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