Wealth Closes Non-Brokered Private Placement, New Director Appointed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 26, 2009) - NOT FOR DISSEMINATION IN THE UNITED STATES OR VIA U.S. NEWSWIRE SERVICES.

Wealth Minerals Ltd. (the "Company" or "Wealth") (TSX VENTURE:WML)(FRANKFURT:EJZ), is pleased to announce the closing, on October 23, 2009, of the non-brokered private placement announced on September 30, 2009. The Company has also appointed Mr. James M. Dawson, P.Eng. as a director, effective October 23, 2009, and has engaged Quatloo Investment Management Inc. to provide investor relations services, effective immediately.

Private Placement Closing

On October 23, 2009, the Company issued 3,349,953 units at a price of $0.42 per unit for gross proceeds of $1,406,980.26. 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 October 23, 2011 at an exercise price of $0.60. If, at any time during the period from February 24, 2010 until October 23, 2011, the daily volume-weighted average trading price of the Company's common shares on the TSX Venture Exchange exceeds $1.80 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.

All securities issued in connection with the private placement and any shares issued upon the exercise of the warrants will have a hold period in Canada until February 26, 2010.

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

This press release does not constitute an offer to sell, or a solicitation of an offer to sell, any of the foregoing securities in the United States. None of the foregoing securities have been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

New Director Appointed

Effective October 23, 2009, Mr. James M. Dawson, P. Eng., of Richmond, British Columbia, has been appointed as an additional director of the Company. Mr. Dawson has been the President of Dawson Geological Consultants Ltd., a private geological consulting company, since 1985. He is a registered professional engineer with 40 years of hands-on fieldwork experience examining, exploring and evaluating a wide range of geological and mineralized settings around the globe, with a particular emphasis on Latin America. As a partner with Kerr, Dawson & Associates Ltd. from 1972 - 1985, Mr. Dawson participated in the discovery of the Blackdome Mine, Frasergold and Taurus Properties in British Columbia and the Big Horn Mine in Arizona. Mr. Dawson was part of the original Pan Ocean team which made the discovery of the Lac Cinquante Uranium Deposit in 1975. Mr. Dawson is currently a director of Minefinders Corp. and Kivalliq Energy Corporation.

The Company welcomes Mr. Dawson to the Board, and looks forward to having the benefit of his extensive knowledge and experience, particularly in the area of uranium exploration.

Investor Relations Agreement

The Company is pleased to announce that it has entered into an agreement to retain the services of Quatloo Investment Management Inc., of Vancouver, B.C., to provide investor relations services to the Company, commencing immediately.

The President and owner of Quatloo is Mr. Quentin Mai of Vancouver, B.C. Mr. Mai has extensive experience in the provision of professional corporate communications, investor relations and business initiative and development services to publicly listed companies in both the Canadian and US equities markets. He has over 18 years of professional commerce experience, including 5 years based in Asia. Quatloo will assist the Company in expanding and building its shareholder base and distributing consistent and timely information to potential investors and financial professionals.

The agreement is for an initial term of one year, and is terminable on 90 days' notice by either party. Quatloo will be paid a fee of $4,000 per month. In addition, Mr. Mai has been granted 250,000 incentive stock options pursuant to the Company's 2004 Incentive Stock Option Plan (see below). 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 these options is subject to TSXV acceptance of the agreement with Quatloo. Quatloo presently holds 220,000 common shares of the Company and Mr. Mai currently holds 207,000 common shares of the Company plus options to acquire 50,000 common shares at a price of $0.95 until May 5, 2010.

Grant of Incentive Stock 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 1,055,000 common shares in the capital stock of the Company. The options are exercisable on or before October 26, 2011 at a price of $0.60 per share.

About Wealth Minerals Ltd.

Wealth is an early stage mineral exploration company with approximately 37.7 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 properties, primarily in Argentina and Peru. In addition to ongoing work programs on its existing properties, it continues to actively evaluate new potential uranium 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

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 27E of the Exchange Act. 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 proceeds of the private placement financing, business and financing plans and business trends, 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, variations in the nature, quality and quantity of any mineral deposits that may be located, dilution, the volatility of the Company's common share price and volume; variations in the market price of any mineral products the Company may produce or plan to produce, 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, and other risks and uncertainties disclosed in the Company's Management Discussion and Analysis filed with certain securities commissions in Canada, and other information released by the Company and filed with the appropriate regulatory agencies. 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.

For more information, please contact

Wealth Minerals Ltd.
Quentin Mai
604-331-0096
info@wealthminerals.com
www.wealthminerals.com