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Enter Symbol
or Name
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Silver Wheaton Corp
Symbol C : SLW
Shares Issued 354,433,402
Close 2013-03-19 C$ 31.29
Recent Sedar Documents

Silver Wheaton increases P+P reserves to 851.4 mmoz Ag

2013-03-19 18:54 ET - News Release

Mr. Randy Smallwood reports

SILVER WHEATON REPORTS OVER 1 BILLION OUNCES OF ATTRIBUTABLE SILVER EQUIVALENT RESERVES

Silver Wheaton Corp. has increased its attributable proven and probable reserves by over 38 per cent in 2012 to a record total of 1,116.1 million silver equivalent ounces, consisting of 851.4 million ounces of silver and 4.96 million ounces of gold. Over the same period, attributable measured and indicated resources increased 28 per cent to a record total of 603.2 million silver equivalent ounces, consisting of 529.1 million ounces of silver and 1.39 million ounces of gold. Attributable inferred resources totalled 341.4 million silver equivalent ounces, consisting of 294.7 million ounces of silver and 880,000 ounces of gold.

Silver Wheaton's increase in attributable reserves was a result of both acquisition and organic growth, which, when combined, more than offset depletion resulting from strong production over the year. In 2012, the company acquired from Hudbay Minerals Inc. a precious metals stream from its 777 mine and a silver stream from its Constancia project. Subsequent to year-end 2012, Silver Wheaton also acquired 25 per cent of the gold from Vale S.A.'s Salobo mine for the life of mine and 70 per cent of the gold from certain of its Sudbury operations for a 20-year period, with both these agreements effective as of Jan. 1, 2013. In addition to these acquisitions, there was a substantial increase in reserves and resources at Augusta Resource Corp.'s Rosemont mine based on an updated feasibility study released on July 24, 2012.

"Silver Wheaton has now reached yet another milestone with silver equivalent reserves exceeding well over one billion ounces," said Randy Smallwood, Silver Wheaton's president and chief executive officer. "Silver equivalent reserves have grown by over 38 per cent since the end of 2011 through both acquisition and organic growth, even after another year of strong production. On the acquisition front, we were able to add two new partners over the past year, which resulted in a significant increase to our gold reserves and resources. We now have almost five million ounces of gold reserves, over 20 times more than we had at the end of 2011. On the organic front, we saw substantial replacement of mined reserves in 2012 through our partners' exploration success. This once again highlights the strength of our partners and the high-quality, long-term nature of the mines underlying our streams.

"We are extremely pleased with the reserve and resource growth we have seen over the past year, and we continue to be excited about the prospect of adding additional high-quality ounces to our portfolio in 2013, given the strength and depth of the current opportunity pipeline. The foundation of any strong mining company is the quality of its mineral reserves and resources, and Silver Wheaton has one of the strongest and most active portfolios in the entire precious metals sphere."

Salobo 43-101 technical report filed

Silver Wheaton has filed a National Instrument 43-101-compliant technical report in support of the company's Feb. 5, 2013, news release, which included a reserve and resource estimate at Vale's Salobo mine located in Brazil. The independent technical report, entitled, "Silver Wheaton Corp. technical report on the mineral reserves and mineral resources of the Salobo copper-gold mine, Carajas, Para state, Brazil," and dated March 19, 2013, was prepared by Micon International Ltd. and authored by Jason Che Osmond, CGeol, FGS, EurGeol, Barnard Foo, PEng, James Turner, CEng, MIMMM, and Christopher Jacobs, CEng, MIMMM, all qualified persons as defined by NI 43-101 and independent of Silver Wheaton for the purposes of NI 43-101 requirements. The technical report is available on SEDAR and on the company's website.

The technical report details the Dec. 31, 2012, resources and reserves for Salobo, whereas the company's Feb. 5, 2013, press release detailed the Dec. 31, 2011, resources and reserves. The 2011 Salobo resources and reserves were entirely contained within a reserve pit and did not include measured and indicated resources. Attributable proven and probable reserves are now estimated at 3.40 million ounces of gold versus 3.80 million ounces of gold as reported at year-end 2011 (Feb. 5, 2013, press release), due to changed estimation limits in the block model and material mined during 2012. Attributable measured and indicated resources exclusive of reserves are now 770,000 ounces of gold. Attributable inferred resources are now 370,000 ounces of gold versus 130,000 ounces of gold as originally reported.

The attached tables set forth the estimated mineral reserves and mineral resources for the mines relating to which the company has purchased agreements, adjusted where applicable to reflect the company's percentage entitlement to silver and/or gold produced from such mines, as of Dec. 31, 2012, unless otherwise noted. The attached tables are based on information available to the company as of the date of this press release. The most current mineral reserves and mineral resources will be available on the company's website.

                              ATTRIBUTABLE PROVEN AND PROBABLE RESERVES
                             AS OF DEC. 31, 2012, UNLESS OTHERWISE NOTED  
                                 
                           Proven                   Probable                 Proven & Probable
                  Tonnage  Grade  Contained  Tonnage  Grade  Contained  Tonnage  Grade  Contained     Process
                                                                                                     recovery
                       Mt    g/t        Moz       Mt    g/t        Moz       Mt    g/t        Moz           %
Silver
Penasquito
(25%)
Mill               144.5    29.4      136.4    121.2   20.8       80.9    265.7   25.5      217.4       53-65%
Heap leach           8.1    14.6        3.8     21.9    9.7        6.8     29.9   11.0       10.6          24%
San Dimas             --      --         --      3.8  289.5       35.2      3.8  289.5       35.2          94%
Pascua-Lama
(25%)                9.9    59.5       18.9     86.3   54.1      150.2     96.2   54.7      169.1          82%
Lagunas Norte        3.4     3.2        0.4     38.6    3.2        4.0     42.1    3.2        4.3          22%
Pierina              2.8     9.0        0.8     20.6    9.0        6.0     23.3    9.0        6.8          37%
Veladero             4.7    10.6        1.6     62.4   10.6       21.2     67.1   10.6       22.8           6%
Yauliyacu            1.1    96.0        3.3      2.9  100.0        9.4      4.0   98.9       12.7          85%
777                  4.9    26.8        4.2      7.5   27.9        6.7     12.4   27.4       10.9          64%
Neves-Corvo
Copper               6.1    40.0        7.8     18.0   40.0       23.2     24.1   40.0       31.0          35%
Zinc                11.5    72.0       26.7     11.2   67.0       24.0     22.7   69.5       50.7          20%
Rosemont           279.5     4.1       37.0    325.8    4.1       43.1    605.3    4.1       80.1          80%
Constancia         359.0     3.3       38.3     91.0    3.6       10.6    450.0    3.4       48.8          72%
Mineral Park       293.9     2.7       25.7     74.5    2.9        7.0    368.4    2.8       32.6          49%
Zinkgruvan
Zinc                 8.4    95.0       25.8      2.4   54.0        4.2     10.9   85.9       30.0          70%
Copper               3.9    32.0        4.0      0.1   34.0        0.1      4.0   32.0        4.1          78%
Aljustrel
Copper               2.2    19.2        1.3      8.4   15.3        4.1     10.6   16.1        5.5          30%
Campo Moradoz
(75%)                0.8   158.2        4.0      0.2  133.3        0.6      0.9  154.3        4.7          55%
Stratoni             1.7   174.0        9.3      0.1  225.0        0.7      1.8  177.0       10.0          84%
Minto                5.5     5.4        1.0      5.9    4.6        0.9     11.4    5.0        1.8          78%
Cozamin
Copper               0.9    63.0        1.7      4.9   50.7        8.0      5.8   52.5        9.8          74%
Los Filos           72.6     5.3       12.3    224.1    5.6       40.2    296.7    5.5       52.5           5%
Total silver                          364.2                      487.1                      851.4
Gold
Salobo (25%)       159.2    0.42       2.15    121.5   0.32       1.25    280.6   0.38       3.40          66%
Sudbury (70%)       34.8    0.29       0.33     26.5   0.49       0.42     61.3   0.38       0.75          81%
777                  3.9    1.90       0.24      5.9   1.90       0.36      9.8   1.90       0.60          73%
Minto                5.5    0.69       0.12      5.9   0.51       0.10     11.4   0.60       0.22          74%
Total gold                             2.91                       2.20                       4.96

                          ATTRIBUTABLE MEASURED AND INDICATED RESOURCES
                            AS OF DEC. 31, 2012, UNLESS OTHERWISE NOTED 

                             Measured                 Indicated              Measured and indicated  
                   Tonnage    Grade Contained  Tonnage    Grade Contained  Tonnage    Grade Contained
                        Mt      g/t       Moz       Mt      g/t       Moz       Mt      g/t       Moz
Silver
Penasquito (25%)
Mill                  31.4     14.4      14.6    112.9     13.1      47.6    144.2     13.4      62.2
Heap leach             0.9        5       0.1      5.4      4.2       0.7      6.4      4.3       0.9
Pascua-Lama            5.3     24.5       4.2     55.9     23.4      42.1     61.2     23.5      46.3
(25%)
Yauliyacu              0.7    115.6       2.5      5.1    227.1      37.2      5.8    214.2      39.7
Neves-Corvo
Copper                 4.1     49.3       6.4     23.1     50.7      37.6     27.1     50.5      44.1
Zinc                    13     59.7        25     51.6     55.4        92     64.6     56.3       117
Rosemont              38.5        3       3.7    197.7      2.7      17.1    236.2      2.7      20.8
Constancia             119      2.3       8.6      344        2      21.9      463      2.1      30.5
Mineral Park           101      2.6       8.4    175.6      2.7      15.2    276.6      2.7      23.6
Zinkgruvan
Zinc                     1     88.8       2.7      3.7    124.6      14.7      4.6    117.2      17.4
Copper                 1.5     21.2         1      0.5     33.8       0.6        2     24.3       1.6
Aljustrel
Zinc                   1.3     65.6       2.7     20.5     60.3      39.7     21.8     60.7      42.4
Copper                  --       --        --      0.1     11.7      0.04      0.1     11.7      0.04
Campo Morado             
(75%)                    5    128.9      20.6      2.4    123.5       9.7      7.4    127.1      30.2
Loma de La Plata         
(12.50%)                --       --        --      3.6      169      19.8      3.6      169      19.8
Minto                  9.4      3.9       1.2     27.2      3.2       2.8     36.5      3.3       3.9
Keno Hill (25%)
Underground             --       --        --      0.6      506      10.4      0.6      506      10.4
Elsa tailings           --       --        --      0.6      119       2.4      0.6      119       2.4
Los Filos              9.6      8.5       2.6     61.4      6.8      13.4       71        7        16
Total silver                            104.3                       424.8                       529.1
Gold
Salobo (25%)          12.3     0.47      0.19     48.8     0.37      0.58     61.1     0.39      0.77
Sudbury (70%)           --       --        --     23.3     0.33      0.25     23.3     0.33      0.25
Minto                  9.4     0.44      0.13     27.2     0.28      0.24     36.5     0.32      0.38
Total gold                               0.32                        1.07                        1.39

 
          ATTRIBUTABLE INFERRED RESOURCES
    AS OF DEC. 31, 2012, UNLESS OTHERWISE NOTED

                                Inferred
                      Tonnage       Grade   Contained
                           Mt         g/t         Moz
Silver
Penasquito (25%)
Mill                     31.7         9.1         9.3
Heap leach               12.7         1.6         0.7
San Dimas                 6.9       300.4        66.3
Pascua-Lama               8.1        15.5           4
(25%)
Yauliyacu                  --          --          --
777                       1.2        39.2         1.5
Neves-Corvo
Copper                   25.4        47.2        38.6
Zinc                     22.1          51        36.2
Rosemont                104.5         3.3        11.1
Constancia                223         1.9        13.4
Mineral Park            320.1         2.3        23.9
Zinkgruvan
Zinc                      4.6          78        11.4
Copper                    0.6          31         0.6
Aljustrel
Zinc                      8.7        50.4          14
Copper                    4.7          16         2.4
Campo Morado              
(75%)                     1.7       128.9         7.1
Stratoni                  0.7         217         4.7
Loma de La Plata          
(12.50%)                  0.2          76         0.4
Minto                     8.5         2.9         0.8
Keno Hill (25%)
Underground               0.2       340.8         1.9
Los Filos               239.2           6        46.5
Total silver                                    294.7
Gold
Salobo (25%)               37        0.31        0.37
Sudbury (70%)            18.9        0.67         0.4
777                      0.59        1.96        0.04
Minto                     8.5        0.24        0.07
Total gold                                       0.88

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