Rio Novo Gold Clarifies its Disclosure

TORONTO, ONTARIO--(Marketwired - Dec. 3, 2014) - As a result of a review by staff of the Ontario Securities Commission, Rio Novo Gold Inc. ("Rio Novo" or the "Company") (TSX:RN.TO) is issuing this news release to clarify its public disclosure.

Investor Presentation

OSC staff noted certain deficiencies in the investor presentation that was posted to the Company's website. In particular, the investor presentation: (i) failed to identify the qualified person who had prepared or approved the technical disclosure contained in the investor presentation; (ii) contained an unbalanced sensitivity analysis with respect to the economic projections for the Company's Almas gold project; and (iii) contained a non-compliant statement of mineral resources with respect to the Company's Almas gold project.

As a result of the OSC staff review, Rio Novo has removed the investor presentation from the Company's website pending an update that will reflect the current status of the Company's mineral projects and also address the concerns noted by OSC staff. The Company has also made certain changes to its website to modify or remove disclosure that raised similar issues to those identified by OSC staff in its review.

Rio Novo is in the process of updating its investor presentation and will present same to OSC staff for review prior to publication on the Company's website or otherwise, and make a further announcement when an amended presentation becomes available to the public.

About Rio Novo

Rio Novo is focused on the acquisition, exploration and development of gold properties in Brazil and Colombia. The Company has two projects in Brazil (Almas and Matupa Gold Projects) and one in Colombia (Tolda Fria Gold Project). For further information on Rio Novo's mineral projects, please refer to the technical reports that have been filed on SEDAR under the Company's profile at www.sedar.com.

This press release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as "anticipate", "believe", "plan", may", "could", "would", "might" or "will", "estimates", "expect", "intend", "budget", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties, many of which differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, the price of gold and other risks identified in the Company's most recent annual information form filed with the Canadian securities regulatory authorities on SEDAR.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statements.