Silver purchase agreements allow the Company rights to the silver production even though it is not the owner or operator of the mine. In the initial contract, the price for future production is pre-determined, ensuring costs are fixed. This allows Silver Wheaton to avoid variations in operational costs and overhead, long term liabilities and, most importantly, allows the Company to be 100% pure to silver.

Currently, there are three contracts in place: Luismin Mines in Mexico, operated by Goldcorp Inc., Yauliyacu Mine in Peru, operated by Glencore International AG and Zinkgruvan Mine in Sweden, operated by Lundin Mining Corporation.

Silver Wheaton expects silver production from Luismin to exceed 9.5 million ounces annually beginning in 2006 and grow to 13 million ounces by 2009. Yauliyacu Mine will provide 4.75 million ounces of production ongoing. Zinkgruvan is expected to add approximately 1.9 million ounces of annual silver production for total silver sales of approximately 15 million ounces in 2006, 16.3 million ounces in 2007 & 2008 and 20 million ounces from 2009 onwards. All the silver is purchased at cash costs of $3.90 per ounce from the mines.

These transactions position Silver Wheaton for strong earnings and cash flow generation and the company plans to enter into similar agreements with other companies that produce by-product silver production. Since approximately 70% of all silver production occurs as a by-product of base or precious metals production, there are numerous potential growth opportunities.

Silver Wheaton’s management and board of directors have demonstrated a strong track record of creating shareholder value through acquisitions. Silver Wheaton is unhedged and well positioned for further growth.

Silver Wheaton Corp. trades on the Toronto Stock Exchange
and the American Stock Exchange
under the symbol SLW
 Contact Information:
Silver Wheaton Corp.
Suite 1550-200 Burrard Street
Vancouver, BC
V6C 3L6
Toll Free: 1-800-380-8687
Tel: 604-684-9648
Fax: 604-684-3123