Rio Silver High Grade Samples at the Palta Dorada Project in Peru

VANCOUVER, Sept. 27, 2021 - Rio Silver. (TSXV:RYO) ("Rio Silver" or the "Company") is pleased to provide an update regarding the exploration and development of the Palta Dorada Au-Ag-Cu project in Northern Peru. The Company equally owns the project with Peruvian Metals Corp. ("Peruvian") whereby by Peruvian completed its earn-in requirement by investing USD $250,000 into the project. Recent sampling from the main structure returned very good results including one sample of 1090 g/t Au and 643 g/t over 0.40 metres.

Current development is focused on the "Main Structure" now called the "The San Juan Vein" exposed both in underground workings and outcrops over an 800-metre strike length. High grade mineralization occurs in quartz veins hosted in granodioritic rocks. The initial work consists of the development of the main access tunnel located 876 metres above sea level. This main access drift ("876 m level") is currently at 70 metres and in oxides and is projected to be in the higher-grade sulphide material soon. Mineralized oxide material extracted from the tunnel is being stockpiled for future sale. Samples taken from the stockpiles averaged 5.05 g/t Au and 60.33 g/t Ag.

Artisanal workings expose portions of the San Juan vein including a 53-metre deep shaft where seven chip samples were taken at various depths from a quartz vein containing sulphides. Previously reported assay results from these samples range from 3.06 g/t Au to 24.1 g/t Au, 36 g/t Ag to 865 g/t Ag and 0.31% Cu to 4.94% Cu over an average width of 0.60 meters. The weighted average of the assay results is 10.51 g/t Au, 329 g/t Ag and 1.74% Cu.

Four recent samples taken from quartz veins in the oxide zone above and near the shaft returned values between 11.20 and 1090 g/t Au and 21 and 642 g/t Ag averaging a width of 0.43 metres. Sample PD-09 which assayed 1090 g/t Au or 35.68 oz/t Au and 20.35 oz/t Ag is noted to have coarse gold. Samples were taken between the 930 to 935 m levels.

Two samples taken from the San Juan vein (931 m level) located between the main access tunnel and the shaft averaged 11.25 g/t Au and 3.01 oz/t Ag. Approximately 90 metres of advancement on the main access level is required to reach the downdip projection of these veins.

Sample results from the recent sampling and previous are noted in the table below:

The Company continues to advance the underground development towards obtaining a bulk sample of the high-grade Au-Ag-Cu material. The main drift is expected to intersect sulphide mineral soon. The extracted mineral from the property will be processed at the Company's 80% owned fully permitted Aguila Norte processing plant located in Northern Peru. The oxide gold material extracted from the workings will be sold to a CIL/CIP plant once sufficient material has been accumulated.

Chris Verrico, Chief Executive Officer of Rio Silver commented: "We are pleased with the underground development at Palta Dorada. These high-grade values bode well for the potential we see at the project. Oxide gold material is currently being extracted and being stockpiled for sale. We expect to be in sulphides soon and will be shipping our first bulk material for processing at Peruvian's nearby Aguila Norte Plant."

Jeffrey Reeder, P Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation, or approved the scientific and technical disclosure contained in this news release.

About Rio Silver

Rio Silver Inc. is a Canadian Exploration and Mine Development company. Our business is to develop the 100% owned Ninobamba project and to unlock the underlying potential for shareholder value identified from the previous $10 million spent by Newmont and others at both, Ninobamba Main and Jorimina Zone's. The Company's recently commissioned & independently constructed "exploration potential" model for Ninobamba Main has identified exciting development potential. Benefits are anticipated to materialize from the carried development of the new Palta Dorada Au Ag project, focusing on a near term revenue stream. For more information, please visit: https://www.riosilverinc.com/

For more information contact:

Christopher Verrico, President, CEO
Tel: (604) 762-4448
Email: chris.verrico@riosilverinc.com

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

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not a guarantee of future performance and actual results, or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.