Wealth Minerals Ltd V.WML

Alternate Symbol(s): WMLLF

Metals & Mining Industrial Metals & Minerals

Wealth Minerals Ltd. is a Canada-based mineral resource company. The principal business activity of the Company is the exploration for minerals and the development of exploration and evaluation assets, primarily in Chile, Canada, Peru, and Mexico. Its projects include the Atacama Lithium Project, the Kuska Salar Project, and the Kootenay Project. The Atacama Salar project covers an area of approximately 46,200 hectares (ha) located in the northern part of Atacama Salar, in Region II of Chile. The concessions are adjacent to highway 23, which connects northern Chile with Argentina. The Kuska project consists of 8,000 hectares located in northern Chile, Region II, near the Chile-Bolivia border and approximately 200 kilometers (km) due north from Atacama. It also holds 2,500 ha of license area adjacent to the Kuska Project in the Ollague Salar in Chile. Its Kootenay project comprises two separate claim blocks: Ledgend, totaling 1728 hectares, and Lardeau-Goldsmith, covering 6918 hectares.

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Post by DealNoDealon Jan 11, 2011 10:53am

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Post# 17953355

Uranium surges on potential shortfalls (delivery t

Uranium surges on potential shortfalls

Bloomberg · Tuesday, Jan. 11, 2011

Uranium prices surged 5.6% in the past week as traders returned to the market, placing a premium on near-term delivery due to concerns about potential shortfalls in production, according to Ux Consulting Co.

Uranium-oxide concentrate for immediate delivery traded at $66 a pound in the week to yesterday, Roswell, Georgia-based UxC said in a report. That was up from $62.50 on Jan. 4.

“Recent developments have placed a premium on near-term delivery,” UxC said, citing concerns about production in Australia for companies including Rio Tinto Group-controlled Energy Resources of Australia Ltd. “While it is true that current supply issues are not as negative as they were several years ago, it is also true that China was not the dominant demand force that it is today.”

China and India are leading the biggest nuclear energy expansion since the decade after the 1970s oil crisis to reduce air pollution and power their economies, triggering a 40% surge in spot prices in 2010. Uranium producers in Australia and Canada forecast demand will increase as countries expand their use of nuclear power to curb emissions from burning coal.

A total of 10 transactions involving more than 2 million pounds of uranium-oxide concentrate equivalent were conducted in the past week, according to UxC.

Energy Resources was downgraded to “underperform” from “sector perform” at RBC Capital Markets after the company last month forecast a drop of as much as 83% in profit for the year ended Dec. 31, 2010. The company said it was forced to buy supply to meet sales commitments, reducing earnings.