Rio Silver Proposes to Extend Warrant Expiry Date

Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO) (OTC: RYOOF) announces that it will apply to the TSX Venture Exchange to amend the terms of a total of 6,400,000 outstanding share purchase warrants issued pursuant to a private placement that closed on May 12, 2020. These warrants are exercisable at a price of $0.08 per share and are currently set to expire on May 12, 2022. The proposed amendment is limited to the extension of the expiry date of the warrants without changes to the exercise price of $0.08 per warrant share. Subject to regulatory approval, the proposed new date for expiry of the warrants is anticipated to be May 12, 2024.

About Rio Silver Inc.

Rio Silver Inc. is a resource company that has been selectively identifying and acquiring precious metal assets that afford the best possible leverage and returns in anticipation of an increasingly more favorable precious metals bull market. At the Company’s recently acquired Palta Dorada Property in central Peru, a high-grade mesothermal gold and silver vein system is currently being bulk-sampled and processed by earn-in partner, Peruvian Metals Corp.(“Peruvian”). The Company’s partner has earned a 50% interest by installing and then expanding (due to Covid protocol) a 20-man camp and support complex and then developing 150 meters of access tunnel to intercept the targeted sulfide mineralization. Recently access improvements to the upper workings have been initiated improving an access shaft for the installation of a mechanised skip which will expedite access for a bulk sampling campaign within the previously sampled sulfide mineralization. Peruvian operates the nearby Aguila Norte commercial mill where the extracted mineral from the bulk sampling campaign will be processed. Bulk sampling may be ramped up if successful and could become a cashflow to assist the Company’s overall exploration plans in a non-dilutive, shareholder friendly way. We remain ever impressed and optimistic by the resilience and ingenuity of our host country as Peru continues to endorse supportive mining policies ensuring continued growth and opportunity throughout Peru.

For further information,

Christopher Verrico, President, CEO

Tel: [phone]

Email: [e-mail]

Website: www.riosilverinc.com

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

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not a guarantee of future performance and actual results, or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required by applicable laws.