Rio Grande to Acquire Majority Interest in Two Claim Groups on Trend With Patterson Lake South Uranium Discovery

Rio Grande Mining Corp. (TSX VENTURE:RGV) (the "Company") is pleased to announce
that it has entered into an option agreement with Canadian International
Minerals Inc. ("CIN") whereby the Company has been granted an option to acquire
an undivided 75% interest in 15 mineral claims consisting of 18,042 hectares
(the "Property"), comprising two claim groups in the Athabasca Region, NW
Saskatchewan, located approximately 35 km south-southwest of the Patterson Lake
South uranium discovery by the Fission Energy and Alpha Minerals joint venture. 


Management is delighted to have successfully targeted and secured claim blocks
that it believes are geologically on trend with the discovery at Patterson Lake
South ("PLS") and offer shareholders exposure to comparable exploration
potential supported by the following rationale:




--  The consensus amongst industry experts is that the recent discovery of
    high grade uranium at PLS represents a new style of unconformity
    mineralization occurring at the interface of basement rock and
    sedimentary cover. 
--  The Company's claim blocks cover several topographic features, including
    lake chains and watercourses, that strike south west from the PLS
    discovery area which are also coincident with several significant (first
    derivative) magnetic low structures that also originate in the PLS
    discovery area. 
--  Geological mapping of the claims shows Lower Cretaceous McMurray
    Formation (referred to as Manville on earlier maps) sedimentary cover.
    Though younger than the interpreted Devonian (or Elk Point Formation)
    capping cover at the PLS discovery, it is believed that the overlying
    McMurray Formation thinly veils the Devonian. These sediments protected
    the basement from contact with glaciation thus preserving the potential
    for an unconformity uranium deposit (GSC Map 12-G, 2006). 
--  Not to be confused with the Clearwater Sedimentary formation, the
    Clearwater Domain is a major intrusive system in the Rae geologic
    province that does not outcrop but has a distinct magnetic and gravity
    signature (Card, C.D., 2001, SGS) that has been postulated as the heat
    source for uranium deposits in western Saskatchewan (Darnley, A.G., GSC
    1981).



The Company has commenced design and planning of first phase exploration work
intended to begin after this winter's freeze up. This program contemplates
sediment and radon sampling of lake bottoms within the magnetic low structures
as an effective means to assess potential for further exploration and possible
drill targets.  


The option agreement is subject to the acceptance of the TSX Venture Exchange
(the "Exchange"). In order to exercise the option, the Company must make the
following payments and share issuances to CIN:




--  $10,000 upon execution of the option agreement (paid); 
--  $15,000 and 250,000 common shares upon acceptance by the Exchange; 
--  $25,000 upon closing of the next equity financing of the Company; 
--  $50,000 and 250,000 common shares within six months of the date of the
    option agreement.



The Company must also incur the following in exploration expenditures on the
Property:




--  $250,000 on or before the first anniversary of the option agreement; 
--  $500,000 on or before the second anniversary of the option agreement;
    and 
--  $1,500,000 on or before the third anniversary of the option agreement.



The Property will be subject to a 2% NSR royalty in favour of CIN, of which the
Company can purchase up to half (being 1%) in consideration of $1,000,000. 


Maps detailing the claim locations can be viewed on the Company's website at
www.riograndemining.com.  


The technical information in this news release has been reviewed and accepted by
Thomas Hasek, P. Eng., a Qualified Person in accordance with NI 43-101. 


Additionally, subject to TSX Venture Exchange acceptance, the Company has
arranged a non-brokered private placement for total gross proceeds of up to
$900,000 as per the following:




--  Up to $600,000 by the sale of up to 6 million units at 10 cents per
    unit. Each unit will consist of one common share and one transferrable
    share purchase warrant, where half of the warrants will be exercisable
    into one additional common share for a period of three years at a price
    of 15 cents per share, and the remaining half will be exercisable into
    one additional common share for a period of three years at 20 cents per
    share. 
--  Up to $300,000 by the sale of up to 2.5 million units at 12 cents per
    unit. Each unit will consist of one flow-through common share and one
    transferrable share purchase warrant exercisable into one additional
    non-flow through common share for a period of three years at a price of
    20 cents per share.



The shares issued under the private placement will be subject to the required
hold period of four months plus one day from the date of issuance. Where
applicable, a finder's fee in cash or common shares of the company may be
payable in connection with the financing in accordance with the policies of the
TSX Venture Exchange. 


The proceeds from the private placement will be used for exploration of the
Company's mineral properties located in Canada, further property acquisitions
and for general working capital. 


The Company also announces it has granted an aggregate of 900,000 incentive
stock options to directors, officers and consultants of the Company. All of the
stock options are exercisable at a price of 12 cents per share for a period of
five years. The stock options have been granted under and are governed by the
terms of the Company's shareholder approved Stock Option Plan. 


For further information, investors and shareholders are invited to visit the
Company's website at www.riograndemining.com.


This news release does not constitute an offer to sell or a solicitation of an
offer to buy nor shall there be any sale of any of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful. The
securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or the securities
laws of any state of the United States and may not be offered or sold within the
United States or to, or for the account or the benefit of, U.S. persons (as
defined in Regulation S under the U.S. Securities Act) unless registered under
the U.S. Securities Act and applicable state securities laws or pursuant to an
exemption from such registration requirements.


On behalf of the Board of Directors,

Robert Findlay, Director

We seek safe harbor.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.


This News Release may contain forward-looking statements based on assumptions
and judgments of management regarding future events or results that may prove to
be inaccurate as a result of exploration and other risk factors beyond its
control, and actual results may differ materially from the expected results.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Rio Grande Mining Corp.
Matthew Emery
604-209-3999, 604-669-9330 or 1-866-669-9377
www.riograndemining.com
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