Vancouver, British Columbia - Silver Wheaton Corp. (TSX, NYSE:SLW)
("Silver Wheaton") announces that it has received a copy of an
unsolicited below market "mini-tender" offer made by TRC
Capital Corporation, pursuant to which TRC Capital has offered to
purchase up to 2,000,000, or approximately 0.89 percent, of the outstanding
common shares of Silver Wheaton. The offer price of C$16.00 per common
share represents a 5.3% percent discount to the C$16.89 closing price for
Silver Wheaton's common shares on the Toronto Stock Exchange on January
28, 2008, the day before the offer was made, and a 1.0 percent discount
to today's closing price for Silver Wheaton's common shares on the TSX
which was C$16.16.
Silver Wheaton recommends that its shareholders reject this unsolicited
offer. Silver Wheaton wishes to inform its shareholders that it is not
associated with TRC Capital, the offer or the offer documentation.
TRC Capital has made numerous unsolicited "mini-tender" offers
for shares of other companies. "Mini-tender" offers are
offers to purchase a small percentage of a company's shares, thereby
avoiding most of the filing, disclosure and procedural requirements of
Canadian and United States federal security legislation.
Securities regulators in the United States and Canada have recommended
that shareholders exercise caution in connection with mini-tender offers
and that they consult their investment advisors regarding these types of
offers. The U.S.
Securities and Exchange Commission has published investor tips regarding
mini-tender offers on its website at: www.sec.gov/investor/pubs/minitend.htm. Comments from the Canadian Securities Administrators on
mini-tenders can be found under Staff Notice 61-301 at: www.osc.gov.on.ca/Regulation/Rulemaking/Current/Part6/csa_19991210_61-301.jsp.
Silver Wheaton advises shareholders to consult their financial advisors
and to exercise caution with this offer. Silver Wheaton understands
that shareholders who have already tendered to the offer may withdraw
their common shares by providing the written notice described in the TRC
Capital offering document prior to the expiration of the offer.
Silver Wheaton is the largest public mining company with 100% of its
operating revenue from silver production.SilverWheaton'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 Silver Wheaton's current and expected
silver streams. 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", "will
be" 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: permitting, financing and/or construction
risks, cost overruns, unforeseen litigation and/or regulatory matters
adversely affecting mining operations, 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
"Description of the Business - Risk Factors" in Silver
Wheaton's annual information form for the year ended December 31, 2006
incorporated by reference into Silver Wheaton's Form 40-F on file with
the U.S. Securities and Exchange Commission in Washington, D.C. 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.
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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