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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 -

RXE Assures Montana Governor On Jobs and Safety

30/06/2011 3:26pm

Marketwired


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RX EXPLORATION INC. ("RXE" or the "Company") (TSX VENTURE: RXE)(OTCQX: RXEXF) today assured Montana Governor Brian Schweitzer that RXE has no plans to cut jobs at the Drumlummon gold project and will in fact increase employment to more fully explore the property while focusing on operating safely.

RXE said it wrote to Governor Schweitzer a week ago and has posted this letter to its website, at http://www.rxexploration.com/proxycontest/proxy_contest_news_filings/.

RXE's designated President and CEO Darren Blasutti said he believes Governor Schweitzer was misinformed by a group of dissidents seeking to seize control of RXE's Board of Directors. "As I said in my letter to the Governor, I would welcome an opportunity to discuss our plans with him and I look forward to working with him and other stakeholders to make Drumlummon a safe and profitable operation."

RXE added that Mr. Blasutti was contacted by a reporter on June 29, 2011 and was quoted accurately regarding RXE's position. Mr. Blasutti said the RXE nominees will expand employment in Montana almost immediately and that they hope to use the Drumlummon mine as a platform to develop and re-open closed gold mines in Montana. Mr. Blasutti also stated that the RXE nominees do not intend to bundle the assets and sell them.

"We really like this asset," said Mr. Blasutti to the reporter, referring to the Drumlummon project. "We think it's a great platform asset to grow a company from. We really think the state is opening up from a mining perspective....We think we can take this mine to the next step, which is growing this mine, not shutting it down."

Time is growing short. Vote your BLUE proxy today.

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.

On Behalf of the Board

John F. O'Donnell, Chairman of the Board

John A. Ryan, Chief Financial Officer

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.

Contacts: Shareholders: Laurel Hill Advisory Group Toll-free 877-304-0211 Collect: 416-304-0211 Media: Longview Communications Inc. Joel Shaffer 416.649.8006 jshaffer@longviewcomms.ca Longview Communications Inc. Alan Bayless 604.694.6035 abayless@longviewcomms.ca

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