Vancouver-based silver reseller Silver Wheaton increased its proven and probably silver reserves by 239% year-on-year in 2007, to 364,4-million on December 31, the company said on Thursday.

The company's measured and indicated resources increased by 244%, to 160,2 million ounces, and inferred resources increased 48% to 416,9-million ounces over the same period.

During 2007, the company signed an agreement for 25% of the life of mine silver production from Goldcopr's Peñasquito project, in Mexico, and 100% of the life of mine silver production from the Stratoni Mine in Greece

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

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