History

The Company began life with BC Incorporation as  Grange Gold Corporation in 1979. The IPO of the company was led by the current President who was with a national Canadian brokerage firm for the 1981 public launch. The company had a connection with Teck Corporation (“Teck”) since one of the founding Directors of Grange was also a Director of Teck.

In 1982 Breakwater Resources, another Vancouver based public company, took control of what became the Cannon Mine in the mining claims to the north and adjoining the Lovitt Mining Company (“LMC”) mineral properties. Teck recognized that a potential gold camp was developing and financed Grange so that it could take a 30% stake in LMC. The operator of the Breakwater properties was the subsidiary of an oil and gas company Asamera Minerals (US) Inc. Teck entered into an exploration agreement with Lovitt Mining and later with Asamera as well, to explore the Lovitt Mine and surrounding area, when Breakwater became nationally prominent during a period when it released spectacular exploration results.

LMC owned about 30% of the MacBeth patented claims during this period, and Asamera eventually controlled the balance, plus the Gold King patented claims. When the Cannon Mine closed in 1994 (after producing over 1,200,000 ounces of gold) the oil and gas company which owned Asamera decided to liquidate that company. Lovitt Mining, with financing from Grange, was able to buy the balance of the patented claims not owned, so that the Gold King and MacBeth patented claims were finally under one umbrella again. This is a key transaction in the history of the company, since it is only through patented claims that LMC operations can resume operations without an onerous permitting process. LMC thru its parent, now Lovitt Resources Inc., is dedicated to being a green operator and has pledged not to adversely affect the air or water on the mineral lands it controls in the area.

However, after unifying the patented claims, Grange owned only 57.8% of LMC with the balance in the hands of a minority shareholder group. LMC was able to buy out the minority shareholders in 2004, allowing Lovitt Resources Inc. to own LMC 100%. The minority shareholders were granted a 5% net smelter royalty on any mineral rights in the Wenatchee area held at closing as part of the buyout.  

Grange Gold changed its name to Lovitt Nutriceutical Corporation (“LNC”) between 2006 and 2007 reflecting the fact that  most of its revenue was derived from the fruit industry, since the company owned and managed apple and pear orchards which had been planted in the 50’s and 60’s  by LMC on land it owned adjoining the mining property.

In 2007, with gold taking center stage, LNC changed its name to Lovitt Resources Inc. (TSX Venture symbol LRC.V) and began selling non-mining assets to open and begin development of its crown jewel, the patented claims of the Lovitt Mine. The company currently has about one million dollars of non-mining assets for sale to fund exploration and development activity into mid 2010.   

At the current date, July 2009, the non-mining assets of LMC are worth considerably more than the break-up value of LRC, allowing early investors a leveraged exposure to a historically important gold mining area. LMC was the sixth largest gold producer in the USA when it suspended operations in 1967. The assets of LMC: patented claims, a global gold resource, seven miles of tunnels; reports and maps generated by Tenneco, Cyprus Anvil, Newmont, Teck Corporation, and Asamera; and meticulous operational data and maps produced by LMC from its production days in the fifties and sixties is a priceless asset of the company, with a price tag if generated today in the 10’s of millions, far beyond the resources of a junior mining company today.

The company is dedicated to providing all historical data on this website, so feel free to dig deeply, and return often since the data will be updated on a continuous basis. Investors are cautioned not take action without the advice of an investment advisor licensed in their jurisdiction, and please be advised that that person is welcome to call the President at 509-668-8170 or email info@lovittresources.com. Inquiries from the investment community are always welcome since we intend to build a support network in North America, Europe and Asia.

It should be cautioned that the company relies upon data assembled prior to the implementation of 43-101. Such data cannot be verified and should not be solely relied upon for investment purposes. For a current global non 43-101assessment please refer to the Watts Griffis and McQuat report available on our home page.

All company data is available on this website or visit: http://www.sedar.com for access to all public filings of the company.