RX Exploration Inc. Appoints Highly Experienced Senior Officers and Provides Drumlummon Mine Update
August 17 2011 - 4:30PM
Marketwired Canada
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.
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