VANCOUVER, British Columbia, May 07, 2024 (GLOBE NEWSWIRE) -- Rio Silver Inc. (“Rio Silver” or the “Company”) (TSX.V: RYO) is pleased to announce it has initiated an Environmental Impact Study, a component of the permitting application currently underway 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 includes 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 archaeological investigations and community workshops along with the necessary liaison activities currently underway, by utilizing dedicated personnel with a successful track 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 towards a resource defining, exploration campaign in 2024.

“We are very pleased to have Ecosoul on site” says 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 US 7 million dollars in geological studies and preliminary economic analysis by Newmont, unveiling it’s 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 Ni?obamba project envelope. Ni?obamba 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 Ni?obamba

The Company’s 100% owned Ni?obamba Project hosts 2 discreet precious metal targets at opposite ends of a 6.5 km prospective corridor in a prolific, precious metals hosting geological belt in central Peru. The Company has modelled 2 world class resource targets where previously the Company, Newmont Mining, Anglo Gold and others have spent in excess of US$10 million evaluating this mineralized trend’s potential. The silver-rich Ni?obamba “Main Zone and South Zones” 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 metals bull market. The Company recently sold it’s 50% interest in the Palta Dorada Property in central Peru, a small scale high grade mesothermal gold and silver project to it’s former partner at the time, Peruvian Metals Corp., for US $250,000 in cash and a 3% Net Smelter Royalty capped at US $2 million having US $250,000 in guaranteed minimum royalty payments.

We remain impressed by the resilience and ingenuity of our host country as Peru continues to develop supportive mining policies to ensure continued growth and opportunity throughout Peru.

For further information,

Christopher Verrico, President, CEO

Tel: (604) 762-4448

Email: [email protected]

Website: www.riosilverinc.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not a guarantee of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.