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RXE RX Gold And Silver

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Share Name Share Symbol Market Type
RX Gold And Silver TSXV:RXE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

RX Exploration Announces ISS Recommendation That Shareholders Vote FOR the RXE Nominees on the BLUE Proxy

24/06/2011 1:00pm

Marketwired Canada


RX EXPLORATION INC. ("RXE" or the "Company") (TSX VENTURE:RXE)(OTCQX:RXEXF)
announced today that Institutional Shareholder Services Inc. ("ISS") has
recommended that its clients vote FOR the RXE nominees on the BLUE proxy.


RXE noted that ISS is a leading independent international corporate governance
analysis and proxy voting firm. ISS makes its recommendation after hearing from
both sides and carefully considering what's in the best interests of
shareholders. Its recommendations assist shareholders in making voting choices
regarding proxy voting decisions. The recommendation in support of RXE's
nominees from ISS follows a similarly favourable recommendation from North
America's other major independent proxy advisor, Glass Lewis.


In recommending that its clients vote FOR the RXE nominees on the BLUE proxy,
ISS stated:(i) 


"In terms of job experience, the credentials of (RXE's) slate would appear to be
superior to that of the dissident slate. Based on the experience of the (RXE)
team, it may be expected that the (RXE) team would be able to perform
effectively and deliver value."


ISS added, 

"From a perusal of the SEDAR filings, it appears that a Technical Report NI
43-101 has not been filed recently. The last filing on record dates back to
November 2009. Since substantial developments would have taken place after that
date, an independent study (as proposed by RXE's nominees) is a welcome step."


John O'Donnell, Chairman of RXE, commented: "RXE has now received
recommendations from both of the major independent proxy advisory services,
representing powerful third party endorsements to vote the BLUE proxy. Once
again, we call on all shareholders to deliver their proxies as soon as possible,
no matter how large or how small. Even if you have already voted for the
dissidents, you can change your mind and vote BLUE to support RXE's new team and
its plan to build a world-class mining company that creates long-term,
sustainable value for all shareholders."


Engagement of Auditor

Separately, RXE confirmed the engagement of auditor Fuller Landau to review
RXE's financial records to gain a better understanding of its current financial
position. RXE had intended to carry out the review discreetly but became obliged
to confirm it following an announcement about the engagement by the dissidents
yesterday.


Voting Instructions 

RXE recommends that shareholders vote only the BLUE proxy FOR the RXE nominees
as the primary step towards real value creation. A completed BLUE proxy will
replace any previously voted proxy - dissident or the original Management proxy
mailed in May.


In order to be counted at the Annual and Special Meeting of Shareholders, the
BLUE proxy should be voted well in advance of the proxy voting deadline of July
4, 2011 at 4:30 p.m. (Toronto time). Please do not attempt to mail your proxy
unless you have no other alternative. Shareholders who require assistance voting
the BLUE proxy should please contact Laurel Hill Advisory Group at
1-877-304-0211 or by e-mail at assistance@laurelhill.com. 


The vote will take place at the adjourned Annual and Special Meeting of
Shareholders on July 6, 2011 at 4:30 p.m. (Toronto time) at the Ontario Bar
Association Conference Centre, Salon 3, 20 Toronto Street, Toronto, Ontario M5C
2B8.


About RX Exploration Inc. 

RX Exploration Inc. is a gold exploration company whose strategy is to
re-examine gold and silver projects within North America that have previously
reached advanced exploration, underground development or past gold or silver
production. The Company is currently focused on re-starting production from its
Drumlummon Mine, a past producing high-grade, bonanza-type, epithermal
underground gold and silver mine in Montana.


The Company's shares are listed on TSX-V (Symbol: RXE) and on the OTCQX (Symbol:
RXEXF). There are 160,438,980 common shares issued and outstanding.


Cautionary Statement Regarding Forward Looking Information 

This press release contains "forward-looking information" within the meaning of
applicable securities laws. Forward-looking information includes, but is not
limited to, the Company's expectations, intentions, plans and beliefs with
respect to, among other things, the Drumlummon property. Often, but not always,
forward-looking information can be identified by forward-looking words such as
"anticipate", "believe", "expect", "goal", "plan", "intend", "estimate", "may"
and "will" or similar words suggesting future outcomes, or other expectations,
beliefs, plans, objectives, assumptions, intentions or statements about future
events or performance. Forward-looking information is based on the opinions and
estimates of the Company as of the date such information is provided and is
subject to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied by such
forward-looking information, including the ability to develop and operate the
Drumlummon property, risks associated with the mining industry such as economic
factors (including future commodity prices, currency fluctuations and energy
prices), failure of plant, equipment, processes and transportation services to
operate as anticipated, environmental risks, government regulation, actual
results of current exploration activities, possible variations in ore grade or
recovery rates, permitting timelines, capital expenditures, reclamation
activities, social and political developments and other risks of the mining
industry. Although RXE has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. Readers should be aware that this
forward-looking information is subject to known and unknown risks, uncertainties
and other factors that could cause actual results to differ materially from
those suggested by such information and are cautioned not to place undue
reliance on such information. By its nature, forward-looking information
involves numerous assumptions, inherent risks and uncertainties, both general
and specific, that contribute to the possibility that the predictions,
forecasts, projections and various future events will not occur. The Company
undertakes no obligation to update publicly or otherwise revise any
forward-looking information whether as a result of new information, future
events or other such factors which affect this information, except as required
by law.


(i)Permission to quote from ISS report was neither sought nor obtained.

On Behalf of the Board

John F. O'Donnell, Chairman of the Board

John A. Ryan, Chief Financial Officer

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