Wealth Exploration Update
Wednesday April 9, 2:46 pm ET
ca.us.biz.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 9, 2008 -- Wealth Minerals Ltd. (the "Company" or "Wealth") (CDNX:WML.V - News)(OTC BB:WMLLF.OB - News)(Frankfurt:EJZ.F - News) 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 equals ppm U308; 10,000 ppm uranium equals 1% equals 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
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.
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.
Contact:
Contacts:
Wealth Minerals Ltd.
Glenn Shand
(604) 331-0096 or 1-888-331-0096
(604) 408-7499 (FAX)
Email: info@wealthminerals.com
Website: wealthminerals.com
Source: Wealth Minerals Ltd. |
