Silver Wheaton Reports Third Quarter Earnings of US$20 Million and Operating Cash Flows of US$27 Million

Market Wire, November, 2008

Silver Wheaton

Corp. (TSX: SLW)(NYSE: SLW) is pleased to announce net earnings of US$20.2

million (US$0.09 per share) and operating cash flows of US$26.7 million

(US$0.12 per share) for the third quarter of 2008.

THIRD QUARTER HIGHLIGHTS

- Net earnings of US$20.2 million (US$0.09 per share) from the sale of 2.7

million ounces of silver, compared to US$19.2 million (US$0.09 per share)

from the sale of 3.1 million ounces of silver in 2007.

- Operating cash flows of US$26.7 million (US$0.12 per share) compared with

US$27.1 million (US$0.12 per share) in 2007.

- On September 15, 2008, an early exercise of the Company's share purchase

and Series "A" publicly traded warrants was successfully completed. The

Company received gross cash proceeds in excess of C$120 million (US$113

million) which were used to pay down its bank debt.

- On October 2, 2008, the Company entered into an agreement with Alexco

Resource Corp. ("Alexco") to acquire 25% of the silver produced from

Alexco's Keno Hill project located in the Yukon Territory, Canada, for the

life of mine. Silver Wheaton will make upfront cash payments totalling US$50

million and, in addition, a per ounce cash payment of the lesser of US$3.90

and the prevailing market price is due (subject to an inflationary

adjustment), for silver delivered under the contract.

- On October 31, 2008, the Company announced that it had signed a letter of

intent with Augusta Resource Corporation ("Augusta") regarding a new silver

agreement superceding the December 19, 2007 letter of intent. An update of

Augusta's August 2007 bankable feasibility study, reflecting an increased

mineral resource, is expected to be completed by the end of December 2008,

following which Silver Wheaton and Augusta intend to discuss an efficient

structure for a transaction between them.

Operating results for the third quarter were negatively impacted by a 29%

decline in silver prices during the three month period, resulting largely

from difficult global economic conditions. Since the end of the third

quarter, these conditions have deteriorated further, resulting in a

continued weakening of silver prices.

"In September, we raised in excess of C$120 million of cash from the early

exercise of warrants which was applied against our debt facility. In a

challenging economic environment, our balance sheet remains strong and debt

repayment remains a priority," said Peter Barnes, President and Chief

Executive Officer of Silver Wheaton. "Although operating results for the

last several quarters have been disappointing, primarily as a result of

weaker than expected silver deliveries from the San Dimas mine in Mexico, I

am confident that the worst is now behind us. With production from

Penasquito now underway, we expect organic silver sales growth of

approximately 40% over the next year, and approximately 150% by 2013.

Despite these very challenging economic times, Silver Wheaton remains well

positioned for the future."

Silver Wheaton is the largest public mining company with 100% of its

operating revenue from silver production. The Company estimates, based upon

its current agreements, to have silver sales of three million ounces for the

fourth quarter of 2008, between 15 million and 17 million ounces in 2009,

and increasing to approximately 30 million ounces by 2013. The decrease in

forecasted sales volumes from previous estimates relates primarily to lower

projected silver flows from the San Dimas mine.

A conference call will be held Monday, November 3, 2008 at 11:00 am (Eastern

Time) to discuss these results. To participate in the live call use one of

the following methods:

Dial toll free from Canada or the US: 1-888-280-8771

Dial from outside Canada or the US: 1-416-641-6124

Dial toll free from parts of Europe: 800-6578-9898

Live audio webcast: www.silverwheaton.com

Participants should dial in five to ten minutes before the call.

The conference call will be recorded and you can listen to an archive of the

call by one of the following methods:

Dial toll free from Canada or the US: 1-800-408-3053

Dial from outside Canada or the US: 1-416-695-5800

Pass code: 3272822#

Archived audio webcast: www.silverwheaton.com

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