Silver Wheaton Announces Goldcorp's Penasquito Mine Achieves Mechanical Completion
15 July 2009 - 9:55AM
PR Newswire (US)
FIRST CONCENTRATE SHIPMENT STILL TARGETED FOR THE SECOND HALF OF
2009 VANCOUVER, July 14 /PRNewswire-FirstCall/ -- Silver Wheaton
Corp. ("Silver Wheaton") (TSX, NYSE:SLW) is pleased to announce
that, as reported by Goldcorp Inc. ("Goldcorp") in a press release
dated July 13, 2009, construction of the first sulphide process
line (Line 1) at Goldcorp's world-class gold-silver-lead-zinc
Penasquito mine in Zacatecas, Mexico is now complete and
commissioning work is advancing on schedule. Production and
shipment of first concentrates are still targeted for the second
half of 2009. After a ramp-up period, Penasquito is forecast to
produce an average of approximately 30 million ounces of silver
annually over an initial 22 year mine life, of which Silver Wheaton
is to receive 25% or in excess of seven million ounces of silver
annually. The primary crusher and Line 1 grinding circuit are
complete with the Line 1 lead and zinc flotation circuits
essentially complete. The mining rate is averaging in excess of
500,000 tonnes per day and a stockpile of 4.2 million tonnes of
sulphide has been established ahead of the primary crusher. The
coarse ore stockpile contains 230,000 tonnes of crushed ore in
preparation for initial milling. For video clips showing the
start-up and operation of the Line 1 mills as well as the latest
photographs from the site, please visit Goldcorp's website at
http://www.goldcorp.com/ and click on Operations/Penasquito. Second
Process Line Advancing on Schedule Construction of the second
sulphide process line (Line 2) is well underway and progressing
toward planned completion in the third quarter of 2010. Many of the
components are already on site and the mill shells for both the SAG
and ball mills are currently en-route to site. Throughput from the
two process lines is expected to reach 130,000 tonnes per day in
the fourth quarter of 2010. To create additional value, Goldcorp
continues to advance several mine optimization initiatives
including an independent power plant and in-pit crushing and
conveying. "We are extremely pleased with Goldcorp's progress at
Penasquito," said Peter Barnes, President and Chief Executive
Officer of Silver Wheaton. "With the first line complete and the
second line advancing on schedule, Silver Wheaton's stakeholders
will begin to recognize significant value from what is soon to be
Mexico's largest open pit mine. Since our silver stream acquisition
in April of 2007, Penasquito has grown considerably, and we
anticipate the trend of increased silver reserves and production
growth to continue well into the future, including further
definition of the vast underground potential." About Silver Wheaton
Silver Wheaton is the largest silver streaming company in the
world. Forecast 2009 sales are 16 to 18 million ounces of silver
and 17,000 ounces of gold, for total sales of 17 to 19 million
silver equivalent ounces, growing to approximately 30 million
ounces of silver and 20,000 ounces of gold, for total sales of
approximately 31 million silver equivalent ounces, by 2013.
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS The
information contained herein 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 future price of silver,
the estimation of mineral reserves and resources, the realization
of mineral reserve estimates, the timing and amount of estimated
future production, costs of production, reserve determination and
reserve conversion rates. 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", or "believes",
or variations of such words and phrases or statements 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:
fluctuations in the price of silver, the absence of control over
mining operations from which Silver Wheaton purchases silver and
risks related to these mining operations, including risks related
to fluctuations in the price of the primary commodities mined at
such operations, changes in laws and regulations including taxation
policies, actual results of mining and exploration activities,
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 available on SEDAR at http://www.sedar.com/
and in Silver Wheaton's Form 40-F on file with the U.S. Securities
and Exchange Commission in Washington, D.C.. Forward-looking
statements are based on assumptions management believes to be
reasonable, including but not limited to the continued operation of
the mining operations from which Silver Wheaton purchases silver,
no material adverse change in the market price of commodities, that
the mining operations will operate in accordance with their public
statements and achieve their stated production outcomes, and such
other assumptions and factors as set out herein. 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. DATASOURCE: Silver Wheaton Corp.
CONTACT: Brad Kopp, Director, Investor Relations, Silver Wheaton
Corp., Tel: 1-800-380-8687, Email: , Website:
http://www.silverwheaton.com/
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