Rio2 Secures Environmental Approval for Fenix Gold Project

VANCOUVER, British Columbia, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Rio2 Limited (“Rio2” or the “Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) reports that its wholly owned Chilean subsidiary, Fenix Gold Limitada, has been successful in being granted approval of its Environmental Impact Assessment (“EIA”) for the construction and operation of its Fenix Gold Project (“Fenix Gold” or “the Project”) located in the Atacama region of Chile.

Rio2 welcomes the decision in Chile by the Committee of Ministers to approve the EIA for the Fenix Gold Project, which now allows the Company to advance the Project through statutory permitting, financing, and the currently planned recommencement of construction activities during 2024.

Alex Black, Executive Chairman, stated: “Finally, after many months of patiently waiting, we welcome the decision of the Committee of Ministers to support our advancement of the Fenix Gold Project. We have designed Fenix Gold as an example of the very best of modern mining bringing not only significant investment and jobs to the Atacama region, but also extensive protection of the environment with a particular focus on flora and fauna in the area we will be operating. I sincerely thank our shareholders for the patience and support they have shown over the past 18 months during this difficult process, and I particularly would like to thank the first-class management team at Rio2 and Fenix Gold for never giving up on our mission to vindicate the work completed for the Fenix Gold EIA.”

FENIX GOLD PROJECT

The Fenix Gold project is one of the largest undeveloped gold oxide, heap leach projects in the Americas, hosting a Measured and Indicated mineral resource (as such term is defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects, “NI 43-101”) of 4.8 million ounces of gold which the Company believes will make a positive contribution to the Atacama Region and Chile. The Project is an example of modern gold mining where a full complement of technical, environmental, and social considerations has been consulted on and designed in from the outset. The Project represents a significant investment in the gold mining business in Chile by a junior mining company of approximately US$235M of initial and sustaining capital and will generate employment for at least 1,200 people during the construction phase and 550 people during the 17-year operations phase. The mine being contemplated at the Project will be a run-of-mine heap leach operation; no crushing or tailings storage facilities are required, thereby minimizing the overall impact and footprint of the Project.