Altan Rio Announces Chandman Copper-Gold Project 2011 Drill Results and 2012 Exploration Plans

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 2, 2012) - Altan Rio Minerals Limited (TSX VENTURE:AMO.V - News) ("Altan Rio" or the "Company") has received preliminary assay results from the 2011 drill campaign at the KY porphyry intrusion and adjacent targets at the Chandman copper-gold Project ("Chandman"), part of the combined Chandman-Yol regional exploration Project (100%) ("Chandman-Yol"), located in Khovd Aimag, western Mongolia.

These new holes encompassed a wide-spaced reconnaissance drilling program targeting several broad zones of copper-gold geochemical anomalies and deeper IP chargeability anomalies over an area of 4.5 x 2.5 km. Drilling comprised 13 holes for 7,814 m.

HIGHLIGHTS

-- Drilling shows that the KY porphyry intrusion is a zoned metal system,
with strong molybdenum anomalies (100 ppm) in the northwestern sector,
high grade gold (28 g/t) in the northeastern sector, and unusually high
silver (100+ g/t), lead (greater than 10,000 ppm) and zinc (greater than
10,000 ppm) grades in the southeastern sector. Elevated copper occurs
throughout

-- All holes drilled into the KY porphyry intrusion intersected elevated
metal values, with frequent 0.5% copper and 0.5 g/t gold from 1 to 3 m
core samples, in quartz-sericite-sulfide alteration of variable
intensity. Drill-indicated mineralization spans an area of 2.8 x 2 km

-- Highest grade gold intersection achieved to date in drill hole CH-27,
which returned 1 m at 28.02 g/t gold at a depth of 206 m in the KY
porphyry intrusive complex with visible gold in xenoliths of the deeper,
early stage intrusive

-- Longest intersection of copper mineralization achieved in CH-18, which
returned 105.6 m (from 42.9 to 148.5 m) at 0.12% copper from an IP
anomaly in the Khuush zone
-- Five of the drill holes were aimed at deep large and high-amplitude IP
features in the KY porphyry intrusion and assay results show that metals
including gold and copper are generally increasing with depth. However
only one of the holes reached target depth, which means the IP features
essentially remain untested. The deep IP targets were essentially
upgraded with the 2011 drill results
-- Significantly, CH-28 in the southeastern endoskarn area returned the
following silver intersections:

-- 13.2 m (97.0 to 110.2 m) @ 43.12 g/t
including 1 m @ 106.31 g/t and 1 m @ 118.86 g/t

-- 39.6 m (185.0 to 224.6 m) @ 24.57 g/t
including 2.5 m @ 128.3 g/t and 2.2 m @ 114.26 g/t

Other silver, lead and zinc grades are being checked to determine over-limit values and will be fully reported when verified.

NEW TARGETS & 2012 EXPLORATION PLANS

The 2011 exploration season produced several new, near surface drill targets from a combination of geological mapping, large geochemical survey grids and reconnaissance IP profiles. New targets include:

Ovoot - The high amplitude IP anomaly (35+ msec) at the Ovoot target, the strongest identified on the Chandman Project to date, is an exciting target with substantial dimensions of 2+ km long, 1 km wide, and possibly 500-800 m thickness. While the anomaly is largely concealed by a low angle fault, weak copper staining in vertical fractures is visible above the anomaly. The anomaly is approximately 4 km north of the KY porphyry intrusion, and may be structurally connected with it. The zone has never been drilled and is a compelling target for potentially very large tonnage resources, with testing planned in 2012.

Takhilt - A new outcropping copper-gold porphyry biotite granite intrusion with disseminated copper oxide staining named Takhilt was discovered in the northern Yol licenses about 15 km north of the KY copper-gold porphyry intrusive complex. Follow-up soil geochemical and geophysical surveys delineated a robust copper soil anomaly about 600 m in diameter, with a moderate to high amplitude IP chargeability feature at depth. Rock chip sampling locally showed up to 30 g/t gold assays and 1%+ copper assays. The zone, which has never been drilled, is a compelling target for shallow resources and will be a priority target in 2012.

KY Porphyry Intrusion - The KY porphyry intrusion is under-explored and contains multiple large tonnage copper-gold target zones. The 2011 drilling campaign shows that strong alteration with highly anomalous geochemistry occurs above deeper, high-amplitude IP targets that remain to be drill tested. This is planned for 2012 (see Figure 4).

Khuush Zone - Long runs of low grade copper mineralization shows that Khuush has significant tonnage potential. The zone is open in all directions and warrants further follow-up exploration and targeted drilling to identify higher grades.

For complete drill results, location maps, cross sections and core photographs, please visit the Company's website at www.altanrio.com.

Stewart Group (part of ALS) prepared the drill-core samples, produced the sample pulps and performed all copper, silver and gold assays pertaining to the drill-core samples highlighted in the text and table above. Gold was analyzed by fire assay. Copper and silver were analyzed using aqua regia digestion and ICP measurement. The Company maintains a QA-QC program regarding the preparation, shipping, and checking of all samples, including the use of certified standard reference materials, blanks, as well as field and pulp duplicates.

Ownership Update

Altan Rio is pleased to report that the Company has now assumed 100% ownership of the 9 Chandman-Yol tenements subject to a 2.5% Net Smelter Royalty on the 5 Chandman tenements.

About Altan Rio

Altan Rio, founded in 2007, is based in Vancouver BC, Canada. The company explores large-scale gold and copper projects in one of the world's most prospective mineral regions: Mongolia. The Company's license holdings in Mongolia, which total more than 153,310 hectares (378,873 acres), contain significant zones of newly identified primary gold and copper mineralization across a very large area of unexplored ground.

Competent Person Statement

J. Kelly Cluer, a Qualified Person as defined by National Instrument 43-101, has reviewed the preparation of the scientific and technical information in this press release in respect to the Chandman-Yol Project.

On behalf of Altan Rio Minerals Limited,

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.

To view the Figures accompanying this press release, click on the following link: http://media3.marketwire.com/docs/a31f.pdf

To view the Table accompanying this press release, click on the following link: http://media3.marketwire.com/docs/a31t.pdf

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.

Contacts

Kelly Earle
Altan Rio Minerals Limited
Corporate Communications Manager
+1 604 639 5899 ext. 220
info@altanrio.com
www.altanrio.com