SOURCE: LiteWave Corp.

LiteWave Corp.

February 26, 2009 13:52 ET

LiteWave Corp. Announces Final Agreement Executed on Quebec's North Shore Platinum Group Elements and Gold Exploration Properties

LOS ANGELES, CA--(Marketwire - February 26, 2009) - LiteWave Corp. (OTCBB: LTWV) is pleased to announce that it has executed a Final Agreement to acquire a 50% interest in 8 mineral exploration properties from St-Georges Minerals Inc. covering approximately 696 km2 located north and west of the town of Baie-Comeau, Quebec.

The properties are located in the general area of the Manicouagan River along the North Shore of the St. Lawrence River, and will be explored for not only Platinum and Palladium, but also Gold, Cobalt, Copper and Nickel. The properties were part of a regional lake-bottom sediment survey completed by the Ministère des ressources naturelles et de la Faune (the "MRNFQ") in the early 2000s and showed significant Nickel, PGEs, Precious and Base Metals anomalies, which were further prospected in subsequent years by local North Shore prospectors. A NI 43-101 geological compilation report has been commissioned by the Company and will be used to set detailed exploration objectives for the 2009-2010 exploration program. The properties are summarized as follows:

            NUMBER OF                                       PLANNED 2009
PROPERTY     CLAIMS /                                       EXPLORATION
 NAME          KM2       COMMODITIES       RESULTS           PROGRAM
           ----------- --------------- ----------------- ------------------
                                       Mafic-ultramafic  synthesis;
                                       rocks; sulphides, airborne, ground
                                       Gold and Arsenic  geophysics; field
Lac en                                 in ppm            prospecting;
 Dentelle   98 / 544.9            Gold concentration     validation
           ----------- --------------- ----------------- ------------------
                                          rocks; 4 grab
                                       samples (#10563,
                                          10578, 10588,
                                        558932): 3.4 to  Compilation-
                                        4.4% Ni, 0.8 to  synthesis;
                            Platinum,   1.5% Cu, 153 to  airborne, ground
                           Palladium,  513 ppb Au, 2.64  geophysics; field
                        Gold, Nickel,  to 10.23 g/t Pt,  prospecting;
                       Copper, Cobalt, 2.86 to 4.97 g/t  validation
Franquelin     3 / 1.7         Rhodium                Pd drilling
           ----------- --------------- ----------------- ------------------
                        Gold, Copper,       Down Stream  Compilation-
                          Molybdenum,     Sediment with  synthesis;
                           Rare Earth   Relatively High  airborne, ground
Lac                         Elements,     ppm grades of  geophysics;
 Ste-Anne    43 / 23.7         Uranium   Gold and Copper field prospecting
           ----------- --------------- ----------------- ------------------
                       Nickel, Copper,                   Compilation-
                       Gold, Chromium,                   synthesis;
                              Cobalt,                    airborne, ground
                            Platinum,   Sulphides (Cu);  geophysics;
                           Palladium,        upside for  field prospecting;
Manic 5      40 / 21.9         Rhodium      Nickel, Gold validation
           ----------- --------------- ----------------- ------------------
                                        617 ppb Gold in
                        Gold, Nickel,       lake-bottom  Compilation-
                              Copper,       sediments -  synthesis;
                            Platinum,  source not found; airborne,
                           Palladium,     limited field  ground geophysics;
Bois-Long    53 / 28.8         Rhodium              work field prospecting
           ----------- --------------- ----------------- ------------------
                                        892 ppm Nickel,
                                       167 ppm Copper in
                       Nickel, Copper,      lake-bottom  Compilation-
                       Cobalt, Chrome,      sediments -  synthesis;
                            Platinum,  source not found; airborne, ground
                           Palladium,     limited field  geophysics;
Tetepisca    49 / 26.5         Rhodium work in 2004-2005 field prospecting
           ----------- --------------- ----------------- ------------------
                       Nickel, Copper,    Limited field  Compilation-
                        cobalt, Gold,     work in 2004;  synthesis;
                            Platinum,  part of the Manic airborne,
Indian                     Palladium,  5 West group of 3 ground geophysics;
 Summer      86 / 46.1         Rhodium        properties field prospecting
           ----------- --------------- ----------------- ------------------
                                        Previous vendor
                                       ground VLF-EM and
                                        BeepMat surveys
                                               in 2004;   Compilation-
                                             discovered   synthesis;
                                       mafic-ultramafic   airborne,
                       Nickel, Copper,   intrusion with   ground geophysics
                        Cobalt, Gold,         anomalous   with gravity;
Katshi         4 / 2.2  PGE’s, Rhodium        Gold-PGE’s  field prospecting
           ----------- --------------- ----------------- ------------------
           376 / 695.8
           ----------- --------------- ----------------- ------------------

The agreement terms call for LiteWave to issue to St-Georges a total of 14.6 million common shares of its capital stock as consideration for the acquisition. St-Georges will receive 8.5 million common shares and LiteWave will issue 6.1 million additional common shares to acquire minority interest holdings in the properties. LiteWave and St-Georges have already established an outline for the 2009 work program for the properties and are awaiting a NI 43-101 geological compilation report to set detailed objectives. LiteWave will serve as operator for the exploration work being planned for the next several years.

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.

About LiteWave Corp.

LiteWave (OTCBB: LTWV) is a mineral exploration company focusing 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

  • For more information, contact
    PaRadox Public Relations
    (514) 362-0461

    Doug Collins
    DM Productions
    (775) 825-1727