Mr. Christopher Verrico reports

RIO SILVER COMMENCES BASELINE ENVIRONMENTAL STUDIES

Rio Silver Inc. has initiated an environmental impact study, a component of the permitting application currently under way, in support of a planned diamond drilling campaign at the wholly owned Jorimina gold/silver project scheduled for Q3 2024.

Ecosoul Environmental Impact Consultants, based in Ayacucho, south-central Peru, has been contracted by the company to undertake a full suite of environmental baseline monitoring studies, which including preparation of the necessary submittals required by the General Directorate of Mining Environmental Affairs with the Ministry of Energy and Mines, Peru, in support of the permitting application.

Ecosoul's scope also includes professional archeological investigations and community workshops, along with the necessary liaison activities currently under way, by utilizing dedicated personnel with a successful record working in this local region. Ecosoul will monitor and report on achieved milestones with Citizen Participation in the Mining Subsector, corresponding with the local ministries and stakeholders together ensuring a successful path toward a resource-defining exploration campaign in 2024.

"We are very pleased to have Ecosoul on site," said Rio Silver's president, Chris Verrico. "Having a regional-based professional team mobilized at Jorimina re-establishing an environmental baseline monitoring regime while advancing social awareness through local workshops and presentations -- these activities all help reduce barriers for local participation and input essential for all stakeholders as we progress building on the historic $7-million (U.S.) in geological studies and preliminary economic analysis by Newmont, unveiling its potential internally in a 2012 report. I also want to congratulate our community liaison team for their dedicated resolve. They are now joined with the specialists from Ecosoul in progressing the application process for the planned initial drill program and beyond. This work plan has been long anticipated and an instrumental step towards ranking Jorimina's geological potential, which all lies within our Ninobamba project envelope. Ninobamba ranks highly amongst its peers operating in this prolific trend hosting some of the most successful and lowest-cost gold and silver producers anywhere."

About Ninobamba

The company's 100-per-cent-owned Ninobamba project hosts two discreet precious metal targets at opposite ends of a 6.5-kilometre prospective corridor in a prolific, precious-metal-hosting geological belt in central Peru. The company has modelled two world-class resource targets where, previously, the company, Newmont Mining, Anglo Gold and others have spent in excess of $10-million (U.S.) evaluating this mineralized trend's potential. The silver-rich Ninobamba Main zone and South zone are also drill ready and the company's geologists have targeted the near-surface silver and gold mineralization as a potential open pit situated at the other end of an anomalous trend from Jorimina's predominantly gold-dominant zone, being the primary focus of the Newmont exploration programs.

About Rio Silver Inc.

Rio Silver has been a selective incubator, accumulating precious metal assets that afford only the best possible leverage and returns in anticipation of the current and increasingly more favourable precious metal bull market. The company recently sold its 50-per-cent interest in the Palta Dorada property in central Peru, a small-scale, high-grade mesothermal gold and silver project, to its former partner at the time, Peruvian Metals Corp., for $250,000 (U.S.) in cash and a 3-per-cent net smelter royalty capped at $2-million (U.S.) having $250,000 (U.S.) in guaranteed minimum royalty payments.

The company remains impressed by the resilience and ingenuity of its host country as Peru continues to develop supportive mining policies to ensure continued growth and opportunity throughout Peru.

We seek Safe Harbor.