RX Gold provides update on combination transaction with U.S. Silver

TORONTO, July 26, 2012 /CNW/ - RX Gold & Silver Inc. (TSX-V: RXE) ("RX Gold") responded today to the press release issued on July 25, 2012 by Hecla Mining Company announcing its intention to make an unsolicited offer for U.S. Silver Corporation ("US Silver").  The agreement for the previously announced combination of RX Gold and US Silver remains in force and RX Gold will provide an update in respect of the combination transaction after the decision of the US Silver board regarding the Hecla offer.

Darren Blasutti, President & Chief Executive Officer of RX Gold stated "The Hecla offer obviously confirms our views regarding the value of US Silver's assets and we recognized the possibility of interloper risk. Our contract with US Silver contains appropriate protections for RX Gold shareholders in this situation."

About RX Gold & Silver Inc.

RX Gold is a gold and silver mining company focused on growth in North America. Currently RX Gold is concentrating on continuing mining and expanding development at its 100%-owned Drumlummon Mine. The Drumlummon Mine is a bonanza style low sulphidation epithermal gold and silver deposit with historic production of approximately one million ounces of gold equivalent. The mine has never been fully exploited or explored and material that was once considered waste is now potentially economic. In addition, RX Gold has discovered a series of entirely new high-grade gold and silver veins that remain open for expansion in three directions.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


 

SOURCE: RX Gold & Silver Inc.

For further information:

Darren Blasutti
Chief Executive Officer
(416) 848-9503
E-mail: inbox@rxgold.com

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RX Gold & Silver Inc.

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