RIVA ANNOUNCES UP TO $10.5 MILLION PRIVATE PLACEMENT

VANCOUVER, Dec. 16 /CNW/ - Riva Gold Corporation (TSX-V: RIV) ("Riva" or "the Company") announces that it has arranged for a non-brokered private placement (the "Non-brokered Placement") of up to 6,000,000 units of the Company at a price of Cdn$1.75 per unit "Unit") for total gross proceeds of Cdn$10,500,000. Each Unit consists of one common share ("Common Share") and one-half of one non-transferrable common share purchase warrant (each whole warrant, a "Warrant") with each Warrant exercisable to acquire one Common Share at an exercise price of Cdn$2.50 for a period of one year from the date of closing.

A 5% cash fee is payable in aggregate to Clarus Securities, Canaccord Securities and TD Securities.

The net proceeds from the Non-brokered Placement will be used to fund further exploration and development of the Company's mineral properties in Guyana and for general corporate purposes.  The above is subject to regulatory approval.

About Riva

Riva is a Canadian mineral exploration company focusing on opportunities in Guyana.  The Company controls a total of 125,799 acres of land in highly prospective and under-explored areas of Guyana and trades on the TSX Venture Exchange under the symbol "RIV".

FORWARD-LOOKING STATEMENTS

Certain statements contained in this news release, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include, but are not limited to, statements or information with respect to: the exploration and development of the mineral properties being acquired by the Company; the Company's future business and strategies; and expectations regarding the ability of the Company to close the acquisition.

Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. With respect to forward-looking statements and information contained herein, we have made numerous assumptions including among other things, that no significant adverse changes will occur to our planned exploration expenditures, that there will be no significant delays of the completion of our planned exploration programs; as to the continuing availability of capital resources to fund our exploration programs; and that the Company will not experience any adverse legislative or regulatory changes. Although our management believes that the assumptions made and the expectations represented by such statement or information are reasonable, there can be no assurance that any forward-looking statement or information referenced herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Such risks, uncertainties and other factors include, among other things: general economic, market and business conditions; land use rights; adverse industry events; the ability of the Company to acquire additional mineral properties of merit; seasonality and weather conditions; and currency fluctuations.

Although we have attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to reissue or update any forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements and information herein are qualified by this cautionary statement.

Riva Gold Corporation

On behalf of the Board of Directors for Riva:
Richard Warke, Chairman and Chief Executive Officer

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.

For further information:

please visit www.rivagoldcorp.com or contact:
Letitia Cornacchia, Vice President, Investor Relations and Corporate Communications
Tel: [phone]
Email: [email protected]