RXE Announces Name Change to "RX Gold & Silver Inc." and Board Approves $5 Million Exploration Budget

    




 TORONTO, Jan. 17, 2012 /CNW/ - RX EXPLORATION INC. ("RXE" or the  "Company")  (OTCQX: RXEXF) announced that it has changed its  name to RX Gold & Silver Inc.  Shareholders of the Company approved the  name change at the Company's Annual and Special Meeting held on January  12, 2012.  The name change will be effective, and the common shares of  the Company will begin trading under the new name on the TSX Venture  Exchange , upon acceptance by the TSX-V.  It is the view of  the Board and management that the new name more accurately reflects the  vision of the Company as it transitions into commercial production in  fiscal 2012.  The Company does not intend to change the ticker symbol   under which its common shares are  currently listed.  The Company's website will also be changing to rxgold.com. 

 Further, each of the following directors nominated by management of the  Company as set forth in the management information circular dated  December 14, 2011 (the "Circular") was elected: Hugh Agro, Darren  Blasutti, Alex Davidson, Louis Dionne, John F. O'Donnell, Paul  Parisotto, John Ryan and Lorie Waisberg.  Consistent with the Company's  commitment to good governance practices, the Board had previously  adopted a policy regarding majority voting in the election of  directors.  Accordingly, as described in the Circular, shareholders  were provided with the opportunity to vote for each director, or  withhold their vote on an individual basis. 

 RXE Progress Update 

 The Company announced that on the strength of its exploration program in  2011 as disclosed in its press release dated December 21, 2011, the  Board had approved a $5M exploration budget for 2012 which will be  funded from revenues generated from the Company's continuing evaluation  mining efforts.  The 2012 exploration budget is primarily focused on  (i) underground drilling focused on the area of ground between the  Drumlummon and 9-Hour workings formerly known as "The Contested Ground"  and the Castletown Vein; and (ii) surface drilling focused on the  9-Hour Workings and the northern and southern extensions of the  Drumlummon Vein.  In addition soil geochemical anomalies detected in  the 2011 program will be followed-up with detailed sampling, trenching  and drilling as appropriate and it is proposed to conduct an area-wide  airborne survey which will include magnetic, electromagnetic and  spectroscopic methods. 

 The Company also announced that it had filed its application for a full  operating permit in late December 2011 thereby achieving another of its  objectives for the year.  The application contemplates a minimum 500  ton/day mining rate at the Drumlummon mine and the construction of a  100% owned 700 ton/day milling complex on the Company's existing land  near the Drumlummon mine.  While the permit application is pending the  Company can continue evaluation mining as it has under the terms of its  existing permits.  The Company is targeting a mining rate of 300 tpd  for processing in calendar Q1 2012, moving up to 350 tpd in calendar Q2  2012 while progressing to the ultimate long-term goal of 500 tpd. 

 Further, the Company expects the updated NI 43-101 resource estimate  report to be completed by Tetra- Tech by mid-February 2012 which will  enable completion of technical studies by the end of March 2012 and  further facilitate the Company's evolution to commercial production. 

 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.  This includes 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 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 TSX Venture Exchange nor its Regulation Services Provider (as  that term is defined in the policies of the TSX Venture Exchange)  accepts responsibility for the adequacy or accuracy of this release. 

 On Behalf of the Board 

 Darren Blasutti President and CEO 416‐848‐9503 



RX EXPLORATION INC.


CONTACT:  Darren BlasuttiPresident and CEO416‐848‐9503 


    

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