Lovitt Resources Inc.: Fall Exploration Program Detailed
11 9월 2009 - 2:56AM
Marketwired
The Board of Directors of Lovitt Resources Inc. ("LRC") (TSX
VENTURE: LRC) has resolved to execute an exploration program on the
patented claims of its wholly owned subsidiary, the Lovitt Mining
Company, as recommended by Watts, Griffis and McOuat Ltd. ("WGM")
in their NI 43-101 report on the Lovitt-Day gold mine dated July
31, 2009. The report recommends a two phase exploration program
with a budget of CDN $ 656,000. The initial phase of exploration
will consist of geophysical and geochemical surveys with follow-up
surface diamond drilling. The company is in negotiations with
contractors to start the exploration program as soon as possible.
The areas of interest are well defined since Cyprus Anvil, Teck
Corporation, and Asamera Minerals (US) Inc. conducted extensive
exploration programs on land controlled by LRC in the Wenatchee
area in the 1980's and 90's, with a view to define an open pit
resource. However, the focus of the company will be to concentrate
on the high grade/high profit historic potential of the Lovitt Gold
Mine, which suspended operations in 1967 after producing 420,000 oz
of gold and 620,000 oz of silver over the preceding sixteen years.
Average annual gold grades were achieved of 0.50 oz per ton in
direct to smelter production between 1950 and 1961, and gold grades
averaged 0.38 oz per ton after 1961 when ore throughput was
increased to accommodate the Day mill. The diamond drilling program
and future exploration aims to confirm known ore zones, and to
potentially discover new ore zones to define a NI 43-101 proven and
indicated gold and silver resource.
The Lovitt Gold Mine was the sixth largest gold mine in the USA
when operations were suspended in 1967, when expenses were rising
due to inflation and the price of gold was fixed at $ 34.00 per
ounce. The directly adjoining Cannon Mine controlled by Asamera
Minerals (US) Inc. produced over 1,200,000 ounces of gold between
1985 and 1994.
In order to avoid potential share dilution, LRC will raise funds
for the exploration program and working capital by selling a cold
storage building, excess equipment and a real estate contract owned
by the Lovitt Mining Company, with gross proceeds expected to be in
excess of US $ 1,000,000.
Further details, including the Watts, Griffis and McOuat report,
may be sourced at: http://www.lovittresources.com.
Lovitt Resources Inc.
By order of the Board of Directors
Lorne Brown, President
The TSX Venture Exchange has not reviewed, nor has it accepted
responsibility for the adequacy or accuracy of the contents of this
news release, which was prepared by management of the Company.
Contacts: Lovitt Resources Inc. Lorne Brown President
(509)668-8170 (509)667-1970 (FAX) lorne@lovittresources.com
www.lovittresources.com
Lovitt Resources Inc. (TSXV:LRC)
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