SOURCE: LiteWave Corp.

February 23, 2009 13:28 ET

LiteWave Acquires Villebon Platinum-Nickel-Copper Property, Val-d'Or Mining Camp (Quebec)

Historical Mineral Resources of 6 Million Pounds of Nickel, 4.4 Million Pounds of Copper and 13,500 Ounces of Platinum

LOS ANGELES, CA--(Marketwire - February 23, 2009) - LiteWave Corp. (OTCBB: LTWV) is pleased to announce the joint acquisition of a strategic Nickel-Copper-PGE project, the Villebon Property, in the Val-d'Or Mining Camp, northern Quebec. LiteWave and St. Georges Minerals Inc. will jointly own on a 50-50 basis a 100% ownership in the Property; earning its interest from Fancamp Exploration Ltd. and the Sheridan Platinum Group.

The Villebon Property hosts kilometric long mafic-ultramafic intrusives in the Val-d'Or greenstone sequence, of which a portion hosts the Villebon Zone with a historical mineral resource of 421,820 tons grading 0.72% Nickel, 0.52% Copper and 1.09 g/t Platinum (Scott, 1987), based on eight historical drill holes (non NI43-101 compliant).

Frank Dumas, President of LiteWave commented: "(...) the Villebon Property constitutes a strategic acquisition for the Company that is accessible all year long in an active mining camp, with access roads, modern infrastructures and qualified personnel in the near vicinity of the operations. It will be a top exploration priority for LiteWave in the coming months. (...) assuming current commodity prices of US$ 4.30 per pound Nickel, US$ 1.45 per pound Copper and US$ 1,080 per ounce Platinum, the Villebon historical resources would have a value of over US$ 100 per ton of mineralized rock (...) our near term goal will be to bring these mineral resources to the highest quality and quantity within compliant NI 43-101 standards in the second half of 2009. (...) all-in-all this is a great acquisition for LiteWave within the current means of the Company and should be a stepping stone to leverage from within our new business development plans (...)."

The terms of the acquisition are for St. Georges Minerals Inc. to issue a total of 2,250,000 common shares to Fancamp Exploration and Sheridan Platinum. LiteWave will be required pay C$ 200,000 over two years and then an advance royalty payment of C$ 20,000 on an annual basis. The Property is subject to a 2% Net Smelter Return ("NSR") on 18 claims and to a 1% NSR of 5 claims covering the Villebon Zone. A total of 1% of the 2% NSR can be purchased for C$ 1,000,000. LiteWave would assume a remaining property payment of C$ 80,000 on the Villebon Zone 5 claims to Tectonic Resources as well as an existing 2% NSR, of which 1% can be purchased for C$ 1,000,000.

An independent NI 43-101 Technical Report was commissioned from Consul-Teck Mining Consultants (of Val-d'Or, Quebec) to provide the Company with an accurate claim status, an account of the historical mineral resources and provide an independent recommendation for future exploration programs.

Corporate update

Mr. Ian Lambert has resigned effective today as Chief Executive Officer and Director of the Company. The CEO position will be filled by Mr. Dumas, who is already President of the company. Mr. Lambert will remain as an external consultant to the Board of Directors to facilitate the transition to the new management. The Company would like to thank Mr. Lambert for his years of loyal service and wishes him the best in his future endeavors.

On Behalf of the Board of Directors

François (Frank) Dumas, President

The technical content of this news release has been prepared and revised by Mr. Jean Lafleur, P. Geo., Technical Advisor to the Company and a Qualified Person under NI 43-101 regulations.

For more information, contact Paradox Public Relations at (514) 362-0461

About LiteWave Corp.

LiteWave (OTCBB: LTWV) has become a mineral exploration company focusing its attention on a Platinum Group Metals (PGMs) and polymetallic land package in the Province of Quebec, Canada.

Certain information included in this communication (as well as information included in oral statements or other written statements made or to be made by LiteWave Corp.) contains statements that are forward looking, such as statements related to the future anticipated direction of the mining industry, plans for future expansion, various property development activities, planned capital expenditures, future funding resources, anticipated production and reserves growth. These forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated.

Contact Information

  • Contact:
    Paradox Public Relations
    (514) 362-0461