Silver Wheaton Corp. (USA) NYSE:SLW a Strong Buy

Silver Wheaton Corp. (USA) NYSE:SLW has been upgraded to a strong buy with a 2012 price target of $43 issued today by Shayne Heffernan.

Silver Wheaton Corp. announced that it forecast fiscal 2011 attributable production is 27-28 million silver equivalent ounces, including 15,000 ounces of gold.

By 2015, annual attributable production is anticipated to increase significantly to approximately 43 million silver equivalent ounces, including 35,000 ounces of gold.

The Company also announced that its Board of Directors has declared its second quarterly cash dividend payment for 2011 of USD0.03 per common share. The quarterly dividend will be paid to holders of record of its common shares as of the close of business on June 20, 2011, and will be distributed on or about June 30, 2011.

Silver Wheaton Corp. (Silver Wheaton) is a mining company, which generates its revenue primarily from the sale of silver. As of December 31, 2010, Silver Wheaton had entered into 14 long-term silver purchase agreements and two long-term precious metal purchase agreements.

The Company operates in nine business segments: the silver produced by the San Dimas, Zinkgruvan, Yauliyacu, Penasquito, Cozamin, Barrick and Other mines, the gold produced by the Minto mine and corporate operations. Its wholly owned subsidiaries include Silver Wheaton (Caymans) Ltd. and Silverstone Resources (Barbados) Corp.

In December 2010, Silver Wheaton sold its La Negra silver interest to Aurcana Corporation (Aurcana). On May 21, 2010, the Company acquired Ventana Gold Corp. (Ventana). On November 3, 2010, it acquired Bear Creek Mining Corporation (Bear Creek).