Rio Cristal Resources Corporation
TSX VENTURE : RCZ

Rio Cristal Resources Corporation

March 22, 2010 09:30 ET

Rio Cristal Resources Receives $998,200 From Early Exercise of Warrants and Provides Update on Other Activities

VANCOUVER, BRITISH COLUMBIA and LIMA, PERU--(Marketwire - March 22, 2010) - Rio Cristal Resources Corporation (TSX VENTURE:RCZ) ("RCZ" or the "Company") is pleased to announce completion of its previously announced incentive program (see news releases January 18 and February 23, 2010) for the early exercise of warrants issued in April 2009 (the "April 2009 Warrants"). A total of 14,260,094 shares were issued upon exercise of the April 2009 Warrants for aggregate proceeds of approximately $998,200 to the Company and a total of 7,130,047 new warrants were issued under the program.

Thomas Findley, President and CEO, said "This additional capital provides funding for exploration of our Condor gold project, maintenance of our Charlotte Bongara zinc project and general corporate purposes including funding to enable the Company to pursue additional copper and gold projects."

Each warrantholder who exercised its April 2009 Warrants received one unit (in lieu of one common share) consisting of one common share and one-half of one new warrant (each whole new warrant, a "2010 Warrant"). Each 2010 Warrant allows the holder to acquire one common share of the capital of the Company at an exercise price of $0.12 until March 17, 2011. The 2010 Warrants are subject to a four-month hold period ending July 18, 2010. Holders of April 2009 Warrants who did not participate in the incentive program will be able to exercise their April 2009 Warrants for common shares of the Company on their original terms.

The Company paid a 5% cash finder's fee in connection with the early exercise of certain of the April, 2009 Warrants.

The Company announces that it has also issued 200,000 shares pursuant to the terms of its option agreement in respect of the Condor property and has issued 669,697 common shares in payment of its US$50,000 payment required on March 15th under the agreement respecting the Charlotte Bongara zinc project.

About Rio Cristal Resources Corporation

Rio Cristal Resources is a Canadian corporation focused on the discovery and further development of gold, copper and zinc deposits in Peru. The Company's most advanced exploration project is the Charlotte Bongara claim block located in northern Peru within an emerging Mississippi Valley-type zinc district. The Company also has an early-stage gold project, the Condor project, which it is exploring near Nazca, Peru. Additional information can be found on the Company's website, www.riocristalresources.com.

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential exploration results, future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future results, events and objectives could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Rio Cristal's expectations include exploration and other risks detailed from time to time in the filings made by the Company with securities regulators.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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