RIO2 Secures Environmental Approval FOR Fenix GOLD Project
RIO2 SECURES ENVIRONMENTAL APPROVAL FOR FENIX GOLD PROJECT
For Immediate Release December 20, 2023
VANCOUVER, B.C., - Rio2 Limited (“ Rio2” or the “ Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO)
reports that its wholly owned Chilean subsidiary, Fenix Gold Limitada, has been successful in being
granted approval of its Environmental Impact Assess ment (“EIA”) for the construction and operation
of its Fenix Gold Project (“Fenix Gold” or “the Project”) located in the Atacama region of Chile.
Rio2 welcomes the decision in Ch ile by the Committee of Ministers to approve the EIA for the Fenix
Gold Project, which now allows the Company to advance the Project through statutory permitting,
financing, and the currently planned recommencement of construction activities during 2024.
Alex Black, Executive Chairman, stated: “Finally, after many months of patiently waiting, we welcome
the decision of the Committee of Ministers to support our advancement of the Fenix Gold Project. We
have designed Fenix Gold as an example of the very best of modern mining bringing not only
significant investment and jobs to the Atacama region, but also extensive protection of the
environment with a particular focus on flora and faun a in the area we will be operating. I sincerely
thank our shareholders for the patience and support they have shown over the past 18 months during
this difficult process, and I particularly would like to thank the first-class management team at Rio2
and Fenix Gold for never giving up on our mission to vindicate the work completed for the Fenix Gold
EIA.”
FENIX GOLD PROJECT
The Fenix Gold project is one of the largest undeveloped gold oxide, heap leach projects in the
Americas, hosting a Measured and Indicated mineral resource (as such term is defined in National
Instrument 43-101 -Standards of Disclosure for Mineral Projects, “NI 43-101”) of 4.8 million ounces of
gold which the Company believes will make a positi ve contribution to the Atacama Region and Chile.
The Project is an example of modern gold mining where a full complement of technical,
environmental, and social considerations has been consulted on and designed in from the outset. The
Project represents a significant investment in the gold mining business in Chile by a junior mining
company of approximately US$235M of initial and sustaining capital and will generate employment
for at least 1,200 people during the construction phase and 550 people during the 17-year operations
phase. The mine being contemplated at the Project will be a run-of-mine heap leach operation; no
crushing or tailings storage facilities are required, thereby minimizing the overall impact and footprint
of the Project.
The scientific and technical content of this news release has been reviewed, approved and verified by
Ian Dreyer, B.App.Sc. MAIG, a consultant to Rio2 Limited, who is a QP under NI 43-101. For additional
information regarding the Project, including key pa rameters, assumptions and risks associated with
its development, see the independent technical report entitled “NI 43-101 Technical Report on the
Feasibility Study for the Fenix Gold Project” (the “Technical Report”) pursuant to National Instrument
43-101 Standards of Disclosure fo r Mineral Projects (“NI 43-101”) . The Technical Report is dated
October 16, 2023, with an effective date of Octobe r 16, 2023, a copy of which document is available
under Rio2’s SEDAR+ profile at www.sedarplus.ca.
ABOUT RIO2 LIMITED
Rio2 is a mining company with a focus on development and mining operations with a team that has
proven technical skills as well as successful capital markets track record. Rio2 is focused on taking its
Fenix Gold Project in Chile to production in th e shortest possible timeframe based on a staged
development strategy. Rio2 and its wholly owned subsidiary, Fenix Gold Limitada, are companies with
the highest environmental standards and responsibility with the firm conviction that it is possible to
develop mining projects that respect the three axes (Social, Environment, Ec onomics) of sustainable
development. As related companies, we reaffirm our commitment to apply environmental standards
beyond those that are mandated by regulators, seeking to protect and preserve the environment of
the territories that we operate in.
Forward-Looking Statements
This news release contains forward-looking statem ents and forward-looking information (collectively
“forward-looking information”) within the meaning of applicable securities laws relating to Rio2’s
planned development of the Project and other aspects of Rio2’s anticipated future operations and
plans. In addition, without limiting the generality of the foregoing, this news release contains forward-
looking information pertaining to the following: the potential development of a mine at the Project
and the expected capital investment required for such mine; the advancement of the Project through
financing and the recommencement of construction activities; estimated indicated and measured gold
resources; expected mine life; development and operating plans; future permitting processes; certain
anticipated economic benefits of a mine at the Project to the local region and other matters ancillary
or incidental to the foregoing.
All statements included herein, other than statements of historical fact, may be forward-looking
information and such information involves various risks and uncertainties. Forward-looking
information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”,
“continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”,
“could”, “might”, “should”, “believe”, and similar expressions. The forward-looking information is
based on certain key expectations and assumptions made by Rio2’s management which may prove to
be incorrect, including but not limited to: expectations regarding the availability of financing;
expectations concerning prevailing commodity pric es, exchange rates, interest rates, applicable
royalty rates and tax laws; capital efficiencies; legislative and regulatory environment of Chile; future
production rates and estimates of capital and operating costs; estimates of reserves and resources;
anticipated results of capital expenditures; the sufficiency of capital expenditures in carrying out
planned activities; performance; the availability and cost of financing, labor and services; and Rio2’s
ability to access capital on satisfactory terms.
Rio2 believes the expectations reflected in these forward-looking statements are reasonable, but no
assurance can be given that these expectations will prove to be correct and such forward-looking
statements in this news release should not be und uly relied upon. A description of assumptions used
to develop such forward-looking information and a description of risk factors that may cause actual
results to differ materially from forward-lookin g information can be found in Rio2's disclosure
documents on the SEDAR+ website at www.sedarplus.ca. These risks and uncertainties include, but are
not limited to: risks and uncertainties relating to the completion of the financings as described herein,
and management’s ability to anticipate and manage the factors and risks referred to herein. Forward-
looking statements included in this news release are made as of the date of this news release and such
information should not be relied upon as representing its views as of any date after the date of this
news release. Rio2 has attempted to identify important factors that could cause actual results,
performance or achievements to vary from those current expectations or estimates expressed or
implied by the forward-looking info rmation. However, there may be ot her factors that cause results,
performance or achievements not to be as expected or estimated and that could cause actual results,
performance or achievements to differ materially from current expectations. Rio2 disclaims any
intention or obligation to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly required by applicable securities
legislation.
To learn more about Rio2 Limi ted, please visit www. rio2.com or Rio2’s SEDAR+ profile at
www.sedarplus.com.
ON BEHALF OF THE BOARD OF RIO2 LIMITED
Alex Black
Executive Chairman
Email: [email protected]
Tel: +51 99279 4655
Kathryn Johnson
Executive Vice President, CFO & Corporate Secretary
Email: [email protected]
Tel: +1 604 762 4720
Neither TSX Venture Exchange nor its Regulation Se rvices Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts the resp onsibility for the adequacy or accuracy of this
release.