Rio Alto (TSX:RIO, StockForum), a Vancouver-based resource firm engaged in the development of the La Arena gold/copper project, announced production results during the three months ending March 31, 2014 at La Arena located in north central Peru.
According to the news release, the mine produced 53,463 ounces gold during Q1 2014 versus the 36,355 ounces gold poured at La Arena for the matching 2013 quarter.
Gold production at the mine surpassed Rio's plan for the quarter because the company mined 680,569 more tonnes of ore than what was initially budgeted which was partially offset by a 0.06 gpt lower than plan ore grade.
The company believes it remains on target of its previous production guidance of 200,000 to 220,000 ounces gold during 2014.
In other news, Rio intends to release financial results on May 9, 2014 before trading commences with an annual general meeting scheduled to be held 11am EST on May 12, 2014 at the Trump International Hotel located in Toronto. There will also be a live audio broadcast of the event that shareholders and investors are welcomed to take part in.
Rio Alto was in the news recently when the company announced management changes two days ago.
Currently there are 177.0m outstanding shares with a market cap of $391.1 million.