Lovitt Resources Inc. Update
October 22 2013 - 4:58PM
Access Wire
VANCOUVER, BRITISH COLUMBIA October 22, 2013 - The Board of
Directors of Lovitt Resources Inc. (the "Company") (TSX VENTURE
EXCHANGE: "LRC") is pleased to provide an update on the activities
of the company.
The company has placed exploration and production at its
flagship Lovitt Gold Mine on hold for the time being due to
currently depressed gold prices and permitting issues that favor
large scale production over small scale rates of production. With
gold price uncertainty, and lengthy regulatory timeframes, the cost
to permit dictates caution in assuming a substantial liability
until the market is more conducive to financing production. In
fact, with turmoil in the junior and senior mine exploration area,
the company is in a perfect position to expand its mineral
interests through staking abandoned claims, leasing mineral rights,
or merging with another company with exploration expertise and
properties with drill ready potential.
LRC has only 9,324,951 shares outstanding with financing
potential thru its international investor base. The company intends
to expand its mineral interests by concentrating initially on
precious metal opportunities in Canada, since business conditions
in many countries outside of Canada have become unfriendly to
mining and this trend shows no sign of moderation.
LRC welcomes mineral exploration proposals for any location in
Canada.
About Lovitt Resources Inc.
Lovitt Resources Inc. (TSX: LRC.V) is a gold exploration company
with the Lovitt Mining Company of Wenatchee, WA its wholly owned
subsidiary. The Lovitt Gold Mine was in production from 1950 thru
1966 and produced 0ver 410,000 oz. gold and 625 ,000 oz. of silver
at a gold equivalent grade of 14.3 gm/t. The directly adjacent
Cannon Mine produced 1.1 million oz. of gold at a grade of 10.3
gm/t and 1.6 million oz. of silver from 1984 to 1994.
For more detailed information, please refer to the website of
the Company at: http://www.lovittresources.com/ or email our
President: lorne@lovittresources.com. Call Lorne Brown,
President of the Company at (604)725-9952.