LRC

The Board of Directors of Lovitt Resources Inc., ("the Company") (TSX
VENTURE:LRC) is pleased to announce, subject to regulatory approval, a
non-brokered private placement of up to 1,200,000 Units for 60 cents per Unit.
Each Unit will consist of one common share and one non-transferable warrant to
purchase one additional common share for 60 cents. The warrants will have term
of nine months from the closing date. Net issue proceeds will be used to
complete an internal feasibility study to consider shipping ore for custom
milling, begin an exploration program on the mineral interest controlled by the
company on the Wenatchee Gold Belt, and improve the working capital position of
the company. A finder's fee may be paid in cash on any portion of funds raised,
as long as such placement is arranged in accordance with policies of the TSX
Venture Exchange. 


The Lovitt Gold Mine, located in central Washington State, was the 6th largest
gold mine in the USA when it suspended operations in 1967 after producing
420,000 oz of gold and 620,000 oz of silver over a seventeen 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 produced 1,200,000 oz of gold and over 1,900,000 oz of
silver at an average grade of 0.30 oz Au/ton (or 10.3 gm Au/t) between 1984 and
1995. 


By Order of the Board of Directors

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