RIO Nevada Mines Corporation Message Board

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Gold/Mining/Energy : RIO Nevada Mines Corporation

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To: griz who wrote (16)	4/30/1997 8:12:00 PM
From: BARON BANKER	of 38

GREAT OIL RELEASE RIO Nevada Mines Corporation PRESS RELEASE ASE SYMBOL - RN April 29, 1997 PRODUCTION, EXPLORATION AND FINANCING UPDATE RIO Nevada Mines Corporation is pleased to report the results of its Phase I workover program at the Norbuck Lake oil field located in Central Alberta. As a result of the Phase I workover program, total field production has been increased from an average of 46 barrels of oil per day to an average of 160 barrels of oil per day, representing a 340% increase in production. Accordingly, RIO Nevada's net oil production now currently averages in excess of 65 barrels of oil per day. Phase II of RIO Nevada's production enhancement program involves further workovers and recompletions which is scheduled to be completed by approximately the end of the second quarter 1997. RIO Nevada also recently commenced its two well exploration drilling program in the Crystal and Pembina areas. The Company holds a 100 percent operated working interest in both wells. RIO Nevada Crystal 2-16-46-4W5M (new pool wildcat) is currently being drilled and will be followed by RIO Nevada Pembina 10-6-47-4W5M (outpost) location. The Company is also pleased to announce the private placement of $300,000 flow through common shares at $0.50 per share. Each share will also have attached a warrant with each four warrants entitling the holder to buy an additional share at a price of $0.75 per share. The proceeds will be used to fund RIO Nevada's current oil and gas exploration program. RIO Nevada is an Alberta based corporation engaged in the exploration, development and acquisition of resource based properties. For further information contact: David J. Badyk, President of RIO Nevada Mines @ 263-6312 / 888-660-7770 Voice-Mail / www.webresults.com/rio THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE INFORMATION CONTAINED

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