Rio Silver Update on Palta Dorada Gold Property, Peru

Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO), is pleased to advise that its joint-venture-partner and project operator, Peruvian Metals Corp., (“Peruvian” or the “Operator”), has satisfied the terms to acquire a 50% interest in the Palta Dorada Au-Ag-Cu Project (“Project”). As of June 30th, Peruvian had contributed $250,000 US including sustaining capital and advanced a planned bulk sampling program thereby completing the earn-in. During 2021, the main underground access called the San Juan tunnel with portal landing and full camp facilities were developed and installed under the Project’s operating license obtained despite numerous COVID related setbacks. Development of the planned 290-meter-long access tunnel/drift along the main San Juan Level is proceeding. It is being driven along strike of a mineralized, orogenic meso-thermal vein structure within competent granitic host rock allowing good progress. It is anticipated that at 170 meters along the San Juan level, the mineralization will transition from oxide gold to a gold-silver-copper rich sulphide mineral. The Operator is stockpiling oxide mineral encountered prior to reaching sulphide mineralization and this will provide the joint venture with revenue until the targeted gold-silver-copper sulphide mineralization is reached. The oxide gold material currently being extracted will continue to be stockpiled until there is sufficient tonnage to allow bulk shipment to toll mills able to process this material.

The San Juan level is designed to intersect Au-Ag-Cu sulphide mineral some 290 metres from the San Juan portal and 35 metres below the oxide-sulphide transition that was previously sampled and mapped in a 53-metre-deep artisanal shaft. Those samples resulted in assays ranging from 3.06 g/t Au to 24.1 g/t Au, 36 g/t Ag to 865 g/t Ag and 0.31% Cu to 4.94% Cu over an average width of 0.60 meters with a weighted average of 10.51 g/t Au, 329 g/t Ag and 1.74% Cu (see Rio Silver News Release July 6, 2020). Once preparation for the extraction is complete, sulphide mineral will be processed at Peruvian’s nearby sulphide milling facility.

Ryan Grywul, P.Geo, a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation, or approved the scientific and technical disclosure contained in this news release.

About Ninobamba

At the Company's flagship, 100-per-cent-owned Ninobamba Silver/Gold Project, baseline environmental monitoring is ongoing as a prerequisite for a drilling permit. Rio Silver’s team is consulting directly with the newly elected President and Council of the neighboring Community. Ninobamba hosts two discreet precious metal targets at opposite ends of an 8-kilometre prospective corridor in a prolific, precious-metal-hosting geological belt in central Peru. The Company has modelled two significant precious metal targets where the Company and previously, Newmont Mining plus others have spent upward of $10 million (U.S.) evaluating this mineralized trend across the Property.

About Rio Silver

Rio Silver Inc. is a Canadian Exploration and Mine Development company. Our business is to develop the 100% owned Ninobamba project and to unlock the underlying potential for shareholder value identified from the previous $10 million spent by Newmont and others at both Ninobamba Main and Jorimina Zones. The Company’s recently commissioned & independently constructed “exploration potential” model for Ninobamba Main has identified exciting development potential. Benefits are anticipated to materialize from the carried development of the new Palta Dorada Au Ag project, focusing on a near term revenue stream. For more information, please visit: https://www.riosilverinc.com/

For more information contact:

Christopher Verrico, President, CEO Tel: [phone]Email: [e-mail]

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.