Penasquito Mine Achieves Mechanical Completion

 

 

VANCOUVER - Silver Wheaton Corp. reported that, as reported by Goldcorp Inc. 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.

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.

The company’s address is 666 Burrard Street, Suite 3150, Vancouver, BC V6C 2X8, 604-684-9648?, fax: 604-684-3123, email: [email protected].