Vancouver BC/Wenatchee, Washington -- 09/09/2008
Lovitt Nutriceutical Corporation: Change in Focus.
The Lovitt Nutriceutical Corporation ("the Company")
(TSX VENTURE:LNC) has been evaluating its mining assets
in Wenatchee WA for the past five months. The Company owns,
through 100% owned subsidiary the Lovitt Mining Company, Inc.
("LMC") patented claims known as the Lovitt Mine and a 70% to
100% interest in the mineral rights in the surrounding 500 acres,
subject to a 5% net smelter royalty in favor of former minority
shareholders of LMC.
The Lovitt Mine ceased production in 1967, with expenses rising and
the price of gold fixed, after producing 408,760 oz of gold and 628,069
oz of silver over the previous 17 year period, with an average grade of
0.40 oz of gold and 0.61 oz silver per ton. The purpose of this mineral
asset evaluation was to decide whether to sell the mining and mineral
assets or to concentrate future company effort and capital towards
further exploration and development of these mineral properties.
The company assessed the contents of the very considerable LMC
archives, including daily operational notes and over 1,000 surveyed
underground maps covering over seven miles of mine workings.
In addition, after the mine closed in 1967, Tenneco, Cyprus Anvil
Exploration, Teck Corporation, and Asamera Minerals (US) Inc. spent
considerable funds exploring in and around the LMC patented claims,
which generated reams of engineering data.
Consulting geologist AA Burgoyne summarized this geological data in a
non-compliant 43-101 filing with the Vancouver Stock Exchange in 1996,
and, in summary, reported a geological gold resource of 423,000 ounces
in 3,591,669 tons using cut-off grades of 0.04 and 0.10 ounces per ton.
No qualified person has done sufficient work to classify this historical
estimate as a current mineral resource, however the company intends
to file an updated independent 43-101 compliant report at the earliest
possible date.
In assessing the data, the Board of Directors of the Company have
determined that mine development and exploration offers the greatest
opportunity for the Company to enhance value for equity holders.
A name change to Lovitt Resources Inc. was approved by shareholders
at the annual meeting June 12, 2008, and the company has applied to the
TSX Venture Exchange for a change in name to Lovitt Resources Inc. and
change in stock symbol in view of our change in focus to mining.
There is no change in control, management or
Board of Directors in connection with these matters.
Our Director James M. Proudfoot, P.Eng is the Qualified person
as defined by NI 43-101, and has reviewed and approved the
content of this press release.
Lovitt Nutriceutical Corporation
Lorne Brown, President
CC -
http://www.marketwire.com/press-release ... 98201.html
ACC - Cannon Gold Mine History 1985-1994
* http://www.genesbmx.com/cannon-gold-mine
