VANCOUVER, BRITISH COLUMBIA -- Lovitt Resources Inc. (the “Company”) (TSX VENTURE: “LRC”) has terminated the Matthews Lease on the Wenatchee Gold Belt in Wenatchee, WA due to market conditions, the rising cost of deep drilling, and the fact that the time and expense required for production permitting now exceeds the diminishing time remaining on the royalty buyback.The Company has re-directed its focus to the surface material of the Lovitt Mine property with the intention to set up a gravity operation to generate cash flow.
The company considers the current economic situation to be temporary and intends to re-visit the possibility of leasing the Matthews property and other properties on the Wenatchee Gold Belt in the future.
For more detailed information, please refer to the website of the Company at: http://www.lovittresources.com or email: [email protected]
or call Lorne Brown, President of the Company at (509) 668-8170 or (604)725-9952
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