News Details

Vancouver, British Columbia Silver Wheaton Corp. (TSX, NYSE:SLW) is pleased to announce third quarter net earnings of US$19.2 million (US$0.09 per share) and operating cash flows of US$27.1 million (US$0.12 per share).

• Net earnings of US$19.2 million ($0.09 per share) from the sale of 3.1 million ounces of silver, compared with US$22.5 million ($0.10 per share) from the sale of 3.5 million ounces of silver in 2006.
• Operating cash flows of US$27.1 million (US$0.12 per share), compared with US$28.3 million (US$0.13 per share) in 2006.
• Cash and cash equivalents at September 30, 2007 of US$7.0 million (December 31, 2006 - US$60.0 million).
• On July 24, 2007, the Company entered into a transaction to acquire 25% of the life of mine silver production from Goldcorps Peasquito project located in Mexico, for 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 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.

"We are pleased that mine production levels showed a 10% improvement over the second quarter," said Peter Barnes, President and Chief Executive Officer of Silver Wheaton, "although most of this improvement will not be reflected in our operating results until the fourth quarter, due to timing of product shipments."

Conference Call
A conference call will be held Thursday, November 1, 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 28 million ounces by 2012. Silver Wheaton is unhedged and well positioned for further growth.

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 Wheatons annual information form for the year ended December 31, 2006 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