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

Business Wire, March 5, 2006

VANCOUVER, British Columbia -- Silver Wheaton Corp. (TSX:SLW)(AMEX:SLW) is pleased to report record levels of silver reserves and resources at the Luismin mines in Mexico. At December 31, 2005, the Luismin mines had proven and probable silver reserves of 45.4 million ounces, measured and indicated resources of 1.7 million ounces and inferred resources of 188.4 million ounces, an increase of 13% in reserves and 29% in inferred resources compared to December 31, 2004, after producing 7.7 million ounces during 2005.

Eduardo Luna, Chairman of the Company said: "With large increases in both reserves and resources at the San Dimas mine, we have demonstrated that the projected silver production growth at Luismin, to 13 million ounces by 2009, should be sustainable for the foreseeable future."

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                      Reserves - Luismin(1,4,5)
--------------------------------------------------------------------
                                                       PROVEN &
As of           PROVEN             PROBABLE            PROBABLE
December   Ton-         Cont-  Ton-         Cont-  Ton-         Cont-
31, 2005  nage  Grade  ained  nage  Grade  ained  nage  Grade  ained
--------------------------------------------------------------------
SILVER      mt g Ag/t   m oz    mt g Ag/t   M oz    mt g Ag/t     Mt
San
 Dimas    1.42    447   20.4  1.83    401   23.6  3.25    421   44.0
San
 Martin   0.31     47    0.5  0.58     46    0.9  0.90     47    1.3
                         ---                 ---                 ---
Totals                  20.9                24.5                45.4
--------------------------------------------------------------------

--------------------------------------------------------------------
          Measured & Indicated Resources - Luismin(1,2,3,4,5)
--------------------------------------------------------------------
                                                       MEASURED &
As of          MEASURED            INDICATED           INDICATED
December   Ton-         Cont-  Ton-         Cont-  Ton-         Cont-
31, 2005  nage  Grade  ained  nage  Grade  ained  nage  Grade  ained
--------------------------------------------------------------------
SILVER      mt g Ag/t   m oz    mt g Ag/t   M oz    mt g Ag/t     Mt
San
 Dimas       -      -      -     -      -      -     -      -      -
San
 Martin   0.02    204    0.2  0.20    234    1.5  0.22    231    1.7
                         ---                 ---                 ---
Totals                   0.2                 1.5                 1.7
--------------------------------------------------------------------

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Inferred Resources - Luismin(1,2,3,4,5)
---------------------------------------
As of
December            INFERRED
31, 2005    Tonnage   Grade   Contained
---------------------------------------
SILVER           mt  g Ag/t          Mt
San Dimas     17.27     321       178.1
San Martin     2.87     111        10.3
                                   ----
Totals                            188.4
---------------------------------------

Notes:
1. All Mineral Reserves and Mineral Resources have been calculated as
   of December 31, 2005 in accordance with the standards of the
   Canadian Institute of Mining, Metallurgy and Petroleum and
   National Instrument 43-101.
2. All Mineral Resources are exclusive of Mineral Reserves.
3. Mineral Resources which are not Mineral Reserves do not have
   demonstrated economic viability.
4. The Qualified Person for the San Dimas and San Martin Mineral
   Reserve and Mineral Resource estimates as defined by National
   Policy 43-101 is Renaldo Rivera, AusIMM, an employee of Luismin,
   S.A. de C.V. Randy V.J. Smallwood, P.Eng., currently the Vice
   President of Corporate Development for Silver Wheaton Corp., has
   audited the estimates.
5. Mineral Reserves and Mineral Resources are estimated using
   appropriate recovery rates and commodity prices as follows;
   a. US$6.00 Silver          San Dimas and San Martin reserves
   b. US$7.00 Silver          San Dimas and San Martin resources

Information regarding the silver reserves and resources at the Zinkgruvan Mine in Sweden and the Yauliyacu Mine in Peru will be published when available, expected to be during April 2006.

Silver Wheaton is the only public mining company with 100% of its revenue from silver production. The Company expects to produce 15 million ounces of silver in 2006, growing to 20 million ounces in 2009. Silver Wheaton is unhedged and well positioned for further growth.

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, 2004 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.