RX Exploration Advises Shareholders to Disregard June 22 Disclosure from the Company
July 22 2011 - 4:15PM
Marketwired
RX EXPLORATION INC. ("RXE" or the "Company") (TSX VENTURE:
RXE)(OTCQX: RXEXF) today advised shareholders to disregard a June
22, 2011 news release issued by RXE's former President and Chief
Executive Officer Murray Nye.
The June 22, 2011 disclosure discussed test mining and test
milling activities at RXE's Drumlummon property in Montana, and
also discussed the Company's adjoining Bald Butte property. The
disclosure was issued without the approval of the Board at a time
when Mr. Nye was a dissident seeking to win control of the Board by
way of a proxy contest.
"While we appreciate the dedicated efforts of RXE's employees at
Drumlummon, we have concerns about how the June 22, 2011 disclosure
could be misinterpreted by shareholders," said Lorie Waisberg,
Chairman of the Board of Directors. "Because of our concerns, we
caution investors not to rely on the June 22, 2011 news release for
investment decisions."
"In our view, the June 22, 2011 news release may invite
investors to extrapolate long-term results at Drumlummon on the
basis of short-term activities that are not properly supported by a
feasibility study or a history of profitable production. For the
Bald Butte property, the June 22, 2011 news release prematurely
announced preliminary discussions for a possible joint
venture."
"RXE intends to provide updates to shareholders on developments
and progress at the mine over the coming months as the exploration
drilling and the requisite technical work is completed," added
Darren Blasutti, RXE's President and Chief Executive Officer.
About RX Exploration Inc.
RX Exploration is currently focused on re-starting production
and exploring 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 165,858,390 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
Darren Blasutti, President and CEO
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: RX Exploration Inc. Darren Blasutti President and CEO
416-359-9282, ext. 7803
RX Gold And Silver (TSXV:RXE)
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