VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/05/08 -- Silver Wheaton Corp. ("Silver Wheaton") (TSX: SLW)(NYSE: SLW) is pleased to announce that it has received gross proceeds of approximately Cdn$118.9 million from the early exercise of approximately 100.0 million First Warrants and approximately 35.4 million Series A Warrants under the early exercise incentive program approved on August 7, 2008. This represents approximately 85.9% and 91.5% of the issued and outstanding First Warrants and Series A Warrants as of the commencement of the early exercise period, respectively. In respect of the early exercises, Silver Wheaton has issued approximately 2.7 million New Warrants, which have been conditionally approved for listing on the Toronto Stock Exchange, subject to Silver Wheaton fulfilling all of the listing requirements, including minimum distribution requirements.

To allow warrantholders more time to consider and exercise their warrants early, Silver Wheaton has extended the period for the early exercise of the First Warrants and Series A warrants to 2:00 p.m. (Vancouver time) on Monday, September 15, 2008. Warrants exercised during the extended early exercise period will be immediately taken up and paid the agreed fraction of a new warrant. Any warrants that are not exercised during this extended early exercise period will remain outstanding and continue to be governed by their current terms.

Registered holders of warrants are encouraged to exercise their warrants in accordance with the procedures set forth below as soon as possible and, in any event, prior to 2:00 p.m. (Vancouver time) on Monday, September 15, 2008 in order to acquire the following fraction of a new warrant of Silver Wheaton in addition to the number of common shares issuable upon exercise of each warrant:

                                 Fraction of a New Warrant
                                for each Warrant Exercised
Series of Warrant             during Early Exercise Period
--------------------  ------------------------------------
First Warrants                                      0.0148
Series A Warrants                                   0.0340

Non-registered holders of warrants, whose warrants are registered in the name of a brokerage firm, bank or trust company or other intermediary through which they purchased the warrants, should contact their intermediaries for instructions on how to exercise their warrants.

Registered holders of warrants may exercise their rights to acquire the above-noted new warrants by surrendering the certificates representing their warrants to CIBC Mellon Trust Company at any time prior to 2:00 p.m. (Vancouver time) on Monday, September 15, 2008, by registered mail at its offices located at 199 Bay Street, Commerce Court West, Securities Level, Toronto, Ontario M5L 1G9.