RX EXPLORATION INC. ("RXE" or the "Company") (TSX VENTURE:
RXE)(OTCQX: RXEXF) announced today that Institutional Shareholder
Services Inc. ("ISS") has recommended that its clients vote FOR the
RXE nominees on the BLUE proxy.
RXE noted that ISS is a leading independent international
corporate governance analysis and proxy voting firm. ISS makes its
recommendation after hearing from both sides and carefully
considering what's in the best interests of shareholders. Its
recommendations assist shareholders in making voting choices
regarding proxy voting decisions. The recommendation in support of
RXE's nominees from ISS follows a similarly favourable
recommendation from North America's other major independent proxy
advisor, Glass Lewis.
In recommending that its clients vote FOR the RXE nominees on
the BLUE proxy, ISS stated:(i)
"In terms of job experience, the credentials of (RXE's) slate
would appear to be superior to that of the dissident slate. Based
on the experience of the (RXE) team, it may be expected that the
(RXE) team would be able to perform effectively and deliver
value."
ISS added,
"From a perusal of the SEDAR filings, it appears that a
Technical Report NI 43-101 has not been filed recently. The last
filing on record dates back to November 2009. Since substantial
developments would have taken place after that date, an independent
study (as proposed by RXE's nominees) is a welcome step."
John O'Donnell, Chairman of RXE, commented: "RXE has now
received recommendations from both of the major independent proxy
advisory services, representing powerful third party endorsements
to vote the BLUE proxy. Once again, we call on all shareholders to
deliver their proxies as soon as possible, no matter how large or
how small. Even if you have already voted for the dissidents, you
can change your mind and vote BLUE to support RXE's new team and
its plan to build a world-class mining company that creates
long-term, sustainable value for all shareholders."
Engagement of Auditor
Separately, RXE confirmed the engagement of auditor Fuller
Landau to review RXE's financial records to gain a better
understanding of its current financial position. RXE had intended
to carry out the review discreetly but became obliged to confirm it
following an announcement about the engagement by the dissidents
yesterday.
Voting Instructions
RXE recommends that shareholders vote only the BLUE proxy FOR
the RXE nominees as the primary step towards real value creation. A
completed BLUE proxy will replace any previously voted proxy -
dissident or the original Management proxy mailed in May.
In order to be counted at the Annual and Special Meeting of
Shareholders, the BLUE proxy should be voted well in advance of the
proxy voting deadline of July 4, 2011 at 4:30 p.m. (Toronto time).
Please do not attempt to mail your proxy unless you have no other
alternative. Shareholders who require assistance voting the BLUE
proxy should please contact Laurel Hill Advisory Group at
1-877-304-0211 or by e-mail at assistance@laurelhill.com.
The vote will take place at the adjourned Annual and Special
Meeting of Shareholders on July 6, 2011 at 4:30 p.m. (Toronto time)
at the Ontario Bar Association Conference Centre, Salon 3, 20
Toronto Street, Toronto, Ontario M5C 2B8.
About RX Exploration Inc.
RX Exploration Inc. is a gold exploration company whose strategy
is to re-examine gold and silver projects within North America that
have previously reached advanced exploration, underground
development or past gold or silver 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.
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.
(i)Permission to quote from ISS report was neither sought nor
obtained.
On Behalf of the Board
John F. O'Donnell, Chairman of the Board
John A. Ryan, Chief Financial Officer
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: Shareholders: Laurel Hill Advisory Group Toll-free
877-304-0211 Collect: 416-304-0211 Media: Longview Communications
Inc. Joel Shaffer 416.649.8006 jshaffer@longviewcomms.ca Longview
Communications Inc. Alan Bayless 604.694.6035
abayless@longviewcomms.ca
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