WealthMinerals Ltd. said July 21 that its Chilean subsidiary has signed aformal option agreement to acquire a 100% royalty-free interest in the Pujsa 1 to 7lithium exploration concessions in northern Chile.

The company's Chilean subsidiary has paid the initialUS$200,000 under the transaction, with a further US$2.5 million to be paid intranches until 2020.

The transaction was accepted for filing by the TSX VentureExchange on June 24.

Wealth is now planning a lithium prospecting and samplingprogram at the site.

The company also said that it continues to conductdue diligence onLi3 Energy Inc. andits assets.