Altan Rio Completes Onon Project Earn-In

TSX.V: AMO 

VANCOUVER, July 24, 2012 /CNW/ - Altan Rio Minerals Limited, TSX.V: AMO ("Altan Rio" or the "Company") announces today that the earn-in for 90% ownership in one of the Onon epithermal gold project ("Onon") tenements in northeastern Mongolia, as referred to in the Company's July 10^th, 2012 announcement, is now complete.

Altan Rio completed the earn-in with Erdenyn Erel LLC, a private Mongolian company, for 90% interest in one of the three Onon tenements with a final payment of 240,000 common shares in the capital of Altan Rio. The shares are subject to a four-month escrow expiring on November 13^th, 2012, in accordance with TSX Venture Exchange policy. The Company owns 100% of the remaining two tenements.

The earn-in dated August 2008, as amended May 2010, October 2010, May 2011, and May 2012, gives Altan Rio Mongolia LLC, a wholly owned subsidiary of the Company, the option to acquire an undivided 90% interest in one of the Onon tenements. With this final share payment of 240,000 shares (substituted for the final cash payment of USD $60,000, as per the May 2012 amendment), the Company has satisfied all requirements of the earn-in including exploration expenditures of USD $900,000, cash payments totaling USD $100,000 and a share payment of 240,000 shares made to Erdenyn Erel LLC.

For more information please visit Altan Rio's website at www.altanrio.com.

On behalf of Altan Rio Minerals Limited,

"Evan Jones"

Evan Jones, President & CEO

This press release may contain forward looking statements including those describing Altan Rio's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Altan Rio and its management.

Neither the 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.

SOURCE: Altan Rio Minerals Limited

Please contact:

Kelly Earle, Corporate Communications Manager
Altan Rio Minerals Limited
Tel: [phone] ext. 220
Email: [email protected]
Web: www.altanrio.com