Rio2 Limited Secures $50 Million to Advance Fenix Gold Project
Rio2 Limited Secures Major Investment for Future Growth
VANCOUVER, British Columbia – Rio2 Limited ("Rio2" or "the Company") has announced a significant financial milestone with the receipt of a $50 million deposit from Wheaton Precious Metals International Ltd. This funding is part of a broader precious metals purchase agreement linked to the Company’s ambitious Fenix Gold Project in Chile.
The Fenix Gold Project: A Major Resource
The Fenix Gold Project stands out as one of the largest undeveloped gold oxide, heap leach projects across the Americas. It boasts a remarkable mineral resource, estimated at 4.8 million ounces of gold, according to the National Instrument 43-101 guidelines.
Investment and Employment Opportunities
This project is set to make a substantial economic impact, anticipated to generate approximately $235 million in investment and create around 1,200 jobs during the construction phase alone. Ongoing operations are expected to employ about 550 individuals for a total project lifespan of 17 years.
Modern Mining Approach
Rio2 emphasizes a contemporary approach to gold mining, prioritizing robust technical and environmental considerations from the outset of its design. The proposed mine will utilize a run-of-mine heap leach method, which minimizes both the environmental footprint and necessary infrastructure, avoiding the need for excessive operations like crushing or tailings storage facilities.
Commitment to Environmental Standards
Rio2’s commitment extends beyond just mining. The team prioritizes sustainable development that respects the environment, society, and economics equally. The Company's environmental practices exceed those mandated by regulations, showcasing its dedication to preserving the environment in the territories where it operates.
Future Prospects and Feasibility Studies
The latest independent technical report, titled "NI 43-101 Technical Report on the Feasibility Study for the Fenix Gold Project," dated October 16, 2023, provides a detailed analysis of the project’s key parameters and risk assessments. Stakeholders are encouraged to review this comprehensive study, which is available through Rio2's official filing profiles.
Leadership and Company Overview
Rio2 is spearheaded by experienced professionals with a reputation for technical excellence and successful capital market ventures. As the Company pushes forward towards production, it remains vigilant in assessing its project timelines and financial requirements to ensure successful development.
Contact Information
For those interested in more information about Rio2 and its projects, reach out via the following contacts:
Alex Black
Executive Chairman of the Board
Email: alex.black@rio2.com
Tel: +51 99279 4655
Kathryn Johnson
Executive Vice President, CFO & Corporate Secretary
Email: kathryn.johnson@rio2.com
Tel: +1 604 762 4720
Frequently Asked Questions
What is the Fenix Gold Project?
The Fenix Gold Project is a major gold mining initiative in Chile, containing an estimated resource of 4.8 million ounces of gold.
How much funding has Rio2 received?
Rio2 has received a third deposit payment of $50 million from Wheaton Precious Metals.
What is the employment impact of the Fenix Gold Project?
Approximately 1,200 jobs will be created during the construction phase, with continued employment for about 550 individuals during operations.
What mining method will be used at Fenix Gold?
The project plans to use a run-of-mine heap leach method, which minimizes environmental impact by reducing infrastructure needs.
How can I learn more about Rio2?
Additional information can be found on the official Rio2 website or by contacting the company directly via email.
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