Rio Novo Gold Files NI 43-101 Technical Report for the Feasibility Study of Its Almas Gold Project

TORONTO, ONTARIO--(Marketwire - Feb. 21, 2013) - Rio Novo Gold Inc. (TSX:RN)(TSX:RN.WT) ("Rio Novo" or the "Company") announced today that it has filed a National Instrument 43-101 Technical Report (the "Technical Report") for the Feasibility Study ("FS") of the Company's 100%-owned Almas Gold Project in Tocantins State, Brazil (the "Project").

The Technical Report, entitled "Feasibility Study Technical Report for the Almas Gold Project, Almas Municipality, Tocantins, Brazil", has been prepared by RungePincockMinarco (formerly Pincock Allen and Holt) and Tetra Tech Inc. The Technical Report has an effective date of February 20, 2013 and will be available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.Rnovogold.com.

The results of the FS were originally announced in a news release dated November 8, 2012.

About Rio Novo

Rio Novo is focused on the acquisition, exploration and development of gold properties in Brazil and Colombia.

The Company's short-term goal is to become a producer of gold by bringing the Almas Gold Project, located in the State of Tocantins, into production in 2014. 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.