Wealth Minerals to acquire Quisco project in Chile

Wealth Minerals Ltd (2) (C:WML) 
Shares Issued 61,287,251
Last Close 7/28/2016 $0.96
Friday July 29 2016 - News Release

Mr. Tim McCutcheon reports

WEALTH SIGNS LOI TO ACQUIRE QUISCO PROJECT, SALAR DE QUISQUIRO, CHILE

Wealth Minerals Ltd. has executed a letter of intent (LOI) to enter into an option agreement giving it the right to acquire a 100-per-cent royalty-free interest in the Quisco 1 to 9 exploration concessions located in the Quisquiro Salar in region II of Antofagasta, northern Chile. The Company also announces that it has entered into a formal option agreement giving it the right to acquire the Salar 1 and Salar 2 mining concessions within the Aguas Calientes Norte Salar upon the previously announced terms (see NR16-15, June 22, 2016).

Quisquiro Salar Details

The concessions comprising the Property cover an area of approximately 2,400 hectares located in the southern portion of the Salar de Quisquiro in Region II of Antofagasta, northern Chile (Figure 1). The northern portion of the Salar de Quisquiro is held by Sociedad Quimica y Minera ("SQM"), one of two lithium-producing companies in Chile.

Independent analysis published by signum BOX (2014) differentiates the top 15 lithium salars in Chile as Tier 1, 2 or 3. Quisquiro is listed as Tier 1, together with Atacama, Maricunga, Pedernales, and La Isla. Salars in this top-tier category have an expected lithium concentration ranging from 423 mg/l to 1,080 mg/l. Wealth has not yet completed sampling at the Property to validate these expected levels of lithium concentration and, accordingly, they should not be relied upon in relation to the Property. Access to the Property is via Route 27, a paved highway located to the north of the Property.

Acquisition Terms - Quisquiro

Under the LOI, subject to the completion of certain conditions precedent, including TSX Venture Exchange acceptance, 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:

   Date                                 Payment      

Upon Signing Formal Option Agreement USD 300,000  

March 12, 2017                       USD 100,000  

September 12, 2017                   USD 500,000  

September 12, 2018                   USD 700,000  

September 12, 2019                   USD 1,000,000

Subject to satisfactory due diligence by Wealth, which is to be completed within 45 days, Wealth's Chilean subsidiary and the Vendor will execute a formal Option Agreement. There will be no work commitments under the Option Agreement, but Wealth Chile is responsible for maintaining the concessions in good standing during the term of the option.

Trinity Lithium Project

The Property, together with the Puritama 1 to 8 and Salar 1 and 2 concessions located in the Salar de Aguas Calientes and the Pujsa 1 to 7 concessions located in the Salar de Pujsa, defines the Company's Trinity Lithium Project; a consolidation of three high-priority Chilean salars.

"The consolidation of three high-potential, highway accessible lithium projects has been in the works for some time and its completion helps to position Wealth as a notable lithium company in Chile" stated Henk van Alphen, Wealth's CEO. "We have essentially secured 100% of the Aguas Calientes Norte and Pujsa Salara, while our ownership at Quisquiro Salar, together with our neighbours SQM, completes the planned project consolidation in this region of Chile. Our relentless work to acquire and consolidate high-potential lithium interests in Chile is generating concrete results. Marcelo Awad A, the Executive Director of Wealth Chile and ex-President and CEO of Antofagasta Minerals S.A, will continue to lead Wealth's ongoing Chilean Lithium Salar acquisition drive."

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.

Qualified Person

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.

Issuance of Shares to Balmoral Resources Ltd.

On July 13, 2016, the Company issued an aggregate of 148,477 common shares to Balmoral Resources Ltd. in settlement of a payment of $133,333 due to Balmoral in connection with the termination of the N1/N2 project. The shares have a hold period in Canada expiring on November 13, 2016..

We seek Safe Harbor.

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