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Bring water to boil in medium saucepan. Stir in Rice Mix; return to boil. Reduce heat to low; cover and simmer 25 minutes or until rice is tender.
Meanwhile, melt butter in large skillet on medium-high heat. Add mushrooms; cook and stir 3 minutes. Add asparagus; cook and stir 3 minutes until tender-crisp.
Stir vegetables into rice mixture; mix well. Remove from heat. Let stand 5 minutes.