adjusted production cost guidance to approximately $650 per ounce from the previous range estimate of $675 to $725 per ounce. Management is maintaining its gold production guidance of 190,000 to 210,000 ounces for the year.

The review and optimization of mining operations at La Arena continue with the objective of reducing the all-in sustaining cost for the remainder of the oxide mine life. An updated resource and reserve statement for the gold oxide deposit is being worked on and is scheduled for public release in first quarter 2014. Good progress is also being made in respect to the completion of a definitive feasibility study for the company's phase II project which is currently scheduled for completion in second quarter 2014.

"The management team at La Arena continues to deliver excellent results in respect to gold production and the lowering of operating costs. We are looking forward to an even stronger operating performance and financial result in fourth quarter," commented Alex Black, president and chief executive officer.

This release should be read in conjunction with Rio Alto's third quarter 2013 financial statements and related management's discussion and analysis which may be found at the company's website, on the SEDAR website and on the EDGAR website.

We seek Safe Harbor.