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Silver Wheaton Announces Goldcorp’s Peñasquito Mine Achieves Mechanical Completion

Wednesday, July 15th, 2009

Silver Wheaton Corp. is pleased to announce that, as reported by Goldcorp Inc. 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 Peñasquito 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, Peñasquito 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 www.goldcorp.com and click on Operations/Peñasquito.
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 Peñasquito,” 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. Since our silver stream acquisition in April of 2007, Peñasquito has grown considerably, and we anticipate the trend of increased silver reserves and production growth to continue well into the future, including further definition of the vast underground potential.”
For further information visit: www.silverwheaton.com

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