Clarus Securities Raises Target on RIO

MIKE BANDROWSKI, Clarus Securities (01/21/2011)
"Rio Alto expects to put the La Arena Project into operation by April 2011. Near-term gold production, a strong balance sheet and significant exploration potential position the company well for a strong 2011. We are taking this opportunity to revise our numbers as initial gold production is within sight and on the back of a successful CAD$57M financing. We are increasing our target price to $3.30 (was $3.20) and maintain our BUY recommendation. Rio Alto offers exploration upside in a prolific mining district and unrealized value in base metal upside and is on schedule for near-term production."

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