Mr. Christopher Verico reports

RIO SILVER PROVIDES UPDATE ON NINOBAMBA AND PALTA DORADA PROJECTS

Rio Silver Inc. has provided an update of its activities at both the Ninobamba gold-silver property and its 50-per-cent-owned Palta Dorada gold-silver-copper property.

The 100-per-cent-owned Ninobamba project covers an area of 4,300 hectares and is royalty-free. The project comprises two mineralized areas: the Ninobamba area and the Jorimina zone. Two different communities control the surface rights in the project areas. The company has conducted numerous meetings with community directors and is confident that a surface access agreement to facilitate a first-phase diamond drilling program at the Jorimina zone will be concluded soon. Rio Silver has also been in discussions with the community controlling the surface rights on the Ninobamba area. Although more social and community engagement is required, a positive outcome is expected.

The Jorimina zone is located approximately 6.5 kilometres west of the main zone of mineralization at Ninobamba. The company acquired an extensive database from Newmont Mining Corp. which includes diamond drill logs and assays, surface samples, geophysical data, and metallurgical testing. Approximately $10-million (U.S.) has been spent on historical exploration programs since 2002 on the entire project area from Anglogold and Newmont. The company is pleased to have secured all the data from these extensive programs.

From 2009 to 2010, Newmont Mining completed 13 diamond drill holes totalling 4,377 metres at Jorimina. As a highlight from the historic reports available, the best intercept from the 13 holes showed drill hole JOR-001 returning 72.3 metres of 1.19 grams per tonne Au starting at 53 metres depth. The true widths of mineralization from this drill hole are not yet known. Further drilling is required to determine both the lateral and vertical extent of the mineralization.

Historical diamond drilling results conducted by AngloGold in 2002 on the main Ninobamba area zone included DDH-2, which reported assay results of 87 g/t silver over a drilled interval of 130 metres starting from a depth of nine metres, and DDH-4, reporting 54 g/t silver over a drilled interval of 96 metres starting from 23 metres. The true widths of mineralization from this drill hole are not yet known and will be determined in the coming planned drill program.

Highlights from the trenching program conducted by Rio Silver in 2012 at the Ninobamba North zone where the company discovered a new gold-silver zone, including 56 metres of 1.03 g/t Au and 98.9 g/t Ag in trench TR-01, and 21.77 metres of 1.32 g/t Au and 102.46 g/t Ag in TR-04 ending in mineralization (see Rio Silver news release of Jan. 14, 2013). These results show that the Ninobamba property possesses a strong gold component. Further exploration is required to determine the precious metal zonation, alteration patterns and widths. The trenches were cut approximately perpendicular to the mineralized structure, and the true width of mineralization is yet to be determined.

The company is also pleased to announce that at its joint venture mining project, operator Peruvian Metals Corp. has commenced stockpiling gold-silver-copper-rich material taken from Palta Dorada's main workings. The Palta Dorada property is owned equally with Peruvian Metals and is located in Ancash department, northern Peru. Sulphide mineralized material will be shipped to Peruvian's Aguila Norte processing plant, located 145 kilometres from the Palta Dorada project site on a combination of gravel and paved roads.

Three random grab samples were recently taken by JV partner Peruvian Metals from the mineral stockpiles and assayed. The average grade of the samples was 7.55 g/t Au, 6.07 ounces/ton Ag and 0.70 per cent Cu. Two samples were also taken from the sulphide-bearing quartz vein in the main adit where the material is currently being extracted. Assay results over a one-metre width averaged 14.07 g/t Au, 9.01 ounces/ton Ag and 2.01 per cent Cu. In addition, two samples were taken from the oxide zone above the main workings and averaged 12.5 g/t Au, 7.89 ounces/ton Ag and 0.20 per cent Cu.

The company is continuing to open the workings at Palta Dorada to access the sulphide Cu-Au-Ag material for the collection of a bulk sample and plans to ship sulphide material to the Aguila Norte plant once it is determined that sufficient mineral has been accumulated to create a high-quality concentrate. Rio Silver expects to process this material during the second quarter of 2023. Any accumulated oxide gold material extracted will be sold to third party mills designed to treat the oxide material.

Rio Silver's president, Chris Verrico, states: "We are extremely pleased with the progress towards achieving access agreements for both the Jorimina and Main Ninobamba zones. It is likely the company will conclude an agreement for Jorimina first as those discussions are well advanced in anticipation of a Q3 resource defining diamond drilling campaign built around the success that Newmont had achieved prior to 2012 on the project."

About Rio Silver Inc.

Rio Silver is a resource company that has been selectively identifying and acquiring precious metal assets that afford the best possible leverage and returns in anticipation of an increasingly more favourable precious metals bull market. Its Ninobamba area Au/Ag/Cu targets are suggestive of near-surface, bulk minable open-pit targets. At the company's Palta Dorada property in central Peru, a high-grade mesothermal gold and silver vein system is currently being bulk sampled and processed by 50-per-cent partner Peruvian Metals. Recent access improvements to the upper workings have been installed allowing access for an underground bulk sampling campaign, now under way, within the previously sampled sulphide mineralization. Peruvian operates the nearby Aguila Norte commercial mill where the extracted mineral from the bulk sampling campaign will be processed. Bulk sampling may be ramped up if successful and could become a cash flow to assist the company's overall exploration plans in a non-dilutive, shareholder-friendly way. The company remains ever impressed and optimistic by the resilience and ingenuity of its host country as Peru continues to endorse supportive mining policies ensuring continued growth and opportunity throughout Peru.

Jeffrey Reeder, PGeo, a qualified person as defined in National Instrument 43-101, has supervised the preparation, and approved the scientific and technical disclosure contained in this news release.