RIO Rio2 Limited New

Rio Alto Mining Limited (TSX VENTURE:RIO)(OTCQX:RIOAF)(BVLAC:RIO)(DBFrankfurt:MS2) ("Rio Alto" or the "Company") announced today that, subject to regulatory approval, it has granted a total of 3,990,000 options to purchase common shares of Rio Alto to the directors, officers, consultants and employees of Rio Alto, in accordance with the Corporation's stock option plan. The closing price of the Company's common shares on November 17, 2011 was $2.82 and these options expire five years from the date of grant and have an exercise price of $3.08 per share in the case of officers, consultants and employees and an exercise price of $3.22 per share in the case of directors. These options vest as to 25 per cent on the date of grant and 25 per cent on each of the next three annual anniversaries from the date of grant. Of these options, 1,815,000 options were granted to directors and officers of the Corporation. Rio Alto has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 are available for the issuance of the options to the directors and officers of the Corporation (Formal Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair Market Value Not More Than 25% of Market Capitalization).

To learn more about Rio Alto Mining Limited, please visit www.rioaltomining.com or Rio Alto's SEDAR profile at www.sedar.com.

ON BEHALF OF THE BOARD OF RIO ALTO MINING LIMITED

Alex Black, Director, President & COO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of this release.

Contacts: Rio Alto Mining Limited Alex Black President & COO +51 1 625 9900 or +51 99279 4655alexb@rioaltomining.com Rio Alto Mining Limited Alejandra Gomez Investor Relations +1 604 628 1401 +1 866 393 4493 (FAX)alejandrag@rioaltomining.comwww.rioaltomining.com

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