Wealth Minerals Ltd.
Suite 1901, 1177
West Hastings Street
Vancouver, BC Canada V6E 2K3
Tel: 604 331-0096
Fax: 604 408-7499
www.wealthminerals.com
NR08-02 April
9, 2008
WEALTH EXPLORATION UPDATE
Vancouver, British Columbia… Wealth Minerals Ltd. (the “Company” or
“Wealth”) - (TSX Venture Exchange: WML, OTC: WMLLF, Frankfurt:
EJZ), is pleased to provide an update on its ongoing exploration activities in Argentina and Peru during the 2007-2008
exploration season.
Company Highlights:
·
CAD 4,000,000 million spent on the aggressive
drilling and exploration of the Company’s uranium projects in Argentina over
the last 8 months.
·
Established
dominant, quality land positions in key Uranium Districts in Argentina.
·
Positive drill
results at the bulk-tonnage Diamante-Los Patos project – intersections up
to 49 metres @ 0.35 lbs/ton U3O8
(0.015% uranium) and 14 metres @ 0.56 lbs/ton U3O8
(0.024% uranium).
·
High grade discoveries made at the new Bororo
Nuevo project - Continuous
chip sampling results of 10 metres @ 7.33 lbs/ton U3O8 (0.311%
uranium) and 12.5 metres @ 4.01 lbs/ton U3O8 (0.170%
uranium).
·
Initiated evaluation of strategic land holding
in the emergent Macusani District of Peru.
Bororo Nuevo Project, Southern
Argentina
The Bororo Nuevo project is one of the Company’s
flagship properties and forms the core part of the Company’s extensive
355 square kilometre land-holdings targeting high-grade uranium mineralization
in the productive San Jorge
Basin, host to the past-producing Cerro Condor and
Los Adobes deposits as well as the 10.3 million pound U3O8
Cerro Solo uranium deposit in southern Argentina.
To date, six large zones of mineralization have been
discovered within a uranium fairway measuring 7 by 5 kilometres and less than
10% of the property has been explored, indicating the excellent potential for
further new discoveries. Significant results from the project include:
- Uranium values from 529 surface samples average 2.48
lbs/ton U3O8 (0.105% uranium)
- Continuous chip sampling results of 10 metres @ 7.33
lbs/ton U3O8 (0.311% uranium) and 12.5 metres @ 4.01
lbs/ton U3O8 (0.170% uranium)
There has been no systematic exploration on the
property and mineralization remains open in all directions.
Environmental permits have been approved and the
Company is currently awaiting the necessary permits and approvals to conduct
both the initial drill testing of known showings and a detailed HiRAM
(High-Resolution Radiometrics and Magnetics) survey designed to rapidly
prospect the remaining 90% of the project area. Timing for the issuance of
the applicable permits is unknown at this time.
Diamante-Los Patos
Property, North-western Argentina
The Diamante-Los Patos (DLP) property is an emerging
bulk tonnage uranium target located on the boundary between the Provinces of
Salta and Catamarca in north-western Argentina. Associated with
the Cerro Galan Volcanic Complex, the more than 1,500 square kilometre property
is interpreted to host near-surface bulk tonnage uranium mineralization in both
volcanic-hosted uranium deposits, similar to those at Streltsovka (Russia)
(which has produced some 238,000 Kt of uranium), and in calcrete-types of uranium deposits such as the Trekkopje
and Langer Heinrich deposits located in Namibia.
Highlights from DLP for the
2007-2008 season include:
- The discovery of seven large areas of
significant uranium mineralization over a 30 by 20 kilometre area.
- Trenching intersected 3.53 lbs/ton U3O8
(0.150% uranium) over 30.0 metres including 7.84 lbs/ton U3O8
(0.332% uranium) over 12.0 metres.
- Drilling has intersected uranium
values up to 2.8 lbs/ton U3O8
(0.119% uranium) and numerous large intervals of low grade uranium
mineralization including 49 metres @ 0.35 lbs/ton U3O8 (0.015%
uranium) and 14 metres at 0.56 lbs/ton U3O8 (0.024%
uranium) starting on surface.
The Company has completed its Phase I drill program,
consisting of 35 drill holes totalling 3,842 metres, and representing in the
first ever drill campaign in this newly discovered frontier district.
Results of the drilling will be announced once all assays have been received
and reviewed by the Company. Field crews continue with the ongoing
mapping, prospecting and ground radiometric surveying program at the property,
which is anticipated to last for the balance of the field season.
Macusani District, Southern Peru
The Macusani District of southern Peru has been
the focus for several junior uranium exploration companies (Frontier Pacific
Mining Corporation, Solex Resources Corp., Vena Resources Inc. and Macusani
Yellowcake Inc.) whose recent success has drawn the world’s largest
publicly traded uranium company, Cameco Corporation, to the district.
Wealth’s field crews are currently in Peru conducting
an initial reconnaissance program on the Company’s 6 exploration
concessions. The concessions comprise 4 contiguous blocks totalling 3800
hectares and are strategically located adjacent to numerous uranium prospects
where current drilling by neighbouring companies are beginning to define
significant uranium resources. In addition to the overall district scale
uranium potential, three of the six concessions cover the possible strike
extensions of the Corani silver-lead-zinc property. The Corani property
is owned by Bear Creek Mining Corporation, who recently announced updated
resources (measured and indicated) in excess of 327 million ounces of silver,
3.97 billion pounds of lead and 2.46 billion pounds of zinc (based on
$9.35/tonne NSR cut-off and prudent open pit constraints).
Qualified Person
& QA/QC Controls
Scott Heffernan, M.Sc., P.Geol., Vice President Exploration and qualified person as
defined by National Instrument 43-101, has supervised the preparation of the
scientific and technical information presented in this news release. Mr.
Heffernan is not independent of Wealth by virtue of being an officer and holder
of incentive stock options. Mr. Heffernan is responsible for all aspects
of the work, including the quality control/quality assurance program.
On-site personnel at the Company’s projects rigorously collect and track
samples, which are then sealed and shipped to Alex
Stewart Assayers (ASA) in Mendoza for analysis. ASA’s quality
system complies with the requirements for the International Standard ISO
9001:2000. Analytical accuracy and precision are monitored by the
analysis of reagent blanks, reference material and replicate samples.
Quality control is further assured by the use of international and in-house
standards. Finally, representative blind blank and duplicate samples are
forwarded to ASA for additional quality control.
Laboratory results are received in parts per million
uranium. The conversion factor used to convert parts per million uranium
to pounds per short ton U3O8 is 1.179, which was verified
by the Company with the Saskatchewan Research Council (ppm uranium x 1.179 =
ppm U308; 10,000 ppm uranium = 1% = 20 lbs/ton uranium).
About Wealth
Minerals Ltd.
Wealth is a well-financed mineral exploration company
with approximately 26.7 million shares issued and listings on the TSX Venture
and Frankfurt Stock Exchanges and the OTCBB. The Company’s focus is
the acquisition and exploration of prospective uranium properties in Argentina and Peru. In addition to ongoing
work programs on its existing properties, the Company continues to evaluate the
potential of several new uranium projects.
For further details on the Company readers are
referred to the Company’s web site (www.wealthminerals.com), Canadian
regulatory filings on SEDAR at www.sedar.com
and United States
regulatory filings on EDGAR at www.sec.gov.
On Behalf of the Board of Directors of
WEALTH MINERALS LTD.
“Henk Van Alphen”
President & Chief Executive Officer
For further information, please contact:
Glenn
Shand
Phone:
604-331-0096 / 888-331-0096
E-mail: info@wealthminerals.com
The
TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of the content of this news release, which has been
prepared by management.
This press release contains
forward-looking statements within the meaning of Section 27A of the Securities
Act and Section 27E of the Exchange Act. Such statements include, without
limitation, statements regarding the timing, cost and nature of future
exploration activities by the Company, future anticipated exploration program
results, the discovery and delineation of mineral deposits/resources/reserves,
the potential size of any uranium deposit at the Company’s properties,
the potential for the reactivation of the Don Otto mine, business and financing
plans, potential mining scenarios, the success of mineral processing
procedures, business trends and future operating costs and revenues. 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,
variations in the nature, quality and quantity of any mineral deposits that may
be located, the Company’s inability to obtain any necessary permits,
consents or authorizations required for its activities, the Company’s
inability 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. The reader is referred to the
Company’s current 20F for a more complete discussion of such risk factors
and their potential effects.
This press 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. The
Company advises US investors that the US Securities and Exchange
Commission’s mining guidelines strictly prohibit information of this type
in documents filed with the SEC. Readers are cautioned that the Company
has no interest in or right to acquire any interest in any such properties, and
that mineral deposits on adjacent or similar properties are not indicative of
mineral deposits on the Company’s properties.
All of the Company’s public
disclosure filings may be accessed via www.sedar.com
and www.sec.gov and readers are urged to
review these materials, including the technical reports filed with respect to
the Company’s mineral properties.
This
press release is not, and is not to be construed in any way as, an offer to buy
or sell securities in the United
States.
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