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Wealth Minerals Completes US$2M Atacama Payment
VANCOUVER, British Columbia, April 02, 2019 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfu
About this update from Wealth Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, April 02, 2019 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfurt: EJZN), announces it has completed the US$2 million option payment for the Company’s Atacama lithium project (the “Atacama Project”), which was due March 31, 2019 (see previous news release, February 11, 2019). Wealth has exercised the Option to Purchase Agreement and has registered its subsidiary, Wealth Minerals Chile SpA (“Wealth Chile”), as the direct title holder of the Atacama Project. The claim package, comprising approximately 46,000 hectares, was previously registered in the name of the vendor, Atacama Lithium SpA. As a result of this change, Wealth will now be able to finalize negotiations with ENAMI (Empresa Nacional de Mineri; the state-owned National Mining Company of Chile) for the joint venture to develop the Atacama Project. “Completion of this option payment and the registration of Wealth Chile as the title holder for the Atacama Project are both significant milestones for the Company,” stated Henk Van Alphen, Wealth’s CEO. “With lithium exports valued at $949 million in 2018, Chile is a significant producer with room to grow in this key emerging industry. Wealth leads the way in Chile among lithium exploration and development companies and we will now move forward quickly to solidify this position.” The investment climate for lithium development in Chile continues to be very positive. Chile’s Mining Minister, Baldo Prokurica, recently commented that, “The Pinera government is looking to ensure that both lithium and other battery metals are being exploited. If we have this wealth and this mineral, we obviously want to use it.” Source: Reuters - Mar. 6, 2019, Reported by Nichola Saminather following an interview at the Prospector’s and developers Association of Canada conference (Toronto). Note that Sebastian Pinera is the recently inaugurated President of Chile. Mr. Prokurica is the chairman of ENAMI. Agreement between Wealth and ENAMI In March 2018, ENAMI and Wealth formed a strategic alliance (“Agreement”) to develop and commercialize the Company’s Atacama Project and the Agreement provides that the parties will have 24 months during which to study and assess the Atacama Project and to form a par...