Wheaton Precious Metals Announces Hudbay's Receipt of the Approved Mine Plan of Operations for The Rosemont Project

Wheaton Precious Metals Announces Hudbay's Receipt of the Approved Mine Plan of Operations for The Rosemont Project

PR Newswire

VANCOUVER, British Columbia, March 21, 2019

VANCOUVER, British Columbia, March 21, 2019 /PRNewswire/ --

Wheaton Precious Metals™ Corp. ("Wheaton" or the "Company") is pleased to announce that Hudbay Minerals Inc. ("Hudbay") has received the approved Mine Plan of Operations ("MPO") for the Rosemont project from the U.S. Forest Service. The approval of the MPO follows the receipt of a Section 404 Water Permit from the U.S. Army Corps of Engineers for Rosemont on March 8, 2019. Hudbay has indicated that the issuance of the MPO is the final administrative step in the permitting process.

"We applaud the hard work and patience Hudbay has put forth in order to advance the Rosemont project to this stage," said Randy Smallwood, Wheaton's President and Chief Executive Officer. "With their most recent successful construction of the Constancia mine in Peru, the Hudbay team has proven themselves to be strong and responsible mine developers, and we are excited about the same team moving this project into production. Rosemont is an ideal fit for Wheaton's portfolio of high-quality assets, and when it is in production, should add well over fifty thousand gold equivalent ounces to our already growing production profile."

The Rosemont project is a copper-molybdenum-silver porphyry deposit located in Pima County, Arizona. Hudbay acquired the project in July 2014 through the acquisition of Augusta Resources Corporation. Based on the 2017 Feasibility Study published by Hudbay, Rosemont is expected to produce approximately 127,000 tonnes of copper annually at a cash cost of $1.14 per pound (net of by-product credits) over the first 10 years of operations.

As a reminder, Wheaton's wholly owned subsidiary Wheaton Precious Metals International Ltd. ("Wheaton International") has a precious metals purchase agreement with Hudbay on the Rosemont project, which in exchange for an upfront payment of $230 million paid in two instalments, entitles Wheaton International to 100% of payable silver and gold produced from Rosemont at a cash price of $450 per ounce of gold and $3.90 per ounce of silver, subject to an annual adjustment for inflation.

CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS 

The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to:

Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", "potential", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to:

Forward-looking statements are based on assumptions management currently believes to be reasonable, including but not limited to:

Although Wheaton has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Wheaton. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. The forward-looking statements included herein are for the purpose of providing investors with information to assist them in understanding Wheaton's expected financial and operational performance and may not be appropriate for other purposes. Any forward looking statement speaks only as of the date on which it is made. Wheaton does not undertake to update any forward-looking statements that are included or incorporated by reference herein, except in accordance with applicable securities laws.

Contact:
Patrick Drouin
Senior Vice President
Investor Relations
Wheaton Precious Metals Corp.
Tel: +1-844-288-9878
Email: info@wheatonpm.com
Website: http://www.wheatonpm.com


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