WML-V Wealth Signs LOI to Acquire Pujsa Lithium Project, Salar de Pujsa, Chile
VANCOUVER, June 16, 2016 /CNW/ - Wealth Minerals Ltd. (the "Company" or "Wealth") - (TSXV: WML; OTCQB: WMLFF; Frankfurt: EJZ), announces that it has executed a Letter of Intent (the "LOI") to enter into an option agreement giving it the right to acquire a 100% royalty-free interest in the Pujsa 1 to 7 exploration concessions located in the Pujsa Salar (the "Property"), Region II, northern Chile.
"Adding to the Company's recently announced acquisitions in the Salar de Maricunga and the Salar de Aguas Calientes Norte, Wealth is announcing a third acquisition, this time in the Salar de Pujsa." stated Henk van Alphen, Wealth's President & CEO. "In 2015, the Chilean authorities identified fifteen salars (salt flats) as having the highest potential and all of Wealth's acquisitions are included in that list. Wealth is continuing to seek to acquire additional high-potential lithium brine projects in South America."
Property Details
The Salar de Atacama is currently the only salar in Chile which produces lithium. Chile's Sernageomin (Servicio Nacional de Geologia y Minera) has published a list of 15 other high-potential Chilean Salars, and the Pujsa Salar is included in this list (Figure 1). Independent analysis published by signum BOX (June 2015) suggests an expected lithium concentration of 220 mg/l to 620 mg/l. Wealth has not yet done any sampling at the Property to validate these levels of lithium concentration.
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.
The concessions comprising the Property cover an area of approximately 1,600 hectares (Figure 2). The exploration concessions are located 83km from the town of San Pedro de Atacama. Access to the Property is via Route 27, a highway located to the north of the claim block, and then south by gravel road to the Property.
Acquisition Terms
Under the LOI, subject to the completion of certain conditions precedent, 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
| USD 200,000
| December 13, 2017
| USD 50,000
| June 13, 2018
| USD 750,000
| June 13, 2019
| USD 800,000
| June 13, 2020
| USD 850,000
|
Subject to satisfactory due diligence by Wealth and settlement of a formal option agreement, which is to be completed within 60 days, Wealth's Chilean subsidiary and the Vendor will execute a formal Option Agreement. There will not be any work commitments under the Option Agreement, but Wealth Chile is responsible for maintaining the concessions in good standing during the term of the option.
The execution of the Option Agreement by Wealth is subject to the acceptance for filing thereof by the TSX Venture Exchange.
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.
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 Salar de Maricunga and the Salar de Aguas Calientes Norte in Chile. The Company also maintains a portfolio of precious and base metal exploration-stage projects, including Yanamina (Peru) andValsequillo (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 |
