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Message: Silver Wheaton

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Silver Wheaton

posted on May 17, 10 05:42PM

Let's hope this will give some momentum:

VANCOUVER, May 17 /CNW/ - Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX, NYSE:SLW) announces that it has acquired, by way of a private placement financing, 1.8 million units in Ventana Gold Corp. ("Ventana") (TSX:VEN) at a price of C$11.50 per unit for total consideration of C$20,700,000. The Units are comprised of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of Ventana at a price of C$15.00 for a period of one year from the date of closing of the transaction. As part of this transaction, Silver Wheaton has been granted a right of first refusal over any silver streams relating to all of Ventana's Colombian properties with an area of interest covering a 5 kilometre radius from the property boundaries. Ventana's flagship asset is the high-grade gold-silver La Bodega project.

"We are pleased to have acquired a right of first refusal on this very promising project," said Peter Barnes, Chief Executive Officer of Silver Wheaton. "Drill results to date suggest that La Bodega has the potential to host a world-class gold deposit, with substantial silver by product credits. As the project advances, we look forward to working with Ventana towards completing a silver streaming agreement."

Silver Wheaton has acquired Ventana shares for investment purposes and may acquire or dispose of its beneficial ownership, control or direction over securities through market transactions, private placements, treasury issuances or otherwise as circumstances or market conditions warrant or arise.

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