News Details

Vancouver, British Columbia Silver Wheaton Corp. (TSX, NYSE:SLW) is pleased to announce first quarter net earnings of US$24.9 million (US$0.11 per share) and operating cash flows of US$29.9 million (US$0.14 per share).

HIGHLIGHTS

• Net earnings of US$24.9 million (US$0.11 per share) from the sale of 3.3 million ounces of silver, an increase of 80% compared with US$13.8 million (US$0.07 per share) from the sale of 2.7 million ounces of silver in 2006.
  
• Operating cash flows of US$29.9 million (US$0.14 per share), more than double those of 2006 (US$13.9 million, or US$0.08 per share).
  
• Cash and cash equivalents at March 31, 2007 of US$68.8 million (December 31, 2006 - US$60.0 million).
  
• On April 16, 2007, the Company agreed to acquire 25% of the silver produced from Goldcorps Peasquito project located in Mexico for the life of mine. Total upfront consideration to be paid is US$485 million in cash. In addition, an ongoing per ounce cash payment of the lesser of US$3.90 and the prevailing market price is due (subject to an inflationary adjustment), for silver delivered under the contract. Silver Wheaton has obtained committed bank financing from the Bank of Nova Scotia and BMO Capital Markets, in the amount of US$485 million.
  
• On April 23, 2007, the Company entered into an agreement with Hellas Gold S.A., a 65% owned subsidiary of European Goldfields Ltd. (TSX/AIM: EGO), to acquire all of the silver produced from Hellas Golds Stratoni mining operations in Greece for the life of mine. Silver Wheaton made an upfront payment of US$57.5 million with cash on hand. In addition, an ongoing per ounce cash payment of the lesser of US$3.90 and the prevailing market price is due (subject to an inflationary adjustment), for silver delivered under the contract.

With the recent additions of both the Peasquito and Stratoni contracts, Silver Wheaton has boosted both near-term silver sales and our long term growth profile said Peter Barnes, President and Chief Executive Officer of Silver Wheaton. We feel that this is just the beginning of building the Company with similar accretive acquisitions over the next several years.

Conference Call

A conference call will be held Thursday, April 26, 2007 at 11:00 am (Eastern Time) to discuss these results. To participate in the live call use one of the following methods:

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:

Silver Wheaton is the largest public mining company with 100% of its operating revenue from silver production. The Company expects to have annual silver sales of approximately 15 million ounces in 2007, increasing to 23 million ounces by 2009 and over 28 million ounces by 2012. Silver Wheaton is unhedged and well positioned for further growth.

CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS

This news release 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 state 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: risks related to the integration of acquisitions, the absence of control over mining operations from which Silver Wheaton purchases silver and risks related to these mining operations, including risks related to international operations, actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations, 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 Wheatons annual information form for the year ended December 31, 2005 incorporated by reference into Silver Wheatons Form 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C. 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.

For further information, please contact:

David Awram
Director, Investor Relations
Silver Wheaton Corp.
Tel: 1-800-380-8687
Email: info@silverwheaton.com
Website: www.silverwheaton.com