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Rio2 Announces Receipt of Second Deposit of US$25 Million From Fenix Gold Stream
VANCOUVER, British Columbia, March 24, 2025 (GLOBE NEWSWIRE) -- Rio2 Limited (“ Rio2 &...
About this update from Rio2 Limited
[{"type":"text","content":"Rio2 Announces Receipt of Second Deposit of US$25 Million From Fenix Gold Stream\n\n\n\n VANCOUVER, British Columbia, March 24, 2025 (GLOBE NEWSWIRE) -- Rio2 Limited (“\n \n Rio2\n \n ” or “\n \n the Company\n \n ”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) announces that, further to its news releases dated November 16, 2021, March 29, 2022, and October 21, 2024, it has received a second deposit payment of US$25,000,000 from Wheaton Precious Metals International Ltd. in connection with the previously announced amended and restated precious metals purchase agreement on Rio2’s Fenix Gold Project in Chile (the “\n \n Gold Stream\n \n ”).\n \n\n The Gold Stream is a component of the previously announced financing package to fully fund the Fenix Gold Project to production.\n \n\n\n FENIX GOLD PROJECT\n \n\n\n The Fenix Gold Project is one of the largest undeveloped gold oxide, heap leach projects in the Americas, hosting a Measured and Indicated mineral resource (as such term is defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects, “NI 43-101”) of 4.8 million ounces of gold which the Company believes will make a positive contribution to the Atacama Region and Chile. The Project is an example of modern gold mining where a full complement of technical, environmental, and social considerations has been consulted and designed from the outset. The Project represents a significant investment in the gold mining business in Chile by a junior mining company of approximately US$235M of initial and sustaining capital, generating employment for at least 1,200 people during the construction phase and 550 people during the 17-year operations phase. The mine being contemplated will be a run-of-mine heap leach operation; no crushing or tailings storage facilities are required, thereby minimizing the overall impact and footprint of the Project.\n \n\n For additional information regarding the Project, including key parameters, assumptions ‎and risks associated with its development, see the independent technical report entitled ‎‎“NI 43-101 Technical Report on the Feasibility Study for the Fenix Gold Project” (the “Feasibility Study”) pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects ...