Rio2’s Fenix Gold Project Moves Closer to Construction After Environmental Impact Assessment Filing

VANCOUVER, April 20, 2020 - Rio2 Ltd. (“Rio2” or the “Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) today announces that it has submitted its Environmental Impact Assessment (“EIA”) for the construction and operation of its Fenix Gold Project to the Chilean Environmental Impact Assessment System. The objectives of the EIA are to identify, prevent, minimize, correct and mitigate any potential impacts to the environment or the social framework of the Fenix Gold Project.

The EIA presented to the Environmental Assessment Service, Atacama Region was prepared by Miner?a y Medio Ambiente Limitada (“MyMA”), the Company’s highly experienced environmental and permitting consultants, in conjunction with senior members of the Rio2 and Fenix Gold team. Work on the EIA commenced in November 2018 with the preparation of an Environmental Baseline Study which included the documentation of flora, fauna, climate, air quality, archeological sites, hydrogeology, soil usage, geology, geomorphology, hydrogeology, geochemistry, water quality, paleontology, landscape, noise and vibrations along with a socio-demographic survey and ecosystem characterization during the various seasons of the year. The Environmental Baseline Study was completed in January 2020.

The EIA has been prepared to support the project outline of the Fenix Gold Project as defined in the Pre-Feasibility Study with an effective date of August 15, 2019. Approval of the EIA is anticipated for Q2 2021.

Alex Black, President & CEO of Rio2, stated, “The submission of the EIA is a significant milestone for the Company, coming just 20 months after acquiring the Fenix Gold Project and 4 months after completing an Environmental Baseline Study on the project. Completion of the EIA demonstrates our commitment to the environment and the people of the Atacama Region. The potential mine would present a boost for the regional economy with respect to job creation, procurement of goods and services as well as payments of taxes and royalties. It is estimated that more than 1000 jobs will be created during construction of the mine and more than 500 people when the mine enters production. We expect the Fenix Gold Mine to make a positive and lasting contribution to the employment and economy of the region for many years. I would also like to thank and congratulate our consultants and our technical team who have worked diligently over the past 20 months to achieve this milestone.”

Rio2 remains committed to build and operate the Fenix Gold Project and make it the next new gold mine in Chile in the shortest possible time, deploying the Company’s technical and capital markets expertise to achieve this goal.

The scientific and technical content of this news release has been reviewed, approved and verified by Enrique Garay, MSc. P.Geo (EGBC member, and AIG Fellow), Senior Vice President Geology of Rio2 Ltd., who is a QP under NI 43-101. For additional information regarding the Fenix Gold Project, including key parameters, assumptions and risks associated with its development, see the independent technical report 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

ABOUT RIO2 LIMITED

Rio2 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 Ltd. 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 Rio2’s planned development of its Fenix Gold Project and other aspects of Rio2’s anticipated future operations and plans. In addition, without limiting the generality of the foregoing, this news release contains forward-looking information pertaining to the following: the potential development of a mine at the Fenix Gold Project, the potential number of jobs created through the construction and operation of a mine at the Fenix Gold Project, the potential timing of the commencement of construction at the Fenix Gold Project, certain anticipated economic benefits of a mine at the Fenix Gold Project to the local region 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; anticipated timing and results of capital expenditures; the sufficiency of capital expenditures in carrying out planned activities; performance; the availability and cost of financing, labour and services; 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 Ltd.

Alex Black
President, CEO & Director
Email: info@rio2.com
Tel: 1 (604) 260-2696

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