Silver Wheaton Announces Amended Silver Purchase Agreement in Conjunction With Goldcorp's Proposed Sale of the San Dimas Mine

VANCOUVER, June 2, 2010 - Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX, NYSE:SLW)
announces that it has agreed to amend its silver purchase agreement relating
to the San Dimas mine, in conjunction with Goldcorp Inc.'s ("Goldcorp")
proposed sale of the mine to Mala Noche Resources Corp. ("Mala Noche").
Under the terms of a binding letter agreement between Mala Noche and
Goldcorp ("the Purchase Agreement"), effective June 2, 2010, Mala Noche has
agreed to purchase Goldcorp's San Dimas mine ("San Dimas"), located in
Mexico, for total consideration of US$500 million, subject to a number of
conditions, including the completion of a proposed equity financing by Mala
Noche to raise net proceeds of a minimum of US$350 million in cash (see
Goldcorp and Mala Noche press releases dated June 2, 2010).

Upon closing of the Purchase Agreement, Mala Noche is expected to have a
strong balance sheet, including over US$50 million in working capital and low
debt levels. In addition, Goldcorp will be a major shareholder of Mala Noche,
owning approximately 30% of its issued and outstanding shares, and has agreed
to maintain its shareholding for a minimum of three years.

Mr. Eduardo Luna, Mala Noche's Executive Vice President and
President-Mexico, will once again play a significant role in overseeing the
operations at San Dimas. From 1991 to 2007, Mr. Luna was the President of
Luismin, S.A. de C.V., the owner and operator of San Dimas. During the
five-year period prior to his 2007 resignation, the mine achieved its best
production performance over its greater than 100 year history. Mr. Joseph
Conway has also been appointed as Chief Executive Officer of Mala Noche. As
former Chief Executive Officer of Iamgold Corporation, Mr. Conway oversaw the
growth of that company into one of Canada's leading intermediate gold
producers.

Under the terms of Silver Wheaton's silver purchase agreement relating
to San Dimas, Silver Wheaton must approve the transaction and has agreed to
do so, subject to the successful closing of the Purchase Agreement and the
following amendments to the silver purchase agreement:

    - The term of the silver purchase agreement, which currently terminates
      in 2029, will be increased to life-of-mine;
    - During the first four years following closing, Mala Noche will
      deliver to Silver Wheaton a per annum amount equal to the first 3.5
      million ounces of payable silver produced at San Dimas and 50% of any
      excess, plus Silver Wheaton will receive an additional 1.5 million
      ounces of silver per annum to be delivered by Goldcorp;
    - Beginning in the fifth year after closing, Mala Noche will deliver to
      Silver Wheaton a per annum amount equal to the first six million
      ounces of payable silver produced at San Dimas and 50% of any excess;
    - Goldcorp will continue to guarantee:
         i.    The delivery by Mala Noche of all silver produced and owing
               to Silver Wheaton, until 2029; and,
         ii.   A payment of US$0.50/oz for any shortfall below 220 million
               cumulative silver ounces delivered to Silver Wheaton by the
               end of 2031.
    - Mala Noche will provide Silver Wheaton with a right of first refusal
      on any metal stream or similar transaction it enters into; and,
    - Silver Wheaton will obtain an increased security package over the
      properties and assets of Mala Noche.

"Eduardo Luna's re-involvement in the operations at San Dimas is very
positive for both the mine and Silver Wheaton," said Peter Barnes, Chief
Executive Officer of Silver Wheaton. "Under his past leadership, San Dimas
had its best production results in the mine's significant operating history
and, as a core asset for Mala Noche, its management will be focused on
maximizing shareholder value by increasing production levels at this
low-cost mine."

"In addition, amending the silver purchase agreement from a fixed term to
life-of-mine allows our shareholders to continue benefiting from San Dimas'
excellent track record of exploration success. Overall, we feel the amended
silver purchase agreement very effectively aligns Mala Noche's interests with
Silver Wheaton's, incentivizing them to increase silver production to the
benefit of both parties."

About San Dimas

San Dimas has been in continuous production for well over 100 years and
operates in the lowest cost quartile of gold-silver producers in the world.
Over the substantial mine life to date, the operating team at San Dimas has
demonstrated an exceptional track-record of converting resources into
reserves and the mine continues to exhibit excellent exploration upside.

Current exploration programs at San Dimas are focused on locating the
western extension of the Central Block region, where the majority of mining
currently takes place. These programs met with considerable success late in
2009, and continue into 2010, positioning the mine for a new phase of
long-term production growth.

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(at)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