RX Exploration Inc.

February 04, 2010 12:37 ET

RX Exploration Announces New Directors

TORONTO, ONTARIO--(Marketwire - Feb. 4, 2010) - RX Exploration Inc. (the "Company") (CNSX:RXE) is pleased to make the following announcements:

William J. (Bill) Fisher has been appointed a director of the Company. Mr. Fisher, P.Geo, is a geologist and mining company executive with broad international experience in diamond, gold and base metal exploration, development and production. He has an outstanding record of mineral discoveries, and played a key role with several companies in raising hundreds of millions of dollars of debt and equity for exploration and mine development. In 1995 he founded and continues to serve as CEO and director of Karmin Exploration Inc. which discovered the 27 million tonne Aripuana massive sulphide deposit in Brazil, currently undergoing a feasibility study. In 1997, Mr. Fisher began work with mining major Boliden Limited, serving as VP Exploration for their 35 exploration projects in nine countries. From 2001 until early 2008, Mr. Fisher was CEO and a director of GlobeStar Mining Corporation of Toronto. Under his direction, GlobeStar acquired, developed and financed a copper/gold mine in the Dominican Republic. In addition to the foregoing responsibilities, Mr. Fisher served as Chairman of formerly TSX-listed Aurelian Resources Inc., acquired in 2008 by Kinross Gold Corporation and notable for its major gold discovery in Ecuador. Mr. Fisher is also a director of three other TSX listed companies.

Maxwell A. Polinsky has been appointed a director and Chief Financial Officer of the Company. Mr. Polinsky is a director and principal of Venbanc, Inc., an investment and merchant bank located in Winnipeg, Manitoba that he founded with a partner in 1994. Venbanc, Inc. specializes in the structuring and financing of start-up companies and provides follow-up financial and management advisory assistance. It has successfully helped in funding and taking public several companies in Canada and the United States.

Timothy J. Beesley has resigned as a director because of outside activities which will limit the time he is able to devote to his duties as a director. The directors wish to thank Mr. Beesley for his contributions to the Company during its formative and transitional years.

Subject to any necessary regulatory or stock exchange requirements, a total of 970,000 new stock options have been granted to certain directors, consultants and employees, including Messrs. Fisher and Polinsky, pursuant to its incentive stock option plan. The options are exercisable at prices of $0.37 and $0.44 per share for a three year term.

About RX Exploration

RX Exploration (CNSX:RXE) is a gold exploration company whose strategy is to re-examine gold projects within North America that have previously reached advanced exploration, underground development or past gold production. The company is currently focused on re-starting the Drumlummon Mine, its past producing high-grade, bonanza-type, epithermal underground gold and silver mine in Montana.

RX Exploration Inc. is a reporting issuer in good standing in the Province of Ontario whose shares are listed on CNSX (Symbol: RXE). There are 83,114,911 common shares issued and outstanding.

Forward Looking Statements: Statements made in this news release that relate to future plans, expectations, events or performances are forward looking statements. Such statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • RX Exploration Inc.
    Murray R. Nye
    (204) 989-2434
    RX Exploration Inc.
    John F. O'Donnell
    Chairman of the Board
    (416) 862-7330