Silver Wheaton Corp.

Silver Wheaton Corp.

March 07, 2005 16:00 ET

Silver Wheaton Corp.: Record Reserve/Resource Levels Achieved at Luismin


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SILVER WHEATON CORP.

TSX SYMBOL: SLW
TSX SYMBOL: SLW.WT

MARCH 7, 2005 - 16:00 ET

Silver Wheaton Corp.: Record Reserve/Resource Levels
Achieved at Luismin

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 7, 2005) - Silver
Wheaton Corp. (TSX:SLW) (TSX:SLW.WT) is pleased to report record levels
of silver reserves and resources at the Luismin San Dimas and San Martin
Mines in Mexico, as of December 31, 2004. From year end 2003, Luismin
increased silver reserves by 23% to over 40 million ounces, and
increased silver resources by 4% to more than 145 million ounces. Silver
Wheaton now has nearly 70 million ounces of silver in reserves, and more
than 180 million ounces of silver in resources.

Eduardo Luna, Chairman & Chief Executive Officer of the Company said:
"The reserve growth at San Dimas will allow an accelerated processing
expansion during 2005, with production capacities climbing to over 2,000
tonnes per day. Silver production from the Luismin operations in 2005
will grow to nearly 8 million ounces. When combined with the production
from Zinkgruvan, Silver Wheaton silver production during 2005 should
approach 10 million ounces."



- Proven and Probable Reserves

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million million
classification tonnes g Ag/t ounces
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San Dimas Proven 1.09 489 17.2
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Probable 1.49 442 21.2
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San Martin Proven 0.61 67 1.3
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Probable 0.34 51 0.6
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Zinkgruvan Proven 7.88 103 26.1
--------------------------------------------------
Probable 1.63 68 3.6
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TOTAL Proven and Probable Silver Reserve 69.9
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- Measured, Indicated and Inferred Resources

----------------------------------------------------------------
million million
classification tonnes g Ag/t ounces
----------------------------------------------------------------
Zinkgruvan Measured 1.07 34 1.2
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Zinkgruvan Indicated 3.71 60 7.2
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Total Measured and Indicated Silver Resource 8.4
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San Dimas Inferred 13.26 316 134.8
----------------------------------------------------------------
San Martin Inferred 2.54 133 10.8
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Zinkgruvan Inferred 9.17 97 28.7
----------------------------------------------------------------
TOTAL Inferred Silver Resource 174.3
----------------------------------------------------------------

Notes:

1. San Dimas and San Martin Mineral Reserves and Mineral Resources
have been calculated as of December 31, 2004 in accordance with
the standards of the Canadian Institute of Mining, Metallurgy
and Petroleum and National Instrument 43-101.
2. Zinkgruvan Mineral Reserves and Mineral Resources have been
calculated as of March 31, 2004 in accordance with the standards
of the Canadian Institute of Mining, Metallurgy and Petroleum and
National Instrument 43-101.
3. Data shown is Silver Wheaton's share of reserves and resources.
4. All Mineral Resources are exclusive of Mineral Reserves.
5. Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability.
6. Qualified Person for the San Dimas and San Martin Mineral Reserve
and Mineral Resource estimates as defined by the National
Instrument 43-101 is Renaldo Rivera, AusIMM, an employee of
Luismin S.A. de C.V. Randy V.J. Smallwood, P.Eng., currently the
Director, Project Development for Silver Wheaton Corp. has
audited the estimates.
7. Qualified Persons for the Zinkgruvan Mineral Reserve and Mineral
Resource estimates is John R. Sullivan, P.Geo. and G. Ross
McFarlane, P.Eng., both of Watts Griffis McOuat Limited. Their
independent technical report was filed on SEDAR on December
15, 2004.
8. San Dimas Mineral Reserves and Mineral Resources are estimated
using appropriate recovery rates and commodity prices of US$ 5.50
per ounce of silver.
9. Zinkgruvan Mineral Reserves and Mineral Resources are estimated
using appropriate recovery rates and commodity prices of US$ 5.00
per ounce of silver.


Silver Wheaton is the only mining company in the world with 100% of its
revenue from the sale of silver, and expects to sell approximately 10
million silver ounces in 2005. Silver Wheaton is debt-free, unhedged and
aggressively seeking further growth.

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 silver, the timing and amount of estimated future production, costs
of production, reserve determination and reserve conversion rates
involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievement of Silver
Wheaton to be materially different from any future results, performance
or achievements expressed or implied by such forward-looking statements.
Such factors include, among others, 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, conclusions of economic evaluations and changes in project
parameters as plans continue to be refined as well as future prices of
silver, as well as those factors discussed in the section entitled "Risk
Factors" in Silver Wheaton's Filing Statement dated October 8, 2004 as
filed with the securities regulatory authorities in Canada via SEDAR.
Although Silver 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.

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