Wealth Minerals Signs Formal Option Agreement for the Atacama Lithium Project, Chile

Vancouver, British Columbia: Wealth Minerals Ltd. (the “Company” or “Wealth”) – (TSXV:WML; OTCQB: WMLLF; SSE: WMLCL; Frankfurt: EJZ), announces that its wholly-owned Chilean subsidiary (“Wealth Chile”) has entered into a formal option agreement with Atacama Lithium SpA, whereby it has been given the exclusive right and option (the “Option”) to acquire a 100% royalty-free interest in 144 exploration concessions (the “Concessions”) referred to as the Proyecto Atacama Lithium project (the “Project”) and located in the Atacama Salar in Region II of Antofagasta, northern Chile (the “Transaction”).
The Company also announces that, in conjunction with the completion of its due diligence on a proposed acquisition of Li3 Energy, Inc. (see press release of February 1, 2016), the Company has elected not to proceed with the proposed transaction. However, the Company continues to monitor projects and developments in the Maricunga Salar and other salars for potential acquisition opportunities.
Atacama Project Option Details
In order to exercise the Option, the Company (through Wealth Chile) must make cash payments and issue common shares as outlined in Table 1. The Transaction was conditionally accepted for filing by the TSX Venture Exchange (the “TSX-V”) on October 7, 2016, and on October 31, 2016 the TSX-V permitted the Transaction to close, subject to the delivery by the Company to the TSX-V of a technical report on the Project within 90 days of closing.
Table 1: Project Option Payment Schedule
Date                                       Cash                                    Wealth Common Shares
November 1, 2016                 USD 3,000,000 (paid)           2,000,000 shares (issued)
July 1, 2017                            USD 3,000,000                    4,000,000 shares
March 1, 2018                        USD 3,000,000                    4,000,000 shares
March 1, 2019                        USD 5,000,000                    5,000,000 shares
     Total USD 14,000,000 15,000,000 shares
Upon payment of USD 14 million and issuance of 15 million common shares in the capital of Wealth to the Project vendor, Wealth will be deemed to have exercised the Option and will have earned an undivided 100% legal and beneficial royalty-free interest in and to the Project. Any shares issued to the vendor will be subject to a hold period in Canada of four months and a day. Wealth Minerals Ltd. – 2 – November 23, 2016 NR16-26 – Continued LC054576-1 from the date of issuance. Wealth is required to keep the Concessions in good standing throughout the term of the Option. There are no minimum exploration commitments.
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