09:41 AM EST - Silver Wheaton Corp. : announced that it has entered into an agreement with Barrick Gold Corp. to buy 25% of the life-of-mine silver production from the Pascua-Lama project and 100% of silver production from the Lagunas Norte, Pierina and Veladero mines until project completion at Pascua-Lama. Barrick will receive a cash deposit of $625 million U.S. payable over three years as well as ongoing payments for each ounce of silver delivered under the agreement. Silver Wheaton will make an immediate cash deposit of $212.5 million U.S. and three further deposits of $137.5 million U.S. on the first, second and third anniversaries of the closing of the transaction, which is expected to occur on or about September 22, 2009. Barrick will commence delivery of silver based on production from its existing mines to Silver Wheaton with an effective date of September 1, 2009, and silver deliveries will be based on Pascua-Lama production upon the later of January 1, 2014 or project completion. Silver Wheaton Corp.
shares T.SLW are trading even at $12.65.
