Rio Fortuna Exploration Corp.

Rio Fortuna Exploration Corp.

October 28, 2005 11:21 ET

Rio Fortuna Announces Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 28, 2005) - Rio Fortuna Exploration Corp. (TSX VENTURE:RFT) reported today that the company has arranged a non-brokered private placement of up to 1.2 million units at a price of $0.085 per unit.

The units will comprise of one common share and one common share purchase warrant. Each full warrant can be exercised for one common share at a price of $0.10 per share for a period of two years. The proceeds of the offering will be used to fund exploration of the company's Nevada projects and for working capital.

The financing is subject to regulatory approval, including payment of any finder's fees.

About Rio Fortuna Exploration Corp.

Rio Fortuna Exploration Corp. is exploring for high-grade gold deposits within two prolific gold producing geologic provinces, Nevada and Ontario. The low-sulphidation Highland, Baxter, Mud Springs, and Buz projects in Nevada, and the Archean-vein Drayton project in Ontario, all have significant high-grade gold potential.

On behalf of the Board,

Joseph Anthony Kizis, Jr. President

Rio Fortuna Exploration Corp.

Statements contained in this news release that are not historical facts are forward-looking statements as the term is defined in the private securities litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Rio Fortuna relies upon litigation protection for forward looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

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