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Wealth Minerals signs LOI to acquire Chilean lithium concessions

Wealth MineralsLtd. said April 27 that it has signed a letter of intent to secure anoption giving it the right to acquire 100% in the Puritama 1 to 8 exploration lithiumconcessions in the Salar de Aguas Calientes area of Chile.

The concessions at Salar de Aguas Calientes cover about 25 squarekilometers, with 20 square kilometers subject to the option agreement. The concessionsare in the process of being constituted and have preferential rights over the areathey cover.

Once constituted, they will be valid for two years, and may beextended for an additional two years upon relinquishment of 50% of the area.

Wealth signed the deal with private Chilean firm Minera MyMineralsLtda. MyMinerals holds an option agreement to acquire 100% of the concessions fromVirtud Minerals SpA, which will see the former paying approximately US$2.7 millionin stages by April 2019.

MyMinerals will assign all of its rights under the agreementin exchange for a US$150,000 payment and 100,000 Wealth shares.

VMS has agreed to provide consultancy services to secure theconstitution of rights on the concessions and keep them in good standing, for amonthly fee of US$2,000.

Wealth will undertake due diligence in the next 60 days.