RX Exploration Inc. (the "Company") (TSX VENTURE: RXE)(OTCQX:
RXEXF) is pleased to announce the appointments of Robert M. Taylor
as Chief Operating Officer and Warren Varga as Chief Financial
Officer. Mr. Varga replaces John Ryan, who served as interim Chief
Financial Officer during the Company's recent proxy contest and is
currently a director of the Company.
"The potential of the Company's main asset, the Drumlummon Mine,
has attracted Bob and Warren to join the Company and I look forward
to working closely with them in the years ahead to grow the mine,
the Company, and enhance shareholder value," commented Darren
Blasutti, the President and CEO of the Company.
Mr. Taylor brings over 35 years of extensive mining industry
experience to the Company, including operations, management,
engineering, and exploration for both underground and open-pit
mines. He also has experience with government bodies and NGOs
involved in mine permitting. Mr. Taylor was most recently Senior
Mining Consultant for AMEC, a position he took after serving as VP
Operations, North America for Kinross Gold where he was responsible
for all of Kinross' North American operating mines and exploration
activities. Prior to his six years at Kinross, Mr. Taylor held the
position of VP Mine Operations at Stillwater Mining in Montana and
as VP Mining for MRDI (now AMEC). He has a B.S., Mine Engineering
from the Colorado School of Mines.
"We will benefit immensely from Bob's leadership abilities and
business acumen. His technical competence and management skills
have been tested and demonstrated over three decades in a variety
of roles and circumstances," said Mr. Blasutti.
Mr. Varga has over 15 years of progressive financial leadership
experience and brings extensive senior management expertise in the
fields of financial management, acquisitions, corporate
structuring, and strategic planning. Mr. Varga was most recently
Senior Director, Corporate Development at Barrick Gold Corp., the
world's largest gold producer, where he co-managed the African
Barrick plc IPO on the London Stock Exchange and led Barrick's
vertical integration initiative, culminating in the creation of
Barrick Energy, a 10,000 barrel per day oil producer. Prior to
that, Mr. Varga held various financial positions at Open Text,
Magna Entertainment and PricewaterhouseCoopers LLP. Mr. Varga is a
member of the Canadian Institute of Chartered Accountants and a
member of the Chartered Financial Analyst Institute.
"I am very pleased we have been able to attract someone of
Warren's caliber to the Company," commented Mr. Blasutti, "He
brings a wealth of varied experience along with strong financial
and leadership skills."
The appointments of Mr. Taylor and Mr. Varga remain subject to
TSX Venture Exchange requirements relating to the appointment of
new senior officers.
Drumlummon Mine Update
Since July 6th, under the supervision of the Drumlummon Mine
General Manager Joseph Bardswich, the Company has continued to
target 500 tons per day of ore and development mining from the
Drumlummon Mine. Milling of the high-grade ore continues at the
Philipsburg mill with lower grade ore milled at Barrick's Golden
Sunlight facilities. The Company expects to file an application for
an Operating Permit with the State in October of this year.
Effective September 1, 2011, the Company has established an
employee benefits plan including prescription drugs, health,
dental, and vision coverage to allow it to retain and attract a
high quality workforce. Further, the Company has continued to
improve safety and environmental procedures and policies to enhance
its social license to operate in the local communities of
Marysville and Helena, and in the state of Montana.
Under the direction of Jim Atkinson, VP Exploration, the Company
has begun an aggressive underground drill campaign to further
delineate the known high-grade veins, to extend the known veins
along strike and at-depth, and to discover new veins within the
mine. To test the area between the Drumlummon Mine and the Bald
Butte assets, a soil geochemical program has begun. Surface
drilling has begun in the Woodchopper Gulch area to test known but
un-mined vein systems. Once a second surface drill is available in
September the former Nine Hour workings will be tested from
surface.
The Company expects to release its June 30, 2011 audited
Financial Statements in early October and to update shareholders on
actual produced gold and silver with accompanying production costs
at that time.
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. This includes 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
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, and projections of 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.
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)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
RX Gold And Silver (TSXV:RXE)
Historical Stock Chart
Von Jul 2023 bis Jul 2024