Wealth Enters Into LOI to Sell Argentinean Uranium Projects to
Crosshair Energy Corporation
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/25/12 -- Wealth
Minerals Ltd. (the "Company" or "Wealth") - (TSX
VENTURE:WML)(OTCQX:WMLLF)(FRANKFURT:EJZ), announces that it has
entered into a Letter of Intent ("LOI") with Crosshair Energy
Corporation, a public company headquartered in Vancouver, BC, to sell
Crosshair all of Wealth's prospective uranium properties in
The consideration for the sale of the properties is payments to
Wealth of CAD 1.0 million in cash (less the amount of any outstanding
liabilities associated with the sale properties and assumed by
Crosshair) and the issuance to Wealth of one million Crosshair common
shares. The cash payments and share issuances will be done over a two
year period, with CAD 300,000 and 750,000 Crosshair shares due on
closing. In addition, Wealth retains a 1% yellowcake royalty on all
uranium production and a 1% NSR royalty on all other minerals.
Henk Van Alphen, Wealth's Chief Executive Officer and President,
stated "The sale to Crosshair will allow us to focus our efforts on
growing Valsequillo and acquiring additional silver projects, while
still retaining participation in the upside of our prior work in
Argentina through our shares of Crosshair and the royalty."
Completion of the transaction is subject to a number of conditions,
including Toronto Stock Exchange and NYSE MKT acceptance on behalf of
Crosshair, the completion of due diligence on the properties by
Crosshair and the negotiation and execution of a definitive
agreement. There can be no assurance that the transaction will be
completed as proposed or at all.
The Company also reports that Jeffrey Pontius has submitted his
resignation as a director of the Company, effective October 31, 2012,
in order to devote the time necessary in his position as CEO of
Corvus Gold Inc. The Board would like to take this opportunity to
thank Mr. Pontius for his years of service on behalf of the Company.
About Wealth Minerals Ltd.
Wealth is an early stage mineral exploration company with listings on
the TSX Venture, OTCQX and Frankfurt Stock Exchanges.
For further details on the Company readers are referred to the
Company's web site (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, President & CEO
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable Canadian and US
securities legislation. All statements, other than statements of
historical fact, included herein including, without limitation,
statements regarding the anticipated content, commencement and cost
of exploration programs, anticipated exploration program results, the
discovery and delineation of mineral deposits/resources/reserves, the
terms of and proposed completion of the sale to Crosshair, the timing
of future activities by the Company, the potential for the Company to
acquire additional silver properties and the anticipated business
plans 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. The Company cautions investors that any forward-looking
statements by the Company or any of its joint venture partners 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, but not limited
to, the state of the financial markets for the Company's equity
securities, the state of the commodity markets generally, variations
in the nature, quality and quantity of any mineral deposits that may
be located, variations in the market price of any mineral products
the Company may produce or plan to produce, the inability of
Crosshair to secure the required regulatory acceptances to complete
the acquisition of the Argentina properties, the inability of the
Company to obtain any necessary permits, consents or authorizations
required for its activities, the inability of the Company to produce
minerals from its properties successfully or profitably, to continue
its projected growth, to raise the necessary capital or to be fully
able to implement its business strategies, 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.
This press release is not, and is not to be construed in any way as,
an offer to buy or sell securities in the United States.
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 press
release, which has been prepared by management.
Wealth Minerals Ltd.
604-331-0096 Ext. 1429 or 604-638-1429
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