Rio Silver Proposes to Amend Warrant Exercise Price

May 17, 2016, Toronto, Ontario, Canada – Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO) announces that, subject to regulatory approval, it intends to amend the terms of a total of 1,400,000 outstanding share purchase warrants issued pursuant to a private placement that closed in two tranches on February 3, 2015 and February 20, 2015. The warrants currently have an exercise price of $0.075 per warrant share and are set to expire on February 3, 2017 (1,340,000 warrants) and February 20, 2017 (60,000 warrants). If approved, the proposed amendment is to reduce the exercise price of the warrants to $0.05 per warrant share without changes to the expiry date of the warrants.

The proposed amendment to the original exercise price of the warrant shares as set forth above are subject to the approval of the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS OF RIO SILVER INC.

Steve Brunelle Director

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.

For more information contact:

Steve Brunelle, Director Dan Hamilton, Chief Financial Officer Tel: (416) 479-9546 Ext 407 Tel: (416) 867-1591 Ext 403 Website: www.riosilverinc.com