Wealth Minerals and Uranium One Group Extend Memorandum of Understanding

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[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 14, 2020 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfurt: EJZN), announces it has signed a one-year extension of its strategic memorandum of understanding (the “MOU”) with Uranium One Group (“U1G”). All other terms of the MOU remain unchanged (see news release dated October 15, 2019). Tim McCutcheon, President of Wealth, commented, “We are glad to have more time to work with U1G under the previously signed MOU, and the one-year extension demonstrates that all parties remain interested in developing Wealth’s core Atacama asset. We believe that solar evaporation is an outdated production technique and U1G’s sorption technology is the future direction the industry will take, as it is efficient and environmentally friendly.” Background Lithium production operations that utilize salars (underground brine reservoirs) typically use solar evaporation as the major part of the lithium recovery process. While this process has a low operating expense and is technologically simple, it also requires significant land for ponds in which lithium brine, after subsurface pumping, is placed for drying. Additionally, water in the brine is evaporated into the atmosphere, lost from the locality forever. In extremely dry areas like the high Andes Mountains, where most lithium brine operations are located, solar evaporation is seen as having long term sustainability issues. There are several new technologies for recovering lithium from brine, however, most of these technologies have negative points in their methodology which have stalled their commercial implementation. U1G provides a lithium extraction technology for processing lithium-bearing brine material which uses a reusable catalyst material to attract lithium out of brine, thus eliminating the need for solar evaporation. Using this sorption technology greatly reduces the physical footprint typically needed in a solar evaporation operation, specifically large, multi-phase, lined evaporation ponds. Its technology also enhances the quality of lithium extraction and recovery levels as compared to traditional solar evaporation. Lastly, after lithium recovery, the brine can then be pumped back into the salar, helping to ensure long-term operational and environmental viability. About U1G U1G is a g...

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