Closing of Non-Brokered Private Placement

Rio Grande Mining Corp. (RGV-TSX V)

Suite 200 – 551 Howe Street Vancouver, B.C. V6C 2C2 Tel: (604) 683-8610, Fax: (604) 683-8605

FOR IMMEDIATE RELEASE November 5, 2010

CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Rio Grande Mining Corp. (the “Company”) is pleased to announce that it has completed a non-brokered private placement of 2,720,000 units of the Company at a price of $0.225 per unit for gross proceeds of $612,000. Each unit consists of one common share and one transferable share purchase warrant. Each warrant entitles the holder to purchase one additional common share at an exercise price of $0.30 per share for a period of five years from the closing date. The Company paid finder’s fees in the amount of $38,790 and issued 172,400 finder’s warrants (the “Finder’s Warrants”) to various arm’s length parties in connection with this private placement. Each Finder's Warrant entitles the holder to purchase one additional common share at an exercise price of $0.30 per share for a period of one year from the closing date. All the shares issued in this private placement and any resulting shares issued upon the exercise of any warrants will be subject to a hold period expiring on March 3, 2011. The proceeds of the private placement will be used for general working capital purposes.

On Behalf of the Board,

“Jerry A. Minni”

Jerry A. Minni Director & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

WARNING: The Company relies on litigation protection for “forward looking” statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.