Silver Wheaton reports record attributable production, earnings and cash
flows in the third quarter; Penasquito commences shipments of silver-bearing
concentrates

    
    TSX: SLW
    NYSE:   SLW
    

VANCOUVER, Nov. 9 /CNW/ - Silver Wheaton Corp. (TSX, NYSE: SLW) today announced its unaudited results for the third quarter ended September 30, 2009.

    
    THIRD QUARTER HIGHLIGHTS
    -------------------------------------------------------------------------
    -  Record attributable production of 4.3 million silver equivalent ounces
       (4.0 million ounces of silver and 3,698 ounces of gold) at a total
       cash cost of US$3.97(1) per silver ounce, representing an increase of
       59% over the comparable period in 2008.

    -  Record silver equivalent sales of 4.6 million ounces (4.0 million
       ounces of silver and 9,953 ounces of gold), representing an increase
       of 70% over the comparable period in 2008.

    -  As of the end of the third quarter, approximately 1.0 million silver
       equivalent payable ounces attributable to the Company have been
       produced at the various mines and will be recognized in future sales
       as they are delivered to the Company under the terms of their
       contracts.

    -  Record net earnings of US$33.6 million (US$0.11 per share) compared to
       US$20.2 million (US$0.09 per share) for the comparable period in 2008.

    -  Record operating cash flows of US$45.4 million (US$0.14 per share)
       compared to US$26.7 million (US$0.11 per share) for the comparable
       period in 2008.

    -  Entered into an agreement with Barrick Gold Corporation ("Barrick") to
       acquire 25% of the life of mine silver production from its Pascua-Lama
       project, as well as 100% of the silver production from its Lagunas
       Norte, Pierina and Veladero mines until the end of 2013. Silver
       Wheaton will make total upfront cash payments of US$625 million
       payable in installments, of which US$212.5 million has been paid to
       date. The remaining US$412.5 million is payable in annual installments
       of US$137.5 million due on the first, second and third anniversaries
       of the transaction. The acquisition is forecast to add average
       annualized silver production of approximately 2.4 million ounces until
       Pascua-Lama commences production in 2013, at which time average annual
       silver production is forecast to increase by approximately 9 million
       ounces for the first five years of Pascua-Lama's 25 year mine life.

    -  In conjunction with the Barrick acquisition, closed a bought deal
       equity financing, raising gross proceeds of US$287.5 million.
       Subsequent to September 30, 2009, US$140 million of the net proceeds
       were used to repay a temporary draw under the Company's revolving bank
       debt facility, which was utilized to partially finance the initial
       upfront payment made to Barrick. The remaining proceeds from the
       equity financing, together with the US$400 million of available credit
       under the Company's revolving bank debt facility, are available to
       fund further silver stream acquisitions.

    -  On November 4, 2009, Goldcorp Inc. ("Goldcorp") announced that they
       have commenced shipments of the first silver-bearing lead and zinc
       concentrates produced at their Penasquito mine in Mexico with
       preliminary metals grades, recoveries and concentrate quality meeting
       or exceeding expectations. Annual production attributable to Silver
       Wheaton from Penasquito is expected to average approximately
       7.2 million ounces of silver over the estimated 22 year mine life.

    (1) Refer to discussion on non-GAAP measures at the end of this press
        release
    

"It is very pleasing to report record attributable silver production, sales, earnings and cash flows, just as Penasquito is poised to start driving further significant growth over the next few years," said Peter Barnes, President and Chief Executive Officer of Silver Wheaton. "On top of that, the Barrick silver stream acquisition, which was completed in the third quarter, will increase our long term growth profile significantly, solidifying Silver Wheaton's status as the largest of all metals streaming and royalty companies in the world."

"We are now partnered with the world's two largest gold companies, Barrick and Goldcorp, and have a significant interest in what are forecast to be two of the world's biggest silver producing mines, the Pascua-Lama mine straddling the border of Chile and Argentina and the Penasquito mine in Mexico. Penasquito, the first of these cornerstone growth assets to commence production, continues its successful ramp up and the mine has now begun shipping silver-bearing concentrates with preliminary metal grades and recoveries meeting or exceeding expectations. Furthermore, given the US$400 million of available credit under our revolving bank debt facility and over US$165 million of cash on hand, we are very well positioned to pursue additional accretive acquisitions."

This earnings release should be read in conjunction with Silver Wheaton's MD&A and Financial Statements, which are available on the Company's website at www.silverwheaton.com and have been posted on SEDAR at www.sedar.com.

Conference Call Details

A conference call will be held Tuesday, November 10, 2009, starting at 11:00 am (Eastern Time) to discuss these results. To participate in the live call use one of the following methods:

    
    Dial toll free from Canada or the US:  1-888-231-8191
    Dial from outside Canada or the US:    1-647-427-7450
    Pass code:                             34932154
    Live audio webcast:                    www.silverwheaton.com

    Participants should dial in five to ten minutes before the call.

    The conference call will be recorded and you can listen to an archive of
    the call by one of the following methods:

    Dial toll free from Canada or the US:  1-800-642-1687
    Dial from outside Canada or the US:    1-416-849-0833
    Pass code:                             34932154
    Archived audio webcast:                www.silverwheaton.com
    

About Silver Wheaton

Silver Wheaton is the largest silver streaming company in the world. Forecast 2009 production is 16 million ounces of silver and 17,000 ounces of gold, for total production of 17 million silver equivalent ounces. By 2013, annual production is anticipated to more than double to approximately 39 million ounces of silver and 20,000 ounces of gold, for total production of approximately 40 million silver equivalent ounces. This growth is driven by the Company's portfolio of world-class assets, including silver streams on Goldcorp's Penasquito mine and Barrick's Pascua-Lama project.

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 applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the future price of silver, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, reserve determination and reserve conversion rates. 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", "intends", "anticipates" or "does not anticipate", or "believes", 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 Silver Wheaton to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: fluctuations in the price of silver, the absence of control over mining operations from which Silver Wheaton purchases silver and risks related to these mining operations, including risks related to fluctuations in the price of the primary commodities mined at such operations, changes in laws and regulations including taxation policies, actual results of mining and exploration activities, changes in project parameters as plans continue to be refined, as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in Silver Wheaton's Annual Information Form available on SEDAR at www.sedar.com and in Silver Wheaton's Form 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the mining operations from which Silver Wheaton purchases silver, no material adverse change in the market price of commodities, that the mining operations will operate and the mining projects will be completed in accordance with their public statements and achieve their stated production outcomes, and such other assumptions and factors as may be set out herein. Although Silver Wheaton has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Silver Wheaton does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

    
    Consolidated Statement of Operations (unaudited)

    (US dollars
     and shares
     in thousands,           Three Months Ended         Nine Months Ended
     except per                 September 30               September 30
     share amounts  ---------------------------------------------------------
     - unaudited)    Note     2009         2008         2009         2008
    -------------------------------------------------------------------------
    Sales                 $    69,767  $    39,371  $   148,742  $   137,994
    -------------------------------------------------------------------------
    Cost of sales              18,765       10,677       43,069       33,033
    Depletion                  13,164        5,152       26,170       14,443
    -------------------------------------------------------------------------
                               31,929       15,829       69,239       47,476
    -------------------------------------------------------------------------
    Earnings from
     operations                37,838       23,542       79,503       90,518
    -------------------------------------------------------------------------
    Expenses and other
     income
      General and
       administrative(1)        3,906        3,589       12,917       13,850
      Debt issue costs              -            -            -          601
      Loss (gain) on
       mark-to-market of
       warrants held                -          100          (33)       1,047
      Other                       366         (388)        (496)        (283)
    -------------------------------------------------------------------------
                                4,272        3,301       12,388       15,215
    -------------------------------------------------------------------------

    Earnings before tax        33,566       20,241       67,115       75,303
    Future income tax
     expense                        -            -            -        3,858
    -------------------------------------------------------------------------

    Net earnings          $    33,566  $    20,241  $    67,115  $    71,445
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Stock based
         compensation
         (a non-cash
         item) included
         in general and
         administrative   $       623  $     1,078  $     3,312  $     4,538

    Basic earnings per
     share                $      0.11  $      0.09  $      0.23  $      0.32
    Diluted earnings per
     share                $      0.11  $      0.08  $      0.23  $      0.29
    Weighted average
     number of shares
     outstanding
      Basic                   313,445      232,710      294,208      226,598
      Diluted                 317,431      249,010      297,936      249,833
    -------------------------------------------------------------------------



    Consolidated Balance Sheets (unaudited)

                                             --------------------------------
                                                   September 30  December 31
    (US dollars in thousands - unaudited)     Note      2009         2008
    -------------------------------------------------------------------------
    Assets
    Current
      Cash and cash equivalents                     $   304,858  $     7,110
      Accounts receivable                                 5,497          772
      Other                                                 667          816
    -------------------------------------------------------------------------
                                                        311,022        8,698

    Long-term investments                                49,766       21,840
    Silver and gold interests                         1,937,378    1,238,368
    Other                                                 1,604        1,740
    -------------------------------------------------------------------------
                                                    $ 2,299,770  $ 1,270,646
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities
    Current
      Accounts payable                              $     1,722  $     1,396
      Accrued liabilities                                 6,285        3,425
      Current portion of bank debt                      168,760       28,560
      Current portion of silver interest
       payments due                                     128,625            -
    -------------------------------------------------------------------------
                                                        305,392       33,381

    Bank debt                                           114,320      349,240
    Silver interest payments due                        232,879            -
    -------------------------------------------------------------------------
                                                        652,591      382,621
    -------------------------------------------------------------------------

    Shareholders' Equity
    Issued capital and contributed surplus            1,326,369      662,115
    -------------------------------------------------------------------------

    Retained earnings                                   293,025      225,910
    Accumulated other comprehensive income               27,785            -
    -------------------------------------------------------------------------
                                                        320,810      225,910
    -------------------------------------------------------------------------
                                                      1,647,179      888,025
    -------------------------------------------------------------------------
                                                    $ 2,299,770  $ 1,270,646
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Consolidated Statement of Cash Flows (unaudited)

                             Three Months Ended         Nine Months Ended
    (US dollars                  September 30               September 30
     in thousands -       ---------------------------------------------------
     unaudited)               2009         2008         2009         2008
    -------------------------------------------------------------------------

    Operating Activities
    Net earnings          $    33,566  $    20,241  $    67,115  $    71,445
    Items not affecting
     cash
      Depreciation and
       depletion               13,229        5,152       26,359       14,443
      Future income tax
       expense                      -            -            -        3,858
      Stock based
       compensation               623        1,078        3,312        4,538
      Loss (gain) on
       mark-to-market of
       warrants held                -          100          (33)       1,047
      Other                      (338)        (281)        (148)        (244)
    Change in non-cash
     operating working
     capital                   (1,700)         435       (1,652)         609
    -------------------------------------------------------------------------
    Cash generated by
     operating activities      45,380       26,725       94,953       95,696
    -------------------------------------------------------------------------

    Financing Activities
    Bank debt drawn down      140,200       18,000      140,200      183,500
    Bank debt repaid           (7,140)    (131,040)    (234,920)    (223,620)
    Shares issued             287,531            -      517,955            -
    Share issue costs         (11,645)      (1,159)     (21,620)      (1,183)
    Warrants exercised         10,345      113,463       10,508      115,785
    Share purchase
     options exercised          4,200          580        5,789        2,640
    -------------------------------------------------------------------------
    Cash generated by
     (applied to)
     financing activities     423,491         (156)     417,912       77,122
    -------------------------------------------------------------------------

    Investing Activities
    Silver interests         (213,819)     (44,958)    (218,466)    (164,008)
    Acquisition of
     Silverstone Resources
     Corp., net of cash
     acquired                    (261)           -        2,407            -
    Other                       1,599       (4,044)       1,615       (4,572)
    -------------------------------------------------------------------------
    Cash applied to
     investing activities    (212,481)     (49,002)    (214,444)    (168,580)
    -------------------------------------------------------------------------
    Effect of exchange
     rate changes on cash
     and cash equivalents        (122)         463         (673)         459
    -------------------------------------------------------------------------
    Increase (decrease) in
     cash and cash
     equivalents              256,268      (21,970)     297,748        4,697
    Cash and cash
     equivalents,
     beginning of period       48,590       36,632        7,110        9,965
    -------------------------------------------------------------------------
    Cash and cash
     equivalents, end of
     period               $   304,858  $    14,662  $   304,858  $    14,662
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Results of Operations (unaudited)

                                        Nine Months Ended September 30, 2009
    -------------------------------------------------------------------------
                                                                     Average
                                                                    realized
                                                                       price
                               Ounces       Ounces                  ($'s per
                           produced(2)        sold        Sales        ounce)
    -------------------------------------------------------------------------
    Silver (000's)
      Luismin                   4,016        4,034  $    55,701  $     13.81
      Zinkgruvan                1,356        1,353       19,023        14.06
      Yauliyacu                 2,359        1,987       26,881        13.53
      Stratoni                    699          690        8,780        12.71
      Penasquito                  487          455        6,106        13.42
      Campo Morado                610          305        4,180        13.67
      Minto                        84           67        1,036        15.31
      Cozamin                     628          597        8,671        14.53
      Barrick(4)                  223          187        3,008        16.07
      Other(5)                    638          395        5,648        14.28
      Corporate
    -------------------------------------------------------------------------
                               11,100       10,070  $   139,034  $     13.80
    Gold
      Minto                    10,521       10,098  $     9,708  $       961
    -------------------------------------------------------------------------
    Silver Equivalent
    (000's)(6)                 11,761       10,708  $   148,742  $     13.89
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                        Nine Months Ended September 30, 2009
    -------------------------------------------------------------------------

                                Total        Total
                            cash cost    depletion          Net    Cash flow
                             ($'s per     ($'s per     earnings         from
                             ounce)(3)       ounce)       (loss)  operations
    -------------------------------------------------------------------------
    Silver (000's)
      Luismin             $      4.02  $      0.71  $    36,609  $    39,483
      Zinkgruvan                 4.02         1.78       11,175       12,793
      Yauliyacu                  3.93         3.47       12,184       19,082
      Stratoni                   3.90         3.59        3,605        6,201
      Penasquito                 3.90         2.35        3,260        4,331
      Campo Morado               3.90         4.85        1,506        2,987
      Minto                      3.90         4.48          469          808
      Cozamin                    4.00         4.70        3,479        7,617
      Barrick(4)                 3.90         3.46        1,631        2,278
      Other(5)                   3.90         5.80        1,812        3,765
      Corporate                                         (12,388)      (9,914)
    -------------------------------------------------------------------------
                          $      3.97  $      2.31  $    63,342  $    89,431
    Gold
      Minto               $       300  $       288  $     3,773  $     5,522
    -------------------------------------------------------------------------
    Silver Equivalent
      (000's)(6)          $      4.02  $      2.44  $    67,115  $    94,953
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Ounces produced represent the quantity of silver and gold contained
        in concentrate or doré prior to smelting or refining deductions.
    (2) Certain production figures are based on management estimates.
    (3) Refer to discussion on non-GAAP measures at the end of this press
        release
    (4) Comprised of Lagunas Norte, Pierina and Veladero mines.
    (5) Comprised of La Negra, Mineral Park and Neves-Corvo mines.
    (6) Gold ounces produced and sold are converted to a silver equivalent
        basis on the ratio of the average silver price received to the
        average gold price received during the period.



                                        Nine Months Ended September 30, 2008
    -------------------------------------------------------------------------
                                                                     Average
                                                                    realized
                                                                       price
                               Ounces       Ounces                  ($'s per
                             produced         sold        Sales        ounce)
    -------------------------------------------------------------------------
    Silver (000's)
      Luismin                   3,938        4,123  $    68,028  $     16.50
      Zinkgruvan                1,321        1,260       20,523        16.26
      Yauliyacu                 2,397        2,175       36,346        16.71
      Stratoni                    803          685       10,868        15.87
      Penasquito                  141           98        1,451        14.74
      Campo Morado                 12            -            -            -
      Other(3)                     86           58          778        13.33
      Corporate
    -------------------------------------------------------------------------
                                8,698        8,399  $   137,994  $     16.43
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                        Nine Months Ended September 30, 2008
    -------------------------------------------------------------------------

                                Total        Total
                            cash cost    depletion          Net    Cash flow
                             ($'s per     ($'s per     earnings         from
                             ounce)(2)       ounce)       (loss)  operations
    -------------------------------------------------------------------------
    Silver (000's)
      Luismin             $      3.95  $      0.42  $    50,023  $    51,746
      Zinkgruvan                 3.96         1.57       13,563       16,249
      Yauliyacu                  3.90         3.47       20,310       27,866
      Stratoni                   3.90         3.69        5,670        8,078
      Penasquito                 3.90         2.42          830        1,067
      Campo Morado                  -            -            -            -
      Other(3)                   3.90         7.38          122          828
      Corporate                                         (19,073)     (10,138)
    -------------------------------------------------------------------------
                          $      3.93  $      1.72  $    71,445  $    95,696
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Ounces produced represent the quantity of silver contained in
        concentrate or doré prior to smelting o r refining deductions.
    (2) Refer to discussion on non-GAAP measures at the end of this press
        release
    (3) Comprised of La Negra mine.



                                       Three Months Ended September 30, 2009
    -------------------------------------------------------------------------
                                                                     Average
                                                                    realized
                                                                       price
                               Ounces       Ounces                  ($'s per
                           produced(2)        sold        Sales        ounce)
    -------------------------------------------------------------------------
    Silver (000's)
      Luismin                   1,308        1,310  $    20,053  $     15.30
      Zinkgruvan                  415          433        6,861        15.85
      Yauliyacu                   750          698       10,600        15.19
      Stratoni                    229          342        4,826        14.10
      Penasquito                  165          190        2,691        14.15
      Campo Morado                225          170        2,458        14.42
      Minto                        46           68        1,043        15.29
      Cozamin                     366          384        5,736        14.94
      Barrick(4)                  223          187        3,008        16.07
      Other(5)                    305          192        2,918        15.21
      Corporate
    -------------------------------------------------------------------------
                                4,032        3,974  $    60,194  $     15.14
    Gold
      Minto                     3,698        9,953  $     9,573  $       962
    -------------------------------------------------------------------------
    Silver Equivalent
    (000's)(6)                  4,265        4,600  $    69,767  $     15.16
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                       Three Months Ended September 30, 2009
    -------------------------------------------------------------------------

                                Total        Total
                            cash cost    depletion          Net    Cash flow
                             ($'s per     ($'s per     earnings         from
                             ounce)(3)       ounce)       (loss)  operations
    -------------------------------------------------------------------------
    Silver (000's)
      Luismin             $      4.02  $      0.65  $    13,929  $    14,785
      Zinkgruvan                 4.02         1.78        4,350        4,415
      Yauliyacu                  3.94         3.47        5,426        7,849
      Stratoni                   3.90         3.50        2,292        3,368
      Penasquito                 3.90         2.36        1,502        1,950
      Campo Morado               3.90         4.83          969        1,793
      Minto                      3.90         4.48          472          794
      Cozamin                    4.00         4.72        2,389        4,229
      Barrick(4)                 3.90         3.46        1,631        2,278
      Other(5)                   3.90         5.29        1,154        1,377
      Corporate                                          (4,272)      (2,788)
    -------------------------------------------------------------------------
                          $      3.97  $      2.59  $    29,842  $    40,050
    Gold
      Minto               $       300  $       288  $     3,724  $     5,330
    -------------------------------------------------------------------------
    Silver Equivalent
    (000's)(6)            $      4.08  $      2.86  $    33,566  $    45,380
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    (1) Ounces produced represent the quantity of silver and gold contained
        in concentrate or doré prior to smelting or refining deductions.
    (2) Certain production figures are based on management estimates.
    (3) Refer to discussion on non-GAAP measures at the end of this press
        release
    (4) Comprised of Lagunas Norte, Pierina and Veladero mines.
    (5) Comprised of La Negra, Mineral Park and Neves-Corvo mines.
    (6) Gold ounces produced and sold are converted to a silver equivalent
        basis on the ratio of the average silver price received to the
        average gold price received during the period.



                                       Three Months Ended September 30, 2008
    -------------------------------------------------------------------------
                                                                     Average
                                                                    realized
                                                                       price
                               Ounces       Ounces                  ($'s per
                             produced         sold        Sales        ounce)
    -------------------------------------------------------------------------
    Silver (000's)
      Luismin                   1,174        1,198  $    17,496  $     14.61
      Zinkgruvan                  371          418        5,436        13.01
      Yauliyacu                   712          691       10,712        15.50
      Stratoni                    280          253        3,498        13.85
      Penasquito                  113           98        1,451        14.74
      Campo Morado                 12            -            -            -
      Other(3)                     69           58          778        13.33
      Corporate
    -------------------------------------------------------------------------
                                2,731        2,716  $    39,371  $     14.50
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                       Three Months Ended September 30, 2008
    -------------------------------------------------------------------------

                                Total        Total
                            cash cost    depletion          Net    Cash flow
                             ($'s per     ($'s per     earnings         from
                             ounce)(2)       ounce)       (loss)  operations
    -------------------------------------------------------------------------
    Silver (000's)
      Luismin             $      3.95  $      0.42  $    12,265  $    12,766
      Zinkgruvan                 3.96         1.57        3,127        4,525
      Yauliyacu                  3.90         3.47        5,616        8,017
      Stratoni                   3.90         3.68        1,582        2,592
      Penasquito                 3.90         2.42          830        1,067
      Campo Morado                  -            -            -            -
      Other(3)                   3.90         7.38          122          828
      Corporate                                          (3,301)      (3,070)
    -------------------------------------------------------------------------
                          $      3.93  $      1.90  $    20,241  $    26,725
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Ounces produced represent the quantity of silver contained in
        concentrate or doré prior to smelting o r refining deductions.
    (2) Refer to discussion on non-GAAP measures at the end of this press
        release
    (3) Comprised of La Negra mine.
    

Non-GAAP Measures - Total Cash Costs Per Ounce Of Silver & Gold Calculation

Silver Wheaton has included, throughout this press release, certain non-GAAP performance measures, including total cash costs of silver and gold on a sales basis. These non-GAAP measures do not have any standardized meaning prescribed by GAAP, nor are they necessarily comparable with similar measures presented by other companies. Cash costs are presented as they represent an industry standard method of comparing certain costs on a per unit basis. The Company believes that certain investors use this information to evaluate the Company's performance. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. During the three months ended September 30, 2009, the Company's total cash costs, which were equivalent to the Company's Cost of Sales in accordance with GAAP, were $3.97 per ounce of silver and $300 per ounce of gold (2008 - $3.93 per ounce of silver).

SOURCE Silver Wheaton Corp.

For further information: For further information: Brad Kopp, Director, Investor Relations, Silver Wheaton Corp., Tel: 1-800-380-8687, Email: info@silverwheaton.com, Website: www.silverwheaton.com

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