Rio Silver Inc. announced 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 locate 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 third quarter of 2024 necessary to initiate a small drill program to confirm the Au-Ag mineralization.