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Silver Wheaton reports record 2012 operating and financial results

      Silver Wheaton reports record 2012 operating and financial results

PR Newswire

VANCOUVER, March 21, 2013

TSX: SLW
NYSE: SLW

VANCOUVER, March  21,  2013  /PRNewswire/  -  Silver  Wheaton  Corp.  ("Silver 
Wheaton" or the  "Company") (TSX:SLW)  (NYSE:SLW) is pleased  to announce  its 
audited results for the fourth quarter  and year ended December 31, 2012.  All 
figures are presented in United States dollars unless otherwise noted.

FULL YEAR HIGHLIGHTS

------------------------------------------------------------------------------

  *Fourth consecutive year of record attributable silver equivalent
    production of 29.6 million ounces compared to 25.4 million ounces in 2011,
    representing an increase of 17%.
  *Record silver equivalent sales of 27.3 million ounces compared to 21.1
    million ounces in 2011, representing an increase of 30%.
  *Record revenues of $849.6 million compared to $730.0 million in 2011,
    representing a 16% increase.
  *Record net earnings of $586.0 million ($1.66 per share) compared to $550.0
    million ($1.56 per share) in 2011, representing a 7% increase.
  *Record operating cash flows of $719.4 million ($2.03 per share^1) compared
    to $626.4 million ($1.77 per share^1) in 2011, representing a 15%
    increase.
  *Cash operating margin^1 of $26.79 per silver equivalent ounce, compared to
    $30.56 in 2011, representing a 12% decrease.
  *Average cash costs^1 rose to $4.30 per silver equivalent ounce, compared
    to $4.09 in 2011, representing a 5% increase.
  *In August 2012, acquired from Hudbay Minerals Inc. ("Hudbay") a precious
    metals stream from its currently producing 777 mine ("777") and a silver
    stream from its cornerstone development project, Constancia.
  *During 2012, Silver Wheaton paid $123.9 million in dividends ($0.35 per
    share) compared to $63.6 million in 2011 ($0.18 per share), representing a
    95% increase.

FOURTH QUARTER HIGHLIGHTS

------------------------------------------------------------------------------

  *Record attributable silver equivalent production of 8.5 million ounces
    compared to 6.9 million ounces in Q4 2011 and 7.7 million ounces in Q3
    2012, representing an increase of 22% and 10%, respectively.
  *Record silver equivalent sales of 9.1 million ounces compared to 6.0
    million ounces in Q4 2011 and 5.1 million ounces in Q3 2012, representing
    an increase of 53% and 78%, respectively.
  *Record revenues of $287.2 million compared to $191.9 million in Q4 2011,
    representing a 50% increase.
  *Record net earnings of $177.7 million ($0.50 per share) compared to $144.7
    million ($0.41 per share) in Q4 2011, representing a 23% increase.
  *Record operating cash flows of $254.0 million ($0.72 per share^1) compared
    to $163.7 million ($0.46 per share^1) in Q4 2011, representing a 55%
    increase.
  *Cash operating margin^1 of $26.76 per silver equivalent ounce, compared to
    $28.06 in Q4 2011, representing a 5% decrease.
  *Average cash costs^1 rose to $4.70 per silver equivalent ounce, compared
    to $4.06 per silver equivalent ounce in Q4 2011, representing a 16%
    increase, driven primarily by higher costs associated with silver and gold
    from the Hudbay 777 mine ($5.90 and $400 per ounce of silver and gold,
    respectively).
  *Declared quarterly dividend of $0.14 per common share, representing 20% of
    the cash generated by operating activities during the three months ended
    December 31, 2012.

2013 OUTLOOK

------------------------------------------------------------------------------

  *Silver Wheaton anticipates a 13% year over year increase in its 2013
    attributable production to approximately 33.5 million silver equivalent
    ounces, including 145 thousand ounces of gold.
  *In 2017, the Company forecasts 53 million ounces of silver equivalent
    production (including 180 thousand ounces of gold), which represents an
    increase of 79% from 2012.
  *The acquisition of the Salobo and Sudbury gold streams from Vale S.A.
    ("Vale") subsequent to December 31, 2012, is expected to double Silver
    Wheaton's attributable gold production over the next five years. Coupled
    with a full year of attributable production from Hudbay's 777 mine,
    acquired in August 2012, these cornerstone assets will drive the company's
    production growth in 2013.
  *As per the Company's news release dated March 19, 2013, attributable
    silver and gold reserves increased to 851.4 million ounces and 4.96
    million ounces, respectively, as a result of organic and acquisition
    growth, inclusive of the acquisition of gold streams from Vale's Salobo
    and Sudbury mines. Based on reserve estimates as at December 31, 2012^1,
    following the Vale transaction, silver equivalent reserves attributable to
    Silver Wheaton have grown to 1.12 billion ounces^2.

___________________________

^1 Please refer to non-IFRS measures at the end of this press release.
^2 Silver equivalent reserves and resources assume a gold/silver ratio of
53.3:1.

"2012 was another exceptional  year for Silver Wheaton,  anchored by a  fourth 
quarter that saw record production, sales, revenue, net income, and cash  flow 
for the company," said Randy Smallwood, President and Chief Executive  Officer 
of Silver Wheaton.  "With the addition  of production from  Hudbay's 777  mine 
midway through the year,  plus growing production  from Peñasquito, San  Dimas 
and Zinkgruvan, 2012 production exceeded our  forecast by over one and a  half 
million ounces."

"This translated into sales of over 27 million ounces, with the fourth quarter
coming in at over nine million ounces,  and full year cash flows of over  $719 
million. Given our dividend policy of paying out 20% of the trailing quarter's
cash  flow,  Silver  Wheaton's  strong  production  growth  profile   directly 
translates into  higher dividends,  with $0.35  per common  share paid  during 
2012, almost  double what  was paid  in 2011,  and our  strong fourth  quarter 
resulted in our first dividend in 2013 being $0.14 per share."

"With the  recently announced  acquisition of  gold streams  from Vale  S.A.'s 
Salobo and Sudbury  mines, we are  confident that 2013  and beyond will  bring 
further growth  and many  new records  to Silver  Wheaton. While  our  organic 
growth profile  now forecasts  roughly an  80% increase  of silver  equivalent 
production over the  next five  years, we firmly  believe there  are yet  more 
accretive opportunities for us to further add to our world-class portfolio  of 
precious metals streams."

Financial Review

Revenues

Revenue was $287.2 million in the fourth quarter of 2012, on silver equivalent
sales of 9.1 million ounces (7.3 million ounces of silver and 33,000 ounces of
gold). This  represents a  50% increase  from the  $191.9 million  of  revenue 
generated in  the  fourth quarter  of  2011,  due primarily  to  a  comparable 
increase in  the number  of ounces  sold with  relatively unchanged  gold  and 
silver prices.

Revenue was $849.6  million for the  year ended December  31, 2012, on  silver 
equivalent sales of  27.3 million ounces  (24.8 million ounces  of silver  and 
46,100 ounces of gold). This represents a 16% increase from the $730.0 million
in revenue generated for the year ended December 31, 2011, due primarily to  a 
30% increase in the  number of ounces  sold and a 6%  increase in the  average 
realized gold price,  which were  partially offset by  a 10%  decrease in  the 
average realized selling price of silver.

Costs and Expenses

Average cash  costs^1 in  the fourth  quarter of  2012 were  $4.70 per  silver 
equivalent ounce, compared with  $4.06 during the  comparable period of  2011. 
This resulted  in cash  operating margins^1  of $26.76  per silver  equivalent 
ounce, a 5% decrease compared with  the fourth quarter of 2011. The  slightly 
lower margins  were  primarily a  result  of the  higher  production  payments 
associated with the  precious metals stream  on Hudbay's 777  mine ($5.90  and 
$400 per ounce of silver and gold, respectively).

Average cash costs^1  for the  year ended December  31, 2012,  were $4.30  per 
silver equivalent ounce, compared with  $4.09 during the comparable period  of 
2011.  This  resulted  in  cash  operating  margins^1  of  $26.79  per  silver 
equivalent ounce, a  12% decrease compared  with the year  ended December  31, 
2011, resulting primarily due to a 10% decrease in the average realized silver
price.

Earnings and Operating Cash Flows

Net earnings in  the fourth  quarter of 2012  were $177.7  million ($0.50  per 
share), compared with net  earnings of $144.7 ($0.41  per share) for the  same 
period in 2011, an increase  of 23%. Cash flow  from operations in the  fourth 
quarter of 2012 was $254.0 million  ($0.72 per share^1), compared with  $163.7 
million ($0.46 per share^1) for the same  period in 2011, an increase of  55%. 
The  increase  in  net  earnings   and  operating  cash  flows  is   primarily 
attributable to the  increase in the  amount of  gold and silver  sold in  the 
quarter.

Net earnings for the year ended December 31, 2012, were $586.0 million  ($1.66 
per share), compared with net earnings of $550.0 million ($1.56 per share) for
the same period in 2011, an increase of 7%. Cash flow from operations for  the 
year ended December 31, 2012, was $719.4 million ($2.03 per share^1)  compared 
with $626.4  million ($1.77  per share^1)  for  the same  period in  2011,  an 
increase of  15%. The  increase in  net earnings  and operating  cash flow  is 
primarily attributable to the increase in the amount of gold and silver  sold, 
slightly offset by the decrease in the average realized silver price.

Balance Sheet

At December 31, 2012,  the Company had approximately  $778 million of cash  on 
hand. Subsequent to the year end, Silver Wheaton announced the acquisition  of 
two gold streams from Vale for a cash consideration of $1.90 billion (plus  10 
million Silver Wheaton warrants with  a strike price of $65  and a term of  10 
years). As part of the funding  for this transaction, Silver Wheaton  entered 
into two  new unsecured  credit  facilities, comprised  of  (1) a  $1  billion 
revolving credit facility having a 5 year term (the "Revolving Facility"); and
(2) a $1.5 billion bridge financing facility having a 1 year term (the "Bridge
Facility").The Revolving  Facility  and  Bridge Facility  replaced  the  $400 
million Revolver Loan and the Term Loan, with the latter being repaid in  full 
on February 22, 2013.  The $778 million  of cash and  cash equivalents as  at 
December 31, 2012 combined with the liquidity provided by the $2.5 billion  of 
new credit  facilities positions  the  Company well  to fund  all  outstanding 
commitments as well as providing  flexibility to acquire additional  accretive 
precious metal stream interests.

Operational Highlights

Attributable silver equivalent production was a record 8.5 million ounces (7.0
million ounces of silver and 26,400 ounces  of gold) in the fourth quarter  of 
2012, a 22% increase compared to the  fourth quarter of 2011. In 2012,  Silver 
Wheaton experienced its fourth year  of record annual attributable  production 
of 29.6 million silver  equivalent ounces (26.9 million  ounces of silver  and 
50,000 ounces of gold), a 17% increase compared to 2011.

_____________________________
^1 Please refer to non-IFRS measures at the end of this press release.

Operational highlights for the year ended December 31, 2012 are as follows:

Peñasquito -  In 2012,  the Peñasquito  mine produced  6.6 million  ounces  of 
attributable silver,  an increase  of 24%  over 2011.  Though production  was 
higher  than  2011,  an  unprecedented  regional  drought  resulted  in  water 
shortages causing mill throughput to average  100,000 tonnes per day in  2012, 
below the design capacity  of 130,000 tonnes per  day. As stated in  Goldcorp 
Inc.'s ("Goldcorp") press release dated  January 7, 2013, the Peñasquito  mine 
continues to  be  impacted by  the  drought and  as  a result,  throughput  is 
expected to average 105,000 tonnes per  day in 2013 as additional water  wells 
are brought  into  production within  the  Cedros  Basin in  addition  to  new 
dewatering wells within the Chile Colorado pit. A water and tailings study to
develop a comprehensive long-term water  strategy for the Peñasquito  district 
is underway and Goldcorp expects this  study to be completed during the  first 
half of 2013.

San Dimas - Attributable  production from the San  Dimas mine was 5.9  million 
ounces^1 in 2012, an increase of 6%  over 2011. On October 15, 2012,  Primero 
Mining Corp. ("Primero")  announced a mine  and mill expansion  of San  Dimas. 
Primero has elected a staged approach  to the full expansion and has  approved 
the expenditure of a total of $14.4  million to expand the San Dimas mine  and 
mill  from  2,000  tonnes  per  day  currently  to  2,500  tonnes  per   day. 
Construction of the  mine and mill  expansion began in  October 2012, with  an 
estimated completion  during  the first  quarter  of 2014.  A  further  plant 
expansion to 3,000 tonnes per day continues to be assessed and is dependent on
future exploration success by Primero.

Zinkgruvan - Attributable production in 2012 was a record 2.5 million  ounces, 
an increase of 48%  over 2011, due  to high ore  grades, good recoveries,  and 
continued strong throughput levels. Production for 2013 is forecast to be 2.4
million ounces as  more normalized  grades are expected  while throughput  and 
recoveries are expected to remain strong.

Barrick & Pascua-Lama - Silver Wheaton's 2012 attributable production from the
currently producing Barrick silver interests, consisting of Veladero,  Lagunas 
Norte and Pierina mines, was 2.7 million ounces of silver.

As per Barrick's year-end 2012 MD&A, during the fourth quarter of 2012 Barrick
finalized the cost estimate and schedule for its Pascua-Lama project.  Initial 
production remains  on  track  for the  second  half  of 2014  and  the  total 
pre-production capital budget remained at $8.0 to $8.5 billion, of which  $4.2 
billion had  been  spent  as  of  the  end of  2012.  At  the  end  of  2012, 
construction was  approximately  40% complete  with  the four  kilometer  long 
conveyance tunnel  approximately 70%  complete. Construction  of the  primary 
crusher in Chile commenced in January 2013, and, in Argentina, construction of
the process plant facility advanced with approximately 60% of structural steel
erected. Also noted in Barrick's 2012 MD&A, Barrick halted all  pre-stripping 
activities during  the  fourth  quarter  as  increased  dust,  exacerbated  by 
stronger than normal  winds, was observed  in the open  pit area.  Regulatory 
authorities in Chile  subsequently issued  an order  to suspend  pre-stripping 
activities until strengthened  dust mitigation and  control measures could  be 
implemented.  To  date,  the  suspension  of  pre-stripping  has  not  altered 
Barrick's target of first production in the second half of 2014.

Until December 31, 2015, Silver Wheaton will be entitled to all or a portion
of the silver production from Barrick's Veladero, Pierina and Lagunas Norte
mines, to the extent Pascua-Lama is operating below 75% of design capacity.
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 full five years of operation, Silver Wheaton's
attributable silver production is expected to average nine million ounces
annually.

Produced But Not Yet Delivered - Payable silver equivalent ounces produced but
not yet delivered to Silver Wheaton  by its partners decreased by 1.4  million 
ounces in  the fourth  quarter,  resulting in  a  total of  approximately  3.8 
million payable  ounces  at December  31,  2012.  This was  primarily  due  to 
decreases in concentrate  inventories at  the 777,  Yauliyacu, and  Peñasquito 
mines.

Detailed mine  by  mine production  and  sales figures  can  be found  in  the 
Appendix of this press release and in Silver Wheaton's Management's Discussion
and Analysis ("MD&A") in  the 'Results of  Operations and Operational  Review' 
section.

_____________________________
^1 Production includes 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.

Developments Subsequent to 2012 Year End

Salobo and Sudbury -  In February 2013, Silver  Wheaton announced a deal  with 
Vale S.A. to acquire 25% of the  life of mine gold production from the  Salobo 
Mine in Brazil and 70% of the gold production from its Canadian Sudbury  mines 
for a 20-year term. The Salobo mine, the largest copper deposit ever found  in 
Brazil, began operating in 2012 at a  capacity of 12 million tonnes per  annum 
(mtpa) of  mill  throughput  capacity.  The mine  is  already  undergoing  an 
expansion to 24  mtpa and  is expected  to produce  approximately 70  thousand 
ounces of gold annually  for Silver Wheaton  for the first  ten years of  full 
production. Sudbury is one of the largest nickel producing areas globally and
has an operating history dating back to 1885. Vale's integrated operations in
Sudbury are amongst the largest in the world and are expected to contribute 50
thousand ounces of gold annually on average over the next 20 years.

2013 and Long-Term Silver Equivalent Production Forecast

Based upon its current  agreements -- including the  gold streams from  Vale's 
Salobo and Sudbury mines -- the Company forecasts 2013 attributable production
of approximately 33.5 million silver equivalent ounces, including 145 thousand
ounces of gold.  This represents  a 13% increase  compared to  2012, which  is 
primarily driven by a full year of  production from Hudbay's 777 mine as  well 
as the addition of gold production from Vale's Salobo and Sudbury mines.

By 2017, based upon its current agreements, annual attributable production  is 
anticipated to increase by 79%  to approximately 53 million silver  equivalent 
ounces, including 180 thousand ounces of  gold. The increase is the result  of 
the anticipated ramp up  of three new  mines, including Barrick's  Pascua-Lama 
project, Hudbay's Constancia project, and Augusta Resource's Rosemont project.
The world-class  Pascua-Lama project  is forecast  to commence  production  in 
mid-2014 and,  in its  first full  five years  of operation,  will  contribute 
approximately 9 million ounces of  attributable silver production annually  to 
Silver Wheaton.

Attributable mine-by-mine actual  2011 and 2012  production and forecast  2013 
production are as follows:

                                                               
                                           Attributable Production^1, 2
                                             2011     2012      2013
                                             Actual   Actual   Forecast
                                                               
Silver ounces produced (000's)                                  
             Peñasquito^3                   5,284    6,572     5,800
             San Dimas^4                    5,585    5,905     6,500
             Barrick^5                      2,980    2,696     1,700
             Zinkgruvan                     1,691    2,502     2,400
             Yauliyacu                      2,548    2,412     2,500
             Cozamin                        1,567    1,576     1,800
             Other^6                        4,902    5,231     5,100
                                                               
                                            24,557   26,894    25,800
                                                               
Gold ounces produced (000's)                                    
             Minto                           18.4     18.6       20
             777                              -       31.4       70
             Sudbury and Salobo               -        -         55
                                            18.4     50.0      145
                                                              
Silver equivalent ounces produced (000's)^7  25,374   29,571    33,500
                                                               

1) Ounces produced represent quantity of silver and gold contained in
   concentrate or doré prior to smelting or refining deductions.
2) Production figures are based on information provided by the operators of
   the mining operations to which the silver or gold interests relate or
   management estimates in those situations where other information is not
   available.
3) Production at Peñasquito is lower in 2013 due to lower grades in the mine
   plan.
4) Production includes 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 
5) Comprised of the Lagunas Norte, Pierina and Veladero silver interests.
   Production in 2013 is lower due to forecasted lower grades at Lagunas Norte
   and Veladero, and declining production from Pierina as Barrick waits for
   approval to commence pushback.
6) Includes the Los Filos, Mineral Park, Neves-Corvo, Stratoni, Keno Hill,
   Campo Morado, Minto, 777 and Aljustrel silver interests.
7) Gold ounces produced 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 from the assets that produce both gold and
   silver. For the 2013 forecast, a silver price of $30 and gold price of
   $1,600 were used for the silver equivalent conversion.
  

Reserves and Resources

Silver Wheaton's attributable reserves and resources, as of December 31, 2012,
can be found  in the  Company's news  release dated  March 19,  2013, and  are 
available on the Company's website  at www.silverwheaton.com and in its  MD&A, 
also available on the Company's website and posted on SEDAR at  www.sedar.com. 
Attributable reserves and resources are based on information available to  the 
Company as of March 18, 2013.

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

Webcast and New Conference Call Details

A conference call will be  held Friday, March 22,  2013, starting at 11:00  am 
(Eastern Time)  to discuss  these results.  To participate  in the  live  call 
please 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:                                     26000662
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:        1-855-859-2056
Dial from outside Canada or the US:          1-416-849-0833
Pass code:                                26000662
Archived audio webcast:                     www.silverwheaton.com
                                              

ABOUT SILVER WHEATON

Silver Wheaton is the largest precious metals streaming company in the  world. 
Based upon its  current agreements, forecast  2013 attributable production  is 
approximately 33.5 million silver equivalent ounces^1, including 145  thousand 
ounces of  gold. By  2017, annual  attributable production  is anticipated  to 
increase significantly to approximately 53 million silver equivalent ounces^1,
including 180 thousand ounces of gold. This growth is driven by the  Company's 
portfolio of  low-cost and  long-life assets,  including silver  and  precious 
metal streams on Barrick's  Pascua-Lama project, Hudbay's Constancia  project, 
and Vale's Salobo and Sudbury mines.

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, reserve conversion rates and  statements 
as to any future dividends. 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.

CAUTIONARY LANGUAGE REGARDING RESERVES AND RESOURCES
For further  information on  Mineral  Reserves and  Mineral Resources  and  on 
Silver Wheaton more generally, readers should refer to Silver Wheaton's Annual
Information Form for the  year ended December 31,  2011, and other  continuous 
disclosure documents filed by Silver Wheaton since January 1, 2012,  available 
on SEDAR  at  www.sedar.com. Silver  Wheaton's  Mineral Reserves  and  Mineral 
Resources are  subject to  the  qualifications and  notes set  forth  therein. 
Mineral Resources  which are  not Mineral  Reserves do  not have  demonstrated 
economic viability.

Cautionary Note to United States  Investors Concerning Estimates of  Measured, 
Indicated and  Inferred Mineral  Resources: The  information contained  herein 
uses the  terms  "Measured",  "Indicated" and  "Inferred"  Mineral  Resources. 
United States investors are advised that  while such terms are recognized  and 
required by Canadian  regulations, the United  States Securities and  Exchange 
Commission does not  recognize them  and expressly  prohibits U.S.  registered 
companies from including such terms in  their filings with the SEC.  "Inferred 
Mineral Resources" have a great amount  of uncertainty as to their  existence, 
and as to their economic and legal feasibility. It cannot be assumed that  all 
or any part of an Inferred Mineral Resource will ever be upgraded to a  higher 
category. Under Canadian  rules, estimates of  Inferred Mineral Resources  may 
not form the  basis of feasibility  or other economic  studies. United  States 
investors are cautioned  not to assume  that all  or any part  of Measured  or 
Indicated Mineral Resources will  ever be converted  into Mineral Reserves  or 
that any  exploration potential  will ever  be converted  to any  category  of 
Mineral Reserves  or  Mineral  Resources. United  States  investors  are  also 
cautioned not to assume that all or  any part of an Inferred Mineral  Resource 
exists, or is economically or  legally mineable. United States investors  are 
urged to consider closely the disclosure in Silver Wheaton's Form 40-F, a copy
of   which    may    be    obtained    from    Silver    Wheaton    or    from 
http://www.sec.gov/edgar.shtml.

_____________________________
^1 Silver  equivalent  production  forecast assumes  a  gold/silver  ratio  of 
53.3:1.

Summarized Financial Results

                                      Years Ended December 31
                        2012                2011                 2010
Silver                                                                   
equivalent
production ^1
 Attributable              26,894              24,557              21,984
    silver
    ounces
    produced
    (000's)
 Attributable              50,039              18,436              28,795
    gold ounces
    produced
 Attributable              29,571              25,374              23,758
    silver
    equivalent
    ounces
    produced
    (000's) ^1
Silver                                                                   
equivalent sales
^1
 Silver                    24,850              20,247              18,878
    ounces sold
    (000's)
  Gold ounces               46,094              18,256              25,884
    sold
 Silver                    27,328              21,069              20,483
    equivalent
    ounces sold
    (000's) ^1
Average realized                                                         
price ($'s per
ounce)
 Average       $             31.03  $             34.60  $             20.75
    realized
    silver price
 Average       $             1,701  $             1,609  $             1,224
    realized
    gold price
 Average       $             31.09  $             34.65  $             20.67
    realized
    silver
    equivalent
    price ^1
Average cash                                                             
cost ($'s per
ounce) ^2
 Average       $              4.06  $              3.99  $              3.97
    silver cash
    cost
 Average gold  $               362  $               300  $               300
    cash cost
 Average       $              4.30  $              4.09  $              4.04
    silver
    equivalent
    cash cost ^1
Total revenue     $           849,560  $           729,997  $           423,353
($000's)
Net earnings      $           586,036  $           550,028  $           153,381
($000's)
Add back - loss                                           
on fair value
adjustment of
Canadian dollar
share purchase          
warrants issued                    -                   -          133,210
Adjusted net      $           586,036  $           550,028  $           286,591
earnings ^2
($000's)
Earnings per                                                             
share
 Basic         $              1.66  $              1.56  $              0.45
  Diluted       $              1.65  $              1.55  $              0.44
Adjusted                                                                 
earnings per
share ^2
 Basic         $              1.66  $              1.56  $              0.83
 Diluted       $              1.65  $              1.55  $              0.83
Cash flow from    $           719,404  $           626,427  $           319,726
operations
($000's)
Dividends                                                                
 Dividends     $           123,852  $            63,612  $ 
    paid                                                                       -
    ($000's)
 Dividends     $              0.35  $              0.18  $ 
    paid per                                                                   -
    share
Total assets      $         3,189,337  $         2,872,335  $         2,635,383
($000's)
Total             $            23,555  $            50,424  $           200,966
non-current
financial
liabilities
($000's)
Shareholders'     $         3,107,074  $         2,654,217  $         2,261,949
equity ($000's)

1) 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 from the
   assets that produce both gold and silver.
2) Refer to discussion on non-IFRS measures at the end of this press release.

Consolidated Statements of Earnings

                                                     Years Ended December 31
(US dollars and shares in thousands, except per           2012        2011
share amounts)
Sales                                                  $   849,560  $ 729,997
Cost of sales                                                            
         Cost of sales, excluding depletion           $   117,489  $  86,266
       Depletion                                       101,229    57,457
Total cost of sales                                    $   218,718  $ 143,723
Earnings from operations                               $   630,842  $ 586,274
Expenses and other income                                                
       General and administrative ^1                $    30,839  $  25,180
       Foreign exchange loss (gain)                         29     (453)
       Other (income) expense                            (817)     3,182
                                                      $    30,051  $  27,909
Earnings before income taxes                           $   600,791  $ 558,365
Income tax expense                                       (14,755)   (8,337)
Net earnings                                           $   586,036  $ 550,028
                                                                        
Basic earnings per share                               $      1.66  $    1.56
Diluted earnings per share                             $      1.65  $    1.55
                                                               
Weighted average number of shares outstanding                            
       Basic                                           353,874   353,249
       Diluted                                         356,008   355,904
1) Equity settled stock based compensation (a        
non-cash item)
included in general and administrative expenses.        $     6,420  $   6,329

Consolidated Statements of Comprehensive Income

                                                     Years Ended December 31
(US dollars in thousands)                                2012       2011
Net earnings                                          $  586,036 $   550,028
Other comprehensive income (loss)                                       
 Loss on long-term investments - common shares     $ (31,134) $ (119,114)
    held
 Deferred income tax recovery                          2,479     10,699
Total other comprehensive loss                        $ (28,655) $ (108,415)
Total comprehensive income                            $  557,381 $   441,613

Consolidated Balance Sheets

                                                December 31 December 31
(US dollars in thousands)                            2012        2011
Assets                                                              
Current assets                                                      
 Cash and cash equivalents                    $   778,216 $   840,201
 Accounts receivable                               6,197      3,890
 Other                                               966      1,221
Total current assets                             $   785,379 $   845,312
Non-current assets                                                  
 Silver and gold interests                    $ 2,281,234 $ 1,871,726
 Long-term investments                           121,377    151,621
 Deferred income taxes                                 -      2,301
 Other                                             1,347      1,375
Total non-current assets                         $ 2,403,958 $ 2,027,023
Total assets                                     $ 3,189,337 $ 2,872,335
Liabilities                                                         
Current liabilities                                                 
 Accounts payable and accrued liabilities     $    20,898 $     8,345
 Current portion of bank debt                     28,560     28,560
 Current portion of silver interest payments           -    130,789
Total current liabilities                        $    49,458 $   167,694
Non-current liabilities                                             
 Long-term portion of bank debt               $    21,500 $    50,060
 Deferred income taxes                             9,250          -
 Performance share units                           2,055        364
Total non-current liabilities                    $    32,805 $    50,424
Total liabilities                                $    82,263 $   218,118
Shareholders' equity                                                
Issued capital                                   $ 1,811,577 $ 1,793,772
Reserves                                            (1,710)     25,422
Retained earnings                                 1,297,207    835,023
Total shareholders' equity                       $ 3,107,074 $ 2,654,217
Total liabilities and shareholders' equity       $ 3,189,337 $ 2,872,335
                                                                   

Consolidated Statements of Cash Flows

                                                     Years Ended December 31
(US dollars in thousands)                                2012        2011
Operating activities                                                     
Net earnings                                          $   586,036 $   550,028
Adjustments for                                                          
 Depreciation and depletion                           101,457     57,720
 Equity settled stock based compensation                6,420      6,329
 Cash settled stock based compensation                  1,685        377
 Deferred income tax expense                           14,031      7,575
 (Gain) loss on fair value adjustment of share          (496)      3,118
    purchase warrants held
  Investment income recognized in net earnings         (1,367)      (929)
 Other                                                   (15)       (97)
Change in non-cash operating working capital              10,366      1,422
Operating cash flows before interest received         $   718,117 $   625,543
Interest received                                          1,287        884
Cash generated by operating activities                 $   719,404 $   626,427
                                                              
Financing activities                                                     
Bank debt repaid                                      $  (28,560) $  (28,560)
Share purchase warrants exercised                          1,878         99
Share purchase options exercised                          11,030      7,839
Dividends paid                                         (123,852)   (63,612)
Cash applied to financing activities                   $ (139,504) $  (84,234)
                                                              
Investing activities                                                     
Silver and gold interests                             $ (640,718) $ (140,063)
Silver and gold interests - interest paid                  (671)    (1,260)
Acquisition of long-term investments                       (395)   (13,674)
Proceeds on disposal of long-term investments                  -     24,270
Dividend income received                                      80         45
Other                                                      (192)       (54)
Cash applied to investing activities                   $ (641,896) $ (130,736)
                                                     
Effect of exchange rate changes on cash and cash       $        11 $       108
equivalents
(Decrease) increase in cash and cash equivalents       $  (61,985) $   411,565
Cash and cash equivalents, beginning of year              840,201    428,636
Cash and cash equivalents, end of year                 $   778,216 $   840,201

                   
                   
Summary of Ounces Produced and Sold
                                                                                  
                           2012                                  2011
(in                                                                 
thousands)      Q4        Q3        Q2        Q1        Q4        Q3        Q2        Q1
                                                             
Silver                                                              
ounces
produced
^1                                                                                
San Dimas                                                           
^2             1,694     1,288     1,231     1,692     1,578     1,251     1,150     1,606
Zinkgruvan     566     621     673     642     390     379     414     508
Yauliyacu      616     640     606     550     583     608     674     683
Peñasquito   1,445   1,940   1,822   1,365   1,633   1,162   1,282   1,207
Cozamin        372     370     429     405     433     395     414     325
Barrick ^3     934     627     468     667     723     794     741     722
Other ^4     1,407   1,260   1,276   1,288   1,389   1,272   1,153   1,088
            7,034   6,746   6,505   6,609   6,729   5,861   5,828   6,139
Silver                                                              
equivalent
ounces of
gold
produced
^5                                                                                
Minto         373     337     189     107     202     257     261      97
777          1,059   612^6      -      -      -      -      -      -
Silver                                                              
equivalent
ounces
produced
^5             8,466     7,695     6,694     6,716     6,931     6,118     6,089     6,236
Silver                                                              
ounces
sold                                                                              
San Dimas                                                           
^2             1,629     1,178     1,295     1,701     1,488     1,232     1,149     1,748
Zinkgruvan     532     495     580     517     425     319     401     321
Yauliyacu    1,097     184   1,155     497     655      11     471     120
Peñasquito   1,642   1,304   1,845   1,189     851   1,382     961     941
Cozamin        406     301     395     376     374     335     281     271
Barrick ^3     826     528     470     656     755     747     726     680
Other ^4     1,215     796   1,049     992   1,230     770     862     741
            7,347   4,786   6,789   5,928   5,778   4,796   4,851   4,822
Silver                                                              
equivalent
ounces of
gold sold
^5                                                                                
Minto          268     357     139     198     196     316     227      83
777          1,516      -      -      -      -      -      -      -
Silver                                                              
equivalent
ounces
sold ^5        9,131     5,143     6,928     6,126     5,974     5,112     5,078     4,905
Gold /                                                              
silver
ratio ^5       54.1     51.7      58.7     51.2      51.9      50.4      40.1      33.0
Cumulative                                                          
payable
silver
equivalent
ounces
produced
but not
yet
delivered
^7             3,824     5,195     3,212     4,166     4,127     3,805     3,537     3,018

1)   Ounces produced represent the quantity of silver and gold contained in
     concentrate or doré prior to smelting or refining deductions. Production
     figures are based on information provided by the operators of the mining
     operations to which the silver or gold interests relate or management
     estimates in those situations where other information is not available.
     Certain production figures may be updated in future periods as additional
    information is received. The Company has been informed that reported
     production related to the Yauliyacu mine may have been overstated by a
     total of approximately 200,000 ounces for all or some portion of the
     period between April 1, 2011 and June 30, 2012. The required adjustments
     to production, if any, related to the Yauliyacu mine for these periods
     will be made once management completes a review of the timing and amount
     of any production variance.
2)   The ounces produced and sold include 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.
3)  Comprised of the Lagunas Norte, Pierina and Veladero silver interests.
4)  Comprised of the Los Filos, Mineral Park, Neves-Corvo, Stratoni, Keno
     Hill, Minto, 777, Aljustrel and Campo Morado silver interests.
5)   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 from the assets that produce both gold
     and silver.
6)  Represents production for the period August 8, 2012 to September 30,
     2012.
7)  Based on management estimates.



Results of Operations and Operational Review

                                                                                             Three Months Ended December 31, 2012
                                                            Average                                        
                                                                  Cash
                                                    Average       Cost
                                                    Realized      ($'s        Average
                                                     Price         Per       Depletion                  Cash Flow
                  Ounces     Ounces                 ($'s Per     Ounce)      ($'s Per        Net           From          Total
                 Produced²    Sold      Sales      Ounce)       ^3        Ounce)      Earnings    Operations     Assets
Silver                                                                                                  
 San Dimas ^4       1,694   1,629  $  52,080  $    31.97  $    4.13  $      0.79  $   44,059  $     45,351  $   162,936
 Zinkgruvan           566     532    16,485      30.99      4.15        1.68     13,387       16,668      54,075
 Yauliyacu            616   1,097    30,753      28.03      4.08        5.02     20,773       32,106     215,295
 Peñasquito         1,445   1,642    53,697      32.71      3.99        2.96     42,287       47,147     487,272
 Cozamin              372     406    13,109      32.25      4.12        4.05      9,790       11,873      19,135
 Barrick ^5           934     826    26,920      32.59      3.90        4.34     20,112       23,561     597,736
 Other ^6           1,407   1,215    38,182      31.43      4.43        6.29     25,167       33,296     381,467
                   7,034   7,347  $ 231,226  $    31.47  $    4.12  $      3.46  $  175,575  $    210,002  $ 1,917,916
Gold                                                                                                    
 Minto              6,785   4,876  $   8,247  $    1,691  $     303  $       171  $    5,937  $      8,052  $    30,586
 777               19,615  28,084    47,768      1,701       400         773     14,813       40,507     332,732
                  26,400  32,960  $  56,015  $    1,699  $     386  $       684  $   20,750  $     48,559  $   363,318
Silver                                                                                                      
equivalent ^7        8,466    9,131   $ 287,241   $    31.46   $    4.70   $      5.25   $  196,325   $    258,561   $ 2,281,234
Corporate                                                                                               
 General and                                                                                               
  administrative                                                               $  (9,159)                         
 Other                                                                    (9,422)                       
Total corporate                                                          $ (18,581)  $    (4,535)  $   908,103
                    8,466   9,131  $ 287,241  $    31.46  $    4.70  $      5.25  $  177,744  $    254,026  $ 3,189,337

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 doré prior to smelting or refining deductions. Production
     figures are based on information provided by the operators of the mining
    operations to which the silver or gold interests relate or management
     estimates in those situations where other information is not available.
     Certain production figures may be updated in future periods as additional
     information is received.
3)  Refer to discussion on non-IFRS measures at the end of this press
     release.
4)   Results for San Dimas include 375,000 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.
5)  Comprised of the operating Lagunas Norte, Pierina and Veladero silver
     interests in addition to the non-operating Pascua-Lama silver interest.
6)   Comprised of the operating Los Filos, Keno Hill, Mineral Park,
    Neves-Corvo, Stratoni, Campo Morado, Minto, 777 and Aljustrel silver
     interests in addition to the non-operating Rosemont silver and gold
     interest and Loma de La Plata and Constancia silver interests.
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 from the assets that produce both gold
     and silver.

                                                                  Three Months Ended December 31, 2011
                                                    Average
                                                     Cash
                                           Average   Cost
                                           Realized  ($'s    Average
                  Ounces                    Price     Per   Depletion           Cash Flow
                 Produced Ounces           ($'s Per Ounce)  ($'s Per     Net       From       Total
                   ^2     Sold    Sales    Ounce)    ^3     Ounce)   Earnings  Operations   Assets
Silver                                                                                
 San Dimas ^4      1,578  1,488 $  44,641  $ 30.00  $ 4.09   $  0.71 $  37,494  $  38,551 $   167,527
 Zinkgruvan          390    425   13,537   31.87   4.10     1.69   11,077    14,061     57,639
 Yauliyacu           583    655   22,270   34.00   4.02     5.02   16,350    19,637    230,012
 Peñasquito        1,633    851   27,374   32.17   3.96     2.41   21,954    24,004    504,973
 Cozamin             433    374   12,786   34.18   4.08     4.62    9,531    10,260     25,115
 Barrick ^5          723    755   24,673   32.67   3.90     3.60   19,008    21,728    601,085
 Other ^6          1,389  1,230   40,120   32.63   3.94     4.22   30,089    36,301    251,716
                  6,729  5,778 $ 185,401  $ 32.09  $ 4.01   $  2.90 $ 145,503  $ 164,542 $ 1,838,067
Gold                                                                                  
 Minto             3,891  3,777    6,466   1,712    301      169    4,689     6,314     33,659
Silver              6,931
equivalent ^7              5,974 $ 191,867  $ 32.12  $ 4.06   $  2.91 $ 150,192  $ 170,856 $ 1,871,726
Corporate                                                                             
 General and
  administrative                                            $ (6,115)                   
 Other                                                          670                   
Total corporate                                             $ (5,445)  $ (7,142) $ 1,000,609
                   6,931  5,974 $ 191,867  $ 32.12  $ 4.06   $  2.91 $ 144,747  $ 163,714 $ 2,872,335

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 doré prior to smelting or refining deductions.
        Production figures are based on information provided by the operators
        of the mining operations to which the silver or gold interests relate
        or management estimates in those situations where other information is
        not available. Certain production figures may be updated in future
        periods as additional information is received.
3) Refer to discussion on non-IFRS measures at the end of this press
        release.
4) Results for San Dimas include 375,000 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.
5) Comprised of the operating Lagunas Norte, Pierina and Veladero silver
        interests in addition to the non-operating Pascua-Lama silver
        interest.
6) Comprised of the operating Los Filos, Keno Hill, Mineral Park,
        Neves-Corvo, Stratoni, Campo Morado, Minto and Aljustrel silver
        interests in addition to the non-operating Rosemont silver and gold
        interest and Loma de La Plata silver interest.
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 from the assets that produce
        both gold and silver.

                                                                           Year Ended December 31, 2012
                                                   Average
                                                     Cash
                                           Average   Cost
                                           Realized  ($'s    Average
                  Ounces                    Price     Per   Depletion            Cash Flow
                 Produced Ounces           ($'s Per Ounce)  ($'s Per     Net        From       Total
                    ^2     Sold    Sales    Ounce)    ^3     Ounce)    Earnings  Operations   Assets
Silver                                                                                 
 San Dimas ^4      5,905  5,803 $ 181,906  $ 31.35  $ 4.11   $  0.79 $  153,469 $  158,060 $   162,936
 Zinkgruvan        2,502  2,124   65,914   31.03   4.14     1.68    53,553    55,855     54,075
 Yauliyacu         2,412  2,933   86,185   29.38   4.07     5.02    59,531    80,077    215,295
 Peñasquito        6,572  5,980  186,085   31.12   3.99     2.96   144,524   162,225    487,272
 Cozamin           1,576  1,478   46,601   31.54   4.11     4.05    34,552    40,143     19,135
 Barrick ^5        2,696  2,480   78,359   31.60   3.90     4.34    57,926    69,504    597,736
 Other ^6          5,231  4,052  126,118   31.12   4.10     4.72    90,381   108,208    381,467
                 26,894 24,850 $ 771,168  $ 31.03  $ 4.06   $  3.08 $  593,936 $  674,072 $ 1,917,916
Gold                                                                                   
 Minto            18,600 18,010 $  30,624  $ 1,700  $  303   $   171 $   22,094 $   25,059 $    30,586
 777              31,439 28,084   47,768   1,701    400      773    14,812    40,507    332,732
                 50,039 46,094 $  78,392  $ 1,701  $  362   $   538 $   36,906 $   65,566 $   363,318
Silver
equivalent ^7      29,571 27,328 $ 849,560  $ 31.09  $ 4.30   $  3.70 $  630,842 $  739,638 $ 2,281,234
Corporate                                                                              
 General and    
  administrative                                             $ (30,839)                   
 Other                                                      (13,967)                   
Total corporate                                             $ (44,806) $ (20,234) $   908,103
                  29,571 27,328 $ 849,560  $ 31.09  $ 4.30   $  3.70 $  586,036 $  719,404 $ 3,189,337

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 doré prior to smelting or refining deductions.
        Production figures are based on information provided by the operators
        of the mining operations to which the silver or gold interests relate
        or management estimates in those situations where other information is
        not available. Certain production figures may be updated in future
        periods as additional information is received.
3) Refer to discussion on non-IFRS measures at the end of this press
        release.
4) Results for San Dimas include 1.5 million 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.
5) Comprised of the operating Lagunas Norte, Pierina and Veladero silver
        interests in addition to the non-operating Pascua-Lama silver
        interest.
6) Comprised of the operating Los Filos, Keno Hill, Mineral Park,
        Neves-Corvo, Stratoni, Campo Morado, Minto, 777 and Aljustrel silver
        interests in addition to the non-operating Rosemont silver and gold
        interest and Loma de La Plata and Constancia silver interests.
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 from the assets that produce
        both gold and silver.
       

                                                                           Year Ended December 31, 2011
                                                   Average
                                                     Cash
                                           Average   Cost
                                           Realized  ($'s    Average
                  Ounces                    Price     Per   Depletion            Cash Flow
                 Produced Ounces           ($'s Per Ounce)  ($'s Per     Net        From       Total
                    ^2     Sold    Sales    Ounce)    ^3     Ounce)    Earnings  Operations   Assets
Silver                                                                                 
 San Dimas ^4      5,585  5,617 $ 188,377  $ 33.54  $ 4.06   $  0.71 $  161,554 $  164,453 $   167,527
 Zinkgruvan        1,691  1,466   52,974   36.14   4.08     1.69    44,503    49,377     57,639
 Yauliyacu         2,548  1,257   43,911   34.93   4.02     5.02    32,555    38,863    230,012
 Peñasquito        5,284  4,135  143,069   34.61   3.93     2.41   116,855   126,812    504,973
 Cozamin           1,567  1,261   43,990   34.85   4.07     4.62    33,018    40,586     25,115
 Barrick ^5        2,980  2,908  102,454   35.23   3.90     3.58    80,692    89,554    601,085
 Other ^6          4,902  3,603  125,854   34.93   3.94     4.27    96,298   112,414    251,716
                 24,557 20,247 $ 700,629  $ 34.60  $ 3.99   $  2.69 $  565,475 $  622,059 $ 1,838,067
Gold                                                                                   
 Minto            18,436 18,256   29,368   1,609    300      169    20,799    24,240     33,659
Silver
equivalent ^7      25,374 21,069 $ 729,997  $ 34.65  $ 4.09   $  2.73 $  586,274 $  646,299 $ 1,871,726
Corporate                                                                              
 General and    
  administrative                                             $ (25,180)                   
 Other                                                      (11,066)                   
Total corporate                                             $ (36,246) $ (19,872) $ 1,000,609
                  25,374 21,069 $ 729,997  $ 34.65  $ 4.09   $  2.73 $  550,028 $  626,427 $ 2,872,335

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 doré prior to smelting or refining deductions.
        Production figures are based on information provided by the operators
        of the mining operations to which the silver or gold interests relate
        or management estimates in those situations where other information is
        not available. Certain production figures may be updated in future
        periods as additional information is received.
3) Refer to discussion on non-IFRS measures at the end of this press
        release.
4) Results for San Dimas include 1.5 million 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.
5) Comprised of the operating Lagunas Norte, Pierina and Veladero silver
        interests in addition to the non-operating Pascua-Lama silver
        interest.
6) Comprised of the operating Los Filos, Keno Hill, Mineral Park,
        Neves-Corvo, Stratoni, Campo Morado, Minto and Aljustrel silver
        interests in addition to the non-operating Rosemont silver and gold
        interest and Loma de La Plata silver interest.
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 from the assets that produce
        both gold and silver.
       

Non-IFRS Measures

Silver Wheaton has included, throughout this document, certain non-IFRS
performance measures, including (i) operating cash flow per share (basic and
diluted); (ii) average cash costs of silver and gold on a per ounce basis;
(iii) cash operating margin; and (iv) adjusted net earnings and adjusted net
earnings per share.

      i.   Operating cash flow per share (basic and diluted) is calculated by
           dividing cash generated by operating activities by the weighted
           average number of shares outstanding (basic and diluted). The
        Company presents operating cash flow per share as it believes that
           certain investors use this information to evaluate the Company's
           performance in comparison to other companies in the precious metals
           mining industry who present results on a similar basis.
     ii.   Average cash cost of silver and gold on a per ounce basis is
           calculated by dividing the total cost of sales, less depletion, by
           the ounces sold. In the precious metals mining industry, this is a
        common performance measure but does not have any standardized
           meaning. The Company believes that, in addition to conventional
           measures prepared in accordance with IFRS, certain investors use
           this information to evaluate the Company's performance and ability
           to generate cash flow.
    iii.   Cash operating margin is calculated by subtracting the average cash
           cost of silver and gold on a per ounce basis from the average
           realized selling price of silver and gold on a per ounce basis.
        The Company presents cash operating margin as it believes that
           certain investors use this information to evaluate the Company's
           performance in comparison to other companies in the precious metals
           mining industry who present results on a similar basis.
     iv.   Adjusted net earnings and adjusted net earnings per share are
           calculated by removing the effects of the non-cash, fair value
           adjustment on the Company's previously issued and outstanding share
           purchase warrants, which had an exercise price denominated in
           Canadian dollars, from net earnings of the Company. These share
           purchase warrants are classified as a financial liability with any
        fair value adjustments being reflected as a component of net
           earnings. This accounting treatment was applicable to the share
           purchase warrants which expired or were exercised prior to December
           22, 2010. The Company believes that, in addition to conventional
           measures prepared in accordance with IFRS, the Company and certain
           investors use this information to evaluate the Company's
           performance.
       

These non-IFRS measures do not have any standardized meaning prescribed by
IFRS, and other companies may calculate these measures differently. The
presentation of these non-IFRS measures 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 IFRS.

SOURCE Silver Wheaton Corp.

Contact:

Patrick Drouin
Vice President, Investor Relations
Silver Wheaton Corp.
Tel: 1-800-380-8687
Email:info@silverwheaton.com
Website:www.silverwheaton.com
 
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