Wealth Minerals Ltd. (the “Company” or “Wealth”) - (TSXV: WML;
OTCQX: WMLLF; SSE: WMLCL; Frankfurt: EJZN), provides the public and
its shareholders with a corporate update.
A Message from Wealth’s
CEO:
“I write this message in order to reach out to
all of our stakeholders during this difficult time. The team and
management at Wealth continues to work tirelessly, although
remotely, and remains optimistic that the Company will exit this
current situation strong and with great promise. By providing this
update, I trust it will give our stakeholders a better
understanding of the tasks the Company has before it, as well as to
provide a reminder of the work that has been completed by the
Company to set up the next stage of its development” stated Henk
van Alphen, CEO of Wealth.
Lithium Overview:
Wealth has been focused on the acquisition and
development of premier lithium assets in Chile for the past four
years. In that time, the Company has assembled a Chilean team of
employees and consultants that are highly qualified to advance the
selected lithium projects. Wealth previously acquired a large
license position of 46,200 hectares in the Atacama salar, a project
that is highly prospective and is the Company’s core lithium asset
(the “Atacama Project”). To address in-country regulatory issues,
and foster a strong state partnership, Wealth entered into an
agreement to form a strategic alliance with the state-owned
National Mining Company of Chile (“ENAMI”). Additionally, in order
to optimize our lithium extraction technology and move towards
sustainable and environmentally friendly future production with a
strong operating partner, Wealth recently entered into an MOU (as
defined below) with Uranium One Group (“Uranium One”), a global
mining company.
Over the last two years, Wealth has conducted
regular meetings and forums with the indigenous people located in
the Atacama salar area, building trust and dialogue. On December 3,
2019, the Reuters news agency published an article on the Chilean
lithium industry, wherein ENAMI’s Chairman, Baldo Prokuriça, who
also serves as Mining Minister for Chile, “…told Reuters on a trip
to the Atacama region [that] the government had asked state-owned
copper giant CODELCO and smaller state miner National Mining
Company, ENAMI, to forge ahead with lithium projects in the
region.” In reference to additional local salar regions, Mr.
Prokuriça also stated that “…if his company moved to exploit the
[Aguilar region], it would look to tie up with Canadian-listed
Wealth Minerals Ltd.”
Based on the Company’s work in the Atacama
region and feedback from partners and colleagues, Wealth’s
management anticipated that 2020 would bring the successful
completion of a formal partnership with ENAMI by March, the
completion of preliminary field work at the Atacama Project (funded
by Uranium One) by April, and an expected close of the Uranium One
transaction by July. Because of the global COVID-19 pandemic,
management now anticipates a delay in that expected schedule.
Please see below for more details.
Strategic Partner Status:
Wealth, since signing a Memorandum of
Understanding (the “MOU”) with Uranium One (see news release of
October 15, 2019), has worked with its colleagues at Uranium One to
push forward with the work needed in order to close the transaction
as contemplated in the MOU. Significant steps have been taken by
Wealth and Uranium One to select contractors for field work at the
Atacama Project and retain consultants for legal, financial and
geological studies. Additionally in March 2020, Wealth and Uranium
One planned to conduct a presentation and seminar in Chile the
proposed development plan for the Atacama Project for the benefit
of local indigenous groups, government officials and the press. The
COVID-19 pandemic has, temporarily, put this presentation plan on
hold, and a new a new date for the presentation and seminar is
expected to be announced once COVID-19 issues are resolved.
Wealth’s management continues to believes that it can see the MOU
through to a successful transaction with Uranium One, provided
ENAMI completes its agreement to form a JV (as defined below) with
Wealth (see details below).
On March 19, 2018 Wealth signed a strategic
alliance agreement (the “Agreement”) with state-owned ENAMI,
whereby the parties agreed to form a partnership (the “JV”) to
develop and commercialize the Atacama Project (see news 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. Although the
Agreement’s 24-month period to form a JV has now expired, Wealth’s
management believes ENAMI will enter into the JV based on the
following factors: 1) the JV does not require ENAMI to make any
capital outlays, as they receive a free carried interest, 2) Wealth
now has a technologically-advanced, financially robust major
partner in Uranium One, 3) Uranium One intends to deploy its
sorption technology at the Atacama Project, thus avoiding the use
of solar evaporation, and 4) the Chilean government has repeatedly
directed state companies to advance lithium assets. In the event
that ENAMI does not enter into the JV with Wealth, the Company
notes there are other avenues for it to be compliant with existing
Chilean regulations governing the development of lithium projects
and export of lithium products, and that the regulations themselves
are slated to be amended in the near-future, so as to less
restrictive, as set out in pending Chilean legislative
proposals.
Wealth Copper:
The transaction to take Wealth Copper Ltd.
(“Wealth Copper”), 42.63% owned subsidiary of the Company, public
via a share exchange transaction with a capital pool company,
Allante Resources Ltd. (“Allante”) (see news release dated
September 27, 2019), remains very active. Despite current market
volatility attributed to COVID-19, the planned financing and
transaction with Allante (see press release dated February 11,
2020) has continued forward with the engagement of Red Cloud
Financial Services of Toronto, Canada (“Red Cloud”) to provide
financial advisory services to Wealth Copper and the resulting
issuer. Management believes the Company’s ownership of Wealth
Copper represents significant value to Wealth shareholders and will
continue to provide updates on the progress of Wealth Copper’s
going-public transaction. Please see: www.wealthcopper.com for
additional details on Wealth Copper and its assets.Kootenay
Project:
Wealth has the option agreement to earn-in to
two nickel-cobalt-copper properties in south-eastern British
Columbia, collectively called the “Kootenay Project” (see news
release dated October 29, 2019) pursuant to which Wealth can
acquire a 100% interest in the Kootenay Project by making certain
cash payments and share issuances to the vendors. The Kootenay
Project is comprised of two separate claim blocks totaling 7,864
hectares. The Kootenay Project claims lie within the prospective
Lardeau Group, a geological division which hosts numerous
volcanogenic massive sulphide deposits, including the
past-producing Goldstream mine located north of Revelstoke, BC.
Between 1983 and 1996, the Goldstream mine produced 2.2 million
tonnes of massive sulphides averaging 4.49% Cu, 3.24% Zn and 20g/t
Ag. Other VMS prospects in the Lardeau Group near Goldstream
include the Standard (Minfile 082M 166) and Montgomery (Minfile
082M 85) deposits.
Wealth believes the metavolcanic and
metasedimentary units of the southern Lardeau Group to have
excellent potential for hosting volcanogenic massive sulphides
(VMS) with significant nickel-cobalt (± copper-zinc) content.
Please see: https://wealthminerals.com/projects/kootenay/ for
additional details.
The potential quantity and grade of the Kootenay
Project is conceptual in nature, that there has been insufficient
exploration to define a mineral resource and that it is uncertain
if further exploration will result in the target being delineated
as a mineral resource.
Valsequillo
Silver:
Wealth maintains this prospective, early-stage
silver project in Mexico, although it is a legacy asset owned prior
to the Company’s shift to lithium. Pending available financing, the
Company intends to advance this project (see press release dated
October 30, 2019).
Financing:
During the period of market focus on lithium
projects, Wealth was able to reliably employ equity financing to
complete asset acquisition, and fund development and administrative
costs. Anticipated financing at the end of 2018 did not happen due
to market conditions (both the lithium sector and capital markets
in general), which started a corporate process of retrenchment and
near-exclusive focus on the Atacama Project. Market conditions
throughout 2019 remained challenging for equity financing, and the
Company conducted several debt financings, with major participation
by management and directors. As such, financing conducted in 2019
was modest and did not give the Company much future visibility for
asset development. On May 31, 2019 the Company had CAD$130,917 in
cash and since then (10 months) it has raised gross proceeds of
CAD$2,683,808 (not including CAD$300,000 in flow-through financing
closed November 6, 2019 in regards to the Kootenay Project). In
that time period approximately CAD$1 million was spent on license
maintenance, including mandatory detailed survey reports,
government fees and legal fees to process the necessary paperwork
in order to keep the licenses in good standing. Additionally, the
Company has spent approximately CAD$1.4 million in all
administrative and other expenses (CAD$140,000/month on average),
including regulatory fees, legal fees, audit, insurance, rent and
the costs of maintaining the team of lithium professionals that are
necessary for Wealth’s future success. The Company notes that all
of the executive staff has either delayed or deferred salary during
this difficult time, in the best interest of the Company.
Qualified Person:
John Drobe, P.Geo., Wealth’s Exploration Manager
and a qualified person as defined by National Instrument 43-101
Standards of Disclosure for Mineral Projects, has reviewed the
scientific information that forms the basis for this news release,
and has approved the disclosure herein. Mr. Drobe is not
independent as he is a consultant and shareholder of Wealth and
holds incentive stock in the Company.
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
ofWEALTH MINERALS LTD.
“Hendrik van Alphen”Hendrik van AlphenChief
Executive Officer
For further information, please contact:Marla
Ritchie, Henk van Alphen or Tim McCutcheon
Phone: 604-331-0096 Ext. 3886 or
604-638-3886E-mail: info@wealthminerals.com
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 news release.
Cautionary Note Regarding
Forward-Looking Statements
This news release contains forward-looking
statements and forward-looking information (collectively,
“forward-looking statements”) within the meaning of applicable
Canadian and U.S. securities legislation, including the United
States Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical fact, included
herein including, without limitation, anticipated exploration
program results from exploration activities, the Company’s
expectation that it will be able to enter into a definitive
agreement that will govern the formation and operation of the JV
with ENAMI, the expected completion of preliminary field work at
the Atacama Project, the Company’s expectations regarding the
closing of the Uranium One transaction, the Company’s expectation
that Wealth Copper will be able to complete the going-public
transaction and the financing with Allante, the possible
acquisition of the Kootenay Project by the Company, the advancement
of the Valsequillo Silver project by the Company, the discovery and
delineation of mineral deposits/resources/reserves, and the
anticipated business plans and timing of future activities 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. In making the forward-looking
statements in this news release, the Company has applied several
material assumptions, including without limitation, that the
Chilean government will continue to direct state companies to
advance lithium assets (and that the Company will be able to enter
into a JV with ENAMI), that Wealth Copper will be able to raise
sufficient funds necessary to maintain the mining concessions
comprising the Atacama Project, including funds necessary to pay
annual Chilean licensing fees for the concessions, that Wealth
Copper will be able to complete the going-public transaction, and
that TSX Venture Exchange acceptance and the required corporate
approvals of same will be obtained, that there will be investor
interest in future financings, market fundamentals will result in
sustained lithium, vanadium, copper and precious metals demand and
prices, the receipt of any necessary permits, licenses and
regulatory approvals in connection with the future development of
the Company’s Chilean projects in a timely manner, including the
Atacama Project, the availability of financing on suitable terms
for the development, construction and continued operation of the
Company’s projects and the Company’s ability to comply with
environmental, health and safety laws.
The Company cautions investors that any
forward-looking statements by the Company 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, operating and technical difficulties in
connection with mineral exploration and development activities,
actual results of exploration activities, including on the Atacama
Project, the estimation or realization of mineral reserves and
mineral resources, the inability of the Company to obtain the
necessary financing required to conduct its business and affairs,
as currently contemplated, including to maintain the mining
concessions comprising the Atacama Project, the fact that the
Company’s interest in the Kootenay Project is an option only and
there is no guarantee that such interest, if earned, will be
certain, the timing and amount of estimated future production, the
costs of production, capital expenditures, the costs and timing of
the development of new deposits, requirements for additional
capital, future prices of lithium, changes in general economic
conditions, changes in the financial markets and in the demand and
market price for commodities, lack of investor interest in future
financings, accidents, labour disputes and other risks of the
mining industry, delays in obtaining governmental approvals,
permits or financing or in the completion of development or
construction activities, changes in laws, regulations and policies
affecting mining operations, title disputes, the inability of the
Company to obtain any necessary permits, consents, approvals or
authorizations, including by the TSX Venture Exchange, the timing
and possible outcome of any pending litigation, environmental
issues and liabilities, and risks related to joint venture
operations, 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.
Readers are cautioned not to place undue
reliance on forward-looking statements. The Company undertakes no
obligation to update any of the forward-looking statements in this
news release or incorporated by reference herein, except as
otherwise required by law.
Wealth Minerals (TSXV:WML)
過去 株価チャート
から 11 2024 まで 12 2024
Wealth Minerals (TSXV:WML)
過去 株価チャート
から 12 2023 まで 12 2024