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Silver Wheaton Reports Record 2012 Operating And Financial Results

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

1) Gold ounces produced and sold are converted to a silver equivalent basis on the ratio of the average silver pricereceived to the average gold price received during the period from the assets that produce both gold and silver.  

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