RX Exploration Inc.

November 30, 2010 16:34 ET

RX Exploration Restructures Van Koughnet Township Properties

WINNIPEG, MANITOBA--(Marketwire - Nov. 30, 2010) - RX Exploration Inc. (TSX VENTURE:RXE)(OTCQX:RXEXF)("RX Exploration" or the "Company") has entered into an agreement dated November 29, 2010 (the "Agreement") with its former private arms' length joint venture partners to settle and restructure their unpatented mining claim holdings in Van Koughnet Township, Ontario. The claims consisted of two properties, the Sill Lake silver-lead prospect and the Goulet River copper prospect. Pursuant to the Agreement, the Sill Lake claims were transferred to Argentium Resources Inc., a private arms' length Canadian company, and the Goulet River claims were transferred to RX Exploration's 100% owned subsidiary, RX Mining Corp.

At closing, RX Exploration was paid the sum of $100,000 and was given a debenture containing a promise to pay the further sum of $1,901,300 in three years, secured by the Sill Lake claims. RX Exploration also received 1,000,000 common shares of Argentium Resources Inc. The parties exchanged all transfers, assignments, settlements, mutual releases, and other documents necessary to complete the restructuring.

About RX Exploration

RX Exploration Inc. 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 production from its Drumlummon Mine, a past producing high-grade, bonanza-type, epithermal underground gold and silver mine in Montana. Ore from a current test mining program is being trucked to and processed in a leased mill located in Phillipsburg, Montana.

The Company's shares are listed on TSX-V (Symbol: RXE) and on the OTCQX (Symbol: RXEXF). There are 156,111,730 common shares issued and outstanding.

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.

Contact Information

  • RX Exploration Inc.
    Murray R. Nye
    (204) 989-2434