SILVER WHEATON
MORE THAN TRIPLES BOTH SILVER RESERVES AND MEASURED AND INDICATED
RESOURCES YEAR OVER YEAR
Vancouver, British
Columbia, April 3, 2008 - Silver Wheaton Corp. ("Silver
Wheaton") (TSX, NYSE: SLW) today announced that proven and probable
silver reserves increased year over year by 239% to 346.4 million ounces
as of December 31, 2007. Measured and indicated resources increased
by 244% to 160.2 million ounces, and inferred resources increased 48% to
416.9 million ounces over the same period.
Significant drivers in this growth during 2007 include the
acquisition of 25% of the life of mine silver production from the
Pe�asquito Project in Mexico,
and 100% of the life of mine silver production from the Stratoni Mine in Greece.
In addition, significant reserve and resource growth has occurred at all
other operations, reinforcing the strength and quality of Silver
Wheaton's asset portfolio.
"In 2007, organic reserve growth at our partners' operations
exceeded 100 million silver ounces, all without any exploration or
development expenditures by Silver Wheaton," said Peter Barnes,
President and Chief Executive Officer of Silver Wheaton. "This
growth is an excellent example of how our partnerships benefit when the
advance payment is re-invested back into their operations. Silver
Wheaton's repeated successful acquisitions of silver streams in world
class mines are testaments to management's ability to target the best
opportunities and operating partners available."
Notes:
1. All Mineral Reserves and Mineral Resources have been
calculated in accordance with the standards of the Canadian Institute of
Mining, Metallurgy and Petroleum and National Instrument 43-101, or the
AusIMM JORC equivalent.
2. All Mineral Resources are exclusive of Mineral Reserves.
3. Mineral Resources which are not Mineral Reserves do not
have demonstrated economic viability.
4. Reserves and Resources are reported as of December 31,
2007, with the following conditions or exceptions;
a. Reserves and Resources for San Martin are reported as of
December 31, 2006.
b. Reserves and Resources for Pe�asquito are reported as of
August 9, 2007.
5. Qualified Persons for the Mineral Reserve and Mineral
Resource estimates as defined by the National Instrument 43-101 are as
follows:
a. San Dimas - Reynaldo Rivera, MAusIMM (Chief Geologist),
Luismin S.A. de C.V., the Mexican operating subsidiary of Goldcorp Inc.
b. Los Filos - Reynaldo Rivera, MAusIMM (Chief Geologist),
Luismin S.A. de C.V., the Mexican operating subsidiary of Goldcorp Inc.
c. San Martin - Reynaldo Rivera, MAusIMM (Chief Geologist),
Luismin S.A. de C.V., the Mexican operating subsidiary of Goldcorp Inc.
d. Zinkgruvan - Per Hedstrom (Senior Geologist) and Lars
Malmstrom (Chief Geologist), both employees of Lundin Mining Corp.
e. Yauliyacu - Velasquez Spring, P.Eng. (Senior Geologist)
Watts, Griffis and McOuat Limited.
f. Pe�asquito - Bob Bryson, P. Eng. (Vice President,
Engineering), Goldcorp Inc.
g. Stratoni - Patrick Forward (General Manager, Exploration),
European Goldfields.
h. Corporate Overview - Randy V.J. Smallwood, P.Eng.
(Executive Vice President of Corporate Development), Silver Wheaton Corp.
6. Mineral Reserves are estimated using appropriate recovery
rates and US$ commodity prices of $10 per ounce of silver unless
otherwise noted below;
a. $7.00 / oz silver - San Martin
b. $13.00 / oz silver - Yauliyacu
c. $5.75 / oz silver - Zinkgruvan
7. Mineral Resources are estimated using appropriate
recovery rates and US$ commodity prices of $13 per ounce of silver,
unless otherwise noted below;
a. $8.00 / oz silver - San Martin
b. $5.50 / oz silver - The San Pedrito project at San
Martin
c. $10.00 / oz silver - Zinkgruvan
8. Silver Wheaton's purchase agreement with Glencore
provides for the delivery of up to 4.75 million ounces of silver per year
for 20 years so long as production allows. Silver production at
Yauliyacu in excess of 4.75 million ounces per year is to the credit of
Glencore; however, in the event that silver produced at Yauliyacu in any
year totals less than 4.75 million ounces, the amount sold to Silver
Wheaton in subsequent years will be increased to make up for the
shortfall, so long as production allows. A portion of the reserves
and resources from Yauliyacu may relate to production which may be for
the credit of Glencore.
9. Pe�asquito reserves and resources represent the 25%
attributable to Silver Wheaton.
10. Silver is produced as a byproduct metal at the various
operations, therefore the economic cut-off applied to the reporting of
silver reserves and resources will be influenced by changes in the
commodity prices of other metals at the mine.
11. The Company considers the San Dimas, Yauliyacu and Pe�asquito
operations to be Material Assets, and has technical reports filed and
available on www.sedar.com on each of these assets.
Reserves and resources from the previously announced Rosemont and
Mercator silver streams will not be included until these transactions are
closed. Completion of these transactions is expected to occur
shortly.
Mr. Randy V.J. Smallwood, P.Eng., Silver Wheaton's Executive Vice
President of Corporate Development, who is a "qualified person"
as such term is defined under National Instrument 43-101, has reviewed
and approved the contents of this news release.
Silver Wheaton is the largest public mining company with 100% of its
operating revenue from silver production. Silver Wheaton's 2008
silver sales are expected to approximate 15 million ounces, increasing to
25 million ounces in 2010. Silver Wheaton is unhedged and well
positioned for further growth.
Cautionary Note Regarding Forward
Looking Statements
This news release contains "forward-looking statements" within
the meaning of the United States Private Securities Litigation Reform Act
of 1995 and applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements with respect to
the expected future silver sales by Silver Wheaton and the amount of
estimated future production from the mines. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans",
"expects" or "does not expect", "is
expected", "budget", "scheduled",
"estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state
that certain actions, events or results "may",
"could", "would", "might" or "will be
taken", "occur" or "be achieved". Forward-looking
statements are subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of Silver Wheaton to be materially different
from those expressed or implied by such forward-looking statements,
including but not limited to: risks related to the integration of
acquisitions, the absence of control over mining operations from which
Silver Wheaton purchases silver and risks related to these mining
operations, including risks related to international operations, actual
results of current exploration activities, actual results of current
reclamation activities, conclusions of economic evaluations, changes in
project parameters as plans continue to be refined, as well as those
factors discussed in the section entitled "Risk Factors" in
Silver Wheaton's form 40-F dated March 28, 2008. Although
Silver Wheaton has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results
not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Silver Wheaton does not undertake
to update any forward-looking statements that are incorporated by
reference herein, except in accordance with applicable securities laws.
CAUTIONARY NOTE TO U.S. INVESTORS
CONCERNING ESTIMATES OF MEASURED AND INDICATED RESOURCES
This news release uses the terms "Measured" and
"Indicated" Resources. U.S. investors are advised that
while such terms are recognized and required by Canadian regulations, the
Securities and Exchange Commission does not recognize them. U.S.
investors are cautioned not to assume that all or any part of Measured or
Indicated Resources will ever be converted into reserves.
For further information, please
contact:
David Awram
Director, Investor Relations
Silver Wheaton Corp.
Tel:
1-800-380-8687
Email: info@silverwheaton.com
Website: www.silverwheaton.com
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