Silver Wheaton Acquires Mine Silver Production

 

VANCOUVER, BC - Silver Wheaton Corp. reported that it has agreed to acquire from Barrick Gold Corporation 25% of the life of mine silver production from its Pascua-Lama project, as well as 100% of the silver production from its Lagunas Norte, Pierina and Veladero mines until the end of 2013.Ê Silver Wheaton will pay Barrick total cash consideration of US$625 million over three years, as well as ongoing payments of the lesser of US$3.90 (subject to an annual inflation adjustment) and the prevailing market price, for each ounce of silver delivered under the agreement.

"This is a transformational acquisition that propels Silver Wheaton to the next level in terms of size and growth profile," said Peter Barnes, President and Chief Executive Officer of Silver Wheaton.  "We are extremely excited to be partnering with Barrick, the world's largest gold mining company, on what is expected to be one of the biggest and lowest cost gold mines in the world. Coupled with our interest in Goldcorp's world-class Pe–asquito mine in Mexico, which is currently ramping up production on schedule, Silver Wheaton now has a significant stake in three of the top five silver deposits in the world, of which Pe–asquito and Pascua-Lama are cornerstone growth assets not just for Silver Wheaton, but also for our operating partners.

The company’s address is 666 Burrard Street, Suite 3150?Vancouver, BC V6C 2X8, 604-684-9648, fax: 604-684-3123, email: [email protected].