VANCOUVER, July 15 /PRNewswire-FirstCall/ --
- First Concentrate Shipment Still Targeted for the Second Half of 2009
Silver Wheaton Corp. ('Silver Wheaton') (TSX: SLW) (NYSE: SLW) is pleased
to announce that, as reported by Goldcorp Inc. ('Goldcorp') in a press
release dated July 13, 2009, construction of the first sulphide process line
(Line 1) at Goldcorp's world-class gold-silver-lead-zinc Penasquito mine in
Zacatecas, Mexico is now complete and commissioning work is advancing on
schedule. Production and shipment of first concentrates are still targeted
for the second half of 2009.
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.
The primary crusher and Line 1 grinding circuit are complete with the
Line 1 lead and zinc flotation circuits essentially complete. The mining rate
is averaging in excess of 500,000 tonnes per day and a stockpile of 4.2
million tonnes of sulphide has been established ahead of the primary crusher.
The coarse ore stockpile contains 230,000 tonnes of crushed ore in
preparation for initial milling.
For video clips showing the start-up and operation of the Line 1 mills as
well as the latest photographs from the site, please visit Goldcorp's website
at http://www.goldcorp.com and click on Operations/Penasquito.
Second Process Line Advancing on Schedule
Construction of the second sulphide process line (Line 2) is well
underway and progressing toward planned completion in the third quarter of
2010. Many of the components are already on site and the mill shells for both
the SAG and ball mills are currently en-route to site. Throughput from the
two process lines is expected to reach 130,000 tonnes per day in the fourth
quarter of 2010.
To create additional value, Goldcorp continues to advance several mine
optimization initiatives including an independent power plant and in-pit
crushing and conveying.
'We are extremely pleased with Goldcorp's progress at Penasquito,' said
Peter Barnes, President and Chief Executive Officer of Silver Wheaton. 'With
the first line complete and the second line advancing on schedule, Silver
Wheaton's stakeholders will begin to recognize significant value from what is
soon to be Mexico's largest open pit mine.
