Nice comeback today.SLW is a pure silver play that is debt free.They have made all the right moves.The Luismin mine was a great purchase.
On October 15, 2004, a 100% owned subsidiary of the Company, Silver Wheaton (Caymans) Corp. ("SW Caymans"), entered into an agreement to purchase all of the silver produced by Goldcorp's Luismin mining operations in Mexico. During the three months ended September 30, 2005, SW Caymans purchased 2,004,000 ounces (nine months ended September 30, 2005 - 6,066,000 ounces) of silver under the contract at a total cash cost of $3.90 per ounce, and sold it for an average price of $7.08 per ounce (nine months - $7.06 per ounce). The Company's cash flows and net earnings under the Luismin silver contract for the three months ended September 30, 2005 were $6,370,000 (nine months - $19,016,000) and $5,624,000 (nine months - $16,928,000), respectively.
As at December 31, 2004, Luismin had proven and probable silver reserves of 40.3 million ounces and inferred silver resources of 145.6 million ounces. Luismin has historically converted resources into reserves at a rate of 90%, which would result in a remaining mine life of over 20 years.