Mr. Christopher Verrico reports

RIO SILVER ANNOUNCES CLOSING OF CONVERTIBLE NOTE FINANCING

Rio Silver Inc. has completed its previously announced private placement, which was slightly oversubscribed by $25,250, by issuing convertible notes in the aggregate principal amount of $225,250.

Each note will be convertible at the option of the holder into one common share of the company at a conversion price of five cents per share during the first year of the notes and 10 cents per share during the second year of the notes. The notes will mature on Dec. 1, 2024, and bear interest at the rate of 18 per cent per annum, payable quarterly, until the notes are converted or repaid in accordance with the terms thereof. The company will be entitled to repay, without any penalty, any portion of the principal amount of the notes, together with accrued and unpaid interest, at any time commencing on April 2, 2023, subject to giving the holders prior notice of seven days thereof to permit holders to convert the prepayment amount during the notice period. The notes will be unsecured and transferable, subject to resale restrictions under applicable securities laws and TSX Venture Exchange requirements.

The company plans to use the funds from the financing to finance continuing operations and for general working capital purposes. No finders' fee or similar payments were made in connection with the financing. All securities issued in connection with the financing will be subject to a statutory hold until April 2, 2023.

About Rio Silver Inc.

Rio Silver is a Canadian exploration and mine development company. Its business is to develop its 100-per-cent-owned Ninobamba project in Peru and to unlock the tremendous potential for shareholder value identified from the previous $10-million spent by Newmont and others at both the Ninobamba Main and the Jorimina zones. Its own recently commissioned and independently constructed exploration potential model for Ninobamba Main has identified more development potential. Benefits are also expected to soon materialize from the carried development of the new Palta Dorada gold-silver project, focusing on a near-term revenue stream.

We seek Safe Harbor.