Lovitt Resources Inc.

Lovitt Resources Inc.

January 19, 2010 07:27 ET

Lovitt Board Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 19, 2010) - The Board of Directors of Lovitt Resources Inc., ("the Company") (TSX VENTURE:LRC) is pleased to announce, subject to regulatory approval, a non-brokered private placement of up to 1,200,000 Units for 60 cents per Unit. Each Unit will consist of one common share and one non-transferable warrant to purchase one additional common share for 60 cents. The warrants will have term of nine months from the closing date. Net issue proceeds will be used to complete an internal feasibility study to consider shipping ore for custom milling, begin an exploration program on the mineral interest controlled by the company on the Wenatchee Gold Belt, and improve the working capital position of the company. A finder's fee may be paid in cash on any portion of funds raised, as long as such placement is arranged in accordance with policies of the TSX Venture Exchange. 

The Lovitt Gold Mine, located in central Washington State, was the 6th largest gold mine in the USA when it suspended operations in 1967 after producing 420,000 oz of gold and 620,000 oz of silver over a seventeen year period with an average grade of 0.40 oz of gold per ton (or 13.7 gm Au/t). The directly adjoining Cannon Mine produced 1,200,000 oz of gold and over 1,900,000 oz of silver at an average grade of 0.30 oz Au/ton (or 10.3 gm Au/t) between 1984 and 1995. 

By Order of the Board of Directors

The TSX Venture Exchange has not reviewed, nor has it accepted responsibility for the adequacy or accuracy of the contents of this news release, which was prepared by management of the Company.

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