VANCOUVER, BRITISH COLUMBIA October 22, 2013 - The Board of Directors of Lovitt Resources Inc. (the "Company") (TSX VENTURE EXCHANGE: "LRC") is pleased to provide an update on the activities of the company.
The company has placed exploration and production at its flagship Lovitt Gold Mine on hold for the time being due to currently depressed gold prices and permitting issues that favor large scale production over small scale rates of production. With gold price uncertainty, and lengthy regulatory timeframes, the cost to permit dictates caution in assuming a substantial liability until the market is more conducive to financing production. In fact, with turmoil in the junior and senior mine exploration area, the company is in a perfect position to expand its mineral interests through staking abandoned claims, leasing mineral rights, or merging with another company with exploration expertise and properties with drill ready potential.
LRC has only 9,324,951 shares outstanding with financing potential thru its international investor base. The company intends to expand its mineral interests by concentrating initially on precious metal opportunities in Canada, since business conditions in many countries outside of Canada have become unfriendly to mining and this trend shows no sign of moderation.
LRC welcomes mineral exploration proposals for any location in Canada.
About Lovitt Resources Inc.
Lovitt Resources Inc. (TSX: LRC.V) is a gold exploration company with the Lovitt Mining Company of Wenatchee, WA its wholly owned subsidiary. The Lovitt Gold Mine was in production from 1950 thru 1966 and produced 0ver 410,000 oz. gold and 625 ,000 oz. of silver at a gold equivalent grade of 14.3 gm/t. The directly adjacent Cannon Mine produced 1.1 million oz. of gold at a grade of 10.3 gm/t and 1.6 million oz. of silver from 1984 to 1994.
For more detailed information, please refer to the website of the Company at: http://www.lovittresources.com/ or email our President: [email protected]. Call Lorne Brown, President of the Company at (604)725-9952.