Wealth Minerals Completes Acquisition of Yanamina Gold Project

Wealth Minerals Ltd. (TSXV:WML) announced that its acquisition of Coronet Metals Inc.’s (TSXV:CRF) Peruvian subsidiary was completed effective October 7. The company now wholly owns the Peru-based Yanamina gold project.
As quoted in the press release:

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.

Henk van Alphen, president and CEO of Wealth, commented:

We are delighted to have reached this important milestone ahead of schedule. 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.

Click here to read the full Wealth Minerals Ltd. (TSXV:WML) press release.