Wealth Minerals Ltd.

Published : April 27th, 2016

Wealth Signs LOI to Acquire Puritama Project Salar de Aguas Calientes, Chile

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Chile | G Mexico | Growth | Lithium | Mexico | Peru |

Wealth Signs LOI to Acquire Puritama Project Salar de Aguas Calientes, Chile

FOR IMMEDIATE RELEASE….Vancouver, British Columbia: Wealth Minerals Ltd. (the 'Company' or 'Wealth') - (TSXV: WML; OTC: WMLLF; Frankfurt: EJZ), announces that it has executed a Letter of Intent (the 'LOI') to acquire an option agreement giving it the right to acquire a 100% royalty-free interest in the Puritama 1 to 8 exploration concessions located in the Salar de Aguas Calientes (the 'Property'), located in Region II, northern Chile.

'This acquisition is one of several potential acquisitions that Wealth management has been negotiating in the past weeks. The acquisition of this interest in the Salar de Aguas Calientes gives Wealth a real foothold in Chile, outside of the recently announced proposed transaction with Li3 in the Salar de Maricunga.' stated Henk van Alphen, Wealth's President & CEO, 'Wealth's aim is to continue seeking quality acquisitions over the coming weeks.'

Property Details

The Salar de Atacama is currently the only salar in Chile which produces lithium. Chile's Sernageomin (Servicio Nacional de Geologia y Mineria) has published a list of 15 other high-potential Chilean Salars, and the Aguas Calientes Norte Salar is included in this list.

Exploration concessions at the Salar de Aguas Calientes cover an area of approximately 25km (Figure 1) with 20km subject to the option agreement to be acquired by Wealth and the remaining 4km held by Sociedad Química y Minera de Chile ('SQM'), which is the largest lithium producer in Chile. The exploration concessions are in the process of being constituted and have preferential rights over the area that they cover. Once constituted, they will be valid for 2 years, and may be extended for an additional two years upon relinquishment of 50% of the area. Wealth anticipates that the concessions will be finally issued within the next 60 - 75 days.

Historical surface sampling of brines and springs on the Property was completed in 1993 and results are outlined fully in the table 1 below. Results in 1993 suggested a lithium concentration ranging up to 169 mg/l. This initial sampling is broadly in line with independent analysis published by signum BOX (June 2015), which suggests an expected lithium concentration of 205 mg/l to 290 mg/l. The exploration concessions are located 320km from the port of Antofagasta. Access to the Property is via Route 27, a highway located at the western edge of the claim block.

The Company is treating the Property as a greenfields exploration project. Although the limited earlier work noted here suggests that the Property has potential to host a lithium deposit, the Property has not, to the knowledge of the Company, yet been explored with modern lithium brine exploration methods and there has been insufficient exploration to define a lithium deposit and it is therefore uncertain if further exploration will result in a lithium deposit being delineated on the Property. Accordingly, the initial program to be carried out by the Company will consist of a program of prospecting and sampling to determine the existence, nature, extent and distribution of lithium at the Property.

Table 1: 1993 Sampling Results, Puritama Project Area

Figure 1: Land Ownership at Salar de Aquas Calientes Norte and location
of historical exploration sampling undertaken in 1993.
Acquisition Terms

Under the LOI, Wealth has the right to acquire all of the right, title and interest of Minera MyMinerals Limitada, a private Chilean company ('MYM') in and to an option agreement dated April 18, 2016 ('Option Agreement') between MYM and Virtud Minerals SpA, a private Chilean company, ('VMS'). Under the Option Agreement, MYM can acquire a 100% royalty-free interest in the Project by making the following payments to VMS:

Date Payment
Upon signing USD 150,000 (paid)
April 18, 2017 USD 500,000
April 18, 2018 USD 1,000,000
April 18, 2019 USD 1,000,000

Subject to satisfactory due diligence by Wealth, which will be completed within 60 days, Wealth and MYM will execute an assignment agreement whereby MYM will assign all of its rights under the Option Agreement in consideration of reimbursement of the USD 150,000 initial payment and issuance to MYM of 100,000 Wealth Shares. There are no work commitments under the Option Agreement. VMS has agreed to provide ongoing mining property consultancy services, in order to secure the completion of the constitution process of the concessions comprised in the Property and keep them valid and in good standing throughout the option period, for a monthly fee of USD 2,000.

The completion of the acquisition of an interest in the Option Agreement by Wealth is subject to the acceptance for filing thereof by the TSX Venture Exchange.

Qualified Person

EurGeol 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 Maricunga Salar in Chile.The Company also maintains a portfolio of precious and base metal exploration-stage projects, including Yanamina (Peru) and Valsequillo (Mexico).

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

For further information, please contact:

Henk Van Alphen or Marla Ritchie

Phone: 604-331-0096 Ext. 3886 or 604-638-3886

E-mail: [email protected]

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 acquisition by the Company of Li3 and the shares of Li3, and thereby an interest in the Maricunga Lithium Project; the proposed execution of formal agreements for the acquisition of an interest in the Option Agreement and thereby the right to earn an interest in the Salar de Aguas Calientes; 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.comand 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.

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Canada | Chile | Mexico | Peru | All
Gold and Silver Prices for these countries : Canada | Chile | Mexico | Peru | All

Wealth Minerals Ltd.

EXPLORATION STAGE
CODE : WML.V
ISIN : CA9468851006
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Wealth Min. is a gold and cobalt exploration company based in Canada.

Wealth Min. holds various exploration projects in Argentina.

Its main exploration properties are AMBLAYO, LAS CAPILLAS (EL CUCHO), SAN JORGE BASIN (BORORO NUEVO), DIAMANTE - LOS PATOS, PAMPA CORIA, BORONO NOVO and RODEO DE LOS MOLLES in Argentina and MACUSANI in Peru.

Wealth Min. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 45.8 millions as of today (US$ 37.0 millions, € 31.8 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 6.12, and its lowest recent point on November 07, 2014 at CA$ 0.03.

Wealth Min. has 77 660 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Wealth Minerals Ltd.
4/1/2017Wealth Minerals begins sampling at Chile's Laguna Verde lith...
Annual reports of Wealth Minerals Ltd.
2008 Annual Report
2006 Annual report
Financings of Wealth Minerals Ltd.
3/11/2013Closes Non-Brokered Private Placement
3/11/2013Closes Non-Brokered Private Placement
1/21/2013Arranges Non-Brokered Private Placement and Debt Settlement
10/26/2009 Closes Non-Brokered Private Placement - New Director Appoin...
9/30/2009Arranges Non-Brokered Private Placement
9/10/2009Closes Non-Brokered Private Placement
8/12/2009Arranges Non-Brokered Private Placement
11/14/2008Closes Non-Brokered Private Placement
9/25/2008Announces Non-Brokered Private Placement
Project news of Wealth Minerals Ltd.
6/3/2011(Rodeo De Los Molles)Commences Drilling on Its Rodeo de los Molles Rare Earth Ele...
3/23/2011(Borono Novo)Commences Discovery Drilling Campaign on Its Bororo Nuevo Ur...
9/19/2008(Pampa Coria)Discovers Outcropping Copper-Gold Porphyry and Uranium Syste...
9/17/2008(San Jose)Discovers Additional High-Grade Uranium
9/9/2008(Macusani)(Revised) Discovers Outcropping Uranium Mineralization
5/2/2008(San Jose)Discovers New Zone of High-Grade Uranium
5/1/2008(Diamante - Los Patos)New Drilling Results at the Bingo Zone
4/15/2008(San Jose)Defines Large Copper Target at San Jose Property
1/30/2008(Diamante - Los Patos)Drilling Continues to Intersect Broad Zones of Uranium
12/5/2007(Diamante - Los Patos)Intersects Large, Potential Bulk Tonnage at Diamante-Los Pat...
10/25/2007(Diamante - Los Patos) Commences 10,000 metre drilling campaign on its Diamante-Lo...
Corporate news of Wealth Minerals Ltd.
6/22/2016Wealth Signs LOI to Acquire Balance of Salar de Aguas Calien...
6/16/2016Wealth Signs LOI to Acquire Pujsa Lithium Project, Salar de ...
6/8/2016Wealth Closes Financing of $2,000,000
6/7/2016Wealth Appoints Tim McCutcheon as President Arranges Non-Bro...
5/31/2016Wealth Completes Listing on OTCQB® Exchange
4/27/2016Wealth Signs LOI to Acquire Puritama Project Salar de Aguas ...
4/21/2016Wealth Closes $1,000,000 Financing
4/18/2016Wealth Announces Appointment of Marcelo A. Awad as Executive...
2/2/2016U.S. lithium firm Albemarle plans to more than double Chile ...
2/1/2016Wealth Enters into Exclusive LOI to Negotiate Agreement to A...
12/30/2015Wealth Closes $540,000 Non-Brokered Flow-through Private Pla...
12/29/2015Wealth Closes $540,000 Non-Brokered Flow-through Private Pla...
12/17/2015Wealth Outlines Coronado Plans
10/15/2015Wealth Renegotiates Mexican Silver Project Option
10/9/2015Wealth Grants Stock Options
10/8/2015Wealth Closes Acquisition of Yanamina Gold Project, Peru
8/17/2015Wealth Completes $450,000 Non-Brokered Private Placement
8/5/2015Wealth Appoints Tang Chief Operating Officer & Director
7/27/2015Wealth Signs Definitive Agreement for Option to Acquire up t...
7/13/2015Wealth Shares Listed on the Foreign Securities Market of the...
6/24/2015Wealth Grants Stock Options
4/7/2015Wealth Grants Stock Options
4/1/2015Wealth Enters into Exclusive LOI to Negotiate Agreement to A...
3/31/2015Wealth Closes $720,000 Non-Brokered Private Placement
2/27/2015Wealth Closes $750,000 Non-Brokered Private Placement
2/23/2015Wealth Arranges $720,000 Non-Brokered Private Placement
2/2/2015Wealth Options N1/N2 Gold Project from Balmoral Resources Lt...
2/2/2015Balmoral Options N1-N2 Project to Wealth Minerals
1/21/2015Wealth Completes Share Consolidation and Debt Settlement
7/9/2013Crosshair Terminates Letter of Intent with Wealth Minerals
7/4/2013Amends Option Grant of 3,150,000
6/21/2013Grants 3,150,000 Options
10/25/2012Enters Into LOI to Sell Argentinean Uranium Projects to Cros...
10/2/2012Confirms Potential for Bulk-Tonnage Silver at Valsequillo Pr...
9/13/2011Tue. Sep. 13/11
7/7/2011Surface Sampling Expands Known Zones of High-Grade Rare Eart...
5/4/2011Intersects Potentially Large, Bulk Tonnage, Uranium System a...
4/11/20114/11/11
4/11/2011Initial Sampling Confirms Presence of High-Grade Rare Earth ...
3/23/2011News Release
5/27/2010Signs Option to Acquire Argentina’s Largest Rare Earth Eleme...
9/2/2008Vientos Property Hosts Large Outcropping Uranium Zone
4/26/2008FILES FORM 15 TO VOLUNTARILY TERMINATE U.S. REGISTRATION
4/9/2008EXPLORATION UPDATE
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (WML.V)FRANKFURT (EJZ.F)
0.590+0.00%0.0070
TSX-V
CA$ 0.590
10/21 16:24 -
0%
Prev close Open
0.590 0.600
Low High
0.590 0.640
Year l/h YTD var.
0.085 -  0.640 594.12%
52 week l/h 52 week var.
0.085 -  0.640 490.00%
Volume 1 month var.
63,830 47.50%
24hGold TrendPower© : 50
Produces
Develops
Explores for Uranium - Vanadium
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 2/24/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2021594.12%0.450.09
2020-52.78%0.380.07
2019-58.14%0.650.16
2018-75.57%2.000.37
201740.80%2.101.14
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.02-2.50%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.47+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.34-0.60%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 1.13-2.59%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 1.03-0.96%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.04+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 4.11+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 10.60+0.00%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.46-2.11%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.20-2.50%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 3.09+0.00%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 39.70-2.96%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+3.13%Trend Power :