Rio2 Reports on Fenix Gold Mine Progress

VANCOUVER, British Columbia, Dec. 16, 2024 (GLOBE NEWSWIRE) -- Rio2 Limited (“Rio2” or the “Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO), after completing the Company’s highly successful debt and equity financing announced on October 21, 2024, provides an update on the progress made by its Chilean subsidiary, Fenix Gold Limitada (“Fenix Gold”), which is currently constructing the Fenix Gold Mine located in the Maricunga Gold Belt of the Atacama Region, in Chile. Advancements include the commencement of hiring of our Chilean workforce, mobilization of civil construction and plant construction contractors, completion of civil works for the processing plant site and commencement of construction of the heap leach pad and adjoining PLS pond. The Company has also entered a fixed price contract totaling US$49M (plus GST) with its plant construction contractor, HLC Chile SPA, for the construction of the Fenix Gold Mine adsorption, desorption, and gold recovery (“ADR”) plant, associated infrastructure and site electrical distribution lines. Long lead items such as gensets, principal pumps, and electrical switchgear facilities have been purchased directly by Fenix Gold. Rio2 will provide guidance in January 2025 for the construction schedule and associated budget, along with a projection of when the first gold production is expected to be achieved.

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