Rio Silver Inc. announced that its joint-venture-partner and project operator, Peruvian Metals Corp., ("Peruvian" or the "Operator"), has satisfied the terms to acquire a 50% interest in the Palta Dorada Au-Ag- Cu Project ("Project"). As of June 30th, Peruvian had contributed $250,000 US including sustaining capital and advanced a planned bulk sampling program thereby completing the earn-in. During 2021, the main underground access called the San Juan tunnel with portal landing and full camp facilities were developed and installed under the Project's operating license obtained despite numerous COVID related setbacks. Development of the planned 290-meter-long access tunnel/drift along the main San Juan Level is proceeding. It is being driven along strike of a mineralized, orogenic meso-thermal vein structure within competent granitic host rock allowing good progress. It is anticipated that at 170 meters along the San Juan level, the mineralization will transition from oxide gold to a gold-silver-copper rich sulphide mineral. The Operator is stockpiling oxide mineral encountered prior to reaching sulphide mineralization and this will provide the joint venture with revenue until the targeted gold-silver-copper sulphide mineralization is reached. The oxide gold material currently being extracted will continue to be stockpiled until there is sufficient tonnage to allow bulk shipment to toll mills able to process this material. The San Juan level is designed to intersect Au-Ag-Cu sulphide mineral some 290 metres from the San Juan portal and 35 metres below the oxide-sulphide transition that was previously sampled and mapped in a 53-metre-deep artisanal shaft. Those samples resulted in assays ranging from 3.06 g/t Au to 24.1 g/t Au, 36 g/t Ag to 865 g/t Ag and 0.31% Cu to 4.94% Cu over an average width of 0.60 meters with a weighted average of 10.51 g/t Au, 329 g/t Ag and 1.74% Cu. Once preparation for the extraction is complete, sulphide mineral will be processed at Peruvian's nearby sulphide milling facility.