RXE Announces Name Change to "RX Gold & Silver Inc." and Board Approves $5 Million Exploration Budget
15 Janvier 2012 - 11:55PM
PR Newswire (Canada)
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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