Gold Wheaton Gold Corp.
TSX VENTURE : GLW

Gold Wheaton Gold Corp.

March 11, 2009 16:08 ET

Gold Wheaton Reports Positive Results for 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2009) - Gold Wheaton Gold Corp. ("Gold Wheaton") (TSX VENTURE:GLW) is pleased to announce the financial results of operations for the three and fifteen months ended December 31, 2008 (unless otherwise indicated, all dollar amounts are expressed in United States dollars).

Highlights for 2008

- Revenue from the sale of 18,985 gold equivalent ounces ("GEO") for the fifteen months ended December 31, 2008 was $15.4 million at an average gold price of $813 per ounce;

- EBITDA(1) for the fifteen month period ended December 31, 2008 was $4.0 million;

- Over the fifteen month period, FNX Mining Company Ltd. ("FNX") delivered and sold to Gold Wheaton approximately 18,761 GEO, comprising of 5,620 ounces of gold, 10,236 ounces of platinum and 11,748 ounces of palladium. First Uranium Corporation ("First Uranium") delivered and sold approximately 224 ounces to Gold Wheaton in the same period;

- On December 31, 2008, the Company had cash and short term investments of $7.4 million and working capital of $14.5 million;

- Net loss for the fifteen month period ended December 31, 2008 was $5.4 million (loss of $0.01 per share), primarily due to a stock-based compensation expense of $3.6 million and foreign exchange losses of $1.8 million as a result of the weakening Canadian dollar. Net loss for the three months ended December 31, 2008 was $2.0 million, primarily due to foreign exchange losses of $1.5 million;

- In July, 2008, the Company completed a private placement which raised gross proceeds of $255.1 million. Net proceeds from the private placement were used to acquire 50% of the GEO in ore mined and shipped from certain of the existing mining operations wholly-owned by FNX located in northern Ontario;

- In November, 2008, the Company entered into an agreement with First Uranium (the "First Uranium Agreement") to purchase in 2009 a minimum of 20,000 ounces of gold (up to a maximum of 25% of the gold production in 2009) from the First Uranium's Mine Waste Solutions tailing recovery operation in South Africa (the "MWS Project") and thereafter 25% of the life-of-mine gold production from the MWS Project. The transaction closed in December 2008. Gold Wheaton paid an upfront payment of $50 million from cash on hand. Under the First Uranium Agreement, the Company agreed, subject to financing, to pay First Uranium an additional $75 million (the "Balance Payment") on or before 17 March 2009;

- Subsequent to December 31, 2008, the Company completed a public offering for 460,000,000 units at a price of CDN$0.25 per unit to raise gross proceeds of CDN$115 million. Each unit consists of one common share and one half share purchase warrant, with each whole warrant entitling the holder to acquire one additional common share at an exercise price of CDN$0.50 per share for a period of 2 years following the closing of the offering. Net proceeds from the offering will primarily be used to fund the Balance Payment in connection with the First Uranium Agreement.

"Since inception in July 2008 we have grown Gold Wheaton into a sustainable and robust cash generating gold streaming company. We have completed two gold streaming transactions and are in the process of closing the third, all of which are associated with long life and low risk assets. Our cash flow is strong and will grow significantly over the next 18 months through internal growth," said David Cohen, Chairman and CEO. "We will continue to focus on profitable new transactions."

Financial Information

For complete details of financial results, please refer to the audited consolidated financial statements and accompanying Management's Discussion and Analysis ("MD&A") for the three and fifteen months ended December 31, 2008. These financial statements and MD&A, and the comparative financial statements for the three and fifteen months ended December 31, 2008 are all available on SEDAR at www.sedar.com and on the Company's website www.goldwheaton.com.

Teleconference call details

Gold Wheaton will host a telephone conference call on Thursday, March 12, 2009, at 9:00am PST (12:00pm EST) to discuss the results. The conference call may be accessed by dialing 1-800-319-4610 in Canada and the United States, or 1-604-638-5340 internationally.

The conference call will be archived for later playback until Thursday March 19, 2009 and can be accessed by dialing 604-638-9010 or 1-800-319-6413 and using the pass code 3504 followed by the number sign, #.

About the Company

Gold Wheaton is a gold company with 100% of its operating revenue from the sale of gold and precious metals produced by others. The Company is actively pursuing further growth opportunities.

The Company's shares are listed on the TSX Venture Exchange under the symbol "GLW" with 1,405,891,668 shares issued and outstanding.

(1) EBITDA is a Non-GAAP financial measure as defined in MD&A.

Cautionary Note Regarding Forward-Looking Statements

Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the price of gold, platinum or palladium, the timing and amount of estimated future production, costs of production, reserve determination and reserves conversion rates involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gold Wheaton or First Uranium to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among other risks, risks related to the integration of acquisitions, risks related to international operations, risks related to joint venture operations, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold, platinum or palladium, as well as those factors discussed in the section entitled "Risk Factors" in Gold Wheaton's Filing Statement dated July 9, 2008 as filed on SEDAR. Although Gold Wheaton has attempted to identify important factors that could cause actual results to differ materially, 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of the content of this news release.

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