RIO Rio2 Limited New

Rio Alto Mining Limited ("Rio Alto" or the "Company") (TSX VENTURE:RIO)
(BVLAC:RIO) (DB FRANKFURT:MS2) and (A0MSLE) is pleased to announce that it is
undertaking a private placement of its common shares (the "Shares"). Kallpa
Securities S.A.B. ("Kallpa") will act as the agent to offer the Shares on a
commercially reasonable best efforts basis to qualified South American
investors. Kallpa was the sponsoring broker for Rio Alto's recent listing on the
Bolsa de Valores de Lima. Shares may also be offered to qualified investors
outside of South America on a non-brokered basis.


The minimum gross proceeds of the offering will be $3 million based on an issue
price of $0.36 per Share. The issue price was determined by the Company and
Kallpa in the context of the market. Completion of the private placement is
subject to customary conditions including, but not limited to, the approval of
the TSX Venture Exchange. Closing is expected to occur on or before November 30,
2009. Net proceeds of the offering will be used by the Company for development
of the La Arena Gold Oxide Project and general corporate purposes.


Rio Alto plans to bring the La Arena Gold Oxide Project, in Peru, into
production during 2010 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. Financial information and other information
can also be found at the Company's profile at www.sedar.com


Forward Looking Statements

Certain statements contained herein constitute forward-looking statements,
including the expected amount of and use of proceeds and timing of the closing
of a private placement of the Company's common shares and for the development of
the La Arena Gold Oxide Project. 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 should not be unduly relied upon. Closing of
the private placement could be delayed if Rio Alto cannot obtain necessary
regulatory approvals within anticipated timelines and will not be completed
unless certain conditions customary for transactions of this sort are satisfied.
Forward-looking statements included 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

Anthony Hawkshaw, Director and Chief Financial Officer

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