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.