Rio Novo Gold Intersects 1.91 g/t Au Over 36.35m and 2.28 g/t Over 22.00m at Vira-Saia Target, Almas Gold Project

TORONTO, ONTARIO--(Marketwire - March 2, 2012) - Rio Novo Gold Inc. (TSX:RN)(TSX:RN.WT) ("Rio Novo" or the "Company") is pleased to report assay results from its ongoing drilling program at its 100%-owned Almas Gold Project, located in the State of Tocantins, Brazil.

Rio Novo has completed infill drilling on the Vira-Saia deposit as part of the Definitive Feasibility Study ("DFS") planned for completion in Q3 2012. The DFS will be preceded by the completion of a Preliminary Economic Assessment ("PEA"), which is expected to be published in March 2012.

Vira-Saia Main Zone

The Vira-Saia target is located approximately 4 km north of the planned process facilities and the Paiol pit. Vira-Saia is an orogenic system with gold hosted in mylonitic shear zones in Archean granodiorite. Gold is present in a parallel series of quartz-sericite-carbonate veins, striking NW and dipping 60 to 80 degrees SW. Drilling to date has outlined mineralization over an area of 650m along strike NW, with a series of parallel veins up to 30m wide. Three distinct mineralized zones have been modeled: Vira-Saia Main, NW, and East zones.

To date, 187 diamond drill holes have been completed for a total of over 25,000m of drilling on the deposit. The infill drilling of the primary zones has been completed to between 25m and 35m spacing. Results of the infill drilling show excellent continuity of the main mineralized zones along strike and in depth.

Significant new infill results include:

• FVSD-0134: 36.35m @ 1.91 g/t Au (from 27.8m to 64.15m);
  • Including 1.60m @ 13.94 g/t Au
• FVSD-0135: 28.15m @ 1.19 g/t Au (from 66.00m to 94.15m);
  • Including 1.30m @ 5.62 g/t Au
• FVSD-0137: 14.55m @ 2.14 g/t Au (from 105.00m to 119.55m);
  • Including 1.00m @ 23.36 g/t Au
• FVSD-0141: 22.00m @ 2.28 g/t Au (from 139.00m to 161.00m);
  • Including 1.70m @ 22.58 g/t Au
• FVSD-0143: 11.95m @ 1.70 g/t Au (from 57.05m to 69.00m);
  • Including 1.80m @ 6.82 g/t Au
• FVSD-0147: 19.50m @ 1.00 g/t Au (from 35.50m to 55.00m);
  • Including 1.00m @ 11.72 g/t Au
• FVSD-0149A: 9.00m @ 1.68 g/t Au (from 80.00m to 89.00m);
• FVSD-0151: 11.70m @ 0.95 g/t Au (from 86.00m to 97.70m);
• FVSD-0152: 11.00m @ 1.17 g/t Au (from 160.00m to 171.00m);
• FVSD-0154: 10.00m @ 1.30 g/t Au (from 68.00m to 78.00m).

Commenting on the new results, Brian Arkell, Rio Novo's SVP Exploration, notes: "These new results confirm the grade and continuity established by early drilling and in fact exceed in many places the original grades and thickness. The results show a coherent gold deposit that will enhance our total DFS resource and fit well into our current long-term operational plans. Additionally, we continue to be very encouraged with early step-out exploration results to the NW along the Vira-Saia trend, and are hopeful that we will continue to add ounces to the project."

The total new results received from Vira-Saia are provided in the table below.

Drill Hole		From (metres)		To (metres)		Interval (metres)		Grade (g/t)		Zone
FVSD-0124		49.00		56.00		7.00		1.05		NW Extension
FVSD-0126		87.50		88.50		1.00		2.52		NW
FVSD-0134		27.80		64.15		36.35		1.91		Main
Including		42.40		44.00		1.60		13.94
FVSD-0135		66.00		94.15		28.15		1.19		Main
Including		85.70		87.00		1.30		5.62
FVSD-0136		0.00		6.00		6.00		1.01		Main
FVSD-0137		105.00		119.55		14.55		2.14		Main
Including		117.00		118.00		1.00		23.36
FVSD-0138		22.00		41.20		19.20		0.73		Main
FVSD-0139		71.10		92.15		21.05		0.63		Main
FVSD-0140		No		3.00		3.00		0.35		Main
FVSD-0141		139.00		161.00		22.00		2.28		Main
Including		147.00		148.70		1.70		22.58
FVSD-0142		43.00		55.30		12.30		0.94		Main
FVSD-0143		57.05		69.00		11.95		1.70		Main
Including		59.20		61.00		1.80		6.82
FVSD-0144		12.00		26.50		14.50		0.38		Main
FVSD-0146		73.00		79.70		6.70		1.10		Main
FVSD-0147		35.50		55.00		19.50		1.00		Main
Including		54.00		55.00		1.00		11.72
FVSD-0148		101.50		105.70		4.20		3.46		Main
FVSD-0149 A		80.00		89.00		9.00		1.68		East
FVSD-0151		86.00		97.70		11.70		0.95		East
FVSD-0152		160.00		171.00		11.00		1.17		Main
FVSD-0154		68.00		78.00		10.00		1.30		NW

To view the location map and selected cross sections associated with this press release, please visit the following link: http://media3.marketwire.com/docs/rnMAPS302.pdf

Exploration Plans

Rio Novo's drilling efforts have been focused on completing the infill drilling for the DFS of the Almas Gold Project. As the infill drilling is now completed, Rio Novo intends to begin drill testing numerous targets in the Almas District. Presently there are over 30 targets identified on the +100,000 hectare land package. A systematic assessment of the portfolio has been completed, and Rio Novo will begin drilling the higher ranking targets.

Two top priority targets to be tested within the next few months include the NW extension of the Vira-Saia trend and a high grade target below the planned Paiol pit. At the NW extension, soil anomalies continue for at least 500m beyond the main Vira-Saia area and initial scout drilling has intersected significant gold mineralization. At Paiol, drilling is planned to test for deeper high grade shoots and follow up on a previous intercept of 8m averaging 10.4 g/t Au.

Additional first-pass scout drilling is planned to test soil and geophysical anomalies south of the Paiol pit and in the Novo Prata trend to the east. Eight targets have been identified for the initial phase of scout drilling.

Qualified Person

Mr. Brian Arkell, Senior Vice President of Exploration at Rio Novo Gold Inc., is a Qualified Person, as defined by Canadian National Instrument 43-101, and has reviewed and verified the technical content of the information contained in this release.

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 961,711 ozs and 1,178,016 Inferred ozs of gold at two projects in Brazil and one in Colombia.

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

In June 2011, the Company completed the 100% acquisition of the Toldafria property in Caldas State in the central Cordillera. The Toldafria property has an Inferred resource of 952,000 ozs gold at a grade of 2.38 g/t as set out in a NI 43-101 compliant resource estimate. At Toldafria, the Company has executed a systematic program of trenching, mapping, surface sampling, and additional underground channel sampling, and plans to commence drilling in March to determine the extent of vertical and horizontal continuity of the deposit.

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.