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Silver Wheaton announces Early Deposit Precious Metals stream with Panoro Minerals and announces automatic purchase plan
Silver Wheaton announces Early Deposit Precious Metals stream with Panoro Minerals and ann...
About this update from Wheaton Precious Metals Corp
[{"type":"text","content":"\n\n\n\nSilver Wheaton announces Early Deposit Precious Metals stream with Panoro Minerals and announces automatic purchase plan\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n\n\n\n\n\n\nSilver Wheaton announces Early Deposit Precious Metals stream with Panoro Minerals and announces automatic purchase plan\nCanada NewsWire\nVANCOUVER, Jan. 27, 2016\n\n\n\nTSX: SLWNYSE: SLW\n\n\n\nVANCOUVER, Jan. 27, 2016 /CNW/ - Silver Wheaton Corp. (\"Silver Wheaton\" or the \"Company\") (TSX:SLW) (NYSE:SLW) is pleased to announce that its wholly-owned subsidiary, Silver Wheaton (Caymans) Ltd. (\"SWC\"), has signed a nonbinding term sheet with Panoro Minerals Ltd. and its wholly owned subsidiary Cordillera Copper Ltd. (\"Panoro\") to enter into an Early Deposit Precious Metals Purchase Agreement (the \"Early Deposit Agreement\") for the Cotabambas project located in Peru.\n\n\"The proposed early deposit agreement will provide Panoro with multi-year support and liquidity, which is particularly needed in this challenging commodity price environment,\" said Randy Smallwood, Silver Wheaton's President and Chief Executive Officer. \"At the same time, Silver Wheaton continues to position itself for the next cycle in base metals. For relatively little upfront capital, the early deposit agreement model allows us to get our foot in the door on high-quality, earlier stage projects like Cotabambas. This is a project that we believe will grow significantly with continued exploration of the currently defined targets, and one that will be a part of the next wave of copper assets to be developed.\"\n\nUpon entering into the Early Deposit Agreement, SWC will be entitled to purchase 100% of the silver production and 25% of the gold production from the Cotabambas project until 90 million silver equivalent ounces attributable to SWC have been produced, at which point the stream would drop to 66.67% of silver production and 16.67% of gold production for the life of mine. Under the proposed Early Deposit Agreement, SWC will pay a total cash consideration of US$140 million plus a...