Wealth Acquires Approximately 6,000 Hectares of Ground Surrounding Its Rodeo de los Molles Rare Earth Deposit

- January 4th, 2011

Wealth Minerals Ltd. (CVE:WML) reports that it has acquired an additional ~6,000 hectares of ground rare earth exploration potential surrounding its Rodeo de los Molles rare earth deposit, South America.

Wealth Minerals Ltd. (TSXV:WML) reports that it has acquired an additional ~6,000 hectares of ground rare earth exploration potential surrounding its Rodeo de los Molles rare earth deposit, South America.

The press release is quoted as saying:

REE mineralization at the Rodeo deposit has only been tested to very shallow depths of approximately 35 to 50 vertical metres. The mineralization discovered to date remains open for expansion in all directions, including at depth. Previous metallurgical testwork suggests a relatively straight-forward metallurgical process for the deposit type similar to the formerly producing (bastnasite-hosted) Mountain Pass REE deposit in California, which contains total proven reserves of 88.0 million pounds of rare earth oxide and which produced most of the world’s REE’s from 1965 to 1985 (source – Molycorp, Inc.).

Henk van Alphen, Wealth’s President and CEO says:

“Following China’s recently announced REE export quota cutback, the second cut in concurrent years, we are extremely pleased to have secured a large, unexplored land package in a region that is known to host very significant rare earth element concentrations.”  “Our expert technical team believes the district has excellent potential to host additional discoveries and we are very confident that the aggressive exploration program currently underway on the Rodeo deposit will result in the discovery of a rare earth element resource going forward.”

Click here to access the entire news release.

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