Silver Wheaton Acquires Right of First Refusal on Silver Streams From Ventana's La Bodega Project

VANCOUVER, May 17, 2010 - Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX, NYSE:SLW)
announces that it has acquired, by way of a private placement financing, 1.8
million units in Ventana Gold Corp. ("Ventana") (TSX:VEN) at a price of
C$11.50 per unit for total consideration of C$20,700,000. The Units are
comprised of one common share and one-half of one common share purchase
warrant. Each whole warrant entitles the holder to purchase one common share
of Ventana at a price of C$15.00 for a period of one year from the date of
closing of the transaction. As part of this transaction, Silver Wheaton has
been granted a right of first refusal over any silver streams relating to all
of Ventana's Colombian properties with an area of interest covering a 5
kilometre radius from the property boundaries. Ventana's flagship asset is
the high-grade gold-silver La Bodega project.

"We are pleased to have acquired a right of first refusal on this very
promising project," said Peter Barnes, Chief Executive Officer of Silver
Wheaton. "Drill results to date suggest that La Bodega has the potential to
host a world-class gold deposit, with substantial silver by product credits.
As the project advances, we look forward to working with Ventana towards
completing a silver streaming agreement."

Silver Wheaton has acquired Ventana shares for investment purposes and
may acquire or dispose of its beneficial ownership, control or direction over
securities through market transactions, private placements, treasury
issuances or otherwise as circumstances or market conditions warrant or
arise.

ABOUT LA BODEGA

Ventana's flagship La Bodega gold-silver project is located in
northeastern Columbia immediately adjacent to Greystar Resource Ltd.'s
Angostura gold-silver project. Ventana has also signed an agreement to
acquire the La Baja project, which is strategically located immediately to
the southwest of the La Bodega project, giving Ventana ownership of a large
land package within a prolific gold district.

The La Bodega project consists of two newly discovered, large, high-grade
zones of gold-silver mineralization known as La Bodega and La Mascota. The
project has excellent road access and is close to existing infrastructure
including power and water. In addition to undertaking an aggressive drill
program, with a focus on expanding the high-grade La Mascota zone, Ventana is
progressing engineering studies to develop the deposit.

ABOUT SILVER WHEATON

Silver Wheaton is the largest silver streaming company in the world.
Forecast 2010 production, based upon its current agreements, is 22.2 million
ounces of silver and 20,000 ounces of gold, for total production of 23.5
million silver equivalent ounces. By 2013, annual production is anticipated
to increase significantly to approximately 38 million ounces of silver and
59,000 ounces of gold, for total production of over 40 million silver
equivalent ounces. 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 and reserve conversion
rates. 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