Silver Wheaton Corp. ("Silver Wheaton") (TSX: SLW)(NYSE: SLW) today announced that proven and probable silver reserves increased year over year by 239% to 346.4 million ounces as of December 31, 2007. Measured and indicated resources increased by 244% to 160.2 million ounces, and inferred resources increased 48% to 416.9 million ounces over the same period.

Significant drivers in this growth during 2007 include the acquisition of 25% of the life of mine silver production from the Penasquito Project in Mexico, and 100% of the life of mine silver production from the Stratoni Mine in Greece. In addition, significant reserve and resource growth has occurred at all other operations, reinforcing the strength and quality of Silver Wheaton's asset portfolio.

The following summarizes the growth in silver reserves year over year:

Proven and Probable Reserves as of December 31, 2006                       102.2 mm oz silver
Net acquisitions during 2007 (Stratoni (100%) and Penasquito(25%))         155.8 mm oz silver
Mined ounces during 2007 (includes silver lost to process)             17.4 mm oz silver
Organic Reserve Growth during 2007             105.8 mm oz silver
Proven and Probable Reserves as of December 31, 2007                       346.4 mm oz silver

"In 2007, organic reserve growth at our partners' operations exceeded 100 million silver ounces, all without any exploration or development expenditures by Silver Wheaton," said Peter Barnes, President and Chief Executive Officer of Silver Wheaton. "This growth is an excellent example of how our partnerships benefit when the advance payment is re-invested back into their operations.