Rio Novo Announces Annual General Meeting Results and Board Announcement

TORONTO, ONTARIO--(Marketwire - June 29, 2011) - Rio Novo Gold Inc. (TSX:RN)(TSX:RN.WT) ("Rio Novo" or the "Company") is pleased to announce that all resolutions were passed at the Company's Annual General Meeting of Shareholders (the "AGM") held on June 27, 2011, including the re-election of Directors, the adoption of the Restricted Stock Unit Plan of the Company and the re-appointment of KPMG LLP, Chartered Accountants, as auditors of the Company until the next AGM, the latter being in conjunction with an authorization to fix their remuneration.

At the AGM, the number of directors of Rio Novo was set at eight and included the re-election of David Beatty, Julio Carvalho, Sean Roosen, David Reading, Jonathan Rubenstein, Willian Dorson, and Eduardo de Toledo, and the appointment of Mr. David Watkins, P.Geo., to the Company's Board of Directors.

Mr. Watkins is a well-known international mining executive with over 40 years experience in exploration and development, M&A, and mining operations. He joined Falconbridge Copper Ltd. as an Exploration Geologist in 1977 and became Vice President, Exploration in 1986. Mr. Watkins subsequently took the position of President of Minnova Inc., the successor to Falconbridge Copper, in 1991. Mr. Watkins was also President of Cyprus Exploration and Development Corporation and Senior Vice President, Exploration for Cyprus Amax Minerals Company for six years prior to joining Atna Resources Ltd. in 1999. Mr. Watkins served as President and CEO of Atna Resources Ltd. from 1999 to 2008, and is now Executive Chairman of that company.

David Beatty, CEO, comments: "On behalf of Rio Novo's Management and Board of Directors, I would like to thank all of our shareholders for their approval and continued support as we diligently work to advance our projects with the goal of becoming an intermediate gold producer. In addition, I am delighted to welcome David Watkins, with his strong record of discoveries that became mines, as a board member to the Company. David has been instrumental to the Company over the past year and a half as an active member of our Technical Advisory Committee. His formal appointment to the board significantly strengthens Rio Novo's geological team, which we believe to be superb, thanks in part to the expertise of board member David Reading and Brian Arkell, Senior VP, Exploration and Corporate Development, previously of Newmont Mining."

About Rio Novo

Rio Novo is currently focused on the acquisition, exploration and development of gold mineral resource properties in Brazil and has initiated similar efforts in Colombia with the 100% acquisition of the NI 43-101-compliant, 952,000 oz., 2.38 g/t Inferred Toldafria property. The Company's goal is to become a producer of gold in the short term by bringing into production its two Brazilian properties, the Almas Gold Project, located in the State of Tocantins State, and the Guarantã Gold Project, located in the State of Mato Grosso. Both projects enjoy established infrastructure in mining friendly jurisdictions. In addition to exploring and developing the Almas and the Guarantã Gold Projects, the Company intends to identify, explore and develop or acquire additional precious metals properties in Brazil and other established mineral jurisdictions in South America.

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.