Rio Silver or the "Company", TSX.V: RYO, is pleased to announce it is finalizing an access agreement with the local community for its 100% owned Jorimina project "Jormaina", Department of Ayacucho, Peru. This agreement facilitates a diamond drill program planned to commence later this year.

Jormina is located within the Niñobamba Project which covers an area of 4205 hectares. The Main Niñobamba zone is located 7 kilometres to east of Jormina where a significant Au-Ag high sulphidation is present. Joramina was extensively explored by Newmont Mining Corp. "Newmont" 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 Niñobamba 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 thirteen diamond drill holes totaling 4377 metres at Jorimina. Drill highlights from the historic reports available showing hole JOR-001 returning 72.3 metres of 1.19 grams per tonne ("g/t") Au 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 Au-Ag mineralization.

The surface rights of the Company's Main Niñobamba 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 g/t silver over an interval of 130 metres starting from a depth of nine metres, and DDH-4, reporting 54 g/t 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 Niñobamba "Main Zone" discovered a new gold-silver mineralized zone which included 56 metres of 1.03 g/t Au and 98.9 g/t Ag in trench TR-01 and 21.77 metres of 1.32 g/t Au and 102.46 g/t Ag in TR-04 ending in mineralization (see Rio Silver News Release of January 14, 2013). These results show that the main zone on the Niñobamba 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, P.Geo., Advisor 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 favorable precious metals bull market. Our Peruvian precious metal assets are wholly owned with no royalty obligations. The Ninobamba area Au/Ag targets are economically attractive as the mineralization suggests near surface, bulk mineable open pit targets.

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

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

" Chris Verrico "

Christopher Verrico
604-762-4448
Chris.verrico@riosilverinc.com
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.

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.