Rio Fortuna Exploration Corp.

Rio Fortuna Exploration Corp.

June 24, 2005 18:40 ET

Rio Fortuna Re-acquires 100% of Highland Project and Reports Encouragement at Baxter and Mud Springs Nevada Projects

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 24, 2005) - Rio Fortuna Exploration Corp. (TSX VENTURE:RFT) announced today that Mauricio Hochschild & Cia. S.A.C. of Peru (MHC) has terminated its option to acquire 51% of the company's Highland low-sulphidation gold project in Nevada's Walker Lane. MHC completed a seven-hole, 2,190-meter core program, designed primarily to search for new mineralized shoots at the largely gravel-covered property (see news release dated May 27, 2005).

Several mining companies are currently reviewing project data to consider pursuing mineralization previously partially outlined by Rio Fortuna, including a bonanza-grade RC drill intercept of 66.9 g/t Au and 397.7 g/t Ag over 1.5 meters from the A Zone (see news release December 19, 2003). The high-grade intercept occurs within a 12.2 metre section of 9.5 g/t Au and 109.4 g/t Ag. In addition, other targets have been identified that remain untested.

Rio Fortuna also reported that a detailed magnetics survey has been completed at the company's Baxter project in Nevada. The data was combined with detailed geologic mapping and sampling and previous drill data, which reveals that a rhombic-shaped graben contains auriferous gold veins on three of the graben margins. The fourth margin is entirely covered by gravel. The company's shallow drilling program in 2004 intersected narrow intervals of high-grade gold, including 1.5 metes of 9.12 g/t Au within 6.1 meters of 3.50 g/t Au beginning at 51.8 meters depth and 1.5 meters of 7.38 g/t Au within 10.7 meters of 2.00 g/t Au beginning at 47.2 meters (see news release November 18, 2004). This mineralization lies along the northeastern margin of the graben, while low-grade gold intersected near the historic Baxter Mine appears to be in the footwall of the southwestern graben margin.

Detailed geologic mapping and sampling also have recently been completed at Rio Fortuna's Mud Springs project in Nevada. Mapping reveals a widespread system of gold and silver-rich veins, perhaps related to a molybdenum-bearing intrusion complex. Of 207 samples collected, eight percent contain +300 ppb Au, five percent contain +100 g/t Ag, and twenty percent contain +0.01% Mo. Grab samples of veins and silicified fault zones contain up to 9.97 g/t Au, 785 g/t Ag, and 0.075% Mo. Other base metals are only weakly anomalous, generally less than 100 ppm combined copper, lead and zinc.

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.

Joe Kizis Jr., (P.Geo.) is the Qualified Person responsible for reviewing the technical results reported in this release.

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. RioFortuna 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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