Vancouver-based silver reseller Silver Wheaton increased full-year net earnings to a record $91,9-million in 2007, compared with $85,2-million a year ago, and expects silver sales to almost double, to 25-million ounces by 2010, the company said on Monday.

Silver Wheaton buys silver from producers on a long-term basis, at predetermined prices, and then sells the metal at the current spot price.

The company sold 13,1-million ounces of silver in 2007, slightly down from the 13,5-million ounces sold in 2006, but operating cash flow rose to $119-million, from $104-million a year ago.

Like other precious metals, prices for silver have increased significantly.

Last year, Silver Wheaton agreed to buy silver from the Penasquito mine, in Mexico and Hellas Gold's Stratoni project in Greece.

It also signed an agreement to buy silver from Augusta Resource's Rosemont project, in the US, although the terms of the transaction have yet to be ironed out.

"2007 was our best year ever, with record earnings, record cash flows, and two very accretive acquisitions," president and CEO Peter Barnes said in a statement.

“2008 promises to be even better than 2007, with a strong silver price, the Goldcorp share overhang recently removed, and a robust potential deal flow."

Canadian gold producer Goldcorp announced earlier this month that it had sold its its 48% stake in Silver Wheaton, for about C$1,56-billion.

Silver Wheaton shares rose 1,36% on Monday, to C$16,42 a share by 15:47 in Toronto.

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