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

Business Wire, March 7, 2005

VANCOUVER, British Columbia -- 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
              --------------------------------------------------
                    Probable         1.49         442       21.2
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San Martin            Proven         0.61          67        1.3
              --------------------------------------------------
                    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

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                                  million                million
              classification       tonnes      g Ag/t     ounces
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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
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San Martin         Inferred          2.54         133       10.8
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Zinkgruvan         Inferred          9.17          97       28.7
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TOTAL Inferred Silver Resource                             174.3
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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.