Mr. Stephen Keith reports

RIO VERDE MINERALS ANNOUNCES THIRD QUARTER 2012 RESULTS AND PROVIDES PROJECT UPDATE

Rio Verde Minerals Development Corp. has released its financial results and related management's discussion and analysis for the three and nine months ended Sept. 30, 2012.

Review of third quarter 2012 financial statements

During the three months ended Sept. 30, 2012, Rio Verde invested $1,652,587 in exploration costs at its three active exploration projects. The company incurred a net loss and comprehensive loss of $889,887 (one cent per share) in the period, comprising compensation, professional fees, and office and administration expenses.

As at Sept. 30, 2012, Rio Verde had working capital of $11,247,350 and total assets of $51,693,963, including $39,440,199 in exploration and evaluation assets.

Bonito phosphate project

During the quarter, the company changed the name of its primary phosphate project, previously known as the Fosfatar phosphate project, to the Bonito phosphate project. The name was changed in recognition of the nearby municipality of Bonito, in the state of Para.

In the third quarter of 2012, Rio Verde started four new agronomic tests on thermophosphate produced at the Sapucaia target at the Bonito phosphate project. Two additional agronomic tests are planned for the fourth quarter of 2012. The information obtained from these tests will be used to start the process of product registration at the Brazilian Agriculture Ministry. Product marketing and negotiation of letters of intent (LOIs) with potential off-takers are also well under way.

The company expects to receive the final mine design for the Bonito phosphate project from Promon Engenharia Ltda. in the fourth quarter of 2012. Conditional upon a positive result from this final design and approval from the company's board of directors, the company will seek to secure debt in the fourth quarter of 2012, with production currently expected to commence in the first quarter of 2013.

Sergipe potash project

In the fourth quarter of 2012, the company will continue the 3-D seismic programs at the Sergi and Capela projects at the Sergipe potash project. These seismic programs will allow for preliminary evaluation of each project's potential and will improve the company's understanding of the local geology. Conditional upon positive results from the seismic campaign, a drill program is planned for the first quarter of 2013.

Phosphate pipeline

In the fourth quarter of 2012, the company will be conducting first-pass drilling programs at the Mandacaru, Santa Quiteria and Caninde phosphate projects, for a total of approximately 1,500 metres of drilling. Follow-up drilling programs have conditionally been planned for each of the projects, and will be evaluated upon completion of the initial drilling. The goal of this exploration is the delineation of at least one National Instrument 43-101 inferred resource.

Rio Verde on Business Television

Rio Verde's president and chief executive officer, Stephen Keith, was recently profiled by Business Television as part of its CEO (company execs on-line) clips series. The video has been posted on-line.

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