Mr. Christopher Verrico reports

RIO SILVER FINALIZING ACCESS AGREEMENTS FOR JORIMINA PROPERTY, PERU

Rio Silver Inc. is finalizing an access agreement with the local community for its 100-per-cent-owned Jorimina project in the department of Ayacucho, Peru. This agreement facilitates a diamond drill program planned to commence later this year.

Jormina is located within the Ninobamba project, which covers an area of 4,205 hectares. The Main Ninobamba zone is located seven kilometres to east of Jormina, where a significant high-sulphidation gold-silver system is present. Joramina was extensively explored by Newmont Mining Corp. from 2009 to 2011. The company acquired the area from Newmont in 2016, along with an extensive database, including surface and drill results and reports from an exploration program encompassing four prospective precious metal targets. The exploration programs identified extensive alteration zones believed to also be part of an extensive high-sulphidation silver-gold system identified at the company's adjacent Ninobamba zone.

The company is extremely pleased to have achieved this important milestone. Jorimina was recognized by Newmont as having all the necessary elements to be capable of hosting a precious metal epithermal resource. Newmont completed 13 diamond drill holes totalling 4,377 metres at Jorimina. Drill highlights from the historic reports available show hole JOR-001 returning 72.3 metres of 1.19 grams per tonne gold starting at 53-metre depth. Historic drill holes were widely spaced in an area covering 100 hectares with drill holes spaced over 150 metres apart. Results are historic in nature and should not be relied on. Rio Silver initially plans to confirm the historic surface results and drill results and to determine the shape and the orientation of the precious metal mineralization. The company is scheduled to receive all necessary permits by Q3 2024 necessary to initiate a small drill program to confirm the gold-silver mineralization.

The surface rights of the company's Main Ninobamba zone located east is controlled by a different community. The company plans to initiate a new dialogue in 2024 to obtain a permit for surface drilling in 2025. Historical diamond drilling results conducted by Anglogold on the Main zone in 2001 reported assay results at DDH-2 of 87 grams per tonne silver over an interval of 130 metres starting from a depth of nine metres and DDH-4 reporting 54 grams per tonne silver over a drilled interval of 96 metres starting from 23 metres. Highlights from the trenching program conducted by the company in 2012 at the Ninobamba Main zone discovered a new gold-silver mineralized zone that included 56 metres of 1.03 grams per tonne gold and 98.9 grams per tonne silver in trench TR-01 and 21.77 metres of 1.32 grams per tonne gold and 102.46 grams per tonne silver in TR-04 ending in mineralization (see Rio Silver's news release of Jan. 14, 2013). These results show that the main zone on the Ninobamba property has a strong gold component, and 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 cannot be determined at this time.

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

About Rio Silver Inc.

Rio Silver is a resource development 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 metal bull market. The company's Peruvian precious metal assets are wholly owned with no royalty obligations. The Ninobamba area gold-silver targets are economically attractive as the mineralization suggests near-surface, bulk-minable open-pit targets.

Rio Silver is pleased with its host country as the government continues to support mining policies ensuring continued growth and opportunity throughout Peru.

We seek Safe Harbor.