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Silver Wheaton Reports Record Quarterly Financial Results Including Operating Cash Flows Of Over US$172 Million

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

          i. 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.
 
          ii. 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.
 
          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.

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. For more detailed information, please refer to pages 19 to 21 of Silver Wheaton's Management Discussion and Analysis available on the Company's website at http://www.silverwheaton.com and posted on SEDAR at http://www.sedar.com.

   

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