Wealth Provides Partnership Update

VANCOUVER, British Columbia, April 08, 2020 (GLOBE NEWSWIRE) -- Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML; OTCQX: WMLLF; SSE: WMLCL; Frankfurt: EJZN), announces an update regarding the Company’s relationship with state-owned National Mining Company of Chile (“ENAMI”).

On March 19, 2018 Wealth Minerals signed a strategic alliance agreement (the “Agreement”) with ENAMI, whereby the parties agreed to form a partnership (the “JV”) to develop and commercialize the Company’s project in the Salar de Atacama (see press release of March 19, 2018). The Agreement provided that the parties would have 24-months to enter into a definitive agreement that will govern the formation and operation of the JV.  The Agreement’s 24-month period to form a JV has now expired.  The Board of Directors of ENAMI took the decision to let the Agreement lapse due to pending Chilean legislation regarding regulations for lithium production, taxation and various deregulation steps.

Wealth’s CEO, Henk Van Alphen, said, “I note that in mid-2019 the Chilean government announced legislative steps to make the regulatory regime for lithium similar to that for gold and copper, which does not require any special state arrangements. ENAMI has left the door open for cooperation and we will continue to bring in all stakeholders – financial, technological, state actors and indigenous groups – for the advancement of our lithium projects.”

About Wealth Minerals Ltd.

Wealth is a mineral resource company with interests in Canada, Mexico and Chile. The Company’s main focus is the acquisition and development of lithium projects in South America.

The Company opportunistically advances battery metal projects, namely copper and nickel, where it has a peer advantage in project selection and initial evaluation.

Lithium market dynamics and a rapidly increasing metal price are the result of profound structural issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a major beneficiary of this future mismatch of supply and demand. In parallel with lithium market dynamics, Wealth believes other battery metals will benefit from similar industry trends.

For further details on the Company readers are referred to the Company’s website (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”
Hendrik van Alphen
Chief Executive Officer

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