logo-loader
viewWheaton Precious Metals

Silver Wheaton doubles proven and probable reserves to 875 million silver equivalent ounces

silver_fibre_350_4b8bc41327455.jpg

Silver Wheaton (TSX, NYSE:SLW) doubled its attributable proven and probable reserves in 2009 to a record 875 million silver equivalent ounces (A gold/silver ratio of 65:1 was used to calculate silver equivalent ounces). 

Attributable measured and indicated resources also increased strongly, by 72%, to 366 million silver equivalent ounces, while inferred resources rose by 4% to 408 million silver equivalent ounces.

The strong increase in reserves and resources was attributed to a number of significant transactions complted by the company in 2009, including the acquisition of Silverstone Resource Corp and an agreement to acquire 25% of the life of mine silver production from the Pascua-Lama Project owned by Barrick Gold (TSX, NYSE: ABX).  Organic reserve growth was 5%.


"We had another year of exceptional reserve growth, fueled by the Barrick and Silverstone acquisitions," said Peter Barnes, Chief Executive Officer of Silver Wheaton. "We are particularly proud that our record of increased silver reserves, on both an absolute and per share basis, has now been extended to five consecutive years. Such an achievement speaks to the high-quality of the mines underlying our silver purchase agreements, and to our track-record of completing accretive acquisitions creating significant long-term value. As 2010 progresses, we are confident that our partners will continue to build resources, while we focus on identifying additional high-quality silver stream opportunities."

Quick facts: Wheaton Precious Metals

Price: 36.9 CAD

TSX:WPM
Market: TSX
Market Cap: $16.5 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Nouveau Monde Graphite 'developing the largest graphite operation in the...

Nouveau Monde Graphite's (CVE:NOU-OTCQX:NMGRF) founder and president Eric Desaulniers caught up with Proactive London's Andrew Scott as the firm focuses on the start next year of commercial scale mine and concentrator construction at their project in Canada. ''It's a story of a great...

3 hours, 57 minutes ago

2 min read