RX Gold receives shareholder approval for combination of RX Gold and US Silver

    




 TORONTO, Aug. 7, 2012 /CNW/ - RX Gold & Silver Inc.  ("RX  Gold" or the "Company") is pleased to announce that the shareholders of  RX Gold approved the combination of RX Gold and U.S. Silver Corporation  ("US Silver") at the meeting of RX Gold shareholders held today.  In  addition, the shareholders of US Silver approved the combination  transaction at the meeting of US Silver shareholders held today. 

 RX Gold will seek approval of the plan of arrangement implementing the  combination transaction from the Ontario Superior Court of Justice on  August 9, 2012.  Subject to receipt of Court approval and the  satisfaction of other customary conditions, the combination transaction  is expected to close on or about August 13, 2012. 

 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 under  its current permits 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. 

 Cautionary Statement Regarding Forward-Looking Information  

 This news 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 combination  of RX Gold and US Silver. 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 or its successors to be  materially different from those expressed or implied by such forward  looking information. This includes risks associated with the  combination of RX Gold and US Silver. Although RX Gold 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 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, and projections of 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 

 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 BlasuttiPresident and Chief Executive OfficerNicole RichardInvestor Relations(416) [e-mail]  (www.rxgold.com) 


    

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