Rio Narcea Gold Mines, Ltd.

Rio Narcea Gold Mines, Ltd.

December 13, 2006 15:57 ET

Rio Narcea Included in the S&P/TSX Global Gold Index

TORONTO, ONTARIO--(CCNMatthews - Dec. 13, 2006) - Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or "the Company") (TSX:RNG)(AMEX:RNO) today announced that the Company has been added to the S&P/TSX Global Gold Index, effective Monday, December 18, 2006. The S&P/TSX Global Gold Index is designed to provide an investable index of global gold securities. Recently, the index name has been changed from the S&P/TSX Capped Gold Index to reflect its methodology and expanded coverage, allowing for the inclusion of non-Canadian securities.

Additionally, Rio Narcea forms part of the Amex Gold Miners Index (Symbol: GDM) since March 20, 2006. The Amex Gold Miners Index comprises companies listed on the American Stock Exchange involved primarily in the mining of gold and silver. The index weight of RNO is 0.35 percent.

Rio Narcea Gold Mines, Ltd. is a growing Canadian mineral resource company with operations, development projects and exploration activities in Spain, Portugal and Mauritania. The Company currently produces nickel at its Aguablanca nickel-copper mine in southern Spain and gold at its El Valle and Carles mines in northern Spain. Closure of the northern Spanish gold mines is planned for the end of 2006. Construction of its new Tasiast gold project in Mauritania, West Africa, is underway, with production expected in 2007. The Company also has a strategic interest 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.

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