VANCOUVER, July 30 /PRNewswire-FirstCall/ -- Silver Wheaton Corp. (TSX, NYSE:SLW) today announced its unaudited results for the second quarter ended June 30, 2009.
SECOND QUARTER HIGHLIGHTS ------------------------------------------------------------------------- - Record attributable production of 4.0 million silver equivalent ounces (3.8 million ounces of silver and 3,400 ounces of gold) at a total cash cost of US$3.99(1) per silver ounce. - During the quarter, approximately 1 million silver equivalent ounces produced at the various mines and deliverable to Silver Wheaton under the agreements, was not sold due primarily to the timing of shipments. It is anticipated that these sales will be made by the mines during the remainder of 2009, at which time Silver Wheaton will take delivery and record a sale of the ounces. - Net earnings of US$18.4 million (US$0.06 per share) from the sale of 2.9 million ounces of silver, compared to US$23.3 million (US$0.10 per share) from the sale of 2.9 million ounces of silver in 2008. - Operating cash flows of US$26.5 million (US$0.09 per share) compared to US$35.9 million (US$0.16 per share) in 2008. - Closed the acquisition of Silverstone Resources Corp. ("Silverstone") through the issuance of 23,434,332 common shares and 1,367,364 share purchase options of Silver Wheaton on conversion of previously issued fully vested share purchase options of Silverstone. The transaction was valued at approximately US$152 million and increased annual sales by over 4 million silver equivalent ounces. - On July 13, 2009, Goldcorp Inc. announced that construction of the first sulphide process line at their Penasquito mine in Mexico is now complete and commissioning work is advancing on schedule. Production and shipment of first concentrates, including silver, are still targeted for the second half of 2009. 1. Refer to discussion on non-GAAP measures at the end of this press release
"I am very pleased with our performance during the second quarter," said Peter Barnes, President and Chief Executive Officer of Silver Wheaton. "Despite continued challenges in the global economy, Silver Wheaton is proud to have achieved record attributable production during the quarter and we remain on target to meet our 2009 sales guidance of 17 to 19 million silver equivalent ounces for the year. Although our partners produced approximately 1 million silver equivalent ounces more during the quarter than we sold, this is only a timing issue and we anticipate these sales will be recorded during the second half of the year."
"In May, we closed the Silverstone acqu
