VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 16, 2006) - Silver Wheaton Corp. ("Silver Wheaton") (TSX:SLW)(AMEX:SLW) is pleased to announce that as part of the recently announced sale of Goldcorp Inc.'s ("Goldcorp") (TSX:G) San Martin Mine located in the State of Queretaro, Mexico to Starcore International Ventures Ltd. ("Starcore") (TSX VENTURE:SAM), one of the conditions of the sale is that Starcore will assume the obligations of Goldcorp for the sale of silver from this mine to Silver Wheaton. The silver production from San Martin, which represents 3% of Silver Wheaton's annual revenue, will continue to be delivered to Silver Wheaton in accordance with previously agreed terms.
While the existing silver purchase agreement will not be affected by the sale of the mine, Silver Wheaton looks forward to working with Starcore, who brings a new perspective on releasing the potential within this deposit.
Silver Wheaton is the only public mining company with 100% of its revenue from silver production. The Company expects to produce 15 million ounces of silver in 2006, growing to 20 million ounces in 2009. Silver Wheaton is unhedged and well positioned for further growth.
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, 2004 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.
Readers should refer to the annual information forms of Silver Wheaton for the year ended December 31, 2004, and other continuous disclosure documents filed by Silver Wheaton since January 1, 2005 available at www.sedar.com, for further information on the Luismin Mines.
FOR FURTHER INFORMATION PLEASE CONTACT:
Silver Wheaton Corp.
Investor Relations Manager