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
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:
Chief Executive Officer