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Riviera Resources Brazilian Mining License Approval

Riviera Resources Limited (RVE) has been advised by South American Ferro Metals Limited (SAFM) that it has received Brazilian State Environmental Committee approval for ‘Installation and Operational’ licensing at its Ponte Verde Iron Ore project in Brazil. Riviera reports that the granting of the license is a further positive step towards its goal of being an iron ore producer in Brazil. Riviera confirms that the progress being made by SAFM is consistent with the agreement with SAFM and the notice of the meeting sent to RVE shareholders for approval of the transaction to acquire 100% of SAFM. The shareholders’ meeting is due to be held on 13 September 2010. SAFM owns 100% of the mineral rights, management and property at Ponte Verde, located in the heart of the worldclass ‘Iron Ore Quadrilateral’, some 40 kilometres from the town of Belo Horizonte in Minas Gerais State, Southern Brazil. The project is close to existing infrastructure and neighbours a number of established mining operations. Riviera has the potential to create significant shareholder value with SAFM’s Ponte Verde Iron Ore project given the well established Brazilian iron ore industry. The project has an initial exploration target of 140 – 150 million tonnes of Haematite rich Itabirite at a range of 33.3% to 41.1% Fe in situ, upgradeable to +60% Fe. A further drilling programme is anticipated in order to define a resource. This drilling programme is expected to commence upon settlement of the transaction. The proposed transaction with SAFM includes the existing plant which has a current production capacity of 1.8 million tonnes per annum and therefore no significant capital expenditure is required to move the project into production. Global demand for iron ore remains strong, with initial production expected to be sold to domestic steel mills or large producers with Brazilian operations such as Vale. The Ponte Verde project will continue to be managed by the existing experienced and proven SAFM management team based in Brazil.