Rio Silver completes Definitive Agreement for the sale of Ninobamba, announces planned restructuring

Rio Silver completes Definitive Agreement for the sale of Ninobamba, announces planned restructuring

Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO) (OTC: RYOOF), announces that it has completed a definitive agreement (the "Option Agreement") with Magma Silver Corp. (TSX.V: MGMA) ("Magma Silver") for the sale (the "Transaction") of the Niñobamba Au-Ag property ("Niñobamba" or the "Project").

Under the terms of the Option Agreement, Magma Silver has the right to earn a 100% interest in the Project upon full exercise of the option. The Option Agreement requires Magma Silver to make payments of an aggregate CAD$260,000, of which CAD$160,000 of that amount has been paid. Magma Silver will make further milestone payments of up to US$2,000,000, US$500,000 of which will constitute advanced royalty payments and will be paid over the next five years, deductible from the net smelter return royalty of 2% granted to Rio Silver. Magma Silver retains the right to buy back 1% of the NSR for US$1,000,000 at any time prior to commercial production on the Project. The Option Agreement also requires Magma Silver to issue to Rio Silver a total of 2,500,000 common shares of Magma Silver upon receipt of regulatory approval, and a further 2,500,000 common shares on the first anniversary of the approval date.

Rio Silver also announces its intention to consolidate (the "Consolidation") its common shares on a one-new-for-five-old basis subject to regulatory approval.

Upon completion of the Consolidation, it is intended that the 99,832,844 common shares of Rio Silver currently issued and outstanding will be reduced to approximately 19,966,569 common shares. No fractional shares will be issued under the Consolidation. Each fractional share following the Consolidation that is less than one-half of a share will be cancelled, and each fractional share that is at least one-half of a share will be rounded up to the nearest whole share. As applicable, the exercise or conversion price and the number of shares issuable under any of the company's outstanding stock options and convertible instruments will be proportionately adjusted upon the completion of the Consolidation. A letter of transmittal will be sent to registered shareholders providing instructions to surrender the certificates evidencing their shares for replacement certificates representing the number of post-Consolidation shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate representing shares prior to the Consolidation will be deemed, for all purposes, to represent the number of shares to which the holder thereof is entitled as a result of the Consolidation.

The Consolidation remains subject to the acceptance of the TSX Venture Exchange (the "Exchange"), and the pre-consolidated shares will continue to be traded on the Exchange under the current trading symbol RYO. Upon acceptance by the Exchange, the Company's trading symbol will remain the same, but the CUSIP number and international securities identification number will change upon the completion of the Consolidation.

This Transaction and Consolidation will allows the Company to focus on the express development of its newly-acquired Maria Norte high grade silver exploration / exploitation project in the dynamic Huachacolpa Mining district, south central Peru where recent M&A activity is changing the investment landscape.

About Rio Silver Inc.

Rio Silver is a Canadian exploration and development company with an large per cent of insider, friends and family ownership, focused on Peru. Rio Silver continues to review precious and base metal properties in Peru while maintaining its interest in its Ontario Gerow Lake, critical metals project. This Transaction enables the Company to complete certain planned acquisitions that bring significant potential for near-term, cash flowing, production allowing the Company to leverage other similar opportunities, going forward, in a non-dilutive shareholder friendly way.

ON BEHALF OF THE BOARD OF DIRECTORS OF Rio Silver INC.

Christopher Verrico

Director, President and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

For further information,

Christopher Verrico, President, CEO

Tel: (604) 762-4448

Email: chris.verrico@riosilverinc.com

Website: www.riosilverinc.com

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 guarantees 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, 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.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

RYO:CA
Rio Silver

Rio Silver Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Rio Silver

Rio Silver


Keep reading...Show less

Leveraging 25 years of mining experience in Peru

Rio Silver Receives Conditional Approval for Acquisition of Mamaniña Exploraciones S.A.C.

Rio Silver Receives Conditional Approval for Acquisition of Mamaniña Exploraciones S.A.C.

Rio Silver Inc. (the "Company") (TSX.V: RYO) (OTC: RYOOF) announces that, further to its announcement on March 26, 2025, it has received from the TSX Venture Exchange (the "Exchange") conditional acceptance (the "Conditional Approval") of the proposed transaction (the "Transaction") with Peruvian Metals Corp. for the acquisition of Mamaniña Exploraciones S.A.C.

The Company is working to satisfy the remaining conditions outlined in the Conditional Approval and will be making further announcements in respect thereof including without limitation the geological report prepared in accordance with National Instrument 43-101 and other items. The Transaction remains subject to the Exchange's final acceptance.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Rio Silver Pivots to High-Grade Silver Exploration / Exploitation - Announces Executive Changes

Rio Silver Pivots to High-Grade Silver Exploration / Exploitation - Announces Executive Changes

Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO) (OTC: RYOOF) announces that it has appointed Eric H. Hinton, P.Eng., FCIM, to the Advisory Board.

Eric H. Hinton, P.Eng., FCIM, has degrees from Haileybury School of Mines, Queen's University and Laurentian University and is a registered professional engineer in Ontario and Manitoba. Eric is a Fellow of the Canadian Institute of Mining, Metallurgy and Petroleum and is also designated as a Qualified Person in underground mining from the Mining and Metallurgical Society of America in addition to a qualified person for National Instrument 43-101. Eric's experience in small scale mining operations (from 50 to 500 tonnes per day) led him to acquire Basic Minerals SAC in Peru to launch the Mercedes Project which will become a 25000 tonne per annum polymetallic producer. His expertise will enable Rio Silver to engage in projects similar to Mercedes such as the recently acquired Maria Norte project, also in Peru, in order to potentially realize positive cashflow in the short term.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Rio Silver Acquires the Minas Maria Norte Project in a Prolific Mining District in Southern Peru  

Rio Silver Acquires the Minas Maria Norte Project in a Prolific Mining District in Southern Peru  

Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO) (OTC: RYOOF) announces that it has signed a definitive agreement for the acquisition of the Minas Maria Norte (" Maria Norte " or the " Property ") high grade polymetallic silver, exploitation exploitation property, from Peruvian Metals Corp. ("Peruvian") (TSX-V PER) being subject to regulatory approval.

The Property is located in Southern Peru in the historic Huachocolpa Mining District, Municipality of Huancavelica. The Property has been held by Peruvian for the past 18 years adjacent to significant silver production with announced world class expansion plans. Previous exploration campaigns by Peruvian shows that the property hosts many polymetallic veins with significant gold credits. Located in the heart of the prolific Huachocolpa Silver District, environmentally friendly hydro power, good infrastructure, labor and logistical support is available.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Rio Silver Inc. Announces Option Agreement to Sell a 100% Interest in Niñobamba Advanced Gold Silver Project in Peru to African Energy Metals

Rio Silver Inc. Announces Option Agreement to Sell a 100% Interest in Niñobamba Advanced Gold Silver Project in Peru to African Energy Metals

Rio Silver Inc. (TSXV:RYO) ("Rio Silver") and African Energy Metals Inc. (NEX: CUCO.H; FSE: BC2; WKN: A3DEJG) ("African Energy Metals") jointly announce they have entered into an option agreement for African Energy Metals (the "Option Agreement") to earn an 100% undivided interest in the Niñobamba advanced gold silver project (the "Project") located in the Department of Ayacucho in South Central Peru.

Terms of the Option Agreement

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Rio Silver Completes Sale of Palta Dorada Ag-Au Property, Peru

Rio Silver Completes Sale of Palta Dorada Ag-Au Property, Peru

Rio Silver Inc. (TSXV:RYO) ("Rio Silver" or the "Company") is pleased to announce that the Company has received the balance of the $250,000 US cash required for the sale of its 50% interest in the Palta Dorada Au-Ag Property, from Peruvian Metals Corp. ("Peruvian"). Additional consideration for the sale has the Company retaining a 3% Net Smelter Royalty ("NSR" or "Royalty") on the property. Total payments from the NSR will be capped at $2 million US while the Company is guaranteed US $250,000 in minimum royalty payments over the next five years.

The royalty payments due have guaranteed minimum semi-annual payments of $25,000 US payable over a five year period, commencing December 2024. Cash flow generated from the Palta Dorada Royalty could potentially exceed the minimum semi-annual royalty payment amount, as Peruvian advances a bulk sampling campaign at Palta Dorada, expected to commence Q1 2025 and augmented by its proximity to Peruvian Metals' Aguila Norte Processing Plant.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Element79 Gold Corp. Comments on Peruvian Government Reform Centralizing Oversight of Small-Scale Mining Under Ministry of Energy and Mines

Element79 Gold Corp. Comments on Peruvian Government Reform Centralizing Oversight of Small-Scale Mining Under Ministry of Energy and Mines

(TheNewswire)

Element79 Gold Corp.

Vancouver, British Columbia TheNewswire - May 22, 2025 Element79 Gold Corp. (the "Company" or "Element79") (CSE: ELEM, OTC: ELMGF, FSE: 7YS0) wishes to comment on recent developments affecting the mining sector in Peru, where the Company's flagship Lucero Project is located.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Quimbaya Gold Reports High-Grade Rock Samples up to 11.21 g/t Au and 23.3 g/t Ag at Tahami South, Colombia

Quimbaya Gold Reports High-Grade Rock Samples up to 11.21 g/t Au and 23.3 g/t Ag at Tahami South, Colombia

Early-stage exploration results align with proven discovery model in the Segovia district.

Quimbaya Gold Inc. (CSE: QIM) (OTCQB: QIMGF) (FSE: K05) ("Quimbaya Gold" or the "Company") is pleased to announce initial results from the recently initiated field programs at its Tahami South Gold Project in Antioquia, Colombia. Current work includes detailed geological mapping, rock channel sampling, stream sediment surveys, and soil sampling, all designed to refine and prioritize targets ahead of the Company's maiden drill campaign scheduled to commence in Q2 2025 (Figure 1).

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Radisson Expands Drill Program at O'Brien Gold Project and Outlines Drilling Priorities

Radisson Expands Drill Program at O'Brien Gold Project and Outlines Drilling Priorities

Radisson Mining Resources Inc. (TSXV: RDS) (OTCQB: RMRDF) ("Radisson" or the "Company") is pleased to announce an expansion and extension of its current drill exploration program at its 100%-owned O'Brien Gold Project ("O'Brien" or the "Project") located in the Abitibi region of Québec. This program expansion follows the recent completion of Radisson's successful C$12 million financing and ongoing drilling that is demonstrating significant gold mineralization below the historic mine workings and the Project's current Mineral Resources.

Exploration priorities will be as follows:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Lode Gold Leverages Artificial Intelligence to Drive Exploration and Growth in Yukon

Lode Gold Leverages Artificial Intelligence to Drive Exploration and Growth in Yukon

Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: LODFF) ("Lode Gold" or the "Company") is pleased to announce it will be using the AI-assisted mineral discovery platform offered by VRIFY Technology Inc. ("VRIFY"). Vrify, based in Vancouver, Canada, is a worldwide leader in utilizing AI technology that leads to more efficient mineral exploration. Lode Gold will apply the advanced AI-assisted discovery platform to refine and validate exploration plans and targets at Lode Gold's Golden Culvert Project in Yukon, accelerating data-driven decision-making and enhancing exploration outcomes.

GOLD OROGEN APPOINTS INDUSTRY VETERAN GARY WONG AS NEW VP OF EXPLORATION

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Rio Silver

Rio Silver Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×