Rio2 Designates Process Plant Construction and Civil Contractors for the Fenix Gold Project

Rio2 Designates Process Plant Construction and Civil Contractors for the Fenix
Gold Project

VANCOUVER, British Columbia, Sept. 28, 2020 (GLOBE NEWSWIRE) -- Rio2 Limited
(“Rio2” or “the Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) today announces
that it has taken another key step towards the development of its Fenix Gold
Project (“the Project”) located in Chile by selecting the following lead

  * Process plant / site infrastructure construction contractor - HLC
    Ingeniería y Construcción (“HLC”)
  * Leach pad and civil design contractor - Anddes Asociados S.A.C.
  * Civil earthmoving and construction contractor - STRACON S.A. (“STRACON”) 

Together  with  Rio2,  the  companies   have  executed  an  early   contractor
involvement agreement (“ECI  Agreement”) for early  works associated with  the
process plant / site  infrastructure, leach pad and  project civil design  and
construction. Prior to  the signing of  this ECI Agreement,  the parties  have
been working exclusively over  the past few months  in close cooperation  with
Rio2 management  to  detail  all  project engineering  items  related  to  the
construction of the Fenix Gold  Mine. Detailed engineering activities for  the
construction of the  Fenix Gold Mine  are scheduled to  be completed in  early
November in preparation for project financing.

The scope of works for each contractor includes the following:

HLC - design and construction of  the primary crushing and stockpile  circuit,
ADR plant and  water facilities, lime  dosing and leach  pad pumping  circuit,
workshop, warehousing,  onsite offices  and  dining facilities,  onsite  power
generation and distribution.

ANDDES - engineering design for all civil earthworks, including access  roads,
water controls, infrastructure platforms, leach pad and ponds, waste dump  and
stockpiles. ANDDES will also provide site-based supervision of all civil works
including quality control and assurance.

STRACON - responsible for all earthmoving and associated activities, all  road
maintenance and construction, building  and infrastructure platforms, pad  and
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