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Gold/Mining/Energy : RIO Nevada Mines Corporation

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To: BARON BANKER who wrote ()	5/22/1997 6:05:00 PM
From: BARON BANKER	of 38

PRESS RELEASE RIO Nevada Mines Corporation PRESS RELEASE ASE SYMBOL - RN May 22, 1997 FINANCING AND ACTIVITY UPDATE RIO Nevada Mines Corporation is pleased to announce the acceptance of private placements for total proceeds of $500,000. The first private placement of 200,000 flow through common shares at $0.50 per share were purchased by a wholly owned subsidiary of EnerVest Resource Management Ltd. on behalf of the EnerVest FTS Limited Partnership 1997, a highly effective investment providing an estimated 88% tax write-off for 1997. Each common 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 second private placement of 800,000 flow through common shares at $0.50 per share was purchased by a group of private investors. Each common share will also have attached a warrant with each one warrant entitling the holder to buy an additional share at a price of $0.75 per share. The proceeds will be used to complete the Company's two indicated oil wells at both the Pembina and Crystal fields located in the Norbuck Lake area of Alberta. A service rig is contracted with the scheduled completion program to commence on approximately May 26, 1997. Pending success, the Company is planning on drilling four follow-up development wells during the third quarter of 1997. RIO Nevada, as Operator, has also scheduled to carry out Phase II of a workover and recompletion program at the Norbuck Lake oil field designed to further enhance production. In addition, the Company has also initiated a seismic program for purposes of identifying a potential drilling location in order to test the Banff Formation in the Norbuck Lake Area. 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.rionevada.com THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE INFORMATION CONTAINED HEREIN

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