TSX: SLW
NYSE: SLW
VANCOUVER, March 2, 2015 /PRNewswire/ - Silver Wheaton
Corp. ("Silver Wheaton" or the "Company") (TSX:SLW) (NYSE:SLW) is
pleased to announce that its wholly-owned subsidiary, Silver
Wheaton (Caymans) Ltd. ("Silver Wheaton Caymans"), has agreed to
acquire from a subsidiary of Vale S.A. ("Vale") (NYSE:VALE) an
amount of gold equal to 25% of the life of mine gold production
from its Salobo mine, located in Brazil. This acquisition is in addition to the
25% of the Salobo gold production that Silver Wheaton acquired in
2013. The Company will pay Vale cash consideration of US$900 million for the increased gold stream. In
addition, Silver Wheaton will make ongoing payments of the lesser
of US$400 (subject to a 1% annual
inflation adjustment commencing in 2017) and the prevailing market
price for each ounce of gold delivered under the agreement. The
original gold purchase agreement, dated February 28, 2013, has been amended to provide
for the additional 25% stream.
TRANSACTION HIGHLIGHTS
- Provides immediate production and cash flow
- Silver Wheaton will receive an additional 25% of the gold
production from Vale's Salobo mine, entitling the Company to a
total of 50% of the life-of-mine gold production from the
mine.
- This immediately increases Silver Wheaton's production and cash
flow profile by adding expected average gold production of 70,000
ounces per year for the first 10 years and 60,000 ounces per year
over the first 30 years (5.0 million and 4.3 million silver
equivalent ounces1, respectively).
- Significant expansion and exploration potential exists at
Salobo, which currently has an extensive reserve base and good
depth potential.
- Subsequent to the closing of this acquisition, Silver Wheaton's
estimated Proven and Probable gold reserves increase by 3.3 million
ounces, Measured and Indicated gold resources increase by 0.8
million ounces, and Inferred gold resources increase by 0.4 million
ounces.
- Over the next five years, gold as a percentage of Silver
Wheaton's forecasted production is estimated to grow to over
40%.
_____________________________
1 Silver equivalent production forecast assumes a
gold/silver ratio of 72:1
- Increases Silver Wheaton's growth profile
- Silver Wheaton is also pleased to announce its updated
production guidance, which includes the additional stream from
Salobo. In 2015, Silver Wheaton forecasts 43.5 million ounces of
silver equivalent production1 (including 230,000 ounces
of gold) growing to 51 million ounces of silver equivalent
production1 (including 325,000 ounces of gold) in
2019.
"The Salobo mine is one of Silver Wheaton's cornerstone assets
and we are fortunate to have the opportunity to double our gold
production from this high-quality mine," said Randy Smallwood, Silver Wheaton's President and
Chief Executive Officer. "Since we founded our company ten years
ago, we have had a clear vision of the characteristics of our ideal
asset. To start, the asset is managed by a strong operating partner
and is located in a low political-risk jurisdiction. Furthermore,
it is primarily a base metal producer where precious metals
represent only a relatively small portion of the mine's overall
economics. Vale's Salobo mine possesses all of these
characteristics, while also offering over 40 years of defined mine
life as well as the potential for significant exploration and
expansion upside. Salobo is certainly one of the best assets we
have ever seen and one that readily lends itself to streaming."
"With over 70% of global silver production sourced as
by-product, we continue to believe that the silver market
represents the largest market for streaming opportunities. However,
Silver Wheaton has never been averse to strategically layering
additional gold into the streaming mix when the right opportunity
presents itself."
TRANSACTION TERMS
Silver Wheaton Caymans has agreed to acquire from a subsidiary
of Vale an additional 25% of the life of mine gold production from
Vale's Salobo mine. Production will accrue retroactively to Silver
Wheaton Caymans as of January 1,
2015.
Silver Wheaton Caymans will pay Vale cash consideration of
US$900 million for the increased gold
stream. In addition, Silver Wheaton Caymans will make ongoing
payments of the lesser of US$400
(subject to a 1% annual inflation adjustment commencing in 2017 for
the Salobo stream) and the prevailing market price, for each ounce
of gold delivered under the agreement. The terms of the existing
gold stream on Salobo were modified so that the annual inflation
adjustment that was scheduled to start in 2016 will now start
coincident with this stream in 2017.
Vale is in the process of ramping up mill throughput at the
Salobo mine to 24 million tonnes per annum ("Mtpa"). If throughput
capacity is expanded within a predetermined period, Silver Wheaton
Caymans will be required to make an additional payment to Vale,
relative to the 50% stream, based on a set fee schedule that now
ranges from US$88 million if
throughput is expanded beyond 28 Mtpa by January 1, 2036, up to US$720 million if throughput is expanded beyond
40 Mtpa by January 1, 2018.
_____________________________
1 Silver equivalent production forecast assumes a
gold/silver ratio of 72:1
FINANCING THE ACQUISITION
To pay the initial upfront cash payment of US$900 million, Silver Wheaton intends to use
cash on hand together with the net proceeds of an equity offering
announced concurrently as of today's date (the "Offering"). Silver
Wheaton may also use amounts borrowed under its existing revolving
credit facility.
ABOUT THE SALOBO MINE
According to Vale's public filings, the Salobo mine, located in
the Pará state of Brazil, is the
largest copper deposit in Brazil.
This low-cost copper-gold mine was commissioned in November 2012 with a design throughput capacity
of 12 Mtpa and subsequently expanded to 24 Mtpa of mill capacity in
mid-2014. The mine is well-positioned relative to infrastructure
and is connected to the national power grid.
The Salobo mine has total estimated Mineral Reserves of 1.179
billion tonnes grading 0.35 g/t gold1, and, along with
additional Mineral Resources, also has substantial exploration and
expansion potential. The acquisition of an additional 25% life of
mine gold stream adds an estimated 3.3 million ounces of Proven and
Probable Mineral Reserves, 0.8 million ounces of Measured and
Indicated Mineral Resources, and 0.4 million ounces of Inferred
Mineral Resources attributable to Silver Wheaton. Total estimated
attributable Mineral Reserves and Mineral Resources for the now 50%
life of mine gold stream are detailed in the table below.
SILVER WHEATON ANNOUNCES NEW PRODUCTION GUIDANCE
Silver Wheaton is pleased to provide its updated one and
five-year production guidance, which incorporates the additional
25% life of mine gold stream on the Salobo mine. In 2015, Silver
Wheaton's estimated attributable silver equivalent production is
forecast to be 43.5 million silver equivalent ounces2,
including 230,000 ounces of gold. In 2019, estimated annual
attributable production is anticipated to increase over 40%
compared to 2014 levels, growing to approximately 51 million silver
equivalent ounces2, including 325,000 ounces of
gold.
The additional ounces from Salobo to our production profile as
well as the ramp-up of Hudbay Minerals Inc.'s ("Hudbay") Constancia
mine in 2015 more than offset the anticipated reduction in
attributable production from other assets in Silver Wheaton's
current streaming portfolio. Hudbay's Constancia mine is
expected to meet the completion test well before 2016, resulting in
gold production from the 777 mine attributable to Silver Wheaton
dropping from 100% to 50% in 2017. In addition, the 10-year term
contract on Capstone Mining's Cozamin mine, acquired with Silver
Wheaton's 2009 acquisition of Silverstone, expires in April 2017. Finally, as Hudbay provides no formal
production guidance for its Rosemont project, Silver Wheaton no longer
includes any production from the Rosemont project in its production forecast
for 2019. As a reminder, Silver Wheaton also does not include any
production from Barrick Gold Corp.'s Pascua-Lama project in its
guidance.
_____________________________
1 Silver Wheaton has previously filed a technical
report for the Salobo mine dated March 19,
2013, which is available on SEDAR at www.sedar.com. Silver
Wheaton has updated certain technical disclosure on Salobo in this
news release and in a preliminary short form prospectus filed
today. For further details of the Salobo mineral reserves, see the
tables appended to this news release.
2 Silver equivalent production forecast assumes a
gold/silver ratio of 72:1
SILVER WHEATON ANNOUNCES 2014 PRODUCTION AND SALES
VOLUME1
Silver Wheaton reports that attributable silver equivalent
production for the year ended December 31,
2014, was 35.3 million ounces, compared to 35.8 million
ounces in 2013, representing a decrease of 1.5%.
The Company reports silver equivalent sales volume for the year
ended December 31, 2014, was 32.9
million ounces, compared to 30.0 million ounces in 2013,
representing an increase of 9.8%.
SILVER WHEATON ANNOUNCES UPDATED RESERVES AND
RESOURCES
As of December 31, 2014, and
detailed in the tables at the end of this news release, Proven and
Probable Mineral Reserves attributable to Silver Wheaton were 757.7
million ounces of silver compared to 781.3 million ounces reported
by the Company in its management's discussion and analysis for the
quarter ended September 30, 2014, a
decrease of 3%, and 9.27 million ounces of gold compared to 6.09
million ounces, an increase of 52%. On an attributable Measured and
Indicated basis, silver resources were 549.5 million ounces
compared to 569.4 million ounces reported by the Company in its
management's discussion and analysis for the quarter ended
September 30, 2014, a decrease of 3%,
and gold resources were 2.76 million ounces compared to 1.92
million ounces, an increase of 43%. On an attributable Inferred
Resource basis, silver resources were 275.2 million ounces compared
to 298.7 million reported by the Company in its management's
discussion and analysis for the quarter ended September 30, 2014, a decrease of 8%, and gold
resources were 1.46 million ounces compared to 1.03 million ounces,
an increase of 41%.
The tables at the end of this news release set forth the
estimated mineral reserves and mineral resources (silver and/or
gold only) for the 27 mining assets which are subject to the
Company's precious metal purchase agreements, adjusted where
applicable to reflect the Company's percentage entitlement to
silver and/or gold produced from such assets, as of December 31, 2014, unless otherwise noted. The
tables are based on information available to the Company as of the
date of this news release, and therefore will not reflect updates,
if any, after such date.
Mr. Neil Burns, Vice President of
Technical Services, is a "qualified person" as such term is defined
under National Instrument 43-101, and has reviewed and approved the
technical disclosure in this news release including information on
mineral reserves and mineral resources.
__________________________
1Silver equivalent basis assumes a 61:1 Ag:Au ratio for 2013
and 67:1 Ag:Au ratio for 2014
CONFERENCE CALL
A conference call will be held on Monday,
March 2, 2015, starting at 5:00pm
(Eastern Time) to discuss this transaction. To participate
in the live call please use one of the following methods:
Dial toll free from
Canada or the US:
|
1-888-231-8191
|
Dial from outside
Canada or the US:
|
1-647-427-7450
|
Pass
code:
|
94973271
|
Live audio
webcast:
|
www.silverwheaton.com
|
|
|
Participants should dial in ten to fifteen minutes before the
call.
The presentation may be obtained by contacting Scotia Capital
Inc. collect in Canada, Attention:
Equity Capital Markets (Tel: 416-862-5837), Scotia Plaza, 66th
Floor, 40 King Street West, M5W 2X6, Toronto, Ontario. The presentation will also
be available in PDF format for download from the Silver Wheaton
website www.silverwheaton.com and will be filed on SEDAR at
www.sedar.com.
The common shares will be offered by way of a short form
prospectus relating to the Offering announced concurrently with
today's date in all of the provinces of Canada. A copy of the Canadian preliminary
prospectus once available may be obtained by contacting Scotia
Capital Inc. collect in Canada,
Attention: Equity Capital Markets (Tel: 416-862-5837), Scotia
Plaza, 66th Floor, 40 King Street West, M5W 2X6, Toronto, Ontario.
The issuer has filed a registration statement (including a U.S.
prospectus) with the U.S. Securities and Exchange Commission
("SEC") for the offering to which this communication relates.
Before you invest, you should read the prospectus in that
registration statement and other documents the issuer has filed
with the SEC for more complete information about the issuer and
this offering. You may get these documents for free by
visiting EDGAR on the SEC Web site at www.sec.gov.
Alternatively, the issuer, any underwriter or any dealer
participating in the offering will arrange to send you the
prospectus if you request it by contacting Scotia Capital Inc.
collect in the U.S., Attention: Equity Capital Markets (Tel:
212-225-6853), 250 Vesey Street, 24th Floor, New York, New York, 10281.
ABOUT SILVER WHEATON
Silver Wheaton is the largest pure precious metals streaming
company in the world. Based upon its current agreements, forecast
2015 estimated annual attributable production is approximately 43.5
million silver equivalent ounces1, including 230,000
ounces of gold. By 2019, estimated annual attributable production
is anticipated to increase significantly to approximately 51
million silver equivalent ounces1, including 325,000
ounces of gold. This anticipated growth is expected to be driven by
the Company's portfolio of low-cost and long-life assets, including
precious metal and gold streams on Hudbay's Constancia project and
Vale's Salobo mine.
______________________________
1 Silver equivalent production forecast assumes a
gold/silver ratio of 72:1
Silver Wheaton's Estimated Attributable Reserves and Resources
are as follows:
|
Proven &
Probable Reserves Attributable to Silver Wheaton
(1,2,3,8,18)
|
As of December
31,
2014 unless
otherwise noted (6)
|
Proven
|
Probable
|
Proven &
Probable
|
|
Tonnage
|
Grade
|
Contained
|
Tonnage
|
Grade
|
Contained
|
Tonnage
|
Grade
|
Contained
|
Process
Recovery
(7)
|
Mt
|
g/t
|
Moz
|
Mt
|
g/t
|
Moz
|
Mt
|
g/t
|
Moz
|
SILVER
|
|
|
|
|
|
|
|
|
|
|
Peñasquito (25%)
(14)
|
|
|
|
|
|
|
|
|
|
|
|
Mill
|
84.1
|
33.3
|
90.0
|
52.7
|
25.0
|
42.4
|
136.7
|
30.1
|
132.4
|
53-65%
|
|
Heap Leach
|
10.9
|
31.7
|
11.1
|
11.5
|
25.0
|
9.2
|
22.4
|
28.3
|
20.4
|
22-28%
|
San Dimas (10,
14)
|
0.9
|
345.2
|
10.3
|
4.0
|
307.3
|
39.2
|
4.9
|
314.5
|
49.5
|
94%
|
Pascua-Lama (25%)
(14)
|
8.0
|
69.8
|
17.9
|
73.2
|
64.1
|
150.8
|
81.2
|
64.7
|
168.7
|
82%
|
Lagunas Norte
(11)
|
12.4
|
4.5
|
1.8
|
52.9
|
4.5
|
7.7
|
65.3
|
4.5
|
9.5
|
19%
|
Veladero
(11)
|
5.5
|
14.8
|
2.6
|
90.5
|
14.8
|
43.2
|
96.0
|
14.8
|
45.8
|
6%
|
Yauliyacu (11,
12)
|
0.8
|
123.5
|
3.1
|
3.4
|
109.8
|
11.9
|
4.1
|
112.4
|
15.0
|
85%
|
777
(13)
|
4.9
|
24.7
|
3.9
|
5.7
|
24.7
|
4.5
|
10.6
|
24.7
|
8.4
|
64%
|
Neves-Corvo
|
|
|
|
|
|
|
|
|
|
|
|
Copper
|
4.9
|
38.8
|
6.1
|
20.5
|
36.1
|
23.8
|
25.4
|
36.6
|
29.9
|
35%
|
|
Zinc
|
10.4
|
73.1
|
24.4
|
10.2
|
66.9
|
22.0
|
20.6
|
70.0
|
46.4
|
20%
|
Rosemont
(15)
|
279.5
|
4.1
|
37.0
|
325.8
|
4.1
|
43.1
|
605.3
|
4.1
|
80.1
|
76%
|
Constancia
|
506.0
|
3.1
|
50.3
|
114.0
|
2.9
|
10.8
|
620.0
|
3.1
|
61.1
|
71%
|
Zinkgruvan
|
|
|
|
|
|
|
|
|
|
|
|
Zinc
|
7.4
|
87.0
|
20.6
|
4.2
|
51.0
|
6.9
|
11.6
|
73.9
|
27.5
|
87%
|
|
Copper
|
3.3
|
35.0
|
3.7
|
0.1
|
35.0
|
0.1
|
3.4
|
35.0
|
3.8
|
78%
|
Stratoni
|
0.5
|
174.0
|
2.9
|
0.3
|
182.0
|
1.5
|
0.8
|
176.7
|
4.5
|
84%
|
Minto
|
3.8
|
5.9
|
0.7
|
5.7
|
5.7
|
1.0
|
9.5
|
5.7
|
1.8
|
78%
|
Cozamin
(11)
|
|
|
|
|
|
|
|
|
|
|
|
Copper
|
-
|
-
|
-
|
2.8
|
43.8
|
4.0
|
2.8
|
43.8
|
4.0
|
72%
|
Los Filos
|
48.8
|
5.7
|
8.9
|
198.4
|
5.0
|
32.2
|
247.2
|
5.2
|
41.1
|
5%
|
Metates Royalty
(20)
|
4.1
|
18.0
|
2.3
|
13.2
|
13.1
|
5.5
|
17.2
|
14.2
|
7.9
|
76%
|
TOTAL
SILVER
|
|
|
297.8
|
|
|
459.9
|
|
|
757.7
|
|
GOLD
|
|
|
|
|
|
|
|
|
|
|
Salobo (50%)
(16)
|
331.7
|
0.39
|
4.13
|
257.9
|
0.31
|
2.57
|
589.6
|
0.35
|
6.70
|
66%
|
Sudbury (70%)
(11)
|
-
|
-
|
-
|
54.3
|
0.39
|
0.68
|
54.3
|
0.39
|
0.68
|
81%
|
777
(13)
|
3.5
|
1.81
|
0.21
|
4.1
|
1.81
|
0.24
|
7.7
|
1.81
|
0.45
|
73%
|
Constancia
(50%)
|
253.0
|
0.05
|
0.42
|
57.0
|
0.07
|
0.14
|
310.0
|
0.06
|
0.56
|
61%
|
Minto
|
3.8
|
0.80
|
0.10
|
5.7
|
0.60
|
0.11
|
9.5
|
0.68
|
0.21
|
74%
|
Toroparu (10%)
(17)
|
3.0
|
1.10
|
0.10
|
9.7
|
0.98
|
0.31
|
12.7
|
1.01
|
0.41
|
89%
|
Metates Royalty
(20)
|
4.1
|
0.68
|
0.09
|
13.2
|
0.44
|
0.19
|
17.2
|
0.50
|
0.28
|
89%
|
TOTAL
GOLD
|
|
|
5.04
|
|
|
4.23
|
|
|
9.27
|
|
|
Measured &
Indicated Resources Attributable to Silver Wheaton
(1,2,3,4,5,9,18)
|
As of December
31,
2014 unless
otherwise noted
(6)
|
Measured
|
Indicated
|
Measured &
Indicated
|
Tonnage
|
Grade
|
Contained
|
Tonnage
|
Grade
|
Contained
|
Tonnage
|
Grade
|
Contained
|
Mt
|
g/t
|
Moz
|
Mt
|
g/t
|
Moz
|
Mt
|
g/t
|
Moz
|
SILVER
|
|
|
|
|
|
|
|
|
|
Peñasquito (25%)
(14)
|
|
|
|
|
|
|
|
|
|
|
Mill
|
34.4
|
26.1
|
28.9
|
91.7
|
21.5
|
63.5
|
126.2
|
22.8
|
92.4
|
|
Heap Leach
|
5.1
|
19.3
|
3.1
|
24.1
|
16.7
|
13.0
|
29.2
|
17.2
|
16.1
|
Pascua-Lama (25%)
(14)
|
3.7
|
26.4
|
3.1
|
35.7
|
22.3
|
25.5
|
39.4
|
22.7
|
28.7
|
Yauliyacu (11,
12)
|
1.0
|
127.3
|
4.0
|
6.0
|
216.6
|
41.5
|
6.9
|
204.2
|
45.5
|
Neves-Corvo
|
|
|
|
|
|
|
|
|
|
|
Copper
|
5.8
|
48.5
|
9.0
|
25.7
|
50.8
|
42.0
|
31.5
|
50.3
|
51.0
|
|
Zinc
|
14.1
|
59.6
|
27.0
|
60.2
|
55.7
|
107.8
|
74.3
|
56.4
|
134.8
|
Rosemont
(15)
|
38.5
|
3.0
|
3.7
|
197.7
|
2.7
|
17.1
|
236.2
|
2.7
|
20.8
|
Constancia
|
73.0
|
2.4
|
5.6
|
299.0
|
2.0
|
19.4
|
372.0
|
2.1
|
25.0
|
Zinkgruvan
|
|
|
|
|
|
|
|
|
|
|
Zinc
|
2.2
|
66.8
|
4.6
|
4.7
|
107.1
|
16.3
|
6.9
|
94.5
|
20.9
|
|
Copper
|
1.6
|
20.0
|
1.0
|
0.4
|
39.1
|
0.5
|
2.0
|
23.9
|
1.5
|
Aljustrel
(19)
|
|
|
|
|
|
|
|
|
|
|
Zinc
|
1.3
|
65.6
|
2.7
|
20.5
|
60.3
|
39.7
|
21.8
|
60.7
|
42.4
|
Stratoni
|
0.2
|
200.4
|
1.5
|
0.2
|
213.3
|
1.4
|
0.4
|
206.4
|
2.9
|
Minto
|
7.5
|
3.6
|
0.9
|
32.3
|
3.4
|
3.5
|
39.8
|
3.4
|
4.3
|
Keno Hill
(25%)
|
|
|
|
|
|
|
|
|
|
|
Underground
|
-
|
-
|
-
|
0.7
|
473.1
|
10.2
|
0.7
|
473.1
|
10.2
|
|
Elsa
Tailings
|
-
|
-
|
-
|
0.6
|
119.0
|
2.4
|
0.6
|
119.0
|
2.4
|
Los Filos
|
11.4
|
11.0
|
4.0
|
112.3
|
7.4
|
26.9
|
123.7
|
7.8
|
30.9
|
Loma de La Plata
(12.5%)
|
-
|
-
|
-
|
3.6
|
169.0
|
19.8
|
3.6
|
169.0
|
19.8
|
TOTAL
SILVER
|
|
|
99.2
|
|
|
450.2
|
|
|
549.5
|
GOLD
|
|
|
|
|
|
|
|
|
|
Salobo (50%)
(16)
|
24.6
|
0.47
|
0.37
|
97.7
|
0.37
|
1.16
|
122.2
|
0.39
|
1.53
|
Sudbury (70%)
(11)
|
-
|
-
|
-
|
28.9
|
0.34
|
0.32
|
28.9
|
0.34
|
0.32
|
Constancia
(50%)
|
36.5
|
0.05
|
0.06
|
149.5
|
0.04
|
0.18
|
186.0
|
0.04
|
0.23
|
Minto
|
7.5
|
0.42
|
0.10
|
32.3
|
0.32
|
0.33
|
39.8
|
0.34
|
0.43
|
Toroparu (10%)
(17)
|
0.9
|
0.87
|
0.03
|
7.9
|
0.83
|
0.21
|
8.8
|
0.84
|
0.24
|
TOTAL
GOLD
|
|
|
0.56
|
|
|
2.20
|
|
|
2.76
|
|
Inferred Resources
Attributable to Silver Wheaton
(1,2,3,4,5,9,18)
|
As of December
31,
2014 unless otherwise
noted (6)
|
Inferred
|
Tonnage
|
Grade
|
Contained
|
Mt
|
g/t
|
Moz
|
SILVER
|
|
|
|
Peñasquito (25%)
(14)
|
|
|
|
|
Mill
|
4.4
|
19.5
|
2.7
|
|
Heap Leach
|
6.1
|
13.7
|
2.7
|
San Dimas (10,
14)
|
7.3
|
309.5
|
73.0
|
Pascua-Lama (25%)
(14)
|
4.9
|
20.1
|
3.2
|
Yauliyacu (11,
12)
|
5.0
|
178.7
|
28.7
|
777
(13)
|
0.8
|
30.6
|
0.8
|
Neves-Corvo
|
|
|
|
|
Copper
|
25.1
|
43.5
|
35.1
|
|
Zinc
|
21.4
|
48.9
|
33.6
|
Rosemont
(15)
|
104.5
|
3.3
|
11.1
|
Constancia
|
200.0
|
1.9
|
12.0
|
Zinkgruvan
|
|
|
|
|
Zinc
|
6.1
|
75.0
|
14.7
|
|
Copper
|
0.5
|
34.0
|
0.6
|
Aljustrel
(19)
|
|
|
|
|
Zinc
|
8.7
|
50.4
|
14.0
|
Stratoni
|
0.5
|
169.0
|
2.7
|
Minto
|
16.2
|
3.2
|
1.7
|
Keno Hill
(25%)
|
|
|
|
|
Underground
|
0.2
|
349.8
|
2.4
|
Los Filos
|
175.9
|
6.3
|
35.7
|
Loma de La Plata
(12.5%)
|
0.2
|
76.0
|
0.4
|
Metates Royalty
(20)
|
1.0
|
9.7
|
0.3
|
TOTAL
SILVER
|
|
|
275.2
|
GOLD
|
|
|
|
Salobo (50%)
(16)
|
74.0
|
0.31
|
0.74
|
Sudbury (70%)
(11)
|
5.5
|
0.67
|
0.12
|
777
(13)
|
0.4
|
1.77
|
0.02
|
Constancia
(50%)
|
100.0
|
0.03
|
0.10
|
Minto
|
16.2
|
0.30
|
0.16
|
Toroparu (10%)
(17)
|
13.0
|
0.74
|
0.31
|
Metates Royalty
(20)
|
1.0
|
0.38
|
0.01
|
TOTAL
GOLD
|
|
|
1.46
|
Notes:
1.
|
All Mineral Reserves
and Mineral Resources have been calculated in accordance with the
Canadian Institute of Mining, Metallurgy and Petroleum - CIM
Standards on Mineral Resources and Mineral Reserves and National
Instrument 43-101 – Standards for Disclosure form Mineral Projects
("NI 43-101), or the Australian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves.
|
2.
|
Mineral Reserves and
Mineral Resources are reported above in millions of metric tonnes
("Mt"), grams per metric tonne ("g/t") and millions of ounces
("Moz").
|
3.
|
Individual qualified
persons ("QPs"), as defined by the NI 43-101, for the technical
information contained in this document (including the Mineral
Reserve and Mineral Resource estimates) for the following
operations are as follows:
|
|
a.
|
Salobo mine –
Christopher Jacobs, CEng MIMMM (Vice President and Mining
Economist), James Turner, CEng MIMMM (Senior Mineral Process
Engineer), Barnard Foo, P. Eng., M. Eng, MBA (Senior Mining
Engineer) and Jason Ché Osmond, FGS, C.Geol, EurGeol (Senior
Geologist) all of whom are employees of Micon International
Ltd.
|
|
b.
|
All other operations
and development projects: the Company's QPs Neil Burns, M.Sc.,
P.Geo. (Vice President, Technical Services); Samuel Mah, M.A.Sc.,
P.Eng. (Senior Director, Project Evaluations), both employees of
the Company (the "Company's QPs").
|
4.
|
The Mineral Resources
reported in the above tables are exclusive of Mineral
Reserves. The Minto mine, Neves-Corvo mine, Zinkgruvan mine,
Stratoni mine and Toroparu project report Mineral Resources
inclusive of Mineral Reserves. The Company's QPs have made
the exclusive Mineral Resource estimates for these mines based on
average mine recoveries and dilution.
|
5.
|
Mineral Resources
which are not Mineral Reserves do not have demonstrated economic
viability.
|
6.
|
Other than as
detailed below, Mineral Reserves and Mineral Resources are reported
as of December 31, 2014 based on information available to the
Company as of the date of this document, and therefore will not
reflect updates, if any, after such date.
|
|
a.
|
Mineral Resources and
Mineral Reserves for the San Dimas, Pascua-Lama, 777, Constancia
and Minto mines are reported as of December 31, 2013.
|
|
b.
|
Mineral Resources and
Mineral Reserves for the Toroparu project are reported as of March
31, 2013.
|
|
c.
|
Mineral Resources and
Mineral Reserves for the Neves-Corvo and Zinkgruvan mines are
reported as of June 30, 2014.
|
|
d.
|
Mineral Reserves for
the Cozamin mine are reported as of June 30, 2014.
|
|
e.
|
Mineral Resources and
Mineral Reserves for the Rosemont project are reported as of August
28, 2012.
|
|
f.
|
Mineral Resources for
the Constancia project (including the Pampacancha deposit) are
reported as of September 30, 2013.
|
|
g.
|
Mineral Resources for
Aljustrel's Feitais and Moinho mines are reported as of November
30, 2010. Mineral Resources for the Estaçao project are reported as
of December 31, 2007.
|
|
h.
|
Mineral Resources for
Keno Hill's Elsa Tailings project are reported as of April 22,
2010, Lucky Queen project as of July 27, 2011, Onek and Bermingham
projects as of October 15, 2014, Flame and Moth project as of
January 30, 2013, Bellekeno mine Inferred Mineral Resources as of
September 30, 2012 and Bellekeno mine Indicated Mineral Resources
as of September 30, 2013.
|
|
i.
|
Mineral Resources for
the Loma de La Plata project are reported as of May 20,
2009.
|
|
j.
|
Mineral Resources for
Metates are reported as of February 16, 2012 and Mineral Reserves
as of March 18, 2013.
|
7.
|
Process recoveries
are the average percentage of silver or gold in a saleable product
(doré or concentrate) recovered from mined ore at the applicable
site process plants as reported by the operators.
|
8.
|
Mineral Reserves are
estimated using appropriate process recovery rates and the
following commodity prices:
|
|
a.
|
Peñasquito mine -
$1,300 per ounce gold, $22.00 per ounce silver, $0.90 per pound
lead and $0.90 per pound zinc.
|
|
b.
|
San Dimas mine – 2.7
grams per tonne gold equivalent cut-off assuming $1,250 per gold
ounce and $20.00 per ounce silver.
|
|
c.
|
Pascua-Lama project -
$1,100 per ounce gold, $21.00 per ounce silver and $3.00 per pound
copper.
|
|
d.
|
Lagunas Norte and
Veladero mines - $1,100 per ounce gold and $17.00 per ounce
silver.
|
|
e.
|
Yauliyacu mine -
$20.00 per ounce silver, $3.29 per pound copper, $1.02 per pound
lead and zinc.
|
|
f.
|
777 mine – $1,250 per
ounce gold, $25.00 per ounce silver, $3.00 per pound copper and
$1.06 per pound zinc.
|
|
g.
|
Neves-Corvo mine –
1.6% copper cut-off for the copper Reserve and 4.8% zinc equivalent
cut-off for all the zinc Reserves, both assuming $2.50 per pound
copper, $1.00 per pound lead and zinc
|
|
h.
|
Rosemont project -
$4.90 per ton NSR cut-off assuming $20.00 per ounce silver, $2.50
per pound copper and $15.00 per pound molybdenum.
|
|
i.
|
Constancia project -
$1,250 per gold ounce, $25.00 per ounce silver, $3.00 per pound
copper and $14.00 per pound molybdenum.
|
|
j.
|
Zinkgruvan mine –
3.98% zinc equivalent cut-off for the zinc Reserve and 1.5% copper
cut-off for the copper Reserve, both assuming $2.50 per pound
copper and $1.00 per pound lead and zinc.
|
|
k.
|
Stratoni mine –
18.02% zinc equivalent assuming $16.50 per ounce silver, $3.00 per
pound copper, $0.95 per pound lead and zinc.
|
|
l.
|
Minto mine – 0.5%
copper cut-off for Open Pit and $64.40 per tonne NSR cut-off for
Underground assuming $300 per ounce gold, $3.90 per ounce silver
and $2.50 per pound copper.
|
|
m.
|
Cozamin mine - $42.50
per tonne NSR cut-off assuming $20.00 per ounce silver, $2.50 per
pound copper, $0.85 per pound lead and $0.80 per pound
zinc.
|
|
n.
|
Los Filos mine -
$1,300 per ounce gold and $22.00 per ounce silver.
|
|
o.
|
Salobo mine – 0.253%
copper equivalent cut-off assuming $1,250 per ounce gold and $3.45
per pound copper.
|
|
p.
|
Sudbury mines -
$1,250 per ounce gold, $22.00 per ounce silver, $10.43 per pound
nickel, $3.45 per pound copper, $1,800 per ounce platinum, $1,000
per ounce palladium and $13.00 per pound cobalt.
|
|
q.
|
Toroparu project –
0.38 grams per tonne gold cut-off assuming $1,070 per ounce gold
for fresh rock and 0.35 grams per tonne gold cut-off assuming $970
per ounce gold for saprolite.
|
|
r.
|
Metates royalty –
0.35 grams per tonne gold equivalent cut-off assuming $1,200 per
ounce gold and $24.00 per ounce silver.
|
9.
|
Mineral Resources are
estimated using appropriate recovery rates and the following
commodity prices:
|
|
a.
|
Peñasquito mine -
$1,500 per ounce gold, $24.00 per ounce silver, $1.00 per pound
lead and $1.00 per pound zinc.
|
|
b.
|
San Dimas mine – 0.20
grams per tonne gold equivalent assuming $1,300 per ounce gold and
$20.00 per ounce silver.
|
|
c.
|
Pascua-Lama project –
$1,500 per ounce gold, $24.00 per ounce silver and $3.50 per pound
copper.
|
|
d.
|
Yauliyacu mine –
$20.00 per ounce silver, $3.29 per pound copper and $1.02 per pound
lead and zinc.
|
|
e.
|
777 mine – $1,250 per
ounce gold, $25.00 per ounce silver, $3.00 per pound copper and
$1.06 per pound zinc.
|
|
f.
|
Neves-Corvo mine –
1.0% copper cut-off for the copper Resource and 3.0% zinc cut-off
for the zinc Resource, both assuming $2.50 per pound copper and
$1.00 per pound lead and zinc.
|
|
g.
|
Rosemont project –
0.30% copper equivalent cut-off for Mixed and 0.15% copper
equivalent for Sulfide assuming $20.00 per ounce silver, $2.50 per
pound copper and $15.00 per pound molybdenum.
|
|
h.
|
Constancia project –
0.12% copper cut-off for Constancia and 0.10% copper cut-off for
Pampacancha.
|
|
i.
|
Zinkgruvan mine –
3.8% zinc equivalent cut-off for the zinc Resource and 1.0% copper
cut-off for the copper Resource, both assuming $2.50 per pound
copper and $1.00 per pound lead and zinc
|
|
j.
|
Aljustrel mine – 4.5%
zinc cut-off for Feitais and Moinho mines zinc Resources and 4.0%
zinc cut-off for Estação zinc Resources.
|
|
k.
|
Stratoni mine –
Cut-off is geological due to the sharpness of the mineralized
contacts and the high grade nature of the mineralization
|
|
l.
|
Minto mine – 0.5%
copper cut-off.
|
|
m.
|
Keno Hill
mines:
|
|
|
i.
|
Bellekeno mine - $185
per tonne NSR cut-off assuming $22.50 per ounce silver, $0.85 per
pound lead and $0.95 per pound zinc.
|
|
|
ii.
|
Flame and Moth
project - $185 per tonne NSR cut-off assuming $1,400 per ounce
gold, $24.00 per ounce silver, $0.85 per pound lead and $0.95 per
pound zinc.
|
|
|
iii.
|
Bermingham project -
$185 per tonne NSR cut-off assuming $1,250 per ounce gold, $20.00
per ounce silver, $0.90 per pound lead and $0.95 per pound
zinc.
|
|
|
iv.
|
Lucky Queen project -
$185 per tonne NSR cut-off assuming $1,100 per ounce gold, $18.50
per ounce silver, $0.90 per pound lead and $0.95 per pound
zinc.
|
|
|
v.
|
Onek project - $185
per tonne NSR cut-off assuming $1,250 per ounce gold, $20.00 per
ounce silver, $0.90 per pound lead and $0.95 per pound
zinc.
|
|
|
vi.
|
Elsa Tailings project
– 50 grams per tonne silver cut-off.
|
|
n.
|
Los Filos mine -
$1,500 per ounce gold and $24.00 per ounce silver.
|
|
o.
|
Loma de La Plata
project – 50 gram per tonne silver equivalent cut-off assuming
$12.50 per ounce silver and $0.50 per pound lead.
|
|
p.
|
Salobo mine – 0.296%
copper equivalent assuming $1,500 per ounce gold $3.70 per pound
copper.
|
|
q.
|
Sudbury mines -
$1,250 per ounce gold, $22.00 per ounce silver, $10.43 per pound
nickel, $3.45 per pound copper, $1,800 per ounce platinum, $1,000
per ounce palladium and $13.00 per pound cobalt.
|
|
r.
|
Toroparu project –
0.30 grams per tonne gold cut-off assuming $1,350 per ounce
gold.
|
|
s.
|
Metates royalty –
0.35 grams per tonne gold equivalent cut-off assuming $1,200 per
ounce gold and $24.00 per ounce silver.
|
10.
|
The San Dimas silver
purchase agreement provides that Primero will deliver to the
Company a per annum amount equal to the first 6.0 million ounces of
payable silver produced at the San Dimas mine and 50% of any
excess, for the life of the mine.
|
11.
|
The Company's
attributable Mineral Resources and Mineral Reserves for the Lagunas
Norte, Veladero, Cozamin and Yauliyacu silver interests, in
addition to the Sudbury and 777 gold interests, have been
constrained to the production expected for the various
contracts.
|
12.
|
The Company's
Yauliyacu silver purchase agreement (March 2006) with Glencore
provides for the delivery of up to 4.75 million ounces of silver
per year for 20 years. In the event that silver sold and
delivered to Silver Wheaton in any year totals less than 4.75
million ounces, the amount sold and delivered to Silver Wheaton in
subsequent years will be increased to make up for any cumulative
shortfall, to the extent production permits. Depending upon
production levels it is possible that the Company's current
attributable tonnage may not be mined before the agreement
expires.
|
13.
|
The 777 precious
metals purchase agreement provides that Hudbay will deliver 100% of
the payable silver for the life of the mine and 100% of the payable
gold until completion of the Constancia project, after which the
gold stream will reduce to 50%. The gold figures in this
table represent the attributable 777 mine Mineral Resources and
Mineral Reserves constrained to the production expected for the 777
precious metals purchase agreement.
|
14.
|
The scientific and
technical information in these tables regarding the Peñasquito and
San Dimas mines and the Pascua-Lama project was sourced by the
Company from the following SEDAR (www.sedar.com) filed
documents:
|
|
a.
|
Peñasquito - Goldcorp
Management's Discussion and Analysis (MD&A) dated February 19,
2015;
|
|
b.
|
San Dimas - Primero
annual information form filed on March 31, 2014; and
|
|
c.
|
Pascua-Lama - Barrick
Gold Corp.'s MD&A dated February 19, 2015.
|
|
The Company QP's have
approved the disclosure of scientific and technical information in
respect of the Peñasquito and San Dimas mines and the Pascua-Lama
project in these tables.
|
15.
|
The Rosemont mine
Mineral Resources and Mineral Reserves do not include the SX/EW
leach material since this process does not recover
silver.
|
16.
|
The Company has filed
a technical report for the Salobo mine, which is available on SEDAR
at www.sedar.com.
|
17.
|
The Company's
agreement with Sandspring is an early deposit structure whereby the
Company will have the option not to proceed with the 10% gold
stream on the Toroparu project following the delivery of a bankable
definitive feasibility study.
|
18.
|
Silver and gold are
produced as by-product metal at all operations with the exception
of silver at the Keno Hill mines and Loma de La Plata project and
gold at the Toroparu project; therefore, the economic cut-off
applied to the reporting of silver and gold Mineral Resources and
Mineral Reserves will be influenced by changes in the commodity
prices of other metals at the time.
|
19.
|
Silver Wheaton has
agreed to waive its rights to silver contained in copper
concentrate at the Aljustrel mine.
|
20.
|
Effective August 7,
2014 the Company entered into an agreement for a 1.5% net smelter
returns royalty on Chesapeake Gold Corp's (Chesapeake) Metates
property, located in Mexico. As part of the agreement,
Chesapeake will have the right at any time for a period of five
years to repurchase two-thirds of the royalty, with the Company
retaining a 0.5% royalty interest.
|
|
|
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 "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking statements, which are all
statements other than statements of historical fact, include, but
are not limited to, statements with respect to the payment by
Silver Wheaton of US$900 million to
Vale and the satisfaction of each party's obligations in accordance
with the Amended Salobo Purchase Agreement, in respect of the
Salobo mine, the anticipated receipt by Silver Wheaton of estimated
additional gold production from the Salobo mine, projected
increases to Silver Wheaton's production and cash flow profile, the
expansion and exploration potential at the Salobo mine,
projected changes to Silver Wheaton's production mix, anticipated
increases in total throughput at the Salobo mine, expected
accretion to Silver Wheaton resulting from the additional Salobo
stream purchased from Vale, the estimated future production, the
intended use of proceeds from an equity offering, the future
price of commodities, the future price of silver or gold, the
estimation of mineral reserves and mineral resources, the
realization of mineral reserve estimates, the timing and amount of
estimated future production (including 2015 and 2019 attributable
annual production), estimated costs of future production, reserve
determination, estimated reserve conversion rates, any statements
as to future dividends, the ability to fund outstanding commitments
and continue to acquire accretive precious metal stream interests
and assessments of the impact and resolution of various legal and
tax matters. 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", "projects", "intends",
"anticipates" or "does not anticipate", or "believes", "potential",
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: the
proposed equity offering, closing of the equity offering and
any specific risks relating to the satisfaction of each party's
obligations in accordance with the terms of the Amended
Salobo Purchase Agreement disclosed in the Canadian Prospectus (as
defined below), fluctuations in the price of commodities, the
absence of control over the mining operations from which Silver
Wheaton purchases silver or gold (the "Mining Operations") and
risks related to these Mining Operations including risks related to
fluctuations in the price of the primary commodities mined at such
operations, actual results of mining and exploration activities,
environmental, economic and political risks of the jurisdictions in
which the Mining Operations are located and changes in project
parameters as plans continue to be refined, risks relating to
having to rely on the accuracy of the public disclosure and other
information Silver Wheaton receives from the owners and operators
of the Mining Operations as the basis for its analyses, forecasts
and assessments relating to its own business, differences in the
interpretation or application of tax laws and regulations or
accounting policies and rules and Silver Wheaton's interpretation
of, or compliance with, tax laws and regulations or accounting
policies and rules, is found to be incorrect, risks relating to
production estimates from Mining Operations, credit and liquidity
risks, hedging risk, competition in the mining industry, risks
related to the Silver Wheaton's acquisition strategy, risks related
to the market price of the Silver Wheaton's shares, risks related
to Silver Wheaton's holding of long-term investments in other
exploration and mining companies, risks related to the declaration,
timing and payment of dividends, the ability of Silver Wheaton and
the Mining Operations to retain key management employees or procure
the services of skilled and experienced personnel, risks
related to claims and legal proceedings against Silver Wheaton or
the Mining Operations, risks relating to unknown defects and
impairments, risks related to the adequacy of internal control over
financial reporting, risks related to governmental
regulations, including environmental regulations, risks related to
international operations of Silver Wheaton and the Mining
Operations, risks relating to exploration, development and
operations at the Mining Operations, the ability of Silver
Wheaton and the Mining Operations to obtain and maintain
necessary permits, the ability of Silver Wheaton and the Mining
Operations to comply with applicable laws, regulations and
permitting requirements, lack of suitable infrastructure and
employees to support the Mining Operations, uncertainty in the
accuracy of mineral reserves and mineral resources estimates,
production estimates from Mining Operations, inability to replace
and expand mineral reserves, uncertainties related to title and
indigenous rights with respect to the mineral properties of the
Mining Operations, commodity price fluctuations, the ability
of Silver Wheaton and the Mining Operations to obtain adequate
financing, the ability of Mining Operations to complete permitting,
construction, development and expansion, challenges related to
global financial conditions, risks related to future sales or
issuance of equity securities, as well as those factors discussed
in the section entitled "Risk Factors" in the preliminary short
form prospectus of Silver Wheaton to be filed in Canada in connection with the
Offering (the "Canadian Prospectus") available on SEDAR at
www.sedar.com and in the US preliminary prospectus of Silver
Wheaton dated March 2, 2015 (the "US
Prospectus") included in the Registration Statement on Form F-10
filed with the SEC. Forward-looking statements are based on
assumptions management believes to be reasonable, including but not
limited to: the closing of any equity offering commenced by Silver
Wheaton, the payment by Silver Wheaton of US$900 million to Vale, and the satisfaction of
each party's obligations in accordance with the terms of the
Amended Salobo Purchase Agreement, the continued operation of the
Mining Operations, 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 public
statements and achieve their stated production estimates, the
continuing ability to fund or obtain funding for outstanding
commitments, the ability to source and obtain accretive precious
metal stream interests, expectations regarding the resolution of
legal and tax matters, that Silver Wheaton will be successful in
challenging any reassessment by the Canada Revenue Agency, the
estimate of the carrying value of the Precious Metal Purchase
Agreements (as defined in the Canadian Prospectus) and such other
assumptions and factors as set out herein. Although Silver
Wheaton has attempted to identify important factors that could
cause actual results, level of activity, performance or
achievements to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results, level of activity, performance or achievements not to be
as anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be accurate
and even if events or results described in the forward-looking
statements are realized or substantially realized, there can be no
assurance that they will have the expected consequences to, or
effects on, Silver Wheaton. Accordingly, readers should not place
undue reliance on forward-looking statements and are cautioned that
actual outcomes may vary. The forward-looking statements
included herein for the purpose of providing investors with
information to assist them in understanding Silver Wheaton's
expected performance and may not be appropriate for other
purposes. Any forward looking statement speaks only as of the
date on which it is made. Silver Wheaton does not undertake to
update any forward-looking statements that are included or
incorporated by reference herein, except in accordance with
applicable securities laws.
CAUTIONARY NOTE TO UNITED
STATES INVESTORS REGARDING PRESENTATION OF MINERAL RESERVE
AND MINERAL RESOURCE ESTIMATES: The information contained herein
has been prepared in accordance with the requirements of the
securities laws in effect in Canada, which differ from the requirements of
United States securities
laws. The terms "mineral reserve", "proven mineral reserve"
and "probable mineral reserve" are Canadian mining terms defined in
accordance with Canadian National Instrument 43-101 – Standards of
Disclosure for Mineral Projects ("NI 43-101") and the Canadian
Institute of Mining, Metallurgy and Petroleum (the "CIM") – CIM
Definition Standards on Mineral Resources and Mineral Reserves,
adopted by the CIM Council, as amended (the "CIM Standards"). These
definitions differ from the definitions in Industry Guide 7 ("SEC
Industry Guide 7") under the U.S. Securities Act of 1933, as
amended (the "U.S. Securities Act"). Under U.S. standards,
mineralization may not be classified as a "reserve" unless the
determination has been made that the mineralization could be
economically and legally produced or extracted at the time the
reserve determination is made. Also, under SEC Industry Guide
7 standards, a "final" or "bankable" feasibility study is required
to report reserves, the three-year historical average price is used
in any reserve or cash flow analysis to designate reserves and the
primary environmental analysis or report must be filed with the
appropriate governmental authority. In addition, the terms "mineral
resource", "measured mineral resource", "indicated mineral
resource" and "inferred mineral resource" are defined in and
required to be disclosed by NI 43-101; however, these terms are not
defined terms under SEC Industry Guide 7 and are normally not
permitted to be used in reports and registration statements filed
with the SEC. Investors are cautioned not to assume that any part
or all of the mineral deposits in these categories will ever be
converted into reserves. "Inferred mineral resources" have a great
amount of uncertainty as to their existence and as to their
economic and legal feasibility. It cannot be assumed that all
or any part of an inferred mineral resource will ever be upgraded
to a higher category. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or
pre-feasibility studies, except in rare cases. Investors are
cautioned not to assume that all or any part of an inferred mineral
resource exists or is economically or legally mineable.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Disclosure of "contained ounces"
in a resource is permitted disclosure under Canadian regulations;
however, the SEC normally only permits issuers to report
mineralization that does not constitute "reserves" by SEC standards
as in place tonnage and grade without reference to unit measures.
Accordingly, information contained herein that describes the
Corporation's mineral deposits may not be comparable to similar
information made public by U.S. companies subject to reporting and
disclosure requirements under the United
States federal securities laws and the rules and regulations
thereunder. United States
investors are urged to consider closely the disclosure in the U.S.
prospectus, a copy of which is available at www.sec.gov.
SOURCE Silver Wheaton Corp.