viewWheaton Precious Metals

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


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: 63.41 CAD

Market: TSX
Market Cap: $28.43 billion

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