Silver Wheaton Increases Profit 2 Percent for Quarter

Silver Wheaton CEO Peter Barnes

While Silver Wheaton (SLW.TO) experienced lowers sales volume than anticipated for the quarter, the higher price of metal allowed it to enjoy a 2 percent increase in profit for the second quarter.

The Canadian-based company ended with earnings of $23.3 million, in contrast to $22.9 million a year ago for the quarter ending June 30.

The company average a selling price of $17.35 an ounce for its silver sales, on the 2.9 million ounces it sold. The 2.9 million ounces sold was down by 13 percent from its projections. Last year they sold 3.1 million ounces during the same period.

According to Wheaton, the reason was the quality of the ore mined at Goldcorp's (G.TO) Luismin mine in Mexico, which was lower-grade ore.

CEO Peter Barnes noted in a press release that "This past quarter, we negotiated more silver stream agreements than any other quarter in our history.

"With eight silver agreements completed and another soon to be, we have diversified our portfolio and expanded our relationships within the industry."

Projections are for annual sales to reach somewhere between 13- to 15 million ounces sold in 2008.

Silver Falcon Mining Says Ready to begin Transporting

Per a deal with Earll Excavation and Bill Earll, Silver Falcon Mining (SFMI.PK)announced they're ready to go forward with the first phase of their business plan.

Pierre Quilliam, President of Silver Falcon Mining, Inc., said, "Now that the roads are open all the way to our mines, we can proceed with the first phase of our business plan. We are very excited to join with Earll Excavation, Inc., an experienced hauler, which gives us insurance of continuous production in our Melba mill for the next 24 months."

Earll Excavation is well respected in the industry, and has successfully loaded and transported tailings for a number of companies.

The agreement calls for loading and transporting tailings from the "Belle Peck" adit to SFMI's mill in Melba, Idaho. There it will be stockpiled by Earll.