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