FOR IMMEDIATE RELEASE….Vancouver, British Columbia: Wealth Minerals Ltd. (the “Company” or “Wealth”) – (TSXV: WML; OTCQB: WMLLF; Frankfurt: EJZ), announces that it has executed a Letter of Intent (the “LOI”) to enter into an option agreement giving it the right to acquire a 100% royalty-free interest in the Pujsa 1 to 7 exploration concessions located in the Pujsa Salar (the “Property”), Region II, northern Chile.
“Adding to the Company’s recently announced acquisitions in the Salar de Maricunga and the Salar de Aguas Calientes Norte, Wealth is announcing a third acquisition, this time in the Salar de Pujsa.” stated Henk van Alphen, Wealth’s President & CEO. “In 2015, the Chilean authorities identified fifteen salars (salt flats) as having the highest potential and all of Wealth’s acquisitions are included in that list. Wealth is continuing to seek to acquire additional high-potential lithium brine projects in South America.”
The Salar de Atacama is currently the only salar in Chile which produces lithium. Chile’s Sernageomin (Servicio Nacional de Geologia y Minera) has published a list of 15 other high-potential Chilean Salars, and the Pujsa Salar is included in this list (Figure 1). Independent analysis published by signum BOX (June 2015) suggests an expected lithium concentration of 220 mg/l to 620 mg/l. Wealth has not yet done any sampling at the Property to validate these levels of lithium concentration.
The non-producing salars in Chile have had limited exploration work completed and most of them are yet to be systematically explored. Exploration will be required so that any potential resources can be identified and fully evaluated and quantified. Accordingly, the initial program to be carried out by the Company at the Property will consist of a program of prospecting and sampling to determine the existence, nature, extent and distribution of lithium at the Property.
The concessions comprising the Property cover an area of approximately 1,600 hectares (Figure 2). The exploration concessions are located 83km from the town of San Pedro de Atacama. Access to the Property is via Route 27, a highway located to the north of the claim block, and then south by gravel road to the Property.
Figure 1: Map Showing 15 Salares (Salt Flats) Identified as the Most Prospective in Chile by
Chile’s Servicio Nacional de Geologia y Minera,
with Salares in which Wealth has the Right to Earn an Interest Identified in Red
Under the LOI, subject to the completion of certain conditions precedent, Wealth would be granted the exclusive option to acquire a 100% royalty-free interest in the Project from the arm’s length vendor (a private Chilean company) (“Vendor”) by making the following payments to the Vendor:
|Upon signing||USD 200,000|
|December 13, 2017||USD 50,000|
|June 13, 2018||USD 750,000|
|June 13, 2019||USD 800,000|
|June 13, 2020||USD 850,000|
Subject to satisfactory due diligence by Wealth and settlement of a formal option agreement, which is to be completed within 60 days, Wealth’s Chilean subsidiary and the Vendor will execute a formal Option Agreement. There will not be any work commitments under the Option Agreement, but Wealth Chile is responsible for maintaining the concessions in good standing during the term of the option.
The execution of the Option Agreement by Wealth is subject to the acceptance for filing thereof by the TSX Venture Exchange.
Keith J. Henderson, P.Geo., a qualified person as defined by National Instrument 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Henderson is a consultant to Wealth, but does hold common shares and incentive stock options in the Company.
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 of Lithium projects in South America, including interests in the Salar de Maricunga and the Salar de Aguas Calientes Norte in Chile. The Company also maintains a portfolio of precious and base metal exploration-stage projects, including Yanamina (Peru) and Valsequillo (Mexico).
On Behalf of the Board of Directors of
WEALTH MINERALS LTD.
“Hendrik van Alphen”
Hendrik van Alphen
President & CEO
For further information, please contact:
Henk Van Alphen or 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 press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, timing and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the Company’s expectation that it will be able to enter into agreements to acquire interests in additional mineral projects, including lithium projects, the proposed execution of a formal option agreement whereby the Company can acquire a 100% interest in the Property 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. 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, but not limited to, the state of the financial markets for the Company’s equity securities, the state of the commodity markets generally, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, 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.
Caution Regarding Adjacent or Similar Mineral Properties
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits, and the results of any mining thereof, on adjacent or similar properties are not indicative of mineral deposits on the Company’s properties or any potential exploitation thereof.