Silver Wheaton Corp.
TSX : SLW
NYSE : SLW

Silver Wheaton Corp.

December 03, 2007 17:00 ET

Silver Wheaton Corp.: Goldcorp Updates Penasquito and Luismin Silver Production Estimates

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2007) - Silver Wheaton Corp. ("Silver Wheaton") (TSX:SLW)(NYSE:SLW) has been advised by Goldcorp Inc. ("Goldcorp")(TSX:G)(NYSE:GG) that the silver production estimates for both the Penasquito Project and Luismin's San Dimas operations have been recently updated as part of Goldcorp's annual budgeting process.

PENASQUITO

The mine plan for the Penasquito Project has been revised to reflect exploration success reported in Goldcorp's updated resource and reserve report of July 2007. As a result, Goldcorp has decided to construct a larger mill than previously contemplated, increasing annual production levels by 30% and ramping up production faster than previously projected. Average annual silver production attributable to Silver Wheaton is expected to approximate 7.8 million ounces, a 44% increase compared with the 2006 feasibility study. Life-of-mine silver production attributable to Silver Wheaton has increased to 140 million ounces, representing a 52% increase over the June 2006 Feasibility Study levels.



Production Feasibility
Update Study Levels Change
(Nov. 2007) (June, 2006) (%)
Average annual silver sales
attributable to Silver Wheaton 7.8 M oz 5.4 M oz 44%
Life-of-mine silver production
attributable to Silver Wheaton 140 M oz 92 M oz 52%
Anticipated mine life 19 years 17 years 12%


Silver production at the Penasquito Project attributable to Silver Wheaton is now expected to approximate 560,000 ounces, 2,600,000 ounces, 5,100,000 ounces and 6,000,000 ounces, respectively, in 2008, 2009, 2010 and 2011.

In addition to the updated production schedule for Penasquito, Goldcorp recently announced it has focused exploration efforts on the new manto-skarn discovery at depth. High grade intercepts discovered to date indicate the possibility of a resource that could be mined, by underground methods, concurrent with open pit operations. This newly discovered area lies within the boundaries of Silver Wheaton's existing silver stream purchase contract. See Goldcorp's November 26th, 2007 news release for more detail.

LUISMIN

Silver Wheaton has been advised by Goldcorp that the production increase at Luismin's San Dimas operations in Mexico, originally scheduled for 2009, has now been deferred to 2010. Expected production levels at San Dimas are now expected to be 7 million ounces in 2008, 8 million ounces in 2009, increasing to 12 million ounces in 2010 and thereafter. This compares to previous guidance of 7 million ounces in 2008 increasing to 13 million ounces in 2009 and thereafter.

"Silver Wheaton benefits from the continuing exploration efforts and increased production levels at Penasquito and is very pleased to see the planned 30% increase in mill throughput and the early ramp up to full production. The 52% increase in expected silver production over the mine life demonstrates the strength of this world-class deposit and the excellent progress that Goldcorp is making in maximizing value," said Peter Barnes, President and Chief Executive Officer of Silver Wheaton. "Silver Wheaton's 2008 silver sales are expected to approximate 15 million ounces, in line with previous guidance, increasing to 19 million ounces in 2009 and 25 million ounces in 2010. With its strong ongoing operating cash flow, the Company continues to pursue additional silver stream opportunities."

Sales guidance from the Zinkgruvan, Stratoni and Yauliyacu mines is currently unchanged with updates expected in early 2008.

Silver Wheaton is the largest public mining company with 100% of its operating revenue from silver production. 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.

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.

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