Wealth Minerals Ltd. (TSX-V:WML) (OTCQB:WMLLF) (SSE:WMLCL) (Frankfurt:EJZN), provides a corporate update from Wealth Minerals Chile SpA regarding stakeholder engagement and imminent drilling at the Atacama project.
Wealth Minerals Ltd. (the “Company” or “Wealth”) – (TSXV:WML) (OTCQB:WMLLF) (SSE:WMLCL) (Frankfurt:EJZN), provides a corporate update from Wealth Minerals Chile SpA (“Wealth Chile”) regarding stakeholder engagement and imminent drilling at the Atacama project (“Atacama” or the “Project”):
As a Result of its Inclusion in the “Roundtable on Sustainability”
Formed by the Chilean Ministry of Mining,
Wealth Minerals Chile Met with Authorities of the
Antofagasta Regional Government
Less than a month after the Chilean Deputy Minister of Mining, Pablo Terrazas, received the top decision-makers of the Canadian mining Company Wealth Minerals, led by Hendrik van Alphen and Marcelo Awad, to discuss their portfolio of lithium projects, representatives of the Antofagasta Regional Government today with Marcelo Awad to discuss the project status.
During the long meeting with the Regional Secretaries of the Ministries of Mining, Humberto Burgos and José Sepúlveda; of the Environment, Visnja Music, and of Social Development, María Fernanda Alcayaga, as well as the Regional Director of the Geology and Mining Service, Carlos de los Ríos, the Managing Director of Wealth Minerals gave a detailed report on the promising advances that have been made in the Atacama lithium project, regarding geology and engineering matters, as well as community relations.
Wealth Minerals controls 80,000 hectares within 8 Chilean salt-flats. It has conducted studies primarily in the Atacama salt-flat, located in the Second Region of Antofagasta, where it controls 46,200 hectares and in the Laguna Verde salt-flat, located on the Third Region of Atacama, where it controls 10,000 hectares. For the development of both projects, it has entered into a strategic alliance with, ENAMI, the Chilean state-owned National Mining Company.
After of the meeting and its discussions with the Regional Secretaries of the Ministry of Mining, Wealth Chile believes that, should exploration results warrant, the construction required to start commercial production at the Atacama project would last approximately 18 months, with production commencing 18 to 30 months thereafter.
After the meeting, Marcelo Awad expressed his optimism, because he was able to see that the regional authorities had the best intentions to cooperate in view of a prompt project start-up.
In this sense, Marcelo Awad stated [translation], “The meeting was very favourable, for two primary reason. Firstly, because I had the opportunity to give a detailed description of our project, not only from the engineering and geophysical perspectives, but also on the safeguards and commitments that we have undertaken to avoid altering the salt-flat ecosystems and the Atacama first peoples’ existing ancestral places to any extent, with even more emphasis in not disturbing the local communities’ way of life. Secondly, I dare say that the meeting was also a success, because I was able to see that the attending authorities were not only well disposed towards projects such as that of Wealth Minerals, but also most willing to cooperate and well informed on the details, paperwork, processing and time requirements to begin with the exploration and subsequent mining works. The Regional Secretary of the Ministry of Mining invited us to another meeting, this time with the Governor of the Antofagasta Region, Marco Antonio Díaz. The CEO of Wealth Minerals, Hendrik van Alphen, is also expected to take part in this meeting.”
To sum up, Marcelo Awad added, “During the meeting, it was evident what the Deputy Minister had told us in June during our meeting at his offices in Santiago, in the sense that ‘the Ministry wants to promote investments, and not of any kind, but those such as Wealth was making, i.e. respectful of the environment, the communities and the rule of law.”
Hendrik van Alphen, Wealth Mineral’s CEO commented, “Since acquiring an extensive position in the Atacama Salar in 2016, Wealth has been working closely with all stakeholders to ensure that the project can move smoothly towards drill testing. Today we have strong support from both the central and regional government and from the local communities. The drill program, which will test multiple high-priority geophysical anomalies, will begin imminently and we look forward to moving the project to the next stage of development.”
It should be recalled that, as already mentioned, after executing a binding agreement with ENAMI in March 2018 for the commercial extraction and marketing of lithium in the projects that Wealth Minerals has in the Atacama and Laguna Verde salt-flats, this past June 11th, Wealth Mineral succeeded in being officially included in the “Roundtable on Sustainability” formed by the Chilean Government with the objective of promoting investments in the mining industry. The meeting held in the City of Antofagasta was the result of such an inclusion.
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. To date, the Company has positioned itself to develop the Aguas Calientes Norte and Quisquiro Salars in Chile (the Trinity Project), as well as to work alongside existing producers in the prolific Atacama Salar. In addition to the Laguna Verde lithium project acquisition, the Company has also positioned itself to play a role in asset consolidation in Chile with the Five Salars Project.
The Company is transitioning from an asset acquisition phase to developing its current high potential portfolio. Lithium market dynamics and rapidly increasing metal prices are the result of profound structural issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a major beneficiary of this future mismatch of supply and demand. The Company also maintains and continues to evaluate a portfolio of precious and base metal exploration-stage projects.
For further details on the Company readers are referred to the Company’s website (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
Chief Executive Officer
For further information, please contact:
Phone: 604-331-0096 Ext. 3886 or 604-638-3886
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 news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, commencement of drilling at the Atacama project, anticipated exploration program results from exploration activities, including from the Atacama drill program, the discovery and delineation of mineral deposits/resources/reserves, 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. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained lithium demand and prices, the receipt of any necessary permits, licenses and regulatory and community approvals, required for the exploration and development of the Company’s Chilean lithium projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company projects, and the Company’s ability to comply with environmental, health and safety laws.
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, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, including to fund exploration, development and commercialization activities at the Company’s Atacama and Laguna Verde projects, future prices of lithium, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including community approvals, required for any future exploration and development activities at its projects, including the Atacama and Laguna Verde projects, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, 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.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.