RIO Rio2 Limited New

Rio2 Limited (“Rio2” or “the Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) today announces that it has taken another key step towards the development of its Fenix Gold Project located in Chile by engaging Scotiabank to act as the Company’s financial advisor in evaluating financing options to fund the development of the Fenix Gold Project.

In preparation for construction, Rio2 is currently completing detailed engineering for the project based on a Pre-Feasibility Study (“PFS”) completed by the Company in August 2019. The PFS contemplates mining ore at a rate of 20,000 tonnes per day. To maximize cash-flow, high-grade ore will be placed on the leach pad during the initial 13 years of production and low-grade ore will be stockpiled for leaching in the subsequent 3 years of production giving a total mine life of 16 years. Average annual gold production during the first 13 years will be 93,000 oz and 50,000 oz during the final 3 years of production as stockpiled ore is being crushed and leached. Total life of mine gold production is estimated to be 1.37 million oz with an AISC estimated at $997/oz. The Project demonstrates strong returns with an after-tax NPV5% of $121 million and an after-tax IRR of 27.4% using the base case gold price of $1,300 per oz or an after-tax NPV5% of $481.2 million and IRR of 73.7% at $1,900 per oz gold.

Jose Luis Martinez, Executive Vice President and Chief Strategy Officer, stated, “We are executing on our financing strategy and engaging Scotiabank to evaluate various traditional and alternative financing products and structures. Over the next few months, we will continue working towards successfully securing a financing package that will move our Fenix Gold Project into the construction phase in Q2, 2021”.

For additional information regarding the Fenix Gold Project, including key parameters, assumptions and risks associated with its development, see the independent technical report (referred to above as the PFS) entitled “Updated Pre-Feasibility Study for the Fenix Gold Project, Atacama, III Region, Chile” dated October 15, 2019 with an effective date of August 15, 2019, a copy of which document is available under Rio2’s SEDAR profile at www.sedar.com.

For readers to fully understand the information in this news release they should read the PFS in its entirety, including all qualifications, assumptions, exclusions and risks that relate to the PFS. The PFS is intended to be read as a whole and sections should not be read or relied upon out of context.

Enrique Garay, MSc. P. Geo (AIG Member), Senior Vice President Geology of Rio2 Limited, who is a QP under National Instrument 43-101 has reviewed, approved and verified the scientific and technical content of this news release.ABOUT RIO2 LIMITEDRio2 is a mining company with a focus on development and mining operations with a team that has proven technical skills as well as a successful capital markets track record. Rio2 is focused on taking its Fenix Gold Project in Chile to production in the shortest possible timeframe based on a staged development strategy. In addition to the Fenix Gold Project in development in Chile, Rio2 Limited continues to pursue additional strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company focused in the Americas. Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively “forward-looking information”) within the meaning of applicable securities laws relating to the availability and evaluation of financing options to fund the development of the Fenix Gold Project‎ and related to the PFS. In addition, without limiting the generality of the foregoing, this news release contains forward-looking information pertaining to the following: Rio2’s plans, strategy, objectives and other aspects of Rio2’s anticipated future operations and funding, financial, development and operating plans and results; estimated mineral resources and reserves; timing of the commencement of construction at the Fenix Gold Project; estimated capital and operating costs, metal prices, mining and processing rates, metal production and resulting financial results for the Fenix Gold Project; the timing for the development of and production from the Fenix Gold Project; annual production and mine life; timing of environmental approval and permitting process and outcomes; ongoing engineering works and studies; and other matters ancillary or incidental to the foregoing.

All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. The forward-looking information is based on certain key expectations and assumptions made by Rio2’s management, including but not limited to: expectations concerning prevailing commodity prices, exchange rates, interest rates, applicable royalty rates and tax laws; capital efficiencies; legislative and regulatory environment of Chile; future production rates and estimates of capital and operating costs; estimates of reserves and resources; anticipated timing and results of capital expenditures; the sufficiency of capital expenditures in carrying out planned activities; results of operations; performance; the availability and cost of financing, labour and services; the potential to secure water rights near to the Fenix Gold Project and the benefits of holding such rights; and Rio2’s ability to access capital on satisfactory terms.

Rio2 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 news release should not be unduly relied upon. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Rio2's disclosure documents on the SEDAR website at www.sedar.com. Forward-looking statements included in this news release are made as of the date of this news release and such information should not be relied upon as representing its views as of any date subsequent to the date of this news release. Rio2 has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. Rio2 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.

To learn more about Rio2 Limited, please visit: www.rio2.com or Rio2's SEDAR profile at www.sedar.com.

ON BEHALF OF THE BOARD OF RIO2 LIMITED

Alex BlackPresident, CEO & DirectorEmail: info@rio2.comTel: 1 (604) 260-2696

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.