Rio Narcea Gold Mines, Ltd.

Rio Narcea Gold Mines, Ltd.

February 22, 2007 16:59 ET

Rio Narcea Gold Mines, Ltd.: Aguablanca Exploration Drilling Confirms Depth Extensions of Main Mineralized Zone

TORONTO, ONTARIO--(CCNMatthews - Feb. 22, 2007) - Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or "the Company") (TSX:RNG)(AMEX:RNO) today announced the results of the first five holes which were designed to test for extensions at depth of the main mineralized zone at the Aguablanca Deposit (Main Orebody). All five holes have intersected wide intervals of strongly disseminated, semi-massive as well as massive sulfide mineralization. These holes have been drilled perpendicular to the mineralized zone and confirm the connection between the "deep body" and the open pit mineralization. Additionally, they are all located in close proximity to the existing 2.7km decline which will facilitate both the next infill drilling program and future potential underground mining.

These holes were drilled on sections 7350E, 7300E and 7175E, which are depicted below:

The Main Orebody is currently mined by open pit. These five holes drilled into the "deep body" indicate a strong potential for underground mining.

The most recent hole, AGU-1058, has confirmed the link between the Main Orebody and the "deep body" in section 7350. It intersected 45.40 meters at 0.74% Ni and 0.72% Cu, including a higher grade interval of 10.20 meters at 2.18% Ni and 1.21% Cu, which in turn included a 2.20 meter interval of massive sulfides grading 5.44% Ni and 1.52% Cu (see photo of these massive sulfides below).

The same hole AGU-1058 also encountered a new and possible parallel zone of mineralization located 50 meters to the north of the Main Orebody. It intersected 3.60 meters at 1.04% Ni and 0.66% Cu.

The nickel sulfide mineralization in sections 7300E and 7350E has been extended for 245 meters and 225 meters, respectively, below the planned bottom of the open pit (see section diagrams annexed hereto).

In section 7175E, a mineralized interval of 3.75 meters at 0.92% Ni and 0.39% Cu was intersected 140 meters below the planned pit bottom.

Three drill rigs are currently dedicated to this program to expand the Main Orebody. In view of these positive results, an additional rig is being mobilized.

The nickel and copper assay results are tabulated below:

The data in this release was prepared by Luis Rodríguez Pevida, Acting Vice President of Exploration for Rio Narcea, who is a Qualified Person for the purposes of National Instrument 43-101.

Rio Narcea Gold Mines, Ltd. is a growing Canadian mineral resource company with operations, development projects and exploration activities in Spain, Mauritania and Portugal. The Company currently produces nickel and copper at its Aguablanca mine in southern Spain. Construction of its new Tasiast gold project in Mauritania, West Africa, is underway, with production expected in 2007. The Company recently acquired a strategic shareholding in Chariot Resources Limited, which provides exposure to the significant potential of the Marcona Copper Project in southern Peru.

Forward-looking Statements

This press release may contain certain "forward looking statements" within the meaning of the United States securities laws. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, capital expenditures, exploration efforts, financial needs, and other information that is not historical information. The forward-looking statements contained herein are based on Rio Narcea's current expectations and various assumptions as of the date such statements are made. Rio Narcea cannot give assurance that such statements will prove to be correct.

Factors that could cause Rio Narcea's actual results to differ materially from these statements include, but are not limited to, changes in gold and nickel prices, the timing and amount of estimated future production, unanticipated grade changes, unanticipated recovery problems, mining and milling costs, determination of reserves, costs and timing of the development of new deposits, metallurgy, processing, access, transportation of supplies, water availability, results of current and future exploration activities, results of pending and future feasibility studies, changes in project parameters as plans continue to be refined, political, economic and operational risks of foreign operations, joint venture relationships, availability of materials and equipment, the timing of receipt of governmental approvals, capitalization and commercial viability, the failure of plant, equipment or processes to operate in accordance with specifications or expectations, accidents, labour disputes, delays in start-up dates, environmental costs and risks, local and community impacts and issues, and general domestic and international economic and political conditions.

Rio Narcea undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The reader is cautioned not to place undue reliance on forward looking statements.

To view a copy of "Section 7350 E and Section 7300 E" map, please click the link below:

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