Perth, Australia--(Newsfile Corp. - July 4, 2023) - Altan Rio Minerals Limited (TSXV: AMO) ("Altan Rio Minerals" or the "Company") is pleased to announce the Company has satisfied all conditions, including the issue of shares for its previously announced acquisition of 100% of 14 key tenements in the Southern Cross region of Western Australia from Surveyor Resources Pty Ltd ("Surveyor Resources").

As announced on 8 December 2022, and approved by shareholders at the Company's most recent annual general meeting on April 12, 2023, Surveyor Resources agreed to both (i) waive all remaining conditions to the Company's 80% earn-in interest in the Southern Cross North gold project (the "Southern Cross North Project") and (ii) sell the remaining 20% interest in the Southern Cross North Project to Altan Rio Minerals for CAD$1,000,000 ("Consideration"). The Consideration has been satisfied by the issuance of 10,000,000 common shares in the capital of the Company (at a deemed value of CAD$0.10 per share) and 10,000,000 warrants, each warrant exercisable for one additional common share at an exercise price CAD$0.14 for a period of 4 years.

Commenting on the acquisition, Altan Rio Minerals' Chairman and Interim CEO Graeme Sloan said:

"With the shares for the Southern Cross North Project issued, the acquisition has been finalised and I would once again like to thank John Jones and Surveyor Resources for their assistance with this transaction."

"I am pleased to see Altan Rio Minerals has further strengthened its hold over the exceptional Southern Cross greenstone belt, which is one of the world's top locations for gold production."

"The Company has now consolidated 932km2 of tenure, including the recent addition of ground via a conditional Sale Agreement with Torque Metals for the Buillfinch gold project, and Altan Rio Minerals continues to assess its options for further regional expansion."

On behalf of Altan Rio Minerals Limited

Graeme Sloan
Director / Interim CEO