Wealth Minerals Ltd.

Wealth Minerals Ltd.

February 28, 2005 13:39 ET

Wealth Minerals Ltd.: Corporate Update


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: WEALTH MINERALS LTD.

TSX VENTURE SYMBOL: WML
OTC Bulletin Board SYMBOL: WMLLF
FRANKFURT SYMBOL: EJZ

FEBRUARY 28, 2005 - 13:39 ET

Wealth Minerals Ltd.: Corporate Update

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 28, 2005) - Wealth
Minerals Ltd. (TSX VENTURE:WML)(OTCBB:WMLLF)(FWB:EJZ) is pleased to
announce that it has signed a letter agreement setting out general terms
to acquire an interest in the Cerro Bonito project in El Salvador from
Brett Resources Inc. ("Brett"). The Cerro Bonito project comprises a
47.0 km2 exploration license in eastern El Salvador that has potential
to host an economic ore body in a low sulfidation epithermal gold-silver
vein system at depth. Vein outcrop and subcrop consists of banded
quartz-adularia and shallower level chalcedonic quartz hosted in
silicified felsic volcanics and can be traced for a distance of 5
kilometers of NNW strike length, along which are several minor shallow
historic workings. A previous sample across the vein in one of the old
pits returned a true width of 2.3 meters at 24.7 gpt gold.

Collectively these vein and alteration features suggest a structural
corridor similar to those hosting the El Penon deposit (Chile), and the
Ken Snyder and Sleeper deposits (Nevada). These well-known deposits
occur in the boiling zones of low sulfidation vein systems and often
show a vertical extent of several hundred meters and extend for at least
a kilometer along strike. Bonanza type mineralization at depth in these
deposits was discovered beneath more subtle surface exposures similar to
those observed at Cerro Bonito.

The letter agreement allows Wealth to earn a 60 percent interest in the
property from Brett for 100,000 shares, US$200,000 in cash payments and
US$2 million in work commitments spread out in an escalating fashion
over a five year period. On signing of the formal agreement, which will
rely on board, regulatory and other approvals to complete but is
anticipated within 90 days, Wealth will pay Brett US$20,000 and 50,000
common shares. As part of the first year's US$200,000 work commitment,
Wealth plans to complete a drill program sufficient to probe the boiling
zone of the Cerro Bonito vein system at several intervals along strike
and below the vein's surface exposure.

In other news, Wealth has elected to not pursue a property position
through MSJ in Colombia (see news release dated 15 December 2004). The
secured payment by Wealth of US$150,000 to guarantee exclusive due
diligence and right of first refusal on the group of projects in
Colombia and Mexico will remain in escrow, pending a property decision
with MSJ in Mexico.

In addition, Wealth has accepted the resignation of board member Gil
Atzmon, who stepped down due to a conflict of interest with another
board position held. Management and directors of Wealth wish to thank
Gil for his support and contributions to the Company during his tenure.

Wealth Minerals is a newly-formed mineral exploration company with 10.4
million shares outstanding, nearly C$3 million in the treasury, and
listings on the TSX Venture, OTC and Frankfurt Exchanges. Wealth is
actively evaluating metals exploration properties in the Americas for
acquisition and evaluation with a goal of discovering and defining a
significant mineral deposit to create value for shareholders.

On behalf of the Board of Directors of

WEALTH MINERALS LTD.

Rosie Moore, President

This release contains forward-looking statements within the meaning of
the "safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These statements are based on management's current
expectations and beliefs and are subject to a number of risks and
uncertainties that could cause actual results to differ materially from
those described in the forward-looking statements. The Company assumes
no obligation to update any forward-looking information contained in
this news release.


-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Wealth Minerals Ltd.
    Rosie Moore
    President
    (604) 331-0096
    (604) 408-7499 (FAX)
    or
    Wealth Minerals Ltd.
    Gary Freeman
    Vice President
    (604) 331-0096
    (604) 408-7499 (FAX)
    info@wealthminerals.com
    www.wealthminerals.com
    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.