Silver Wheaton Announces Goldcorp's Penasquito Mine Completes Construction of Second Processing Line Ahead of Schedule

By Silver Wheaton Corp., PRNE
Monday, June 21, 2010

VANCOUVER, Canada, June 22, 2010 - TSX: SLW

NYSE: SLW

Silver Wheaton Corp. ("Silver Wheaton") (TSX, NYSE:SLW) is pleased to
announce that, as reported by Goldcorp Inc. ("Goldcorp") in a press release
dated June 22, 2010, the second sulphide processing line (Line 2) at
Goldcorp's world-class gold-silver-lead-zinc Penasquito mine in Zacatecas,
Mexico
, has achieved mechanical completion ahead of its previously expected
third quarter completion date.

Over life of mine, Penasquito is forecast to produce an average of
approximately 28 million ounces of silver annually over an initial 22 year
mine life, of which Silver Wheaton is to receive 25% or approximately seven
million ounces of silver annually.

Penasquito's Line 1 is regularly operating at a designed daily
throughput of 50,000 tonnes, and Line 2 is now in the commissioning phase
and ramping up to add another 50,000 tonnes per day of capacity. In the
first days of commissioning and ramp-up of Line 2, combined process plant
throughput already reached in excess of 86,400 tonnes per day. Line 2 alone
has reached peak daily throughput of over 52,000 tonnes. In addition, the
project's concentrate grades and quality remain well within expectations.

Construction of the project's 30,000 tonnes per day high pressure
grinding roll circuit is also on track for completion in the fourth quarter
, and Penasquito's full production ramp-up to designed 130,000 tonnes per
day capacity remains on track for early 2011.

"We remain extremely pleased with the impressive construction and ramp
up progress at Penasquito, Silver Wheaton's cornerstone growth asset for
the next several years," said Peter Barnes, Chief Executive Officer of
Silver Wheaton. "With full mine production forecast for early 2011, our
stakeholders continue to recognize significant value from Penasquito, the
second largest silver deposit in the world and soon to be Mexico's largest
mine."

For a video clip of the full Penasquito processing plant in operation,
please visit Goldcorp's website at www.goldcorp.com and click on
Operations/Penasquito.

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, Website: www.silverwheaton.com

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