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Silver Wheaton Reports Record 2012 Operating And Financial Results

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     Average
                                                          Realized     Cash
                                                           Price       Cost
                            Ounces    Ounces              ($'s Per   ($'s Per
                         Produced [2]  Sold     Sales      Ounce)   Ounce) [3]
    Silver
          San Dimas [4]         5,585  5,617   $ 188,377    $ 33.54     $  4.06
          Zinkgruvan            1,691  1,466      52,974      36.14        4.08
          Yauliyacu             2,548  1,257      43,911      34.93        4.02
          Peñasquito            5,284  4,135     143,069      34.61        3.93
          Cozamin               1,567  1,261      43,990      34.85        4.07
          Barrick [5]           2,980  2,908     102,454      35.23        3.90
          Other [6]             4,902  3,603     125,854      34.93        3.94
                               24,557 20,247   $ 700,629    $ 34.60     $  3.99
    Gold
          Minto                18,436 18,256      29,368      1,609         300
    Silver equivalent
    [7]                        25,374 21,069   $ 729,997    $ 34.65     $  4.09
    Corporate
          General and
          administrative
          Other
    Total corporate
                               25,374 21,069   $ 729,997    $ 34.65     $  4.09

Table continues...

                             Year Ended December 31, 2011
                           Average
                          Depletion                  Cash Flow
                          ($'s Per        Net           From
                           Ounce)      Earnings      Operations     Total Assets
    Silver
          San Dimas [4]      $  0.71    $  161,554     $  164,453      $   167,527
          Zinkgruvan            1.69        44,503         49,377           57,639
          Yauliyacu             5.02        32,555         38,863          230,012
          Peñasquito            2.41       116,855        126,812          504,973
          Cozamin               4.62        33,018         40,586           25,115
          Barrick [5]           3.58        80,692         89,554          601,085
          Other [6]             4.27        96,298        112,414          251,716
                             $  2.69    $  565,475     $  622,059      $ 1,838,067
    Gold
          Minto                  169        20,799         24,240           33,659
    Silver equivalent
    [7]                      $  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
                             $  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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.

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