Wealth Minerals appoints Mariano, Lira as consultaWealth Minerals appoints Mariano, Lira as consultants.
Wealth Minerals Ltd (C:WML)
Shares Issued 47,634,471
Last Close 1/14/2011 $1.22
Monday January 17 2011 - News Release
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Mr. Hendrik Van Alphen reports
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WEALTH MINERALS LTD.: RARE EARTH ELEMENT EXPERT DR. MARIANOAND ARGENTINA REE SPECIALIST DR. LIRA JOIN MR. NEILL TO FORM SPECIAL ADVISORYBOARD ON RARE EARTH ELEMENTS
Wealth Minerals Ltd. has retained Dr. Anthony Mariano and Dr.Raul Lira as consultants and will join Alastair Neill in the formation of aSpecial Advisory Board on Rare Earth Elements (REE) to advise the Company indeveloping its Rodeo de los Molles Rare Earth Element (REE) Project in San LuisProvince, Argentina.
Dr. Anthony (Tony) Mariano
With over 50 years of field- and laboratory-based experience,Dr. Mariano is the global authority on the mineralogy, geochemistry and geologyof REE deposits. Throughout his extensive career as a consulting geologist, Dr.Mariano has been involved with the research and development of the majority ofthe world's significant REE projects (e.g. Molycorp's Mountain Pass deposit andLynas Corporation's Mt.Weld deposit) and currently serves as an advisor toseveral companies developing advanced REE projects such as Rare ElementResources Ltd. and Tasman Metals Ltd. Dr. Mariano received his PhD in Geologyfrom the University of Boston and his main area of expertise is the mineralogy,petrography, geochemistry and metallurgy of REE systems.
Dr. Raul Lira
Dr. Raul Lira is the foremost expert on the REEmineralization and geology of Argentina and is credited with the discovery andthe early stage development of Wealth's Rodeo de los Molles Rare Earth deposit.Dr. Lira has dedicated over 25 years to research and teaching focused on thegenesis and discovery of mineral deposits. In addition to serving as anindependent consultant to South American governmental agencies and miningcompanies such as BHP Billiton, he currently holds positions as Professor ofEconomic Geology (Universidad Nacional de Cordoba) and Independent Researcher(Consejo Nacional de Investigaciones y Tecnicas de la Republica Argentina -CONICET). Dr. Lira received his PhD in Geological Sciences from the UniversidadNacional de Cordoba and his main area of expertise is the mineralogy,petrology, geochemistry and metallogenesis of felsic calc-alkaline and alkalineigneous systems.
Special Advisory Board on Rare Earths
Drs. Mariano and Lira will join Alastair Neill - a REE specialistwith in excess of 15 years experience with downstream end-users in Korea,Japan, Europe, North America and with suppliers in China (see Wealth NewsRelease, Oct. 21, 2010) - in the formation of a Special Advisory Board on Rareearth Elements. The Board will serve to provide technical expertise support tothe Company as it rapidly advances its Rodeo de los Molles Project.
Commenting on the recent appointments, Wealth Minerals'President and CEO, Henk Van Alphen, stated, "It is very encouraging atthis early stage to have such highly respected and sought after individualsagree to join our technical advisory board. Dr. Mariano's extensive experiencewith the world's foremost rare earth deposits, together with Dr. Raul'sintimate first-hand, working knowledge of our Rodeo de los Molles Project is aformidable combination that I have no doubt will be invaluable in thedevelopment of our rare earth assets."
Rodeo de los Molles Rare Earth Deposit
Rodeo de los Molles ("Rodeo") rare earth depositis the largest undeveloped Rare Earth Element (REE) project in Argentina withan historical resource of 5.6Mt at 2.1% total rare element oxide. Thehistorical geologic resource estimate for Rodeo was prepared in 1992 (includingmetallurgical testwork) and is based on approximately 6,000 metres of RABdrilling. This historical resource estimate is considered relevant by theCompany given the global concerns regarding secure future supplies of REEs andfor the purposes of the Company's decision to acquire the property and to guidethe Company in formulating an exploration program for the property. However,the Company cautions that the resource estimate was prepared before theintroduction of NI 43-101, and is therefore historical in nature and theCompany is not treating such resource as a current resource under NI 43-101.Investors are further cautioned that a qualified person has not yet completedsufficient work to be able to verify the historical resource, and thereforethey should not be relied upon.
REE mineralization at the Rodeo deposit has only been testedto very shallow depths of approximately 35 to 50 vertical metres. Themineralization discovered to date remains open for expansion in all directions,including at depth. Previous metallurgical test work suggests a relativelystraight-forward metallurgical process for the deposit type similar to theformerly producing (bastnasite-hosted) Mountain Pass REE deposit in California,which contains total proven reserves of 88.0 million pounds of rare earth oxideand which produced most of the world's REE's from 1965 to 1985 (source -Molycorp, Inc.).
The Rodeo property may be worked all year round andinfrastructure is excellent - a paved road is within 2 kilometres of thedeposit and power and water are within 8 kilometres (Figure 1).
Initial results from an on-going campaign of extensivesurface sampling, mapping and preliminary metallurgical investigations (PhaseI), which began in late 2010, are anticipated imminently. The Company willcommence Phase II of its aggressive exploration program upon completion of thedetailed surface work, the aim of which is to increase the known mineralizationand define a NI 43-101 compliant resource. The field portion of Phase II willbegin with approximately 1,000 metres of diamond drilling and includeadditional mapping, sampling, and prospecting and metallurgical work. Theprogram is expected to cost approximately $450,000 and take approximately twomonths to complete beginning on or about March 1st, 2011. The Company has thefunds to complete the program.
For further details on the Company readers are referred tothe Company's web site (www.wealthminerals.com)and its Canadian regulatory filings on SEDAR.
We seek Safe Harbor.
2011 Canjex Publishing Ltd.