Might as well throw in a bit of silver news.
SILVER WHEATON THIRD QUARTER EARNINGS MORE THAN TRIPLE TO US$22.5 MILLION
Vancouver, British Columbia – Silver Wheaton Corp. (TSX,NYSE:SLW) is pleased to report third quarter net earnings and operating cash flows of US$22.5 million (US$0.10 per share) and US$28.3 million (US$0.13 per share), respectively.
THIRD QUARTER HIGHLIGHTS (3 months)
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Net earnings of US$22.5 million (US$0.10 per share) from the sale of 3.5 million ounces of silver, compared to US$6.4 million (US$0.04 per share) from the sale of 2.5 million ounces of silver in 2005.
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Operating cash flows of US$28.3 million (US$0.13 per share), compared with US$7.9 million (US$0.05 per share) in 2005.
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Cash and cash equivalents at September 30, 2006 of US$62.0 million.
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Silver Wheaton increased its ownership interest in Bear Creek Mining Corp. to 19%, becoming the largest shareholder.
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The Company entered into an agreement with Goldcorp, whereby Silver Wheaton will receive a right of first refusal on future silver production from the Peñasquito project in Mexico, upon the successful completion of Goldcorp’s acquisition of Glamis Gold.
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Silver Wheaton was recognized as the strongest public company in the Vancouver Sun’s BusinessBC Top 100 Companies.
“It has been another great quarter for the Company”, said Peter Barnes, President and Chief Executive Officer. “Not only did we more than triple our earnings and cash flows, compared with last year, but we also became the largest shareholder in Bear Creek; we obtained a right of first refusal on future silver production from the Peñasquito project in Mexico; and we were recognized as the strongest public company in British Columbia. All this, for a Company that is only two years old!”
A conference call will be held Friday, November 3, 2006 at 11:00 am (Eastern Time) to discuss these results. You may join the call by dialling toll free 1-877-888-4210 or (416) 695-7831 for calls from outside of Canada and the US.
The conference call will be recorded and you can listen to a playback of the call after the event by dialling 1-888-509-0081 or (416) 695-5275 and using the passcode: 632734. A live and archived audio webcast will be available on the website at www.silverwheaton.com.
Silver Wheaton is the only public mining company with 100% of its revenue from silver production. The Company expects to have annual silver sales of approximately 16 million ounces in 2007, increasing to 20 million ounces by 2009 and thereafter. Silver Wheaton is unhedged and well positioned for further growth.
To view the complete Third Quarter Report click here
CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS
This news release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future price of silver, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, reserve determination and reserve conversion rates. 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”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state 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: risks related to the integration of acquisitions, the absence of control over mining operations from which Silver Wheaton purchases silver and risks related to these mining operations, including risks related to international operations, actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, as well as those factors discussed in the section entitled “Description of the Business – Risk Factors” in Silver Wheaton’s annual information form for the year ended December 31, 2005 incorporated by reference into Silver Wheaton’s Form 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C. Although Silver Wheaton has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Silver Wheaton does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
For further information, please contact:
David Awram
Investor Relations Manager
Silver Wheaton Corp.
Tel: 1-800-380-8687
Email: info@silverwheaton.com
Website: www.silverwheaton.com |
