RIO2’S Fenix GOLD Project Eia is Not Approved
RIO2’S FENIX GOLD PROJECT EIA IS NOT APPROVED
For Immediate Release July 5, 2022
Vancouver, BC - Rio2 Limited (“Rio2” or “the Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) and its
Chilean subsidiary, Fenix Gold Limitada (“Fenix Gold”) announce that the Regional Evaluation
Commission which includes 1 2 governmental institutions has voted for not approving the
Environmental Impact Assessment (“EIA”) for its Fenix Gold project in Chile.
Following this decision, the Company will work on evaluating its options and decide on an action plan.
Once the action plan is completed, the Company will announce how it intends to execute it and
provide the revised timeline. It is important to highlight that Fenix Gold remains with the conviction
that it has provided enough technical information and studies to obtain a favorable EIA decision. This
is well supported by the position from the Environmental Assessment Se rvice (“SEA”) with the
following favorable key considerations:
The Project fulfills all the applicable regulations and meets the environmental requirements
for the granting of applicable sectorial permits.
Fenix Gold has satisfactorily completed the 1) Participación Ciudadana (Citizen Participation)
and 2) Consulta Indígena (Indigenous Consultation) processes.
The Fenix Gold Project is an example of modern gold mining where a full complement of technical,
environmental, and social considerations have 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 and will generate employment for approximately 1,200 people during the construction
phase and 550 people during the 17 years’ 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.
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 a successful capital markets track record. Rio2 is focused on taking its
Fenix Gold Project in Chile to production in the sho rtest possible timeframe based on a staged
development strategy. In addition to the Fenix Gold Project in development in Chile, Rio2 Limited
continues to pursue additional strategic acquisitions where it can deploy its operational excellence
and responsible mining practices to build a multi-asset, multi-jurisdiction, precious metals company.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively
“forward-looking information”) withi n the meaning of applicable securities laws relating to Rio2’s
planned development of its Fenix Gold Project and other aspects of Rio2’s anticipated future operations
and plans. In addition, without limiting the generality of the foregoing, this news r elease contains
forward-looking information pertaining to the following: Rio2’s intentions to prepare and undertake
an action plan to address the concerns raised in the Consolidated Evaluation Report and to submit a
revised EIA that will satisfy the requirements of the SEA; the potential development of a mine at the
Fenix Gold Project; development and operating plans; 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 concerning the ongoing environmental impact
assessment process with the SEA; expectations concerning prevailing commodity prices, exchange
rates, interest rates, applicable royalty rate s 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 timing and 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 fo rward-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 unduly 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 -looking information can be found in Rio2's disclosure
documents on the SEDAR website at www.sedar.com. 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 information. However, there may be other 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 Limited, please visit: www.rio2.com or Rio2's SEDAR profile at
www.sedar.com.
ON BEHALF OF THE BOARD OF RIO2 LIMITED
Alex Black
President, CEO & Director
Email: [email protected]
Tel: 604 260-2696
Neither TSX Venture Exchange nor its Reg ulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of this
release.