Rio2 Expanding Chilean Footprint With New Exploration Strategy

VANCOUVER, Oct. 19, 2020 - Rio2 Ltd. (“Rio2” or “the Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) today announces that it has initiated a new Chile-wide exploration strategy. This effort is to expand the Company’s footprint in Chile in addition to the current development of its Fenix Gold Project, located in the Maricunga Gold Belt, Atacama Region, Chile.

Rio2’s new exploration strategy is to explore for precious metals deposits that have the potential to develop into economic mining operations. This new initiative will leverage on Rio2’s mine development platform in the country.

Rio2 recently acquired 33,356 hectares of prospective exploration ground to consolidate its presence in the Atacama Region. Rio2 also has seven exploration prospects which remain to be systematically explored, covering 11,200 hectares. These prospects are Anacorire, Piedra Parada, Amarello, Toro, Laguna, Roca and Santa Rosa.

A systematic program of detailed geological mapping, geochemical rock/soil sampling and geophysics, will be initiated with the objective of defining drilling targets over the next 12 months. The Company is funded to undertake this 12-month program.

Enrique Garay, Senior Vice President - Geology of Rio2, stated, “The mineral endowment of the Atacama Region is significant and we believe that there is good potential to identify new precious metals deposits as Rio2 positions itself to be a key contributor in the discovery and development of economic precious metals projects in Chile.”

Mr. Enrique Garay will lead this exploration strategy and is complementing the team with the appointment of Mr. Ignacio Ramos as Exploration Manager - Chile. Mr. Ramos, who will be based in Copiapo, is a Graduate of the University of Chile with 10 years of exploration experience in Chile specializing in Au-Ag epithermal deposits and Au-Cu porphyries. During his career, Mr. Ramos has worked for Newcrest Mining, Barrick Chile, and AngloAmerican Chile.

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 exploration strategy and its anticipated benefits. In addition, without limiting the generality of the foregoing, this news release contains forward-looking information pertaining to Rio2’s planned 12-month exploration program and the objectives of the exploration program.

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, applicable royalty rates and tax laws, legislative and regulatory environment of Chile, anticipated timing of exploration activities, the sufficiency of expenditures in carrying out planned activities, the availability of labor 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

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.