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Original Asus Rampage Formula Motherboard (Looking for video card upgrade)

Level 11
I had a series of unfortunate computer failures here lately. My main rig failed and the cost to repair is not within my budget this year.

This forced me to fall back to a 6-7 year old rig I used to use. It's a solid rig (was rather higher end at the time) and still seems to hold up ok with modern era gaming... hopefully until 2016 and I can build a new one from scratch.

However, the video card in this older rig is a GTX 570 (I think I had upgraded it along the way of owning the mobo, so it was more updated then the Rampage Formula mainboard in there.)

The problem is while the GTX 570 is still nice for playing games it is showing its age horrible for the newest stuff.

I would love to install a GTX 970 into this old machine. I realize my cpu will bottleneck this card a lot (it's an old core 2 duo on this mainboard) Still I am sure I will get a huge boost over the old 570.

The problem is I am not 100% sure the new video cards on the market are backward compatible with the version of pci-express slot I have on this old rig.

Here is a link to the mainboard I have.

This is definitely my board... socket 775 LGA x48 chipset.
It says on site that it is a Pci Express 2.0 (16x speed slot)

Everything I have read online shows that the newer PCI express 3 cards are backwards compatible with 2.0
I am just checking by to verify with some experts here to validate my research. I have read some things that make it seem like compatibility could be an issue in some cases.

TL;DR: Will the GTX 970 work on the original Rampage Formula mobo?

Thanks for help!
PC Setup:
Battlestation Setup: