News Details

Vancouver, British Columbia - Silver Wheaton Corp. (TSX, NYSE:SLW) is pleased to announce second quarter net earnings of US$22.9 million (US$0.10 per share) and operating cash flows of US$27.8 million (US$0.13 per share).

HIGHLIGHTS

• Net earnings of US$22.9 million (US$0.10 per share) from the sale of 3.1 million ounces of silver, compared with US$25.2 million (US$0.12 per share) from the sale of 3.8 million ounces of silver in 2006.
  
• Operating cash flows of US$27.8 million (US$0.13 per share), compared with US$32.7 million (US$0.15 per share) in 2006.
  
• Cash and cash equivalents at June 30, 2007 of US$40.3 million (December 31, 2006 - US$60.0 million).
  
• On April 16, 2007, the Company agreed to acquire 25% of the silver produced from Goldcorp's Peasquito project located in Mexico for the life of mine. On July 24, 2007, upon closing of the transaction, Silver Wheaton made an upfront cash payment of US$485 million. In addition, a per ounce cash payment of the lesser of US$3.90 and the prevailing market price is due (subject to an inflationary adjustment commencing in 2011), for silver delivered under the contract.
  
• On April 23, 2007, the Company entered into an agreement with Hellas Gold S.A., a 65% owned subsidiary of European Goldfields Ltd., to acquire all of the silver produced from Hellas Gold's Stratoni mining operations in Greece for the life of mine. Silver Wheaton made an upfront cash payment of US$57.5 million. In addition, a per ounce cash payment of the lesser of US$3.90 and the prevailing market price is due (subject to an inflationary adjustment commencing in 2010), for silver delivered under the contract.
  
• In June 2007, Goldcorp released an updated statement of reserves and resources for the Peasquito Project, increasing proven and probable silver reserves by 50% to 864 million ounces, while measured and indicated resources, exclusive of reserves, increased 67% to 413 million ounces. As a result of this, Silver Wheaton's attributable proven and probable silver reserves increased by 25% to 362 million ounces and attributable measured and indicated silver resources increased by 34% to 162 million ounces.
  
• On July 24, 2007, the Company entered into a credit agreement with the Bank of Nova Scotia and BMO Capital Markets, as co-lead arrangers and administrative agents, to borrow US$200 million under a non revolving term loan (the "Term Loan") and up to US$300 million under a revolving term loan (the "Revolving Loan"). The Revolving Loan is for a period of 7 years and the Term Loan is to be repaid in equal installments over a period of 7 years, however, prepayments are allowed at any time. In order to fund the Peasquito transaction the Term Loan was drawn in full and the Revolving Loan was drawn in the amount of US$246 million.

"This was a Company-transforming quarter for Silver Wheaton, with the announcements of the Peasquito and Stratoni silver contracts," said Peter Barnes, President and Chief Executive Officer of Silver Wheaton. "These acquisitions boosted our long-term cash flow per share by approximately 30% with no equity dilution, and give us one of the best growth profiles in the industry. Although our second quarter earnings were affected by a shortfall in production at the Luismin mines in Mexico, we are confident that this shortfall is only temporary, and by the end of the year, production will be back to normal levels. We continue to actively pursue further growth in order to maximize long-term shareholder value."

Conference Call

A conference call will be held Friday, August 3, 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 silver sales of approximately 13 million ounces for the year ended December 31, 2007 increasing to 23 million ounces by 2009 and 28 million ounces by 2012. Silver Wheaton is unhedged and well positioned for further growth.

Mr. Randy Smallwood, P.Eng., Executive Vice President of Corporate Development of Silver Wheaton, who is a "qualified person" as such term is defined under National Instrument 43-101, has reviewed and approved the contents of this news release.

The attributable silver reserves and resources to Silver Wheaton from the Peasquito Project are outlined in the following table:

(1) Peasquito reserves and resources reported represent the 25% share attributable to Silver Wheaton on a pro forma basis. The complete database of drillhole results at Peasquito can be found on Goldcorp's website at www.goldcorp.com. Open pit limits were determined using a floating cone optimization routine, with cost parameters and metal recovery rates updated since the prior reserve announcement in June 2006. Metal prices utilized in the pit design were: US$525 per ounce of gold, US$10.00 per ounce of silver, US$0.40 per pound of lead and US$0.80 per pound of zinc.

To view the full second quarter results, click here.

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 Wheaton's annual information form for the year ended December 31, 2006 incorporated by reference into Silver Wheaton's 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.

CAUTIONARY NOTE TO U.S. INVESTORS CONCERNING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES

This news release uses the terms "Measured", "Indicated" and "Inferred" Resources. U.S. investors are advised that while such terms are recognized and required by Canadian regulations, the Securities and Exchange Commission does not recognize them. "Inferred Resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. U.S. investors are cautioned not to assume that all or any part of Measured or Indicated Resources will ever be converted into reserves. U.S. investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.

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