Lovitt Resources Ltd. (TSXV: LRC) –Further Testing of Blasted Material in I-49 Stope Averages 6.6 g/t Gold

Investment Highlights:

• Assay results from 47 samples taken from pre-blasted material in the I-49 stope returned an average grade of 6.6 g/t gold.

• Similar pre-blasted material has been identified in adjacent stopes potentially totaling an additional 50,000 tons.

• Pre-blasted material is accessible through the extensive network of drifts, raises and chutes. 

• We believe the potential for the company to ship and toll process pre-blasted material within our original 12 months time frame still exists.

• On March 16, 2010, the company announced a nonbrokered private placement of up to 1.20 million units ($0.45 per unit) to raise up to $0.54 million.

• We reiterate our BUY rating, and maintain our fair value estimate at $3.00 per share. Note that our value per share estimate will drop to $2.52 per share if and when the proposed financing is completed due to dilution.

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