Silver Wheaton Corp. (TSX:SLW, NYSE:SLW) announced that their proven and probable reserves increased in 2012 to a record total of 1,116.1 million silver equivalent ounces.
As quoted in the press release:
Silver Wheaton’s increase in attributable reserves was a result of both acquisition and organic growth, which, when combined, more than offset depletion resulting from strong production over the year. In 2012, the Company acquired from Hudbay Minerals Inc.a precious metals stream from its 777 mine and a silver stream from its Constancia project.
Silver Wheaton’s CEO and President, Randy Smallwood, said:
Silver equivalent reserves have grown by over 38% since the end of 2011 through both acquisition and organic growth, even after another year of strong production. On the acquisition front, we were able to add two new partners over the past year, which resulted in a significant increase to our gold reserves and resources.