Rio Novo Announces Annual General Meeting Results

TORONTO, ONTARIO--(Marketwire - July 5, 2012) - Rio Novo Gold Inc. (TSX:RN)(TSX:RN.WT) ("Rio Novo" or the "Company") is pleased to announce that all resolutions were passed at the Company's Annual General Meeting of Shareholders (the "AGM") held on June 29, 2012, including the re-appointment of KPMG LLP, Chartered Accountants, as auditors of the Company until the next AGM, and authorization to fix their remuneration.

At the AGM, the number of directors of Rio Novo has been set at six and includes the re-election of David Beatty, Julio Carvalho, David Reading, William Dorson, Eduardo de Toledo and David Watkins as directors to the Company's board of directors. Not standing for re-election for the Rio Novo board are Jonathan Rubenstein and Sean Roosen, both of whom have other projects which have begun demanding their increased time and attention. Taking over as Chairman to the Rio Novo board of directors is William Dorson. Mr. Dorson is a highly experienced South American mining banker who previously held the position of CEO of Standard Americas Inc. at Standard Bank Plc.

David Beatty, CEO, states: "On behalf of Rio Novo's Management and board of directors, I would like to thank all shareholders for the approvals and their continued support as we work diligently to advance our projects with the aim to become a gold producer. I would also like to thank Mr. Rubenstein and Mr. Roosen for their significant expertise and past contributions to Rio Novo. I am delighted welcome Mr. Dorson in his new role of Chairman of the board of directors. Mr. Dorson has been instrumental to Rio Novo as an active board member since the Company's inception in 2010 and I am confident that he will continue to provide valuable guidance in his increased role as Chairman."

About Rio Novo

Rio Novo is focused on the acquisition, exploration and development of gold properties in Brazil and Colombia. The Company has Measured & Indicated resources of 1,143,427 oz and 1,105,201 Inferred oz of gold at two projects in Brazil (Almas and Guarantã) and one in Colombia (Toldafria).

The Company's goal is to become a producer of gold by bringing into production the Almas Gold Project, located in the State of Tocantins in 2013. The Almas Project enjoys both established infrastructure, main grid hydropower in a proven and mining friendly jurisdiction and is permitted for construction.

This press release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the estimation of mineral resources, exploration results, potential mineralization, potential mineral resources and mineral reserves) are forward-looking statements. Forward-looking statements are often identifiable by the use of words such as "anticipate", "believe", "plan", may", "could", "would", "might" or "will", "estimates", "expect", "intend", "budget", "scheduled", "forecasts" and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are subject to a number of risks and uncertainties, many of which differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, the price of gold and other risks identified in the Company's most recent annual information form filed with the Canadian securities regulatory authorities on SEDAR.com. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statements.