Wealth Minerals Ltd.

Wealth Minerals Ltd.

May 01, 2008 15:41 ET

Wealth Minerals Ltd.: New Drilling Results at the Bingo Zone Intersects Additional Uranium Mineralization Diamante-Los Patos Property, Northwest Argentina

2.8 lbs/ton U3O8 (0.119% uranium) over 1 metre and 1.00 lb/ton U3O8 (0.043% uranium) over 4 metres

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2008) - Wealth Minerals Ltd. (the "Company" or "Wealth") - (TSX VENTURE:WML)(FRANKFURT:EJZ), is pleased to announce the final results from the first ever drilling on its 100% owned Diamante-Los Patos property ("DLP") located in the Provinces of Salta and Catamarca, northwest Argentina.

Drilling has intersected significant uranium mineralization at the Bingo Zone. Borehole DLP-029 on the eastern edge of the Bingo Zone intersected four metres grading 1.0 lbs/ton U3O8 (0.043% uranium) within a 45 metre interval grading 0.25 lbs/ton U3O8 (0.011% uranium) and borehole DLP-020 returned a value 2.8 lbs/ton U3O8 (0.119% uranium) over 1 metre.

The goal of the recently completed drill campaign was to define the down dip extension of broad zones of outcropping uranium mineralization discovered in an extensive trenching program. The drill program has confirmed the structural control on the higher grade mineralization as well as defining a large, potentially bulk-leachable deposit. To date, twenty reverse circulation boreholes, totalling 2,342 metres have tested an area approximately 300 by 300 metres at the Bingo Zone, 90% of which (18 holes), have intersected significant uranium mineralization. From surface, the mineralization is known to extend to depths of approximately 75 metres and remains open, particularly to the west.

"These results, the first ever from this newly discovered district, are very encouraging," stated Henk Van Alphen, President and CEO of Wealth. "The drill program successfully confirmed that the 60 by 60 kilometre Cerro Galan caldera is indeed a major uranium-bearing system, with the potential to host bulk-mineable uranium mineralization."

A complete list of the DLP drill intersections is presented below in Table 1 and a map of the Bingo Zone area showing the drill holes in this zone is given in Figure 1 (to view Figure 1 please click the following URL: http://media3.marketwire.com/docs/Wealth%20Map.pdf). Bingo Zone cross sections are available on the Company's website at: http://www.wealthminerals.com/s/DiamanteMaps.asp.

Background - Diamante-Los Patos Property

The DLP project is located on the boundary between the Provinces of Salta and Catamarca in north-western Argentina, approximately 170 kilometres southwest of the city of Salta. The property is interpreted to potentially host near-surface bulk tonnage uranium mineralization in both volcanic-hosted uranium deposits, similar to those at Streltsovka, Russia, as well as in calcrete-types of uranium deposits such as the Trekkopje and Langer Heinrich deposits located in Namibia. The exploration target at DLP is a low-grade, bulk-tonnage, on-surface deposit which the Company anticipates might be amenable to inexpensive open pit mining methods. The Company is currently evaluating strategic partnerships that would allow for the rapid development of the project.

Table 1: Diamante - Los Patos Drill Results

Hole # Zone From (m) To (m) Interval (m) ppm U U3O8 U (%)
DLP-001(i) Bingo 37 57 20 102 0.24 0.010
inc Bingo 45 49 4 232 0.55 0.023
DLP-002(i) Bingo 2 51 49 150 0.35 0.015
inc Bingo 9 23 14 237 0.56 0.024
DLP-003(i) Bingo 11 22 11 109 0.26 0.011
Bingo 47 55 8 128 0.30 0.013
DLP-004(i) Bingo 21 23 2 95 0.22 0.009
Bingo 25 28 3 100 0.24 0.010
DLP-005(i) Bingo 30 50 20 108 0.25 0.011
inc Bingo 31 35 4 232 0.55 0.023
DLP-006(i) Bingo no significant results
to -010 Alfredo no significant results
DLP-011(i) Bingo 11 34 23 65 0.15 0.006
inc Bingo 14 17 3 104 0.25 0.010
and Bingo 26 34 8 109 0.26 0.011
DLP-012(i) Bingo 24 75 51 107 0.25 0.011
inc Bingo 35 44 9 224 0.53 0.022
DLP-013 Bingo 58 59 1 121 0.29 0.012
to -019 Diamante no significant results
DLP-020 Bingo 52 55 3 106 0.25 0.011
Bingo 65 68 3 124 0.29 0.012
Bingo 78 81 3 104 0.25 0.010
Bingo 103 104 1 1189 2.80 0.119
Bingo 227 229 2 130 0.31 0.013
DLP-021 Bingo no significant results
DLP-022 Bingo 44 49 5 106 0.25 0.011
DLP-023 Bingo 44 45 1 116 0.27 0.012
DLP-024 Bingo 46 47 1 142 0.33 0.014
Bingo 63 65 2 117 0.28 0.012
to -028 Los Patos no significant results
DLP-029 Bingo 24 69 45 108 0.25 0.011
inc 33 37 4 426 1.00 0.043
DLP-030 Bingo 22 29 7 106 0.25 0.011
inc Bingo 22 25 3 182 0.43 0.018
Bingo 39 42 3 105 0.25 0.011
DLP-031 Bingo 58 59 1 145 0.34 0.015
DLP-032 Bingo 28 59 31 88 0.21 0.009
inc 28 32 4 226 0.53 0.023
DLP-033 Bingo 20 32 12 90 0.21 0.009
inc 20 23 3 179 0.42 0.018
51 54 3 129 0.30 0.013
DLP-034 Alfredo no significant results
DLP-035 Bingo 20 43 23 91 0.22 0.009
inc Bingo 20 25 5 199 0.47 0.020
(i) - Previously released results.

Qualified Person & QA/QC Controls

R. Scott Heffernan, M.Sc., P.Geol., Wealth's Vice-President, Exploration, and a qualified person as defined by National Instrument 43-101, has supervised the preparation of the scientific and technical information that forms the basis for this news release. Mr. Heffernan is not independent of Wealth by virtue of being an officer and a holder of incentive stock options.

Wealth's work programs are supervised by R. Scott Heffernan, M.Sc., P.Geol., Wealth's Vice-President, Exploration, who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at each project rigorously collect and track samples, which are then sealed and shipped to the Alex Stewart Assayers Argentina S.A. (ASA) laboratory facilities in Mendoza, Argentina for analysis. ASA's quality system complies with the requirements for the International Standard ISO 9001:2000. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material and replicate samples. Quality control is further assured by the use of international and in-house standards. Finally, representative blind blank and duplicate samples are forwarded to ASA for additional quality control.

Laboratory results are received in parts per million uranium. The conversion factor used to convert parts per million uranium to pounds per short ton U3O8 is 1.179, which was verified with the Saskatchewan Research Council (ppm uranium x 1.179 equals ppm U308; 10,000 ppm uranium equals 1% equals 20 lbs/ton uranium).

About Wealth Minerals Ltd.

Wealth is a well financed mineral exploration company with approximately 26.7 million shares issued and listings on the TSX Venture and Frankfurt Stock Exchanges. The Company's focus is the acquisition and exploration of prospective uranium properties, primarily in Argentina and Peru. In addition to ongoing work programs on its existing properties, it continues to actively evaluate new potential uranium projects in these and other countries.

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


Henk Van Alphen, President & Chief Executive Officer

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. Such statements include, without limitation, statements regarding the timing, cost and nature of future exploration activities by the Company, future anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the potential size and nature of any uranium deposit at Diamante-Los Patos, the potential for the discovery of an open pit mineable bulk tonnage deposit, business and financing plans, potential mining scenarios and the relative costs thereof, the success of mineral processing procedures, business trends and future operating costs and revenues. 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 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, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities, the Company's inability 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.

This press release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. The Company advises US investors that the US Securities and Exchange Commission's mining guidelines strictly prohibit information of this type in documents filed with the SEC. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.

All of the Company's 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release, which has been prepared by management.

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