NICOSIA, CYPRUS--(Marketwired - Aug. 17, 2016) - Cyprus River Holdings Ltd. ("Cyprus River") announces that it has completed the sale of an aggregate of 94,650,914 ordinary shares ("Rio Novo Shares") of Rio Novo Gold Inc. ("Rio Novo") to Northwestern Enterprises Ltd. The 94,650,914 Rio Novo Shares (the "Sale Shares") were sold in a private transaction at a price of $0.092 per share pursuant to the previously announced purchase agreement entered into between the parties.

The Sale Shares represent approximately 62.5% of the issued and outstanding Rio Novo Shares (based upon the 151,482,253 Rio Novo Shares stated to be issued and outstanding by Rio Novo). After completing the disposition of the Sale Shares, Cyprus River no longer has ownership or control or direction over any Rio Novo Shares.

The disposition of the Sale Shares was completed as part of Cyprus River's ongoing review of its investment holdings and to permit Cyprus River to liquidate its position in Rio Novo Shares.

For additional information, or to obtain a copy of the report required pursuant to the early warning reporting requirements, please contact:

Maria Raquel S. de Toledo Aguiar
Tel: +55 11 3087 7577

Cyprus River Holdings Ltd.
Themistokli Dervi 3, Julia House
PC1066, Nicosia, Cyprus

Contact Information:

Maria Raquel S. de Toledo Aguiar
+55 11 3087 7577