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Rio Novo Gold announces start of the drilling program at its toldafria gold project in Colombia

Monday, Apr 16, 2012

Rio Novo Gold Inc. (TSX:RN)(TSX:RN.WT) ("Rio Novo" or the "Company") is pleased to announce that drilling has started at its 100%-owned Toldafria Gold Project, in Colombia. The Company will be working with a manportable diamond drilling rigs to undertake an initial 3,000 meter drilling program, which is expected to be completed in the second quarter of 2012.

The initial drilling will take advantage of the existing knowledge base of the Toldafria Project. An extensive tunnel sampling campaign completed earlier this year provides Rio Novo with an understanding of the existing mineralized structures and the drilling is planned to cut through such existing structures. Seven drilling platforms are planned with multiple holes per platform. Drilling will be on an East-West axis in order to cut through known North-South structures, to depths between 250-400 meters.

A second 5,000 meter follow-up drilling program is planned for later in the year and an updated resource estimate based on the drilling results is planned for the second half of 2012.

Brian Arkell, SVP Exploration, commented: "Our sampling results to date have outlined a very large area of gold mineralization. We are excited about the prospects at Toldafria and this initial drilling program. Major Drilling has provided us with a brand new portable rig, which is perfect for our needs in Toldafria's terrain. We expect to have initial assay results by the end of May or early June and will continue to work on our stated primary objective of updating our resource estimate by the end of the year"

Source: Rio Novo Gold Inc.

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