November 2, 2020
FOR IMMEDIATE RELEASE….Vancouver, British Columbia: Wealth Minerals Ltd. (the “Company” or “Wealth”) – (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfurt: EJZN), announces that they have entered into an earn-in agreement (the “Agreement”) with United Lithium Corp. (“ULTH”) pursuant to which ULTH has been granted the exclusive option to acquire, in multiple phases, an up to seventy percent (70%) interest in the Harry Project (the “Harry Project”). The Company may also acquire up to one-hundred percent (100%) interest in of the Vapor Project (the “Vapor Project” and together with the Harry Project, the “Projects”) which is approximately 4,200 hectares of area located north near the Chile-Bolivia border.
Michael Dehn, CEO of ULTH, commented: “The announcement of this option agreement is a key milestone in our business plan. The team looks forward to further developing both properties as they are located in the highly sought-after Lithium Triangle.”
Key Terms of the Agreement
- ULTH can earn an initial fifty-one percent (51%) ownership interest in the Vapor Project and a seventy percent (70%) interest in the Harry Project by: making a cash payment to Wealth in the aggregate amount of $200,000; making certain share payments to Wealth in the aggregate amount of 1,250,000 common shares in the capital of the ULTH; funding expenditures of $1,250,000 towards development of the Properties over the next two years; and maintaining the Project’s mineral licenses in good standing (Phase 1).
- Subject to completion of Phase 1 by the ULTH, ULTH can earn an additional forty-nine percent (49%) in the Vapor Project by: making certain share payments to Wealth in the aggregate amount of 250,000 common shares in the capital of the ULTH; funding expenditures of $1,000,000 towards development of the Vapor Property; and maintaining the Vapor Project’s mineral licenses in good standing (Phase 2).
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada, Mexico, Peru and Chile. The Company’s main focus is the acquisition and development of lithium projects in South America. To date, the Company has positioned itself to develop the Quisquiro salar in Chile (the Trinity project), as well as to work alongside existing producers in the prolific Atacama salar, where the Company has a substantial licenses package. The Company has also positioned itself to play a role in asset consolidation in Chile with various lithium properties throughout the country.
Lithium market dynamics and a rapidly increasing metal price are the result of profound structural issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a major beneficiary of this future mismatch of supply and demand. The Company also maintains and continues to evaluate a portfolio of precious and base metal exploration-stage projects.
On Behalf of the Board of Directors of
WEALTH MINERALS LTD.
“Hendrik van Alphen”
Hendrik van Alphen
Chief Executive Officer
For further information, please contact: Marla Ritchie
Phone: 604-331-0096 Ext. 3886 or 604-638-3886
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, the receipt by the Company and the amount of the proceeds from the Loans, anticipated exploration program results from exploration activities, the Company’s expectation that it will be able to enter into agreements to acquire interests in additional mineral properties, the discovery and delineation of mineral deposits/resources/reserves, future cash and share payments pursuant to the Atacama Option to Purchase Agreement, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained lithium demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company’s Chilean lithium projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company projects, and the Company’s ability to comply with environmental, health and safety laws.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, the fact that the Company’s interests in its mineral properties (including the Atacama Project and Trinity project) are options only and there is no guarantee that the Company’s interests in same, if earned, will be certain, requirements for additional capital, future prices of lithium, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations (including acceptance by the TSXV for the Loans, the Bonus Warrants and the Acquisitions), the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company’s latest interim Management Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.