Rio2 receives key permits for Fenix gold mine in Chile

Rio2 Limited (TSXV: RIO; OTCQX: RIOFF) says its Chilean subsidiary, Fenix Gold Limitada, received the principle permits required to begin construction at its Fenix gold project. The permits cover mining methods, processing plant, waste dumps and stockpiles, and the closure plan.

The mine is located in the Maricunga gold belt in the Atacama region.

Fenix will be a large, gold oxide heap leach based on a measured and inferred resource of 398.2 million tonnes at a grade of 0.38 g/t gold and containing almost 4.8 million oz. of gold. The inferred resource is 90.8 million tonnes at 0.33 g/t gold and containing 959,000 oz.

With the necessary permits in hand, Rio2 can complete its debt and equity financing for construction, said president and CEO Andrew Cox.

Rio2 says Fenix will need an investment of $316.8 million (US$235 million) for both initial and sustaining capital. The project will employ at least 1,200 people during construction and 800 people during a 17-year operational phase. A run-of-mine heap leach is planned so no crushing or tailings storage facilities are required.

More information is posted on www.Rio2.com.