The Company was Incorporated as Grange Gold Corporation in 1980. 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 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 the Cannon Mine became nationally prominent after releasing spectacular exploration results.
LMC owned about 30% of the MacBeth patented claims during this period, and Asamera eventually controlled the balance, including 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 that 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 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, which in effect made LMC the 100% subsidiary of Lovitt Resources Inc. . The minority shareholders were granted a 5% net smelter royalty on any mineral rights in the Wenatchee area held by LMC when the buyout was completed.
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 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 was able to sell non-mining assets like land and equipment to partially fund exploration and development activity.
Currently, the non-mining assets of LMC are worth more than the break-up value of LRC, giving 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 major asset of the company, with a valuation far beyond the resources of a junior mining company today.
The company is dedicated to providing substantial historic data on this website, so feel free to dig deeply, and return often since the data will be updated on a continuous basis. It should be cautioned that the company relies heavily upon data assembled prior to the implementation of 43-101. Such data cannot be verified and should not in itself be relied upon for investment purposes. For a current global non 43-101 assessment please refer to the Watts Griffis and McQuat report available under Lovitt Mine/Reports..
Substantial Company data is available on this website or visit: http://www.sedar.com for access to all public filings of the company.