TORONTO, July 10, 2012 /CNW/ - U.S. Silver Corporation (TSX: USA) ("U.S. Silver") and RX Gold & Silver Inc. (TSX-V: RXE) ("RX Gold") are pleased to announce today that they have each received an interim
order from the Ontario Superior Court of Justice to proceed with their
respective special meetings of shareholders in connection with the
previously announced business combination of U.S. Silver and RX Gold.
The special meeting of U.S. Silver shareholders is scheduled to be held
at the offices of Stikeman Elliott LLP, 5300 Court Commerce West, 199
Bay Street, Toronto, Ontario on Tuesday, August 7, 2012, commencing at
10:00 a.m. (Toronto time). The Notice of Special Meeting to U.S. Silver
shareholders, Management Proxy Circular, Form of Proxy and Letter of
Transmittal for U.S. Silver's special meeting are available at
www.sedar.com and are expected to be mailed to U.S. Silver shareholders
The special meeting of RX Gold shareholders is scheduled to be held at
the Ontario Bar Association, 20 Toronto Street, Suite 200, Toronto,
Ontario, M5C 2B8 on Tuesday, August 7, 2012, commencing at 9:00 a.m.
(Toronto time). The Notice of Special Meeting to RX Gold shareholders,
Management Information Circular, Form of Proxy and Letter of
Transmittal for RX Gold's special meeting are available at
www.sedar.com and are expected to be mailed to RX Gold shareholders
About U.S. Silver Corporation
U.S. Silver, through its wholly-owned subsidiaries, owns and/or operates
the Galena, Coeur, Caladay and
Dayrock silver‐lead‐copper mines in Shoshone County, Idaho, with the
Galena mine being the second most prolific silver mine in U.S. history.
Total silver production from U.S. Silver's mining complex has exceeded
217 million ounces of silver production since 1953. U.S. Silver
controls a land package now totaling approximately 14,000 acres in the
heart of the Coeur d'Alene Mining District. U.S. Silver is focused on
expanding the production from existing operations as well as exploring
and developing its extensive Silver Valley holdings in the Coeur
d'Alene Mining District.
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 test 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
Certain information in this press release may contain forward‐looking
statements. This information is based on current expectations that are
subject to significant risks, assumptions and uncertainties that are
difficult to predict and the risk that regulatory approvals may not be
obtained or that conditions of closing will not be satisfied or waived
within the timeframe contemplated. Additional potential risks include:
U.S. Silver & Gold Inc. may not achieve anticipated synergies; loss of
key personnel; reduction in the anticipated cash levels; and not
achieving production goals stated. Actual results might differ
materially from results suggested in any forward‐looking statements.
U.S. Silver and RX Gold assume no obligation to update the
forward‐looking statements, or to update the reasons why actual results
could differ from those reflected in the forward looking‐statements
unless and until required by securities laws applicable to the U.S.
Silver and RX Gold. Additional information identifying risks and
uncertainties is contained in filings by the U.S. Silver and RX Gold
with the Canadian securities regulators, which filings are available at
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
For further information:
U.S. Silver Corporation
Chief Financial Officer
RX Gold & Silver Inc.
Chief Executive Officer