Rio Novo Gold Announces Resignation of CEO

TORONTO, ONTARIO--(Marketwire - Sept. 12, 2012) - Rio Novo Gold Inc. (TSX:RN)(TSX:RN.WT) ("Rio Novo" or the "Company") announced today that its Board of Directors ("the Board") has accepted the resignation of its CEO, David M. Beatty, effective September 30, 2012. Mr. Beatty has decided to return to his investment banking roots and will be announcing his new activities in the near future. The Board has also accepted Mr. Beatty's resignation as a Director of the Company.

The Board has appointed Julio L. Carvalho to replace Mr. Beatty as CEO. Mr. Carvalho will retain his title as President of the Company and of Rio Novo Mineração, the legal entity for Rio Novo's activities in Brazil.

Mr. Carvalho has 41 years of experience in the Brazilian mineral resource sector. Previously, Mr. Carvalho was President, CEO and a member of the board of directors of Peak Gold Limited (now New Gold Inc.); Executive Vice President of South and Central America of Goldcorp Inc.; President and CEO of Mineração Onça Puma Ltda. (the Brazilian subsidiary of Canico Resource Corp.); and Chief Financial Officer and Executive Director for Rio Tinto Brasil, where he worked for more than 33 years. In these positions, he played a leading role in the development, construction and operation of the Paracatú Gold Mine, the Fortaleza Nickel Mine and Corumbá Iron Ore Mine. Mr. Carvalho is a Chartered Accountant and holds an MBA from Queen's University. Mr. Carvalho is also a Director of Carpathian Gold Inc., Cascadero Copper Corp. and Rio Verde Minerals Development Corp.

William Dorson, Rio Novo's non-executive Chairman of the Board said, "The entire Board joins me in thanking David for his tireless efforts and wishes him the best in his new venture. We would also like to congratulate Julio in his new expanded role."

About Rio Novo

Rio Novo is focused on the acquisition, exploration and development of gold properties in Brazil and Colombia. The Company's primary goal is to bring its Almas Gold Project into production. The Almas Gold Project is located in the state of Tocantins, Brazil, and enjoys substantial established infrastructure in the form of main grid hydropower and proximate federal highways. The company is working on finalizing a Definitive Feasibility Study to be completed in the fourth quarter of 2012.

The Company is also developing two exploration-stage projects, the Guarantã Gold Project, located in Mato Grosso State, Brazil, and the Toldafria Gold Project located in Colombia, in the Department of Caldas.

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 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 statement.