Subject to the exercise of warrants from this financing, or an additional financing, a further 3,000 meter diamond drill program is contemplated later this year at the Lovitt Gold Mine to test for mineralization below historic workings and to the southeast on strike with known historic gold intersections on the Wenatchee Gold Belt.
The Lovitt Gold Mine, located in central Washington State, suspended operations in 1966 after producing 420,000 oz of gold and 620,000 oz of silver over the previous sixteen 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 to the northwest produced 1,200,000 oz of gold and 1,900,000 oz of silver between 1984 and 1995 at an average grade of 0.30 oz Au/ton (or 10.3 gm Au/t). During their respective periods of operation, both Wenatchee mines were either 1st or 2nd in annual gold production produced from underground gold mines in the USA.
By Order of the Board of Directors
For more detailed information, please refer to the website of the Company at: http://www.lovittresources.com eMail: [email protected] or call the Company at (509)668-8170.
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