VANCOUVER, Oct. 13, 2009 (PR Newswire Europe) -- v>

- First Concentrate Shipment Still Targeted for 2009

Silver Wheaton Corp. ("Silver Wheaton") (TSX, NYSE:SLW) is pleased to announce that, as reported by Goldcorp Inc. ("Goldcorp") in a press release dated October 13, 2009, the first silver-bearing lead and zinc concentrates have been produced at Goldcorp's world-class gold-silver-lead-zinc Penasquito mine in Zacatecas, Mexico. Throughout its mine life Penasquito will produce both lead and zinc concentrates, with most of the silver production coming from the lead concentrates.

Initial concentrates have been produced as a by-product of the commissioning process and currently total approximately 450 tonnes of lead concentrate and 50 tonnes of zinc concentrate. Ongoing concentrate production is planned during the remaining commissioning phase through year-end 2009, with the first shipments to smelters planned for later this year as saleable quantities are accumulated. Assays of the initial material indicate that the concentrate grades, recoveries and concentrate quality are well within expected ranges.

All components of the Penasquito operation - from the mine to the crusher, to the grinding mills, flotation cells, concentrate filters and on to the tailings facilities - have now been operated and commissioning and initial ramp-up is proceeding as expected. Overall, progress at the mine remains on track for completion of commissioning for the Line 1 processing circuit by year-end.

"We remain extremely pleased with Goldcorp's progress at Penasquito," said Peter Barnes, President and Chief Executive Officer of Silver Wheaton. "With production of the first silver-bearing concentrates and overall mine commissioning remaining on schedule, we believe that Silver Wheaton stakeholders will soon begin to recognize significant value from one of our cornerstone growth assets."

About Penasquito

The Penasquito mine, owned and operated by Goldcorp, is soon to be Mexico's largest open pit mine and is host to the world-class gold-silver-lead-zinc Penasquito deposit. In April 2007, Silver Wheaton agreed to purchase 25% of all the silver produced from Penasquito, over its entire mine life. After a ramp-up period, Penasquito is forecast to produce an average of approximately 30 million ounces of silver annually over an initial 22 year mine life, of which Silver Wheaton is to receive 25%, or in excess of seven million ounces of silver annually.

CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS

The information contained herein contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation.