Mr. Alex Black reports

RIO2 ANNOUNCES CLOSING OF BROKERED PRIVATE PLACEMENT FOR GROSS PROCEEDS OF C$14 MILLION

Rio2 Ltd. has closed its previously announced brokered private placement. A total of 6,306,300 common shares of the company were sold to investors resident in Peru and Chile at a price per share of $2.22 (approximately $1.585 (U.S.)) for aggregate gross proceeds to the company of $14-million (approximately $10-million (U.S.)).

Kallpa Securities Sociedad Agente de Bolsa SA acted as the company's agent for the private placement. The company plans to use the net proceeds from the private placement for working capital and general corporate purposes. Final acceptance by the Toronto Stock Exchange of the private placement is subject to the completion of customary postclosing filings.

About Rio2 Ltd.

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 market record. Rio2 is focused on taking its Fenix gold project in Chile to production in the shortest possible time frame based on a staged development strategy. Rio2 and its wholly owned subsidiary, Fenix Gold Ltda., are companies with the highest environmental standards and responsibility with the firm conviction that it is possible to develop mining projects that respect the three axes (social, environment and economics) of sustainable development. As related companies, it reaffirms its commitment to apply environmental standards beyond those that are mandated by regulators, seeking to protect and preserve the environment of the territories that it operates in.

We seek Safe Harbor.