GOLDCORP COMPLETES
SALE OF ITS 48% INTEREST IN SILVER WHEATON
VANCOUVER, BRITISH COLUMBIA, February 14,
2008 - Silver Wheaton Corp. ("Silver
Wheaton")(NYSE, TSX:SLW) is pleased to announce that Goldcorp Inc. ("Goldcorp")
has completed the previously announced secondary offering of 108,000,000
common shares of Silver Wheaton at a price of C$14.50 per share for gross
proceeds of C$1,566,000,000. The underwriting syndicate was co-led
by Macquarie Capital Markets Canada Ltd., Genuity Capital Markets and GMP
Securities L.P., with Macquarie Capital Markets Canada Ltd. and Genuity
Capital Markets as co-bookrunners, and included CIBC World Markets Inc.,
National Bank Financial Inc., RBC Dominion Securities Inc., Scotia
Capital Inc., Canaccord Capital Corporation and Merrill Lynch Canada Inc.
The secondary offering represents the sale of Goldcorp's entire 48%
interest in Silver Wheaton. Silver Wheaton did not receive any
proceeds from the secondary offering.
"Goldcorp was fundamental in the formation of Silver Wheaton, and is
an excellent operating partner on two of our key assets, Pe�asquito and
San Dimas. Goldcorp's sale of their Silver Wheaton shares represents an
important and positive step in the development of our company," said
Silver Wheaton President and Chief Executive Officer, Peter Barnes. "This
sale removes a perceived overhang in our stock while increasing market
liquidity significantly, making Silver Wheaton a much more appealing long
term investment, particularly to institutional investors. With a strong
shareholder base, this will now allow us to capitalize on our exceptional
growth prospects, with nothing to hold us back."
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or province in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state or province.
Silver Wheaton is the largest public mining company with 100% of its
operating revenue from silver production. Silver Wheaton's 2008 silver
sales are expected to approximate 15 million ounces, increasing to 25
million ounces in 2010. 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 expected future silver
sales of Silver Wheaton. 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 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, 2006 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.
A copy of the prospectus relating to the offering may be obtained from
Jessica Helm, Macquarie Capital Markets Canada Ltd., Suite 3100, 181 Bay
Street, Toronto, ON M5J 2T3; (416) 848-3662.
For further information, please contact:
David Awram
Director, Investor Relations
Silver Wheaton Corp.
Tel:
1-800-380-8687
Email: info@silverwheaton.com
Website: www.silverwheaton.com
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