RX Gold provides update on combination transaction with U.S. Silver

    




 TORONTO, July 26, 2012 /CNW/ - RX Gold & Silver Inc.  ("RX Gold") responded today to the press release issued on July 25, 2012 by Hecla  Mining Company announcing its intention to make an unsolicited offer  for U.S. Silver Corporation ("US Silver").  The agreement for the previously announced combination of RX Gold  and US Silver remains in force and RX Gold will provide an update in  respect of the combination transaction after the decision of the US  Silver board regarding the Hecla offer. 

 Darren Blasutti, President & Chief Executive Officer of RX Gold stated  "The Hecla offer obviously confirms our views regarding the value of US  Silver's assets and we recognized the possibility of interloper risk.  Our contract with US Silver contains appropriate protections for RX  Gold shareholders in this situation." 

 About RX Gold & Silver Inc.  

 RX Gold is a gold and silver mining company focused on growth in North  America. Currently RX Gold is concentrating on continuing mining and  expanding development at its 100%-owned Drumlummon Mine. The Drumlummon  Mine is a bonanza style low sulphidation epithermal gold and silver  deposit with historic production of approximately one million ounces of  gold equivalent. The mine has never been fully exploited or explored  and material that was once considered waste is now potentially  economic. In addition, RX Gold has discovered a series of entirely new  high-grade gold and silver veins that remain open for expansion in  three directions. 

 Neither the TSX Venture Exchange nor its Regulation Services Provider  (as that term is defined in policies of the TSX Venture Exchange)  accepts responsibility for the adequacy or accuracy of this release. 


   

RX Gold & Silver Inc.


CONTACT:  Darren BlasuttiChief Executive Officer(416) 848-9503E-mail: [e-mail] 


    

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