PRECIOUS METALS,DIAMONDS & GEMSTONES INVESTMENT SUMMIT

THE LONDON CHAMBER OF COMMERCE AND INDUSTRY ● THURSDAY, 20 MAY 2010www.ObjectiveCapitalConferences.com

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12.15 – 12.40 Focus on Gold: Challenges of gold mining in the US –reopening the Drumlummon Mine in MontanaBill Fisher – Director, RX Exploration

May 2010

Gold and Silver Production in North America

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Safe Harbor

The following presentation may include certain “forward-looking statements” within the meaning of the United StatesPrivate Litigation Reform Act of 1995 and applicable Canadian Securities Laws. All statements, other than statements ofhistorical fact, included in the presentation, including, without limitation, statements regarding potential mineralization andreserves, exploration results, and future plans and objectives of RX Exploration Inc., are forward-looking statements.Words such as “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “intend”, “believe” and other similar expressions areforward-looking statements. Forward-looking statements are not guarantees of future results and conditions but ratherreflect our current views with respect to future events and are subject to risks, uncertainties, assumptions and other factors,and actual results and future events could differ materially from those anticipated in such statements. There can be noassurance that such forward-looking statements will prove to be accurate.

Some of the important factors that could cause actual results to differ materially from our expectations are disclosed underthe heading “Risk Factors” and elsewhere in documents filed from time to time with the Canadian provincial securitiesregulators. We base our forward-looking statements on information currently available to us and we do not assume anyobligation to update them, except as required by law.

An additional Cautionary Note to Investors – In the event that we use certain terms in this presentation, such as“resource”, “measured resource”, “indicated resource” and “inferred resource”. U.S investors are cautioned that, while suchterms are recognized and required by Canadian Securities Laws, the United States Securities and Exchange Commissiondoes not recognize them. Under U.S. standards, mineralization may not be classified as a “reserve” unless thedetermination has been made that the mineralization could be economically and legally produced or extracted at the timethe reserve determination has been made. U.S. investors should not assume that all or any part of measured or indicatedresources will ever be converted into reserves. In addition, “inferred resources” have a great amount of uncertainty as totheir existence and as to whether they can be mined legally or economically. Accordingly, information concerningdescriptions of mineralization in this presentation may not be comparable to information made public by companies that aresubject to the SEC’s Industry Guide 7.

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RX Exploration : Gold and silver developer 100% ownership of Montana’s Drumlummon mine, subject to 2%

NSR Historic development at numerous levels up to 1600 feet 1 million ounces gold produced, 1885 -1905 Never fully explored or exploited by previous operators

Fully permitted; Grid power and year round paved road access

Test mining operations in progress

Development drift averages 41 g/t gold and 1,901 g/t silver over 3.2 metre width

Gold and silver bulk sampling commenced April 2010

1,000 tpd permitted Philipsburg mill leased May 2010

Multiple Exploration targets. Drill results include: 178 g/t (5.2 opt) gold and 97.3 g/t (2.84 opt) silver over 0.30 metres

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Share Capital

1 As of May 12, 2010

Listing CNSX Symbol “RXE” Recent share price1 CAD $0.61/share 52 week low–high CAD $0.165–$0.65 Shares outstanding 109 million – basic

196 million – fully diluted Market capitalization CAD $66.5 million Cash CAD ~$6 million Share ownership

RX Management (~20%); Spruce Ridge Resources (~10%)

Funds (May 2010) Sprott Asset Management (4.6% basic or ~ 5.1% fully diluted)

The company has commenced application for listing on the TSX Venture Exchange. All of the company’s filings are current.

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The RX Exploration TeamManagementCEO: Murray Nye – Co-founder, director, principal of Venbanc, Inc., an investment and merchant bankspecializing in the structuring and financing of start-up companies; provides follow-up financial andmanagement advisory assistance.

CFO: Max Polinsky, B.Comm – Co-founder, director and principal of Venbanc, Inc.

Director of Mining Operations: Mike Gunsinger – Mike was employed for 40 years by Patrick Harrisonand Co., underground mining contractor, servicing major mining companies such as Inco and Noranda,and the US Military. Upon retirement, established his own underground contracting company and hasbeen active in Utah and Montana.

Consulting Mine Geologist: Ben Porterfield – Ben leads a team of geologists at the Drumlummonmine. He was formerly a geologist for Kennecott, focused on their Terra gold project in Alaska.Following Kennecott’s divestiture of the project, Ben continues to develop the project independently.

Board of DirectorsChairman John O’Donnell, (B.A. Econ, L.L.B.)DirectorsMurray NyeMax PolinskyBill Fisher, (P.Geo.) Former Chairman, Aurelian Resources and VP Exploration, Boliden Ltd.John Ryan (CGA) President, Spruce Ridge ResourcesEdward Ellwood (MBA) Management ConsultantPaul Teodorovici Property Management Consultant

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The Drumlummon Mine - Marysville, MontanaMarysville, Montana is located 25 miles North-West of Helena, Montana’s capital city.Contact Mill, Philipsburg, 114 miles by road southwest from Marysville

Philipsburg

Marysville

HELENA

RX Exploration Drumlummon Mine and Contact Mill locations

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Drumlummon Mine Property MapThe property consists of 26 patented mining claims (290 acres) and 68 staked claims (1,390 acres) May 2010 added Bald Butte Gold/Moly projects

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History of the Drumlummon Mine1876: Drumlummon deposit discovered by Thomas Cruse

1883 - 1901: Montana Co. puts mine into production. Loses claim dispute in 1901 and floods mine to 400 foot level.

1902 – 1910: Production continues above 400 foot level by Montana Co while claim appeals in progress. Loses appeal.

1910 - 1929: St Louis Company takes ownership. Leases mine periodically. Production sourced above the 400 foot level. Market crash of ’29 stops production.

1941 - 1951: Montana Rainbow Co. dewaters and restarts production in 1946. Mill burns down in 1950 and production ceases. Rebuilding the mill not economically viable.

2007: RX consolidates all land claims, initiates surface drilling, completes NI 43-101 report. Begins underground rehabilitation.

2008: Charly Vein system discovered

2010: RX reopens the mine

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Mining Strategy - 2010 Bulk sampling, leading to trial mining, will target ore from two key areas of the

Drumlummon Mine (D Block and Charly Vein)

Both areas are being developed by drifting, followed by trial stoping

Currently taking bulk sample with a target grade of over 10 g/t gold and 400 g/t silver

Contracted trucking fleet already shipping ore to mill

Company is processing a series of 100+ ton bulk samples to fine tune existing gravity and flotation circuits (Metallurgy lab tests showed gold recovery of 92%)

Bulk sampling in May 2010 estimated at a rate of 200 tons per day increasing to trial mining at a rate of 500 tons per day by Q1 2011

Ore to be shipped to RX’s leased mill, at Philipsburg, for processing

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Drumlummon Development VisionMine development will expand from existing workings – drilling will extend the target envelope, with follow up from rehabilitated workings

9 Hour Workings

SouthSurface

North

Drumlummon Workings Surface Setup

Previously Disputed Ground

Xmas VeinShaft No.2

1600 Level

1000 Level

700 Level

400 Level

Charly Vein

A A’

9 Hour Workings

Xmas Vein

South North

ExplorationTarget

ExplorationTarget

ExplorationTarget

ExplorationTarget

Drumlummon Workings

Charly Vein

400 Level

700 Level

Shaft No.2

1000 Level

1600 Level

PreviouslyDisputed Ground

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Drumlummon Development philosophy“Drill for Structure…”

Drill Hole From (m)

To (m)

Width (m)

Gold (g/t)

Silver(g/t)

DDH 08-05 119.5 121.4 1.8 37.8 1,081.4

DDH 08-15 122.9 125.8 2.9 44.1 1,393.0

DDH 08-26 123.8 125.6 1.8 33.5 350.4

DDH 08-28 143.2 145.5 2.3 51.8 380.6

DDH 08-29 1.2 3.6 2.4 9.9 1,821.3

DDH 09-102 73.2 76.8 3.7 41.1 572.6

DDH 10-115 9.7 16.5 6.8 (true width 3 m)

21.1 57.8

DDH 10-120 4.3 12.3 8.0 (true width 3 m)

19.76 45.2

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400 Level

1600 Level

700 Level

Drumlummon Development philosophy“… drift for Grade”

1000 Level

D Block

70 metres of Charly vein development drift averaged 41 g/t gold and 1,901 g/t silver over faces averaging 3.2 metres in width (PR May 2010)

Charly Vein

Xmas Vein

D-block

500 level cross-cut through Charly Vein

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Development Progress 400 level haulage drifts and internal ramps

fully operational for test mining (over 500 ton per day ore and waste capacity)

By April 2010,142 holes (44,863 feet) of drilling completed defining multiple high grade gold and silver zones. New hanging wall drill station commissioned (May 2010)

Fully permitted water treatment plant currently dewatering mine – able to drain system at 100 ft depth per month

Portal completed for 800 level decline decision in Q3 2010 – for haulage capacity to reach 1,000 tpd

Charly Vein

500 level cross-cut

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RX’s Fully Permitted Philipsburg Mill Existing mill 114 miles from mine

accessible by paved highway ($20.50 per ton hauling cost), on care and maintenance from 2008

Two separate 500 ton per day circuits including crusher, regrind mills, gravity and flotation circuits

Facility has milled more than 1 million tons of ore from Inspiration’s poly metallic Black Pine Mine

1.5 million tons of tailings space currently available at the mill site

Leased for $30,000 per month plus per ton milling fee

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Bulk Sampling and Exploration Schedule

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Property Exploration of Resource Potential Objectives : Consolidate medium-term mine plan and drill/drift on multi-

million ounce gold/silver potential along strike and at depth

Continue exploration of D Block, Charly Vein and newly discovered mineralization to upgrade known resource Charly vein remains open to the north, south and at depth; may

represent the extension of the partially mined high-grade Xmas Vein.

New drill stations in the hanging wall of the Charly vein enables exploration of new and existing targets laterally as well as at depth

Continue rehabilitating historical workings over 1500 m. to the south in order to access and drill “Previously Disputed Ground” and beyond This ground was never mined due to the historic claim dispute

Additional land has been acquired in the vicinity of the mine for future exploration Specifically the Bald Butte Moly/gold/silver property located 5 km to the

SW

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Permitting and Community Relations RX has received all permits and exemptions required

for production:

Approval of exploration license including water discharge by the Montana Department of Environmental Quality

Approval of small miner exemption which permits the company to mine so long as surface operations do not exceed five acres

Approval of the alternative mine rescue capabilities by the U.S. Mine Safety and Health Administration

Approval of the ventilation, escape and evacuation plan by the U.S. Mine Safety and Health Administration

RX has been conducting regular Town Hall meetings to encourage community involvement and has addressed all of the concerns of the people of Marysville

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RX Exploration : Programs to Add Value Develop the Drumlummon mine

plan systematically, at a sustainable rate for short, medium and long term profitable operations

Step up mine production over time to match the 1,000 ton per day Phillpsburg mill capacity while maintaining grade and recoveries

Consolidate existing resources and their extensions, and convert to formal 43-101 reserves

Aggressively drill to test multi-million ounce gold/silver potential using the first class access down to 500 metres depth and for over 1.5 kilometres in length

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Value Drivers: Assessing RX’s value by gold produced Peer Group High-Grade Gold Producers <100,000 oz gold/year

Company

Shares Outstanding

(millions)

Enterprise Value(USD

millions)

Recovered Grade (gold equivalent -grams per tonne)

2009 Production(ounces)

EV/Oz Produced

(US$)

Wesdome Gold Mines 100.4 $229 9.0 96,150 2,381

Richmont Mines 26.1 $99 5.0 63,500 1,555

Orvana Mineras Corp 115.2 $110 5.1 62,644 1,758

Medusa Mines 170.8 $693 16.7 47,869 14,481

Apollo Gold Corp 261.6 $195 2.7 44,739 4,358

Kirkland Lake Gold 63.3 $443 11.9 43,545 10,163

Alexis Minerals 147.7 $41 5.8 38,461 1,067

San Gold Mines 266 $1,133 18.0 23,500 48,234

Olympus Pacific Minerals 322.7 $114 10.3 23,000 4,987

Metanor Resources 122.4 $80 7.4 20,000 3,975

St Andrews Goldfields 326 $342 6.5 15,000 22,767

Avnel Gold Mining 79.2 $28 12.1 13,045 2,161

RX Exploration 109 $55 22.1* NA NA

Average $274 10.2 40,952 $9,824

*NI 43-101 grade and 92% met recovery

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How the market values high grade gold producersInvestors should compare RX to this peer group

Potential Annual Production (oz Au)

Based on average Enterprise Value per Ounce Gold produced (US $9,824)

$-

$100,000,000

$200,000,000

$300,000,000

$400,000,000

$500,000,000

$600,000,000

20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000

Pote

ntia

l Ent

erpr

ise

Valu

e ($

US

Mill

ions

)

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RX Exploration : Summary

Cash on hand - C$6 million

Achieving immediate serial production in high grade Drumlummon mine, with operations to pay for all development and exploration work

Continuous exploration by drilling and rehabilitation of old workings to follow up encouraging drilling results

Surface exploration of Drumlummon extensions and nearby mineralization

Build treasury for development and future corporate development (in-the-money warrants would bring in C$29 million)

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406 – 138 Portage Ave. EastWinnipeg, Manitoba

CanadaR3C 0A1

T: (204) 989-2434 F: (204) 989-2433

Drumlummon – A Golden Future for a Historic Mine

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Appendix A: NI 43-101 Compliant Resource - Charly Vein and Historic Resource Calculated from 59 drill holes drilled into the Charly Vein System A cutoff mining width of 5 feet was used as well as a minimum grade of 0.1 oz/t Au

400E Vein Tonnage Grade Au Grade Ag Ounces Au

Ounces Ag(oz/t) (g/t) (oz/t) (g/t)

A 67,284 0.39 13.4 12.2 418 26,192 820,166

B 39,740 0.53 18.2 7.3 250 21,097 291,053

C 48,494 0.48 16.5 16.6 569 23,414 804,341

Total Inferred Resource 155,518 0.45 15.6 12.3 422 70,703 1,915,560

Tonnage Grade Au Grade Ag Ounces Au

Ounces Ag(oz/t) (g/t) (oz/t) (g/t)

Historic Resource* 841,000 0.50 17.14 5.00 171.43 463,000 4,635,000

* Historic Resource is not NI 43-101 compliant