19:29:54 EST Sat 04 Feb 2023
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Rio2 Ltd (2)
Symbol RIO
Shares Issued 257,510,649
Close 2022-07-04 C$ 0.30
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Rio2's Fenix project EIA not approved

2022-07-05 11:31 ET - News Release

Mr. Alex Black reports


Rio2 Ltd. and its Chilean subsidiary, Fenix Gold Ltda, note that the Regional Evaluation Commission, which includes 12 governmental institutions, has voted for not approving the environmental impact assessment (EIA) for the Fenix gold project in Chile.

Following this decision, the company will work on evaluating its options and decide on an action plan. Once the action plan is completed, the company will announce how it intends to execute it and provide the revised timeline. It is important to highlight that Fenix gold remains with the conviction that it has provided enough technical information and studies to obtain a favourable EIA decision. This is well supported by the position from the Environmental Assessment Service (SEA) with the following favourable key considerations:

The project fulfills all the applicable regulations and meets the environmental requirements for the granting of applicable sectorial permits.

Fenix gold has satisfactorily completed the 1) participacion ciudadana (citizen participation) and 2) consulta indigena (indigenous consultation) processes.

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-year 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.

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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