Lovitt Nutriceutical Corporation

September 09, 2008 18:18 ET

Lovitt Nutriceutical Corporation: Change in Focus

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 9, 2008) - 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

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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