Silver Wheaton Declares Inaugural Dividend

VANCOUVER, British Columbia, March 3, 2011 - Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX,
NYSE:SLW) is pleased to announce that its Board of Directors has approved an
inaugural quarterly cash dividend of US$0.03 per common share (US$0.12 per
common share, annually), commencing immediately. The initial dividend of
US$0.03 per common share will be paid to holders of record of its common
shares as of the close of business on March 21, 2011. The dividend will be
distributed on or about March 31, 2011.

"The successful ramp up during 2010 of the first of our
cornerstone growth assets, Goldcorp's Penasquito mine in Mexico, marked a
major milestone for our company, and resulted in record operating cash flows
for the year," said Peter Barnes, Chief Executive Officer of Silver Wheaton.
"With cash on hand in excess of $428 million at year-end, and a business
model that consistently results in amongst the highest cash operating margins
in the precious metals industry, it is the ideal time for Silver Wheaton to
implement a sustainable long-term dividend policy. This will not only allow
our shareholders to participate in one of the strongest growth profiles in
the industry, but will also provide a dividend yield, with the potential to
increase over time, further positively differentiating us from a silver
exchange traded fund."

This dividend qualifies as an 'eligible dividend' for Canadian income tax
purposes.

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, please contact:

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

Website: www.silverwheaton.com

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