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« Miners: It is not good enough to be good | Main | Endeavour Silver Corp: Finding that entry point! »

Silver Wheaton Corp: A 25% increase to 362 million ounces

Silver Wheaton Logo 25jun07

Silver Wheaton Corporation has increased its proven and probable silver reserves by 25% to 362 million ounces and attributable measured and indicated silver resources by 34% to 162 million ounces.

Silver Wheaton Corporation has just announced that Goldcorp Incorporated has updated reserves and resources for their Peñasquito Project located in Zacatecas, Mexico: “The new Proven and probable silver reserves have increased by 50% to 864 million ounces, while measured and indicated silver resources, exclusive of reserves, have increased by 67% to 413 million ounces.”

Silver Wheaton has an agreement to receive 25% of the life of mine silver production from Goldcorp's Peñasquito Project.

This should be good news for Silver Wheaton going forward but as we write the price of silver is trading around $0.20 down on Fridays close which will no doubt out a damper on what should be a joyous occasion.

Just a reminder for those who do not already know that Silver Wheaton is the largest public mining company with 100% of its operating revenue generated entirely from silver production. The Company is on track to reach annual silver sales of approximately 15 million ounces in 2007 with a target of 23 million ounces by 2009. Silver Wheaton is un-hedged which is something we find attractive as it gives us the greatest exposure to the price of silver.

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Reader Comments (1)

Hi Bob,

I've really enjoyed your useful commentaries, both on silver and uranium (probably my 2 biggest focuses). This notice about Silver Wheaton was particularly useful, since I was able to get in this morning right above a major support. And since this news hasn't sunk in yet due to the silver scare (I still marvel that people can get spooked in silver!), I think the risk vs reward here is about the best I've seen in a long time.

Again, thanks for the emails. I know you don't have to do this, and that you could probably charge a fee for these newsletters, so I just wanted to send a note of appreciation.

Daniel Ray
Provo, Utah

June 28, 2007 | Unregistered CommenterSilver Prices

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