Wealth Minerals Ltd.
TSX VENTURE : WML
FRANKFURT : EJZ

Wealth Minerals Ltd.

December 22, 2010 13:16 ET

Wealth Closes Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2010) - Wealth Minerals Ltd. (the "Company" or "Wealth") (TSX VENTURE:WML)(FRANKFURT:EJZ) is pleased to announce the closing, on November 30, 2010, of the non-brokered private placement announced on October 6, 2010.

Private Placement Closing

On November 30, 2010, the Company issued 4,000,000 units at a price of CAD 0.36 per unit for gross proceeds of $1,440,000. Each unit consisted of one common share and one transferable common share purchase warrant. Each warrant is exercisable to acquire one additional common share until November 30, 2012 at an exercise price of CAD 0.50. If, at any time during the period from April 1, 2011 until November 30, 2012, the daily volume-weighted average trading price of the Company's common shares on the TSX Venture Exchange exceeds CAD 1.00 for at least 10 consecutive trading days, the Company may, within 30 days of such occurrence, give an expiry acceleration notice to the holders of warrants and, if it does so, the warrants will, unless exercised, expire on the 30th day after the expiry acceleration notice is given.

The Company issued an aggregate of 28,000 finder's units as a finder's fee in connection with a portion of the private placement. Each finder's unit has the same attributes as the units issued in the private placement, except that the warrants are non-transferrable.

All securities issued in connection with the private placement and any shares issued upon the exercise of the warrants or finder's warrants will have a hold period in Canada until April 1, 2010.

The net proceeds from the Offering are intended to be used to fund exploration programs on the Company's uranium and rare earth element exploration projects in Argentina, for ongoing mineral property investigations and potential acquisitions, and for general working capital.

None of the foregoing securities have been, nor will they be, registered under the U.S. Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Wealth Minerals Ltd.

Wealth is an early stage mineral exploration company with approximately 47.3 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 and rare earth element properties, primarily in Argentina and Peru. In addition to ongoing work programs on its existing properties, it continues to actively evaluate new potential uranium and rare earth element 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 WEALTH MINERALS LTD.

Hendrik Van Alphen, President & CEO

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the anticipated use of the net proceeds of the private placement, the timing of future activities by the Company and the anticipated business plans 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. 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, the state of the commodity markets generally, 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. The reader is referred to the Company's recent most annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company's page on SEDAR at www.sedar.com. 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.

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.

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 press release, which has been prepared by management.

Contact Information