Silver Wheaton Series "B" Common Share Purchase Warrants Expiring December 22, 2010

VANCOUVER, December 2, 2010 - Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX, NYSE:SLW)
advises holders of the Series "B" common share purchase warrants (TSX:
SLW.WT.B) (the "Warrants") that the deadline for exercising the Warrants is
December 22, 2010. Warrant holders are entitled to receive one share of
Silver Wheaton upon exercise of one Warrant and payment of the exercise price
of C$10.00 prior to their expiry.

U.S. persons may only exercise the Warrants pursuant to certain
exemptions as set out in the subscription form on the back of the Warrant
certificate.

Warrant holders who hold their Warrants in the account of a brokerage
firm can instruct their broker to exercise the Warrants on their behalf.

If you are a registered Warrant holder and have questions or require
assistance for the exercise of your Warrants, please contact CIBC Mellon
Trust Company at 1-800-387-0825.

The Warrants described herein and the securities issued upon exercise of
the Warrants have not been, and will not be, registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any
state securities laws, and accordingly, may not be offered or sold within the
United States except in compliance with the registration requirements of the
U.S. Securities Act and applicable state securities requirements or pursuant
to exemptions there from. This press release does not constitute an offer to
sell or a solicitation of an offer to buy any of the Company's securities in
the United States.

About Silver Wheaton

Silver Wheaton is the largest silver streaming company in the world.
Forecast 2010 production, based upon its current agreements, is 22.0 million
ounces of silver and 28,000 ounces of gold, for total production of 23.5
million silver equivalent ounces. By 2013, annual production is anticipated
to increase significantly to approximately 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: 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: 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