Silver Wheaton Corp.

Silver Wheaton Corp.

August 30, 2005 14:54 ET

Silver Wheaton Acquires More Shares of Bear Creek Mining Corporation

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 30, 2005) - Silver Wheaton Corp. (TSX:SLW)(AMEX:SLW) ("Silver Wheaton"), has acquired, by way of private placement financing, 540,000 units in Bear Creek Mining Corp. ("Bear Creek") at a price of $3.25 per unit for total consideration of $1,755,000. The Units are comprised of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of Bear Creek at a price of $4.25 for a period of two years from the date of closing of the transaction. Silver Wheaton's position in Bear Creek remains at approximately 14.8% of total issued and outstanding shares of Bear Creek after completion of that company's private placement financing.

Silver Wheaton has acquired the Bear Creek shares for investment purposes and may acquire or dispose of its beneficial ownership, control or direction over securities through market transactions, private placements, treasury issuances or otherwise as circumstances or market conditions warrant or arise.

Silver Wheaton is the only mining company with 100% of its revenue from silver production, reporting record earnings of US$6.7 million for the second quarter of 2005. Silver Wheaton is debt-free, unhedged and well positioned for further growth.

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