Randy Smallwood Succeeds Peter Barnes as CEO of Silver Wheaton

VANCOUVER, April 12, 2011 - Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX: SLW)
(NYSE: SLW) is pleased to announce that Randy Smallwood, currently the
Company's President, has been appointed Chief Executive Officer. He will
replace Peter Barnes, who has resigned effective April 11, 2011. As part of
the transition process, Mr. Barnes has agreed to enter into a consulting
agreement with Silver Wheaton.

"I am very proud to have been a part of a team that, in just over six
years, successfully built one of the largest silver companies in the world,"
said Peter Barnes. "Silver Wheaton is exceptionally well-positioned to
continue its strong tradition of creating shareholder value, and I have
decided that it is the right time for me to step aside as Chief Executive
Officer. I have worked very closely with Randy for the last eight years, am
confident in his abilities, and I would like to wish him and the Silver
Wheaton team all the best as the Company transitions to its next phase of
growth."

"Since the inception of Silver Wheaton in 2004, the Company's
shareholders have benefited greatly from Peter Barnes' dedication, focus and
commitment," said Doug Holtby, Chairman of Silver Wheaton. "Under Peter's
leadership and with the support of his team, the Company has become one of
the most profitable precious metals companies in the world, and this will be
his legacy. We wish him great success in his future endeavours. The Board
would also like to congratulate Randy Smallwood on his appointment as
President and Chief Executive Officer. We are certain that the Company will
continue to be a market leader under his guidance."

Randy Smallwood holds a geological engineering degree from the University
of British Columbia, and is a founding member of Silver Wheaton. He was an
instrumental part of the team that built Wheaton River/Goldcorp into one of
the largest and most profitable gold companies in the world, and in 2007 he
joined Silver Wheaton full time as Executive Vice President of Corporate
Development, primarily focusing on growing the Company through the evaluation
and acquisition of silver stream opportunities. In recognition of his
significant contribution to Silver Wheaton's pre-eminent position as market
leader in its sector, Randy was appointed Silver Wheaton's President in
January 2010.

"I am excited to take on the role of Chief Executive Officer, and to
continue working with this exceptional management team, a team which has
contributed to building Silver Wheaton's industry-leading production growth
profile and has created one of the largest silver companies in the world,"
said Randy Smallwood. "We remain committed to positioning Silver Wheaton as
the go-to investment vehicle for those looking for exposure to an increasing
silver price, and we look forward to capitalizing on the many silver
streaming opportunities that lie ahead. Finally, I would like to take this
opportunity to thank Peter Barnes for his great leadership and mentorship
over the years, and to wish him continued success in the future."

About Silver Wheaton

Silver Wheaton is the largest silver streaming Company in the world.
Based upon its current agreements, forecast 2011 attributable production is
27 to 28 million silver equivalent ounces, including 15,000 ounces of gold.
By 2015, annual attributable production is anticipated to increase
significantly to approximately 43 million silver equivalent ounces, including
35,000 ounces of gold. This growth is driven by the Company's portfolio of
world-class assets, including silver streams on Goldcorp's Penasquito mine
and Barrick's Pascua-Lama project.

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 "forward-looking information" within the meaning of
applicable Canadian securities legislation. Forward-looking statements, which
are all statements other than statements of historical fact, include, but are
not limited to, statements with respect to the future price of silver and
gold, the estimation of mineral reserves and resources, the realization of
mineral reserve estimates, the timing and amount of estimated future
production, costs of production, reserve determination, reserve conversion
rates and statements as to any future dividends. Generally, these
forward-looking statements can be identified by the use of forward-looking
terminology such as "plans", "expects" or "does not expect", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words and phrases
or statements that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of Silver Wheaton to be materially
different from those expressed or implied by such forward-looking statements,
including but not limited to: fluctuations in the price of silver and gold;
the absence of control over mining operations from which Silver Wheaton
purchases silver or gold and risks related to these mining operations
including risks related to fluctuations in the price of the primary
commodities mined at such operations, actual results of mining and
exploration activities, economic and political risks of the jurisdictions in
which the mining operations are located and changes in project parameters as
plans continue to be refined; and differences in the interpretation or
application of tax laws and regulations; as well as those factors discussed
in the section entitled "Description of the Business - Risk Factors" in
Silver Wheaton's Annual Information Form available on SEDAR at
www.sedar.com and in Silver Wheaton's Form 40-F on file with the U.S.
Securities and Exchange Commission in Washington, D.C. Forward-looking
statements are based on assumptions management believes to be reasonable,
including but not limited to: the continued operation of the mining
operations from which Silver Wheaton purchases silver or gold, no material
adverse change in the market price of commodities, that the mining operations
will operate and the mining projects will be completed in accordance with
their public statements and achieve their stated production outcomes, and
such other assumptions and factors as set out herein. Although Silver Wheaton
has attempted to identify important factors that could cause actual results
to differ materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate. Accordingly, readers should not place
undue reliance on forward-looking statements. Silver Wheaton does not
undertake to update any forward-looking statements that are included or
incorporated by reference herein, except in accordance with applicable
securities laws.

    For further information:

    Brad Kopp
    Vice President, Investor Relations
    Silver Wheaton Corp.
    Tel: 1-800-380-8687
    Email: info@silverwheaton.com

Website: www.silverwheaton.com

For further information: Brad Kopp, Vice President, Investor Relations, Silver Wheaton Corp., Tel: 1-800-380-8687, Email: info at silverwheaton.com