RX Exploration Inc.

RX Exploration Inc.

July 06, 2011 20:07 ET

RXE Announces Vote Results from Annual and Special Meeting of Shareholders

TORONTO, ONTARIO--(Marketwire - July 6, 2011) - RX EXPLORATION INC. ("RXE" or the "Company") (TSX VENTURE:RXE)(OTCQX:RXEXF) announced the vote results of its Annual and Special Meeting of Shareholders, held earlier today in Toronto. At the meeting 143,513,099 shares or 89.5% of the total 160,438,980 common shares issued and outstanding were voted.

A total of 80,100,790 or 55.8% percent of all voted shares were cast for the election of the following directors nominated by management of the Corporation as set forth in the amendment to the management information circular dated June 12, 2011: Hugh Agro, Darren Blasutti, Alex Davidson, Louis Dionne, John F. O'Donnell, Paul Parisotto, John Ryan and Lorie Waisberg. These nominees were declared elected by the Independent Chairman of the Meeting, Philip C. Moore.

"The past few months have been a trying time for the Company and its shareholders due to the proxy contest. The contest has distracted investors from the real story, the under-valued nature of the Company's assets," said Darren Blasutti who was named President and Chief Executive Officer by the new Board. "The new Board intends to earn the trust of all shareholders and in the coming weeks and months, I look forward to meeting with our shareholders and sharing our vision for the Company."

Mr. Blasutti continued, "The Company's main asset, the Drumlummon gold project is a high-grade gold/silver asset advancing toward production with attractive upside potential and the new Board of RXE looks forward to exploring and developing it expeditiously. I want to thank our employees in Montana for working steadfastly on this project and I believe that their continued dedicated efforts will result in tangible value creation for all shareholders."

Added Mr. Blasutti, "I want to take this opportunity to thank Messrs. Ellwood, and Teodorovici for their hard work in getting RX Exploration to its current heights and wish them well in their future endeavors."

In addition to the vote for the Board, shareholders voted in favour of the following three resolutions:

  • The re-appointment of Collins Barrow LLP as auditors of the Corporation for the ensuing year and authorizing the directors to fix the remuneration of the auditors;
  • The resolution ratifying the rolling stock option plan of the Corporation, as set out in the management information circular dated May 9, 2011;
  • The resolution approving the adoption of a new general by-law, as set out in the management information circular dated May 9, 2011.

Appointments by the Board

Following the Meeting of Shareholders RX Exploration's Board of Directors met and made the following appointments:

  • Lorie Waisberg was appointed as the Chairman of the Board of Directors;
  • Darren Blasutti was named President and Chief Executive Officer of RXE;
  • Louis Dionne was appointed Chairman of the Health, Safety and Environment Committee;
  • Alex Davidson was appointed Chairman of the Compensation and Governance Committee;
  • Paul Parisotto was appointed Chairman of the Audit Committee.

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 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

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.

Contact Information

  • RX Exploration Inc.
    Darren Blasutti
    President and CEO
    416-359-9282, ext. 7803