Silver Wheaton (SLW) Reports 38% Increase in Proved, Provable Reserves in FY12

March 19, 2013 5:03 PM EDT
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Silver Wheaton (NYSE: SLW) announced that attributable proven and probable reserves increased by over 38% in 20121 to a record total of 1,116.1 million silver equivalent ounces2, 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% 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 totaled 341.4 million silver equivalent ounces, consisting of 294.7 million ounces of silver and 0.88 million 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. ("Hudbay") a precious metals stream from its 777 mine and a silver stream from its Constancia project. Subsequent to 2012 year end, Silver Wheaton also acquired 25% of the gold from Vale S.A.'s ("Vale") Salobo mine for the life of mine and 70% of the gold from certain of its Sudbury operations for a 20-year period, with both these agreements effective as of January 1, 2013. In addition to these acquisitions, there was a substantial increase in reserves and resources at Augusta Resource Corp's ("Augusta") Rosemont mine based on an updated feasibility study released on July 24, 2012.

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