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Rio2 Ltd (2)
Symbol RIO
Shares Issued 257,510,649
Close 2022-06-22 C$ 0.54
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Rio2 may have Fenix EIA rejected by Chilean regulator

2022-06-23 11:43 ET - News Release

Mr. Alex Black reports

RIO2 PROVIDES UPDATE OF FENIX GOLD ENVIRONMENTAL ASSESSMENT PROCESS

Rio2 Ltd., through its Chilean subsidiary, Fenix Gold Ltda., is currently engaged in an environmental impact assessment (EIA) process for its Fenix gold project in Chile, a process which began in April, 2020.

The Fenix gold project is an example of modern gold mining where a full complement of technical, environmental and social considerations have been consulted on and designed in from the outset. The project represents a significant investment in the gold mining business in Chile by a junior mining company and will generate employment for approximately 1,200 people during the construction phase and 550 people during the 17 years operations phase.

The mine being contemplated at the project will be a run-of-mine heap leach operation, no crushing or tailings storage facilities are required thereby minimizing the overall impact and footprint of the project. From a social perspective, support from all six indigenous groups directly impacted by the project is in place. The indigenous consultation process for the EIA process has been successfully completed with the signing of the final agreement in April, 2022.

Rio2 notes the Environmental Assessment Service (SEA) published last night the informe consolidado de evaluacion (consolidated evaluation report) with the recommendation to reject the EIA for the Fenix gold project. There are two key considerations to note in the report:

  • The project fulfills all the applicable environmental regulations and meets the environmental requirements for the granting of applicable sectorial environmental permits;
  • It has been alleged that Fenix Gold has not provided enough information during the evaluation process to eliminate adverse impacts over the chinchilla, guanaco, and vicuna

The consolidated evaluation report will be presented to the Comision de Evaluacion Regional, which includes 11 governmental institutions with environmental competencies. These institutions will vote to approve or disapprove the EIA.

Fenix Gold has been working diligently throughout the environmental assessment process to provide all the required information. Fenix Gold remains committed to continue working with the SEA and other governmental institutions to resolve and mitigate any potential impacts that need further consideration to secure approval for the project.

A decision on the Fenix gold project's EIA is expected within the next two weeks and Rio2 will host a conference call the day that the decision of the vote is made public. This will provide shareholders the opportunity to speak to management and ask questions related to the Fenix gold project environmental assessment process.

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 markets 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. In addition to the Fenix gold project in development in Chile, Rio2 continues to pursue additional strategic acquisitions where it can deploy its operational excellence and responsible mining practices to build a multiasset, multijurisdiction precious metals company.

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