Vancouver, BC Canada ( Wenatchee Wa ) -- 09/10/2009
Lovitt Resources Inc.: Fall Exploration Program Detailed.
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. - web site: http://www.genesbmx.com/cannon-gold-mine
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
Photo - by Gene`s BMX.com, The old Lovitt Gold Mine, looking up
from on South Methow Street in Wenatchee on Sept. 10th, 2009.
Photo - by Gene`s BMX.com, The old Lovitt Gold Mine, looking up
from on South Methow Street in Wenatchee on Sept. 10th, 2009.
Photo - by Gene`s BMX.com, The old Lovitt Gold Mine, looking up
from on South Methow Street in Wenatchee on Sept. 10th, 2009.
Photo - by Gene`s BMX.com, The old Lovitt Gold Mine, Tailings
Impoundment Dam on the South side of the Squilchuck HWY
on the Squilchuck creek looking from on South Methow Street
in Wenatchee on Sept. 10th, 2009.
____________
Geneb...Wenatchee,Washington-USA
***** Gene`s BMX *****
All Things Northwest in BMX!
http://www.genesbmx.com
