VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2008) - Silver Wheaton Corp. ("Silver Wheaton") (TSX:SLW)(NYSE:SLW) is pleased to announce that it has filed a preliminary prospectus in each of the provinces of Canada and a registration statement in the United States to qualify the distribution of approximately 3 million new common share purchase warrants ("New Warrants") to holders of two of its three series of publicly-traded warrants (the "Existing Warrants"). The New Warrants are being offered as an incentive to holders of Existing Warrants to exercise their Existing Warrants during a 20 business day early exercise period (the "Early Exercise Period") expected to commence on or about August 8, 2008 and end on or about September 5, 2008.

If all Existing Warrants are exercised during the Early Exercise Period:

- Silver Wheaton will receive gross proceeds of approximately Cdn$136 million on or before September 5, 2008 (the last day of the Early Exercise Period);

- Silver Wheaton will issue approximately 3 million New Warrants with an exercise price of US$20.00 per New Warrant; and

- Silver Wheaton's fully diluted share capital after giving effect to the exercise of all "in-the-money" warrants and stock options will not increase.

The proceeds of the exercise of the Existing Warrants will be available to fund future growth opportunities.

The details of each series of Existing Warrants are set out in the table below. The Existing Warrants will continue to trade on the Toronto Stock Exchange (the "TSX") during the Early Exercise Period.

                                                      Exercise    Exercise
Series of                 Stock        Exercise Basis Price       Price
Warrants        Symbols   Expiry Date  per Warrant    per Warrant per Share
-------------   --------  -----------  -------------- ----------- ---------
First Warrants  SLW.WT    August 5,    0.2 of a       Cdn$0.80    Cdn$4.00
                           2009         Common Share
Series A        SLW.WT.A  November 30, 0.2 of a       Cdn$1.10    Cdn$5.50
 Warrants                  2009         Common Share

Silver Wheaton is proposing to amend the terms of the Existing Warrants such that holders of the Existing Warrants would be entitled to receive a fraction of a New Warrant (as set forth in the table below) provided such holders exercise their Existing Warrants during the Early Exercise Period. Each New Warrant will entitle the holder to purchase one common share of Silver Wheaton at a price of US$20.00 at any time prior to 5:00 p.m. (Vancouver time) on the date which is five years following the expiry of the Early Exercise Period.