Silver Wheaton Announces Goldcorp's Penasquito Mine Produces First Silver-Bearing Concentrates
October 13 2009 - 6:41PM
PR Newswire (US)
VANCOUVER, October 13 /PRNewswire-FirstCall/ -- - First Concentrate
Shipment Still Targeted for 2009 Silver Wheaton Corp. ("Silver
Wheaton") (TSX, NYSE:SLW) is pleased to announce that, as reported
by Goldcorp Inc. ("Goldcorp") in a press release dated October 13,
2009, the first silver-bearing lead and zinc concentrates have been
produced at Goldcorp's world-class gold-silver-lead-zinc Penasquito
mine in Zacatecas, Mexico. Throughout its mine life Penasquito will
produce both lead and zinc concentrates, with most of the silver
production coming from the lead concentrates. Initial concentrates
have been produced as a by-product of the commissioning process and
currently total approximately 450 tonnes of lead concentrate and 50
tonnes of zinc concentrate. Ongoing concentrate production is
planned during the remaining commissioning phase through year-end
2009, with the first shipments to smelters planned for later this
year as saleable quantities are accumulated. Assays of the initial
material indicate that the concentrate grades, recoveries and
concentrate quality are well within expected ranges. All components
of the Penasquito operation - from the mine to the crusher, to the
grinding mills, flotation cells, concentrate filters and on to the
tailings facilities - have now been operated and commissioning and
initial ramp-up is proceeding as expected. Overall, progress at the
mine remains on track for completion of commissioning for the Line
1 processing circuit by year-end. "We remain extremely pleased with
Goldcorp's progress at Penasquito," said Peter Barnes, President
and Chief Executive Officer of Silver Wheaton. "With production of
the first silver-bearing concentrates and overall mine
commissioning remaining on schedule, we believe that Silver Wheaton
stakeholders will soon begin to recognize significant value from
one of our cornerstone growth assets." About Penasquito The
Penasquito mine, owned and operated by Goldcorp, is soon to be
Mexico's largest open pit mine and is host to the world-class
gold-silver-lead-zinc Penasquito deposit. In April 2007, Silver
Wheaton agreed to purchase 25% of all the silver produced from
Penasquito, over its entire mine life. 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. 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 and
the mining projects will be completed in accordance with their
public statements and achieve their stated production outcomes, and
such other assumptions and factors as may be 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. For
further information: Brad Kopp, Director, Investor Relations,
Silver Wheaton Corp., Tel: +1-800-380-8687, Email: , Website:
http://www.silverwheaton.com/ DATASOURCE: Silver Wheaton Corp.
CONTACT: For further information: Brad Kopp, Director, Investor
Relations, Silver Wheaton Corp., Tel: +1-800-380-8687, Email:
Copyright