Rio Silver Announces First Phase Diamond Drilling Plans at the Niñobamba Silver Gold Project, Peru

VANCOUVER, Jan. 11, 2022 - Rio Silver Inc. ("Rio Silver" or the "Company") (TSX.V: RYO) (OTC: RYOOF), is pleased to provide an update on its plans to commence a first phase of diamond drilling at the 100% owned flagship property, the Ni?obamba Silver-Gold Project ("Ni?obamba or "The Property"), in south central Peru.

Ni?obamba comprises seven concessions totaling 4017 hectares. The area has excellent infrastructure and is located 45 kilometres southwest of Ayacucho. The Property is accessible by several gravel roads off the main highway accessing its northern boundary. The Property is free of any third-party royalties and has had over $10 million US spent on exploration by the Company and previous operators. The database for the Ni?obamba project includes over 6500 surface and drill assay results from previous operators.

The precious metal mineralization is associated with a high-sulphidation epithermal system. These types of systems are a principal exploration target of major companies exploring for gold in the South American Andes. More specifically, precious metal mineralization at Barrick's Pierina and Laguna Norte gold mines, and Newmont's Yanacocha are all associated with high-sulphidation systems.

Exploration by previous operators from 2002 through to 2009 includes assay results and drill logs for 9743 meters of diamond drilling. Two discreet zones of precious metal mineralization were identified from this previous work: Main Ni?obamba Zone ("Main Zone") and the Jorimina Zone. Highlights from previous drill programs on the Main Zone by Anglogold included 130 meters of 2.8 oz Ag per ton Ag. in drill hole AN-2 and 7.5 kilometers to the west at the Jorimina zone Newmont had drilled 72 meters of 1.19 grams Au per tonne in dill hole JM-1. Rio Silver then completed an extensive surface trenching program on the Main Zone silver mineralization in 2012. The trenching program resulted in identifying significant gold potential not recognized by the previous operators. The first trench of the program conducted by Rio Silver was placed in the area where Anglogold drilled an intercept of 130 metres of 2.8 oz/t Ag (ounces silver per ton). The trench exposed extensive high-sulphidation alteration returning an impressive 56 metres averaging 1.03 g/t Au (grams gold per tonne) and 98.9 g/t Ag. Further trenching 400 metres southwest and along strike continued to expose typical vuggy silica, high-sulphidation-type alteration with the last 21 metres returning 1.32 g/t gold and 102 g/t silver. The extent of the mineralization continues under deep colluvium. The last sample in the trench returned 0.53 g/t gold and 82 g/t silver.

In early 2020 The Company engaged Dahrouge Geological Consulting Ltd to complete a conceptual exploration target using Leapfrog software. The result of this work is summarized in the Company's news release of February 27, 2020. The following table is the summary of the conceptual exploration¹ target range for the Ni?obamba Main Zone and is presented in the following table:

On December 18th, 2021, the Company attended a local Community Assembly and presented plans for diamond drilling and detailed surface mapping and sampling, including exploratory pits at the Ni?obamba Main Zone. The Company was well received, at the first of such gatherings allowing surrounding community members to attend this meeting, the first since the start of the Covid pandemic. Along with representatives from D&M Ingenieros Consultores ("D&M"), a Lima Peru based engineering group providing the environmental professionals for the recently produced environmental baseline compilation, the Company presented the environmental monitoring work completed to date which included measures to protect the nearby water supply canal. The interaction with the community members resulted in the presentation of some items of key concern, all of which will be addressed this month during a field program conducted by D&M. The Company has been invited to return later in February 2022 to present the updated base line environmental review along with a detailed work plan proposal.

Pending a successful outcome for which the Company is confident, the necessary submission for approval by the General Directorate of Mining Environmental Affairs of the Ministry of Energy and Mines, Peru will be expedited.

Chris Verrico the CEO of Rio Silver comments; "I am very happy to have the professionally led crews from D&M finalizing the environmental base line studies for this all-important round of permitting, a milestone which should allow us to proceed to our first drill program at Ni?obamba. I am also pleased with the progress our Community Liaison team has made. This work plan has been long anticipated, a decade in the making and is a major step towards putting Ni?obamba's precious metal potential amongst its peers within this prolific geological trend that hosts some of the most successful and lowest cost gold and silver producers worldwide".

Mr. Reeder, PGeo, a qualified person as defined in National Instrument 43-101, has approved the scientific and technical disclosure contained in this news release."

About Rio Silver Inc.

Rio Silver 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 now estimated to be within 20 meters of the targeted 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 respectful and mindful of the current hardships being confronted by our hosts in Peru due to the current pandemic. We remain ever impressed and optimistic by the resilience and ingenuity of our host country as Peru continues to develop supportive mining policies to ensure continued growth and opportunity throughout Peru.

For further information,

Christopher Verrico, President, CEO

Tel: (604) 762-4448

Email: chris.verrico@riosilverinc.com

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.

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¹ The Company cautions that the Ni?obamba model is not a resource declaration. The potential tonnages and grades are conceptual in nature and are based on previous trench samples and drill results that defined the approximate length, thickness, depth and grade of a portion of the north and south mineralized zones at Ni?obamba. There has been insufficient exploration to define a current resource and the Company cautions that there is, among other uncertainties, a risk that further exploration may not result in the delineation of a current mineral resource or one that resembles the conceptual model.