Silver Wheaton

Published : November 09th, 2010

REPORTS RECORD QUARTERLY

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SILVER WHEATON REPORTS RECORD QUARTERLY EARNINGS

��� 

Silver Wheaton Corp. is pleased to announce its unaudited results for the third quarter ended September 30, 2010.

��� THIRD QUARTER HIGHLIGHTS
��� -------------------------------------------------------------------------
��� -�� Net earnings more than doubled to a record US$69.2 million (US$0.20
������� per share), compared with US$33.6 million (US$0.11 per share) in
������� 2009.
��� 
����-�� Operating cash flows increased 55% to US$70.5 million (US$0.20 per
������� share)(1), compared with US$45.4 million (US$0.14 per share)(1) in
������� 2009.
��� 
����-�� Record attributable silver equivalent production of 5.9 million
������� ounces (5.5 million ounces of silver and 7,000 ounces of gold),
������� representing an increase of 41% over the comparable period in 2009.
��� 
����-�� Silver equivalent sales of 4.7 million ounces (4.3 million ounces of
������� silver and 7,100 ounces of gold), lagging production for the quarter
������� due primarily to the build-up of concentrate inventory as the
������� Penasquito mine ramps up production, as well as timing of concentrate
������� shipments from the Yauliyacu and Campo Morado mines.
��� 
����-�� As at September 30, 2010, approximately 2.2 million payable silver
������� equivalent ounces attributable to the Company have been produced at
������� the various mines and will be recognized in future sales as they are
������� delivered to the Company under the terms of their contracts.
��� 
����-�� Total cash costs(1) of US$4.09 per silver equivalent ounce, compared
������� with US$4.08 per ounce in 2009.
��� 
����-�� Cash operating margin(1) increased 42% compared to 2009, to a record
������� US$15.72 per silver equivalent ounce, while average silver prices
������� over the same period increased by 29%.
��� 
����-�� Goldcorp Inc. announced that its world-class gold-silver-lead-zinc
������� Penasquito mine achieved commercial production during the quarter
������� with peak throughput rates as high as 105,000 tonnes per day. The
������� ramp up to full production capacity of 130,000 tonnes per day is
������� anticipated by early 2011. Annual production attributable to Silver
������� Wheaton from the mine is expected to average approximately 7 million
������� ounces of silver over the estimated 22 year mine life.
��� 
����-�� Barrick Gold Corp.'s world-class gold-silver Pascua-Lama project
������� remains on track to enter production in the first quarter of 2013,
������� with detailed engineering and procurement nearing completion and
������� earthworks underway. Once in production, Pascua-Lama is forecast to
������be one of the largest and lowest cost gold mines in the world with an
������� expected mine life in excess of 25 years. In its first five years of
������� operation, Silver Wheaton's attributable silver production is
������� expected to average 9 million ounces annually.
��� 
����-�� Goldcorp completed the sale of the San Dimas mine to Primero Mining
������� Corp. In conjunction with the sale, Silver Wheaton amended its silver
������� purchase agreement relating to the mine. The term of the silver
�� �����purchase agreement, which was set to expire in 2029, has been
������� extended to life of mine. During the first four years following
������� closing of the transaction, Primero will deliver to Silver Wheaton a
������� per annum amount equal to the first 3.5 million ounces of payable
������� silver produced at San Dimas and 50% of any excess, plus Silver
������� Wheaton will receive an additional 1.5 million ounces of silver per
������� annum to be delivered by Goldcorp. Beginning in the fifth year after
������� closing, Primero will deliver to the Company a per annum amount equal
������� to the first 6 million ounces of payable silver produced at San Dimas
������� and 50% of any excess. Goldcorp will continue to guarantee the
������� delivery by Primero of all silver produced and owing to the Company
������� until 2029, and a payment of US$0.50 per ounce for any shortfall
������� below 215 million cumulative silver ounces delivered to Silver
������� Wheaton by the end of 2031. Primero has provided Silver Wheaton with
������� a right of first refusal on any metal stream or similar transaction
������� it enters into.
��� 
����----------------------
��� (1) Refer to discussion on non-GAAP measures at the end of this press
������� release.

"Silver Wheaton had record production in the quarter, anchored by the continued successful ramp up of one of our cornerstone growth assets, Goldcorp's world-class Penasquito mine in Mexico," said Peter Barnes, Chief Executive Officer of Silver Wheaton. "Penasquito reached commercial production during the quarter and expects to achieve full production capacity in early 2011, in what promises to be another year of significant production growth for Silver Wheaton."

"While quarterly sales were lower than production, due in part to the build-up of concentrate inventory as Penasquito ramps up production, as well as the timing of shipments from the Yauliyacu and Campo Morado mines, we still achieved record earnings. Increased shipments in the fourth quarter are expected to make up for the sales shortfall and we remain on track to meet production guidance of 23.5 million silver equivalent ounces in 2010, growing to approximately 40 million ounces by 2013."

"In an environment of continued economic uncertainty, investment demand for silver remains very strong, and silver prices approached 30 year highs in the quarter. This resulted in record cash operating margins of US$15.72 per ounce, generating strong free cash flows to fund future growth."

"Lastly, during the quarter, Goldcorp finalized the sale of its San Dimas mine to Primero Mining, an emerging mid-tier gold producer. In conjunction with this, Silver Wheaton amended its silver purchase agreement, which continues to provide Silver Wheaton with a Goldcorp guarantee, extends the agreement from a fixed term to life-of-mine and, most importantly, incentivizes Primero Mining to increase silver production at this high-quality, low-cost, mine. San Dimas remains a key asset within our portfolio and we are confident that the amended silver purchase agreement will create additional long term value for our stakeholders."

This earnings release should be read in conjunction with Silver Wheaton's unaudited MD&A and Financial Statements, which are available on the Company's website at www.silverwheaton.com and have been posted on SEDAR at www.sedar.com.

A conference call will be held Tuesday, November 9, 2010, starting 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:�� 1-888-231-8191
��� Dial from outside Canada or the US:���� 1-647-427-7450
��� Pass code:����������������������������� 15809030
��� 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:�� 1-800-642-1687
��� Dial from outside Canada or the US:���� 1-416-849-0833
��� Pass code:����������������������������� 15809030
��� Archived audio webcast:������������� ���www.silverwheaton.com

About Silver Wheaton

Silver Wheaton is the largest silver streaming company in the world. Forecast 2010 production, based upon its current agreements, is 22.0 million ounces of silver and 28,000 ounces of gold, for total production of 23.5 million silver equivalent ounces. By 2013, annual production is anticipated to increase significantly to approximately 40 million silver equivalent ounces. This growth is driven by the Company's portfolio of world-class assets, including silver streams on Goldcorp's Penasquito mine and Barrick's Pascua-Lama project.

CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS

The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements, which are all statements other than statements of historical fact, include, but are not limited to, statements with respect to the future price of silver and gold, 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 statements 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: fluctuations in the price of silver and gold; the absence of control over mining operations from which Silver Wheaton purchases silver or gold and risks related to these mining operations including risks related to fluctuations in the price of the primary commodities mined at such operations, actual results of mining and exploration activities, economic and political risks of the jurisdictions in which the mining operations are located and changes in project parameters as plans continue to be refined; and differences in the interpretation or application of tax laws and regulations; as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in Silver Wheaton's Annual Information Form available on SEDAR at www.sedar.com and in Silver Wheaton's Form 40-F on file with the U.S. Securities and Exchange Commission in Washington, D.C. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of the mining operations from which Silver Wheaton purchases silver or gold, no material adverse change in the market price of commodities, that the mining operations will operate and the mining projects will be completed in accordance with their public statements and achieve their stated production outcomes, and such other assumptions and factors as set out herein. 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 forward-looking statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements. Silver Wheaton does not undertake to update any forward-looking statements that are included or incorporated by reference herein, except in accordance with applicable securities laws.

��� Consolidated Statement of Operations (unaudited)
��� 
����
����(US dollars and shares in������ Three Months Ended��� Nine Months Ended
���� thousands, except per������������ September 30��������� September 30
���� share amounts - unaudited)����� 2010������ 2009������ 2010������ 2009
��� -------------------------------------------------------------------------
��� Sales������������������������ $92,834$69,767$ 273,776$ 148,742
��� -------------------------------------------------------------------------
��� 
����Cost of sales������������������� 19,154���� 18,765���� 60,022���� 43,069
��� Depletion����������������������� 12,505���� 13,164���� 41,416���� 26,170
��� -------------------------------------------------------------------------
������������������������������������ 31,659���� 31,929��� 101,438���� 69,239
��� -------------------------------------------------------------------------
��� Earnings from operations�������� 61,175���� 37,838��� 172,338���� 79,503
��� -------------------------------------------------------------------------
��� 
����Expenses and other income
����� General and
������ administrative(1)������������� 4,947����� 3,906���� 18,260���� 12,917
����� Gain on mark-to-market
������ of warrants held������������� (7,861)�������� -���� (8,094)������ (33)
����� Other��������������������������� (360)��� ���366������ (164)����� (496)
��� -------------------------------------------------------------------------
������������������������������������ (3,274)���� 4,272���� 10,002���� 12,388
��� -------------------------------------------------------------------------
��� 
����Earnings before tax������������� 64,449���� 33,566��� 162,336���� 67,115
��� Future income tax recovery������� 4,785��������� -����� 4,785��������� -
��� -------------------------------------------------------------------------
��� Net earnings����������������� $69,234$33,566$ 167,121$67,115
��� -------------------------------------------------------------------------
��� -------------------------------------------------------------------------
��� 
����Basic earnings per share����� $��� 0.20$��� 0.11$��� 0.49$��� 0.23
��� Diluted earnings per share��� $��� 0.20$��� 0.11$��� 0.48$��� 0.23
��� Weighted average number
���� of shares outstanding
����� Basic������������������������ 344,253��� 313,445��� 343,168��� 294,208
����� Diluted���������������������� 350,361��� 317,431��� 348,469��� 297,936
��� -------------------------------------------------------------------------
��� 1) Stock based compensation
�����(a non-cash item) included
������ in general and
������ administrative������������ $�� 1,306$���� 623$�� 6,431$�� 3,312
��� 
����
����
����Consolidated Balance Sheets (unaudited)
��� 
���������������������������������������������������September 30�� December 31
��� (US dollars in thousands - unaudited)�������������� 2010�������� 2009
��� -------------------------------------------------------------------------
��� 
����Assets
��� Current
����� Cash and cash equivalents�������������������� $�� 255,189$�� 227,566
����� Accounts receivable�������������������������������� 7,798������� 4,881
����� Other������������������������������������������������ 924������� 1,027
��� -------------------------------------------------------------------------
�� �����������������������������������������������������263,911����� 233,474
��� 
����Long-term investments������������������������������ 155,122������ 73,747
��� Silver and gold interests������������������������ 1,943,224��� 1,928,476
��� Other������������� �����������������������������������1,368������� 1,527
��� -------------------------------------------------------------------------
��������������������������������������������������� $ 2,363,625$ 2,237,224
��� -------------------------------------------------------------------------
��� -------------------------------------------------------------------------
��� 
����Liabilities
��� Current
����� Accounts payable����������������������������� $���� 1,398$���� 5,397
����� Accrued liabilities����������� ���������������������4,606������� 4,578
����� Current portion of bank debt���������������������� 28,560������ 28,560
����� Current portion of silver interest payments������ 145,317����� 130,788
��� -------------------------------------------------------------------------
������������������������������������������������������� 179,881����� 169,323
��� 
����Long-term portion of bank debt���������������������� 85,760����� 107,180
��� Long-term portion of silver interest payments������ 120,323����� 236,796
��� -------------------------------------------------------------------------
������������������������������������������������������� 385,964����� 513,299
��� -------------------------------------------------------------------------
��� 
����Shareholders' Equity
��� Issued capital and contributed surplus����������� 1,372,525��� 1,333,191
��� -------------------------------------------------------------------------
��� 
����Retained earnings���������������������������������� 510,955����� 343,834
��� Accumulated other comprehensive income�������������� 94,181������ 46,900
��� -------------------------------------------------------------------------
������������������������������������������������������� 605,136����� 390,734
��� -------------------------------------------------------------------------
����������������������������������������������������� 1,977,661��� 1,723,925
��� -------------------------------------------------------------------------
�������������������������������������������� �������$ 2,363,625$ 2,237,224
��� -------------------------------------------------------------------------
��� -------------------------------------------------------------------------
��� 
����
����Consolidated Statement of Cash Flows (unaudited)
��� 
������������������������������������Three Months Ended��� Nine Months Ended
��� (US dollars in thousands -�������� September 30��������� September 30
���� unaudited)��������������������� 2010������ 2009������ 2010������ 2009
��� -------------------------------------------------------------------------
��� 
����Operating Activities
��� Net earnings����������������� $69,234$33,566$ 167,121$67,115
��� Items not affecting cash
����� Depreciation and depletion���� 12,573���� 13,229���� 41,615���� 26,359
����� Stock based compensation������� 1,306������� 623����� 6,431����� 3,312
����� Gain on mark-to-market of
������ warrants held���������������� (7,861)�������� -���� (8,094)������ (33)
����� Future income tax recovery���� (4,785)�������� -���� (4,785)�������� -
����� Other������������������������� (1,251)����� (338)����� (879)����� (148)
��� Change in non-cash operating
���� working capital����������������� 1,269���� (1,700)��� (6,334)��� (1,652)
��� -------------------------------------------------------------------------
��� Cash generated by
���� operating activities����������� 70,485���� 45,380��� 195,075���� 94,953
��� -------------------------------------------------------------------------
��� 
����Financing Activities
��� Bank debt drawn down����������������� -��� 140,200��������� -��� 140,200
��� Bank debt repaid���������������� (7,140)��� (7,140)�� (21,420)(234,920)
��� Shares issued������������������������ -��� 287,531��������� -��� 517,955
��� Share issue costs�������������������� - ���(11,645)������ (85)�� (21,620)
��� Share purchase
���� warrants exercised�������������� 5,017���� 10,345����� 6,022���� 10,508
��� Share purchase
���� options exercised��������������� 8,579����� 4,200���� 26,881����� 5,789
��� -------------------------------------------------------------------------
��� Cash generated by
���� financing activities������������ 6,456��� 423,491���� 11,398��� 417,912
��� -------------------------------------------------------------------------
��� 
����Investing Activities
 ���Silver and gold interests����� (144,465)(213,819)(158,176)(218,466)
��� Acquisition of Silverstone
���� Resources Corp., net of
���� cash acquired����������������������� -������ (261)����� (201)���� 2,407
��� Long-term investments������������� (644)�������� -��� (21,533)�������� -
��� Other������������������������������ (10)���� 1,599������� 396����� 1,615
��� -------------------------------------------------------------------------
��� Cash applied to
���� investing activities��������� (145,119)(212,481)(179,514)(214,444)
��� -------------------------------------------------------------------------
��� Effect of exchange rate
���� changes on cash and
���� cash equivalents������������������ 471������ (122)������ 664������ (673)
��� -------------------------------------------------------------------------
��� (Decrease) increase in cash
���� and cash equivalents���������� (67,707)�� 256,268���� 27,623��� 297,748
��� Cash and cash equivalents,
���� beginning of period����������� 322,896���� 48,590��� 227,566����� 7,110
��� -------------------------------------------------------------------------
��� Cash and cash equivalents,
���� end of period��������������� $ 255,189$ 304,858$ 255,189$ 304,858
��� -------------------------------------------------------------------------
��� -------------------------------------------------------------------------
��� 
����
����Results of Operations (unaudited)
��� 
���������������������������������������Three Months Ended September 30, 2010
��� -------------------------------------------------------------------------
��� 
���������������������������������������������������������������������Average
������������������������������������������������������������������� realized
������������������������������� ���������������������������������������price
������������������������������ Ounces������ Ounces������� Sales�� (US$'s per
�������������������������� produced(3)������� sold������ (US$'s)������ ounce)
��� -------------------------------------------------------------------------
��� 
����Silver
����� San Dimas(5)������������� 1,255������� 1,274$��� 25,613$���� 20.11
����� Zinkgruvan����������������� 508��������� 635������ 12,680������� 19.95
����� Yauliyacu������������������ 633���������� 87������� 1,548 �������17.79
����� Penasquito��������������� 1,017��������� 692������ 12,980������� 18.76
����� Minto����������������������� 46���������� 40��������� 912������� 22.92
����� Cozamin�������������������� 381��������� 306������� 5,825������� 19.06
����� Barrick(6)����������������� 682��������� 533������ 10,202������� 19.16
����� Other(7)����������������� 1,023��������� 710������ 13,649������� 19.22
��� -------------------------------------------------------------------------
������������������������������� 5,545������� 4,277$��� 83,409$���� 19.51
��� Gold
����� Minto�������������������� 6,961������� 7,127$���� 9,425$���� 1,323
��� -------------------------------------------------------------------------
��� Silver Equivalent(8)������� 5,947������� 4,688 $��� 92,834$���� 19.81
��� Corporate
��� -------------------------------------------------------------------------
������������������������������� 5,947������� 4,688$��� 92,834$���� 19.81
��� -------------------------------------------------------------------------
��� -------------------------------------------------------------------------
��� 
����
���������������������������������������Three Months Ended September 30, 2010
��� -------------------------------------------------------------------------
��� 
������������������������������������������������������������������������Cash
������������������������������� Total������� Total��������� Net��� flow from
���������������������� �����cash cost��� depletion���� earnings���� (used in)
�������������������������� (US$'s per�� (US$'s per������� (loss)operations
���������������������������� ounce)(4)��� ounce)(4)����� (US$'s)����� (US$'s)
��� -------------------------------------------------------------------------
��� 
����Silver
����� San Dimas(5)������� $����� 4.04$����� 0.78$��� 19,471$��� 20,468
����� Zinkgruvan���������������� 4.04�������� 1.72������� 9,021������� 9,522
����� Yauliyacu����������������� 3.98�������� 3.47��� ������900������� 1,202
����� Penasquito���������������� 3.90�������� 2.54������� 8,521������ 10,281
����� Minto��������������������� 3.90�������� 3.69��������� 610��������� 567
����� Cozamin������������������� 4.04�������� 4.62������� 3,177������� 4,868
����Barrick(6)���������������� 3.90�������� 3.58������� 6,218������� 8,281
����� Other(7)������������������ 3.93�������� 4.51������� 7,658������ 10,518
��� -------------------------------------------------------------------------
������������������������� $����� 3.98$����� 2.53$��� 55,576$��� 65,707
��� Gold
����� Minto�������������� $������ 300$������ 237$���� 5,599$���� 5,972
��� -------------------------------------------------------------------------
��� Silver Equivalent(8)$����� 4.09$ �����2.67$��� 61,175$��� 71,679
��� Corporate�������������������������������������������� 8,059������ (1,194)
��� -------------------------------------------------------------------------
������������������������� $����� 4.09$����� 2.67$��� 69,234 $��� 70,485
��� -------------------------------------------------------------------------
��� -------------------------------------------------------------------------
��� 
����1)All figures in thousands except gold ounces produced and sold and per
��� ����ounce amounts.
��� 2)Ounces produced represent the quantity of silver and gold contained
������� in concentrate or dor� prior to smelting or refining deductions.
��� 3)Certain production figures are based on management estimates.
��� 4)Refer to discussion on non-GAAP measures at the end of this press
������� release.
��� 5)The ounces produced and sold during the third quarter of 2010 include
������� 250,000 ounces received from Goldcorp, in connection with Goldcorp's
������� four year commitment to deliver to Silver Wheaton 1.5 million ounces
������� of silver per annum resulting from their sale of San Dimas to
������� Primero.
��� 6)Comprised of the Lagunas Norte, Pierina and Veladero mines.
��� 7)Comprised of the Los Filos, San Martin, La Negra, Mineral Park,
������� Neves-Corvo, Stratoni and Campo Morado mines.
��� 8)Gold ounces produced and sold are converted to a silver equivalent
������� basis on the ratio of the average silver price received to the
������� average gold price received during the period.
��� 
����
���������������������������������������Three Months Ended September 30, 2009
��� -------------------------------------------------------------------------
��� 
���������������������������������������������������������������������Average
������������������������������������������������������������������� realized
���������������������������������������������������������������������� price
������������������������������ Ounces������ Ounces������� Sales�� (US$'s per
�������������� ��������������produced�������� sold������ (US$'s)������ ounce)
��� -------------------------------------------------------------------------
��� 
����Silver
���� San Dimas����������������� 1,232������� 1,234$��� 18,886$���� 15.30
���� Zinkgruvan������ ������������415��������� 433������� 6,861������� 15.85
���� Yauliyacu������������������� 750��������� 698������ 10,600������� 15.19
���� Penasquito������������������ 165��������� 190������� 2,691������� 14.15
���� Minto������������������������ 46��������� 68������� 1,043������� 15.29
���� Cozamin��������������������� 366��������� 384������� 5,736������� 14.94
���� Barrick(4)������������������ 223��������� 187������� 3,008������� 16.07
���� Other(5)�������������������� 783��������� 780������ 11,369������� 14.56
��� -------------------------------------------------------------------------
������������������������������� 3,980������� 3,974$��� 60,194$���� 15.14
��� Gold
����� Minto�������������������� 3,698������� 9,953$���� 9,573$������ 962
��� -------------------------------------------------------------------------
��� Silver Equivalent(6)������� 4,213������� 4,600$��� 69,767$���� 15.16
��� -------------------------------------------------------------------------
��� Corporate
������������������ �������������4,213������� 4,600$��� 69,767$���� 15.16
��� -------------------------------------------------------------------------
��� -------------------------------------------------------------------------
��� 
����
���������������������������������������Three Months Ended September 30, 2009
��� -------------------------------------------------------------------------
��� 
������������������������������������������������������������������������Cash
������������������������������� Total������� Total ���������Net��� flow from
��������������������������� cash cost��� depletion���� earnings���� (used in)
�������������������������� (US$'s per�� (US$'s per������� (loss)operations
���������������������������� ounce)(3)��� ounce)(3)����� (US$'s)����� (US$'s)
��� -------------------------------------------------------------------------
��� 
����Silver
���� San Dimas����������� $����� 4.02$����� 0.65$��� 13,120$��� 13,925
���� Zinkgruvan����������������� 4.02�������� 1.78������� 4,350������� 4,415
���� Yauliyacu������������������ 3.94�������� 3.47������� 5,426������� 7,849
���� Penasquito����������������� 3.90�������� 2.36������� 1,502������� 1,950
���� Minto���������������������� 3.90�������� 4.48��������� 472��������� 794
���� Cozamin������������ ��������4.00�������� 4.72������� 2,389������� 4,229
���� Barrick(4)����������������� 3.90�������� 3.46������� 1,631������� 2,278
���� Other(5)������������������� 3.91�������� 3.95������� 5,224������� 7,398
��� -------------------------------------------------------------------------
������������������������� $����� 3.97$����� 2.59$��� 34,114$��� 42,838
��� Gold
����� Minto�������������� $������ 300$������ 288$���� 3,724$���� 5,330
��� -------------------------------------------------------------------------
��� Silver Equivalent(6)$����� 4.08$����� 2.86$��� 37,838$��� 48,168
��� Corporate������������������������������������������� (4,272)����� (2,788)
��� -------------------------------------------------------------------------
��������� ����������������$����� 4.08$����� 2.86$��� 33,566$��� 45,380
��� -------------------------------------------------------------------------
��� -------------------------------------------------------------------------
��� 
����1)All figures in thousands except gold ounces produced and sold and per
������� ounce amounts.
��� 2)Ounces produced represent the quantity of silver and gold contained
������� in concentrate or dor� prior to smelting or refining deductions.
��� 3)Refer to discussion on non-GAAP measures at the end of this press
������� release.
��� 4)Comprised of the Lagunas Norte, Pierina and Veladero mines.
��� 5)Comprised of the Los Filos, San Martin, La Negra, Mineral Park,
������� Neves-Corvo, Stratoni and Campo Morado mines.
��� 6)Gold ounces produced and sold are converted to a silver equivalent
������� basis on the ratio of the average silver price received to the
������� average gold price received during the period.
��� 
����
����������������������������������������Nine Months Ended September 30, 2010
��� -------------------------------------------------------------------------
�������������������������������������������������������������������� Average
����������������������������������������������� ��������������������realized
���������������������������������������������������������������������� price
������������������������������ Ounces������ Ounces������� Sales�� (US$'s per
�������������������������� produced(3)������� sold������ (US$'s)������ ounce)
��� -------------------------------------------------------------------------
��� 
����Silver
����� San Dimas���������������� 3,571������� 3,556$��� 66,463$���� 18.69
����� Zinkgruvan��������������� 1,373������� 1,446������ 26,964������� 18.64
�� ���Yauliyacu���������������� 2,062������� 1,185������ 21,372������� 18.04
����� Penasquito��������������� 2,337������� 1,772������ 32,466������� 18.32
����� Minto���������������������� 157��������� 133������� 2,562������� 19.19
����� Cozamin�������������� ����1,068��������� 999������ 18,226������� 18.26
����� Barrick(5)��������������� 2,159������� 2,043������ 36,942������� 18.08
����� Other(6)����������������� 3,099������� 2,214������ 40,635������� 18.35
��� -------------------------------------------------------------------------
������������������������������ 15,826������ 13,348$�� 245,630$���� 18.40
��� Gold
����� Minto������������������� 24,665������ 23,321$��� 28,146$���� 1,207
��� -------------------------------------------------------------------------
��� Silver Equivalent(7)������ 17,395������ 14,826$�� 273,776$���� 18.47
��� Corporate
��� -------------------------------------------------------------------------
��������������������������� ���17,395������ 14,826$�� 273,776$���� 18.47
��� -------------------------------------------------------------------------
��� -------------------------------------------------------------------------
��� 
����
����������������������������������������Nine Months Ended September 30, 2010
��� -------------------------------------------------------------------------
����������������������������������������������������������������������� Cash
������������������������������� Total������� Total��������� Net��flow from
��������������������������� cash cost��� depletion���� earnings���� (used in)
�������������������������� (US$'s per�� (US$'s per������� (loss)operations
���������������������������� ounce)(4)��� ounce)(4)����� (US$'s)����� (US$'s)
��� -------------------------------------------------------------------------
��� 
����Silver
����� San Dimas���������� $����� 4.04$����� 0.78$��� 49,308$��� 52,099
����� Zinkgruvan���������������� 4.04�������� 1.72������ 18,635������ 19,578
����� Yauliyacu��� ��������������3.98�������� 3.47������ 12,545������ 16,662
����� Penasquito���������������� 3.90�������� 2.54������ 21,050������ 25,556
����� Minto��������������������� 3.90�������� 3.69������� 1,549������� 1,795
����� Cozamin������������������� 4.03������ ��4.62������� 9,590������ 14,524
����� Barrick(5)���������������� 3.90�������� 3.54������ 21,749������ 25,896
����� Other(6)������������������ 3.92�������� 4.38������ 22,254������ 31,935
��� -------------------------------------------------------------------------
������������������������� $����� 3.97$����� 2.69$�� 156,680$�� 188,045
��� Gold
����� Minto�������������� $������ 300$������ 235$��� 15,658$��� 19,357
��� -------------------------------------------------------------------------
��� Silver Equivalent(7)$����� 4.05$����� 2.79$�� 172,338$�� 207,402
��� Corporate������������������������������������������� (5,217)���� (12,327)
��� -------------------------------------------------------------------------
������������������������� $����� 4.05$����� 2.79$�� 167,121$�� 195,075
��� -------------------------------------------------------------------------
��� -------------------------------------------------------------------------
��� 
����(1) All figures in thousands except gold ounces produced and sold and per
������� ounce amounts.
��� (2) Ounces produced represent the quantity of silver and gold contained
������� in concentrate or dor� prior to smelting or refining deductions.
��� (3) Certain production figures are based on management estimates.
��� (4) Refer to discussion on non-GAAP measures at the end of this press
������� release.
��� (5) Comprised of the Lagunas Norte, Pierina and Veladero mines.
��� (6) Comprised of the Los Filos, San Martin, La Negra, Mineral Park,
������� Neves-Corvo, Stratoni and Campo Morado mines.
��� (7) Gold ounces produced and sold are converted to a silver equivalent
������� basis on the ratio of the average silver price received to the
������� average gold price received during the period.
��� 
����
����
����������������������������������������Nine Months Ended September 30, 2009
��� -------------------------------------------------------------------------
����������������������������� ���������������������������������������Average
������������������������������������������������������������������� realized
���������������������������������������������������������������������� price
������������������������������ Ounces������ Ounces���� ���Sales�� (US$'s per
���������������������������� produced������� sold������ (US$'s)������ ounce)
��� -------------------------------------------------------------------------
��� 
����Silver
����� San Dimas���������������� 3,819������� 3,840$��� 52,990$���� 13.81
����� Zinkgruvan��������������� 1,356������� 1,353������ 19,023������� 14.06
����� Yauliyacu���������������� 2,359������� 1,987������ 26,881������� 13.53
����� Penasquito����������������� 487��������� 455������� 6,106������� 13.42
����� Minto����������������������� 83���������� 67������� 1,036������� 15.31
����� Cozamin�������������������� 628��������� 597������� 8,671������� 14.53
����� Barrick(4)����������������� 223��������� 187������� 3,008������� 16.07
����� Other(5)����������������� 2,092������� 1,584������ 21,319������� 13.44
��� -------------------------------------------------------------------------
������������������������������ 11,047������ 10,070$�� 139,034$���� 13.80
��� Gold
����� Minto������������������� 10,521������ 10,098 $���� 9,708$������ 961
��� -------------------------------------------------------------------------
��� Silver Equivalent(6)������ 11,708������ 10,708$�� 148,742$���� 13.89
��� Corporate
��� -------------------------------------------------------------------------
������������������������������ 11,708������ 10,708$�� 148,742$���� 13.89
��� -------------------------------------------------------------------------
��� -------------------------------------------------------------------------
��� 
���
����������������������������������������Nine Months Ended September 30, 2009
��� -------------------------------------------------------------------------
����������������������������������������������������������������������� Cash
������������������� ������������Total������� Total��������� Net��� flow from
��������������������������� cash cost��� depletion���� earnings���� (used in)
�������������������������� (US$'s per�� (US$'s per������� (loss)operations
���������������������������� ounce)(3)��� ounce)(3)����� (US$'s)����� (US$'s)
��� -------------------------------------------------------------------------
��� 
����Silver
����� San Dimas���������� $����� 4.02$����� 0.71$��� 34,817$��� 37,553
����� Zinkgruvan���������������� 4.02�������� 1.78 ������11,175������ 12,793
����� Yauliyacu����������������� 3.93�������� 3.47������ 12,184������ 19,082
����� Penasquito���������������� 3.90�������� 2.35������� 3,260������� 4,331
����� Minto��������������������� 3.90�������� 4.48��������� 469��������� 808
����� Cozamin������������������� 4.00�������� 4.70������� 3,479������� 7,617
����� Barrick(4)���������������� 3.90�������� 3.46������� 1,631������� 2,278
����� Other(5)������������������ 3.91�������� 4.03������� 8,715������ 14,883
��� -------------------------------------------------------------------------
������������������������� $����� 3.97$����� 2.31$��� 75,730$��� 99,345
��� Gold
����� Minto�������������� $������ 300$������ 288$���� 3,773$���� 5,522
��� -------------------------------------------------------------------------
��� Silver Equivalent(6)$����� 4.02$����� 2.44$��� 79,503$�� 104,867
��� Corporate������������������������������������������ (12,388)����� (9,914)
��� -------------------------------------------------------------------------
������������������������� $����� 4.02$����� 2.44$��� 67,115$��� 94,953
��� -------------------------------------------------------------------------
��� -------------------------------------------------------------------------
��� 
����(1) All figures in thousands except gold ounces produced and sold and per
������� ounce amounts.
��� (2) Ounces produced represent the quantity of silver and gold contained
������� in concentrate or dor� prior to smelting or refining deductions.
��� (3) Refer to discussion on non-GAAP measures at the end of this press
������� release.
��� (4) Comprised of the Lagunas Norte, Pierina and Veladero mines.
��� (5) Comprised of the Los Filos, San Martin, La Negra, Mineral Park,
������� Neves-Corvo, Stratoni and Campo Morado mines.
��� (6) Gold ounces produced and sold are converted to a silver equivalent
������� basis on the ratio of the average silver price received to the
������� average gold price received during the period.

Non-GAAP Measures

Silver Wheaton has included, throughout this press release, certain non-GAAP performance measures, including total cash costs of silver and gold on a sales basis, as well as operating cash flows per share and cash operating margin. These non-GAAP measures do not have any standardized meaning prescribed by GAAP, nor are they necessarily comparable with similar measures presented by other companies. Cash costs are presented as they represent an industry standard method of comparing certain costs on a per unit basis. Cash operating margin is defined as the realized selling price less total cash cost per silver equivalent ounce. The Company believes that certain investors use this information to evaluate the Company's performance. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. During the three months ended September 30, 2010, the Company's total cash costs, which were equivalent to the Company's cost of sales in accordance with GAAP, were $3.98 per ounce of silver and $300 per ounce of gold (2009 - $3.97 per ounce of silver and $300 per ounce of gold).

.

Silver Wheaton

PRODUCER
CODE : SLW.TO
ISIN : CA8283361076
CUSIP : 828336107
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Silver Wheaton is based in Canada.

Silver Wheaton produces silver, copper, gold, lead, silica and zinc in Canada, in Greece, in Mexico, in Peru, in Portugal and in Sweden, develops copper, gold, silver and zinc in Canada and in Chile, and holds various exploration projects in Argentina and in Portugal.

Its main assets in production are ZINKGRUVAN in Sweden, KENO HILL (BELLEKENO) and MINTO MINE in Canada, SAN MARTIN - LUISMIN, PEÑASQUITO, LUISMIN and G-9 CAMPO MORADO in Mexico, YAULIYACU in Peru, STRATONI in Greece and NEVES-CORVO in Portugal, its main assets in development are PASCUA LAMA in Chile and KUTCHO CREEK in Canada and its main exploration properties are PROMOTORIO DURANGO and MONTOROS in Mexico, ALJUSTREL in Portugal and LOMA DE LA PLATA (NAVIDAD) in Argentina.

Silver Wheaton is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 12.6 billions as of today (US$ 9.2 billions, € 8.4 billions).

Its stock quote reached its lowest recent point on March 09, 2007 at CA$ 10.01, and its highest recent level on May 15, 2017 at CA$ 28.53.

Silver Wheaton has 441 520 000 shares outstanding.

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8/11/2015Silver Wheaton meets 2Q profit forecasts
8/11/2015Silver Wheaton profit falls about 15 pct
8/11/2015Platinum Prices Fall as Investors and Miners Await Key Data
8/10/2015What to Watch in the Day Ahead - Tuesday, Aug. 11
8/7/2015What to Watch in the Week Ahead and on Monday, Aug. 10
7/9/2015Bay Street Analysts Still Like Silver Wheaton
7/7/2015Canada's Silver Wheaton gets CRA proposal to reassess income...
7/6/2015ETF Holdings of Precious Metals Are Strong and Steady
5/26/2015Hedge Funds Pulling Back From The Mining Industry ~ See Thei...
5/8/2015Low Commodity Prices Upend Silver Wheaton Profits
4/27/2015Silver Wheaton Announces Filing of Preliminary Base Shelf Pr...
4/22/2015Notable option activity in equities
4/9/2015to release 2015 first quarter results on May 7, 2015
4/3/2015Vale’s Gold Stream Agreement with Silver Wheaton Seems Posit...
4/1/201510 Commodities Investments to Rev Up Your Portfolio
3/18/2015Silver Wheaton misses 4Q profit forecasts
3/10/2015Silver Wheaton Acquires Additional Gold Stream From Vale's S...
3/10/2015Silver Wheaton Announces Amendment to Credit Facility
3/10/2015Silver Wheaton announces US$800 million bought deal financin...
3/4/2015PRESS DIGEST- Canada- March 4
3/3/2015Canada Stocks to Watch: BlackBerry, Scotiabank, Silver Wheat...
3/3/2015IIROC Trade Resumption - SLW
1/5/2015Canada Stocks to Watch: Silver Wheaton, Barrick, Energy Fuel...
4/8/2014to Release 2014 First Quarter Results on May 8, 2014
1/22/2014Silver Wheaton to Release 2013 Fourth Quarter and Full Year ...
11/11/2013Silver Wheaton declares fourth quarterly dividend payment fo...
11/11/2013Silver Wheaton Reports Record Production for the Third Quart...
10/31/2013Silver Wheaton provides update on Pascua-Lama and extends Ba...
10/16/2013Silver Wheaton to Release 2013 Third Quarter Results on Nove...
8/14/2013Silver Wheaton reports record second quarter and first half ...
8/14/2013declares third quarterly dividend payment for 2013
7/1/2013provides update on Pascua-Lama
5/29/2013Silver Wheaton announces US$1 billion term credit facility
5/24/2013Barrick provides update on Pascua-Lama
5/11/2013Silver Wheaton amends dividend policy and declares second qu...
4/12/2013to release 2013 first quarter results on May 10, 2013
4/2/2013Silver Wheaton Provides Details of Annual Meeting of Shareho...
4/2/2013Provides Details of Annual Meeting of Shareholders and Files...
3/22/2013Silver Wheaton declares first quarterly dividend payment for...
3/19/2013Silver Wheaton reports over 1 billion ounces of attributable...
2/5/2013Silver Wheaton acquires gold streams from Vale's Salobo and ...
1/16/2013to release 2012 fourth quarter and full year results on Marc...
10/3/2012to release third quarter 2012 results on November 5th
8/10/2012Silver Wheaton Declares Third Quarterly Dividend Payment for...
8/10/2012Silver Wheaton Reports Record Quarterly Financial Results In...
5/14/2012Silver Wheaton declares second quarterly dividend payment fo...
10/6/2011To Release Third Quarter 2011 Results On November 9th
7/28/2011Revises 2011 Attributable Production Guidance
5/5/2011- 2011 First Quarter Results Conference Call and Webcast ...
4/8/2011TO RELEASE FIRST QUARTER 2011 RESULTS ON MAY 9th
8/6/2010finalizes amended silver purchase agreement in conjunction w...
6/2/2010announces amended silver
5/17/2010acquires right of first refusal on silver streams from Venta...
4/1/2010files 2009 audited financial statements and provides details...
3/5/2010reports record financial and operating results for 2009
3/1/2010reports record attributable reserves and resources in 2009
2/11/2010acquires life of mine silver and gold production from August...
9/22/2009closes acquisition of silver production from Barrick Gold Co...
9/8/2009Acquires 25% of Life of Mine Silver Production fromBarrick?...
5/21/2009Acquisition of Silverstone Resources Corp.
5/20/2009Approve Proposed Acquisition by Silver Wheaton
12/9/2008ANNOUNCES ADOPTION OF SHAREHOLDER RIGHTS PLAN
7/30/2008REPORTS EARNINGS OF US$23 MILLION AND RECORD OPERATING CASH ...
4/3/2008MORE THAN TRIPLES BOTH SILVER RESERVES AND MEASURED AND INDI...
3/17/2008 Acquires Life of Mine Silver Production From Mercator Miner...
2/25/2008Reports Record Annual Earnings and Operating Cash Flows
2/14/2008GOLDCORP COMPLETES SALE OF ITS 48% INTEREST IN SILVER WHEATO...
2/1/2008GOLDCORP ANNOUNCES SECONDARY OFFERING OF ITS ENTIRE 48% INTE...
1/31/2008 Recommends Rejection of Mini-Tender Offer by TRC Capital Co...
12/20/2007 Signs Binding Letter Agreement To Acquire Future Silver Pro...
12/3/2007Goldcorp Updates Peñasquito and Luismin Silver Production E
11/5/2007Acquires 11% Interest in Mines Management and Right of First...
10/31/2007 Reports Q3 Earnings Of Us$19 Million And Operating Cash Flo...
6/25/2007Announces 50% Increase in Proven and Probable
4/16/2007Acquire 25% Of Life Of Mine Silver Product
3/30/2007Santa Rosa Silver Update-Assays to +1,500 g/t Silver; Phase ...
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TORONTO (SLW.TO)NYSE (SLW)
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TORONTO
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24hGold TrendPower© : 2
Produces Copper - Gold - Lead - Silver - Zinc
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