VANCOUVER WHEATON RIVER MINERALS is spinning off its silver assets. The news follows the agreement to sell the silver output from Wheaton’s Luismin project to Chap Mercantile. Part of the agreement calls for Chap to change its name to SILVER WHEATON CORP, with Wheaton River owning 80% of Silver Wheaton.
The Luismin project consists of several silver mines in the San Dimas district in Mexico. In 2003, it produced about 6 million oz of silver, and that amount will rise to 8 million oz by 2006.
Details of the Silver Wheaton proposal are posted at www.WheatonRiver.com.
The closing of this transaction is timed to occur after COEUR D’ALENE MINES’ offer for Wheaton River expires on Aug. 27, 2004. Should Coeur successfully acquire control of Wheaton River, it can opt out of the Silver Wheaton deal.