Rio Novo Gold Updates Status of Filing Feasibility Study NI 43-101 Technical Report for its Almas Gold Project

TORONTO, ONTARIO--(Marketwire - Dec. 20, 2012) - Rio Novo Gold Inc. (TSX:RN)(TSX:RN.WT) ("Rio Novo" or the "Company") announced today that there will be a delay in filing the NI 43-101 Technical Report ("Technical Report") related to the Feasibility Study ("FS") for its 100%-owned Almas Gold Project ("Almas"), located in Tocantins State, Brazil. Pursuant to National Instrument 43-101 "Standards of Disclosure for Mineral Projects", the Technical Report is required to be filed on or before December 23, 2012, 45 days from the date of the announcement of the completion of the FS, which occurred on November 8, 2012. The FS is being compiled by RungePincockMinarco (formerly "Pincock Allen & Holt"), Rio Novo's independent engineering consultant, in compliance with NI 43-101 requirements. For more information regarding the Feasibility Study for the Almas project, please refer to the Company's news release dated November 8, 2012.

The Company anticipates that the Technical Report will be completed in January 2013.

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 1,191,252 oz and 1,464,831 Inferred oz of gold at two projects in Brazil (Almas and Guarantã Gold Projects) and one in Colombia (Toldafria Gold Project).

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.