VANCOUVER , Oct. 8, 2015 /CNW/ - Wealth Minerals Limited. ("Wealth" or the "Company") - (TSXV: WML; Frankfurt : EJZ, SSE: WMLCL), is pleased to announce that the transaction to acquire the Peruvian subsidiary of Coronet Metals Inc. ("Coronet") has been completed, effective October 7, 2015 . As a result, Wealth now has 100% ownership of the Yanamina Gold Project in Peru and the negotiation of a long-term community agreement with the Cruz de Mayo community and surrounding communities can begin in earnest, aiming to secure the necessary social licence to operate.
"We are delighted to have reached this important milestone ahead of schedule" stated Henk van Alphen , Wealth's President & CEO, "Mr. Tang, the recently appointed Chief Operating Officer of Wealth, has already relocated to Peru and opened a regional office and has been working with the applicable communities to secure their support for the project. We look forward to announcing the terms under which the project can move forward towards a production decision."
In connection with the closing of the acquisition by Wealth of all of the issued shares of Minera Wealth Peru S.A.C., the Peruvian company which holds the Yanamina Gold Project, Wealth issued 750,000 common shares to Coronet. These shares are subject to a hold period in Canada expiring on February 7 , 2016. Wealth will be required to issue an additional 250,000 common shares to Coronet on or before April 7, 2016 , which shares will also be subject to a 4 month hold period following issuance.
None of the foregoing shares have been, nor will they be, registered under the U.S. Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
ABOUT WEALTH MINERALS LTD.
Wealth's strategy is to acquire precious metal projects which it believes are undervalued, have low exploration risk, attractive grades and potentially low capital requirements and are located in stable geopolitical jurisdictions. While Wealth is not a development company, management insist that any acquisitions have a reasonable potential for near-term production. The Company intends to negotiate strategic partnerships that it believes will open up potential project development routes.
For further details on the Company readers are referred to the Company's web site (www.wealthminerals.com) and its Canadian regulatory filings on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
WEALTH MINERALS LTD.
"Hendrik van Alphen"
Hendrik van Alphen
President & CEO
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 successful in negotiating a long-term community agreement, and thereby secure the social license to operate the Yanamina Gold Project, with the Cruz de Mayo and surrounding communities; the potential for any production from the Yanamina Gold Project; the ability of the Company to acquire projects in stable geopolitical project locations, with low exploration risk, attractive grade, and potentially low capital requirements, the Company's expectation that it will be able to negotiate partnerships that will open up potential project developments routes, 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 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.
SOURCE Wealth Minerals Limited