Wealth Minerals Ltd.

Wealth Minerals Ltd.

October 19, 2010 09:16 ET

Wealth Retains Axon Communications Inc. to Provide Investor Relations Services

New CFO Appointed

Options Granted

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 19, 2010) - Wealth Minerals Ltd. (the "Company" or "Wealth") (TSX VENTURE:WML)(FRANKFURT:EJZ), is pleased to announce that the Company has entered into an agreement to retain the services of Axon Communications Inc., of Vancouver, BC, to provide investor relations services to the Company, commencing immediately. The Company also announces that Mr. David Cross CGA has been appointed Chief Financial Officer, effective October 15, 2010, to fill the vacancy created by the resignation of Mr. Michael Kinley CA.

Investor Relations Agreement with Axon Communications Inc.

The President and owner of Axon, Mr. John Kocela, has extensive experience in corporate communications and private equity capital. Mr. Kocela has worked in the area of shareholder and investor relations for over 15 years for companies listed on the TSX and TSX Venture Exchanges. He is the President of Da Vinci Venture Fund Ltd., a private Canadian holding company. He was also co-founder of ACS Management Group Inc., a Vancouver based firm that provided regulatory, and electronic filing services for over 80 public companies listed in Canada and the United States.

Axon will assist Wealth in public dissemination of consistent and timely corporate information to shareholders, potential investors and financial professionals, as well as develop an effective investor relations strategy for the Company within the investor and brokerage communities.

The agreement is for an initial term of one year, and is terminable on 90 days' notice by either party. Axon will be paid a fee of $10,000 per month. In addition, Mr. Kocela has been granted 200,000 incentive stock options pursuant to the Company's 2004 Incentive Stock Option Plan. In accordance with TSXV requirements, these options will vest over a period of 12 months, with 12.5% vesting on grant, 12.5% after three months and the balance of 75% as to 25% on each of the 6, 9 and 12 month anniversaries of the date of grant. The grant of the options is subject to TSXV acceptance of the agreement with Axon. Neither Axon nor Mr. Kocela presently holds any securities of the Company.

New Chief Financial Officer

Effective October 15, 2010, the Company has appointed Mr. David Cross as its Chief Financial Officer to replace Mr. Michael Kinley, who resigned as CFO in order to devote more time to other issuers of which he is also the Chief Financial Officer. The Board would like to take this opportunity to thank Mr. Kinley for his many years of exceptional service as the Company's CFO.

Mr. Cross is a Certified General Accountant and has a strong accounting background. Currently, he is a partner in the firm of Cross Davis & Company. His past experience consists of senior management positions, including five years at Davidson & Company LLP as Manager. Prior to that, he spent six years with Canadian Communication Products Inc. as its Assistant Controller. The Board welcomes Mr. Cross to the Company's management team.

Grant of Options

The Company announces that, pursuant to its 2004 Incentive Stock Option Plan, it has granted incentive stock options to directors, officers, employees and consultants of the Company to purchase up to an aggregate of 500,000 common shares in the capital stock of the Company (including the options granted to Mr. Kocela, as noted above). The options are exercisable on or before October 18, 2012 at a price of $0.50 per share.

About Wealth Minerals Ltd.

Wealth is an early stage mineral exploration company with approximately 40.3 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

"Henk Van Alphen"
Hendrik Van Alphen
President & CEO

Cautionary Note Regarding Forward-Looking Statements

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 proposed investor relations program, 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 financial markets for the Company's equity securities, 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, including the acceptance of the agreement with Axon by the applicable regulatory authorities, 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.

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.

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