Silver Wheaton Substantially Increases Attributable Silver Reserves and Resources Year Over Year; Audited 2008

VANCOUVER, BRITISH COLUMBIA, Mar 30 (MARKET WIRE) --
Silver Wheaton Corp. ("Silver Wheaton") (TSX: SLW)(NYSE: SLW) today
announced that attributable proven and probable silver reserves increased
by over 24%, or 83 million ounces, in 2008 to a record 429.7 million
ounces. In addition, attributable measured and indicated silver resources
increased by 33% to 213.5 million ounces, and attributable inferred
silver resources decreased by 6% to 392.5 million ounces over the same
period. Total attributable reserves and resources (excluding inferred
resources) are now greater than 640 million ounces of silver, with
attributable inferred resources totaling an additional 390 million ounces
of silver.

Robust reserve and resource growth occurred at several of the mines from
which Silver Wheaton receives its silver, most notably Goldcorp's
Penasquito mine in Mexico, which increased silver reserves attributable
to Silver Wheaton by approximately 45 million ounces in 2008. Several
acquisitions completed in 2008, including life of mine silver production
from the Campo Morado and La Negra mines in Mexico, the Mineral Park mine
in the USA and the Keno Hill Project in Canada further increased the
Company's reserve and resource base.

Proven and Probable Reserves as of December 31, 2007 346.4 mm oz silver

Net acquisitions during 2008 35.9 mm oz silver

Mined ounces during 2008
(includes silver lost to process) (16.5) mm oz silver

Organic Reserve Growth during 2008 63.9 mm oz silver
-------------------
Proven and Probable Reserves as of December 31, 2008 429.7 mm oz silver

"As of the end of 2008, Silver Wheaton's total attributable silver
reserves, and more importantly, attributable silver reserves on a per
share basis, have increased in every year since the Company's inception
in 2004," said Peter Barnes, President and Chief Executive Officer of
Silver Wheaton. "In an environment where many mining companies are
struggling to replace reserves and resources, this is a testament to the
quality of the mines from which we purchase silver. Significant
exploration success by our partners led to 2008 organic silver reserve
growth attributable to Silver Wheaton of approximately 64 million ounces,
and we are confident this momentum will continue in 2009, all without any
exploration or development expenditures by Silver Wheaton. In addition,
Silver Wheaton's proposed acquisition of Silverstone Resources,
anticipated to close in May of this year, will add additional
high-quality silver reserves and resources from low-cost mines currently
in production."

Proven and Probable Silver Reserves Attributable to Silver Wheaton
(1,4,5,6,10,12)
----------------------------------------------------------------------------
PROVEN PROBABLE PROVEN & PROBABLE
-----------------------------------------------------------------
Ton- Con- Ton- Con- Ton- Con-
nage Grade tained nage Grade tained nage Grade tained
mm t g/t mm oz mm t g/t mm oz mm t g/t mm oz
----------------------------------------------------------------------------
San Dimas 1.69 381.3 20.7 3.40 362.2 39.6 5.09 368.5 60.3
Los Filos 28.10 4.4 4.0 42.16 3.3 4.5 70.26 3.7 8.4
(11)
San Martin 0.32 32.7 0.3 0.71 47.8 1.1 1.03 43.2 1.4
Zinkgruvan
Zinc Ore 8.76 112.0 31.6 2.00 56.0 3.6 10.76 101.6 35.2
Copper Ore - - - 2.90 28.0 2.6 2.90 28.0 2.6
Yauliyacu 0.77 138.7 3.5 1.28 174.4 7.2 2.06 161.0 10.7
(8)
Mineral 315.88 2.9 29.0 81.33 2.4 6.4 397.21 2.8 35.4
Park(9)
La Negra 0.14 76.9 0.3 0.10 69.5 0.2 0.24 73.9 0.6
(50%)
Penasquito
(25%)
Mill 140.30 33.9 152.9 111.93 25.2 90.5 252.23 30.0 243.4
Heap 14.45 18.4 8.6 31.16 9.4 9.4 45.61 12.3 18.0
Leach
Stratoni 1.90 193.3 11.8 0.31 190.0 1.9 2.22 192.8 13.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total 262.6 167.1 429.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Measured & Indicated Silver Resources Attributable to Silver Wheaton
(1,2,3,4,5,7,10,12)
----------------------------------------------------------------------------
MEASURED INDICATED MEASURED & INDICATED
-----------------------------------------------------------------
Ton- Con- Ton- Con- Ton- Con-
nage Grade tained nage Grade tained nage Grade tained
mm t g/t mm oz mm t g/t mm oz mm t g/t mm oz
----------------------------------------------------------------------------
Los Filos 0.20 5.1 0.03 7.38 4.8 1.1 7.58 4.8 1.2
(11)
Zinkgruvan
Zinc Ore 0.55 24.0 0.4 3.79 105.0 12.8 4.34 94.7 13.2
Copper Ore - - - 0.46 30.0 0.4 0.46 30.0 0.4
Yauliyacu 1.20 149.7 5.8 5.36 260.1 44.9 6.56 239.9 50.6
(8)
Mineral
Park(9) 100.97 2.6 8.4 175.63 2.7 15.2 276.60 2.7 23.6
Campo 0.37 257.9 3.1 4.97 173.4 27.7 5.33 179.2 30.7
Morado
(75%)
La Negra 0.20 127.0 0.8 0.09 128.0 0.4 0.29 127.3 1.2
(50%)
Penasquito
(25%)
Mill 27.81 18.5 16.5 125.93 18.4 74.5 153.74 18.4 91.0
Heap 1.44 4.1 0.2 7.60 5.0 1.2 9.04 4.9 1.4
Leach
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total 35.2 178.3 213.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Inferred Silver Resources Attributable to
Silver Wheaton (1,2,3,4,5,7,10,12)
---------------------------------------------------
INFERRED
-----------------------------
Tonnage Grade Contained
mm t g Ag/t mm oz
---------------------------------------------------
San Dimas 15.14 316.4 154.0
Los Filos(11) 6.02 8.1 1.6
San Martin 3.01 119.0 11.5
Zinkgruvan
Zinc Ore 4.20 68.0 9.2
Copper Ore 0.55 42.0 0.7
Yauliyacu(8) 11.41 207.9 76.3
Keno Hill (25%) 0.13 1,015.8 4.4
Mineral Park(9) 320.15 2.3 23.8
Campo Morado (75%) 1.38 174.5 7.7
La Negra (50%) 0.11 75.3 0.3
Penasquito (25%)
Mill 176.40 17.0 96.2
Heap Leach 9.91 7.9 2.5
Stratoni 0.64 203.4 4.2
---------------------------------------------------
---------------------------------------------------
Total 392.5
---------------------------------------------------
---------------------------------------------------

Notes:
1. All Mineral Reserves and Mineral Resources have been calculated in
accordance with the standards of the Canadian Institute of Mining,
Metallurgy and Petroleum National Instrument 43-101, or the AusIMM JORC
equivalent.
2. All Mineral Resources are exclusive of Mineral Reserves.
3. Mineral Resources which are not Mineral Reserves, do not have
demonstrated economic viability.
4. Reserves and Resources are reported as of December 31, 2008, with the
following conditions or exceptions:
a. Reserves and Resources for Stratoni are reported as of December 31,
2007.
b. Reserves and Resources for San Martin are reported as of December
31, 2006. Reserves and Resources are expected to be updated in Q2
2009.
c. Reserves and Resources for Mineral Park are reported as of December
29, 2006.
d. Resources for Campo Morado are reported as of February 29, 2008.
e. Resources for La Negra are reported as of February 15, 2008 for the
Alacran deposit and March 14, 2008 for the Monica deposit.
f. Resources for Keno Hill are reported as of June 30, 2008.
5. Qualified Persons for the Mineral Reserve and Mineral Resource estimates
as defined by the National Instrument 43-101 are as follows:
a. San Dimas, Los Filos - Reynaldo Rivera, MAusIMM (Chief Geologist),
Goldcorp Mexico, the Mexican operating subsidiary of Goldcorp Inc.
b. San Martin - Velasquez Spring, P.Eng. (Senior Geologist) Watts,
Griffis and McOuat Limited.
c. Zinkgruvan - Per Hedstrom, AusIMM (Senior Geologist) and Lars
Malmstrom, AusIMM (Chief Geologist), both employees of Zinkgruvan
Mining AB
d. Yauliyacu - Neil Burns, M.Sc., P.Geo. (Director, Geology), Samuel
Mah, M.A.Sc., P.Eng. (Director, Engineering), both employees of
Silver Wheaton Corp.
e. Penasquito - Bob Bryson, MMSA (Vice President, Engineering),
Goldcorp Inc.
f. Stratoni - Patrick Forward, AusIMM (General Manager, Exploration),
European Goldfields Ltd.
g. Campo Morado - Stephen J. Godden, F.I.M.M.M., C.Eng. (Director) S.
Godden & Associates Limited; P. Taggart, P.Eng. (Principal)
P.Taggart & Associates Ltd.; David Gaunt, P.Geo. and Qingping Deng,
Ph.D., C.P.Geol. (Vice President of US Operations and Global
Director of Ore Reserves and Mining Planning) Behre Dolbear &
Company (USA), Inc.
h. Keno Hill - G. David Keller, P.Geo. (Principal Resource Geologist)
SRK Consulting (Canada) Inc.; Gordon Doerksen, P.Eng. (Principal
Consultant - Mining) SRK Consulting (Canada) Inc.; Josef Sedlacek,
P.Eng. (Principal Consultant) SRK Consulting (Canada) Inc.; Hassan
Ghaffari, P.Eng. (Manager of Metallurgy) Wardrop Engineering Inc.
and Diane Lister, P.Eng. (Consulting Environmental Engineer and
Principal) Altura Envinronmental Consulting.
i. La Negra - Thomas C.Stubens, M.A.Sc., P.Eng. (Senior Geologist)
Wardrop Engineering Inc., Barnard Foo, M.Eng., P.Eng. (Senior Mine
Engineer) Wardrop Engineering Inc. and Ronald G. Simpson, P.Geo.
(President), GeoSIM.
j. Mineral Park - Gary Simmerman, FAusIMM (Vice President, Engineering
and Mine Manager), Mercator Minerals Inc.
k. Overall Corporate Review - Neil Burns, M.Sc., P.Geo. for Resources
(Director of Geology), Samuel Mah, M.A.Sc., P.Eng. for Reserves
(Director of Engineering), both employees of Silver Wheaton Corp.
6. Mineral Reserves are estimated using appropriate recovery rates and US$
commodity prices of $12 per ounce of silver unless otherwise noted
below:
a. San Martin Reserves - US$7.00 per ounce
b. Yauliyacu Reserves - US$10.00 per ounce
c. Mineral Park Reserves - 0.237% Cu equivalent cut-off grade
(hypogene), 0.283% Cu equivalent cut-off grade (supergene). Copper
equivalent considers only copper and molybdenum values (silver was
not included).
7. Mineral Resources are estimated using appropriate recovery rates and US$
commodity prices of $14 per ounce of silver, unless otherwise noted
below:
a. San Martin Resources - US$8.00 per ounce
b. The San Pedrito project Resources at San Martin - US$5.50 per ounce
c. Zinkgruvan Resources - US$10.00 per ounce
d. Stratoni Resources - US$12.00 per ounce
e. Campo Morado (G9) Resources - 5.0% zinc only cut-off grade, silver
was not included
f. Keno Hill Resources - US$8.00 per ounce
g. La Negra (Alacran) Resources - US$12.00 per ounce
h. La Negra (Monica) Resources - US$13.50 per ounce
i. Mineral Park Resources - 0.225% Cu Equivalent cut-off grade. Copper
equivalent considers only copper and molybdenum values (silver was
not included).
8. Silver Wheaton's purchase agreement with Glencore provides for the
delivery of up to 4.75 million ounces of silver per year for 20 years so
long as production allows. In the event that silver produced at
Yauliyacu in any year totals less than 4.75 million ounces, the amount
sold to Silver Wheaton in subsequent years will be increased to make up
the shortfall.
9. The Mineral Park reserves and resources do not include the SX/EW leach
material since this process does not recover silver.
10. The Company considers the San Dimas, Yauliyacu and Penasquito
operations to be Material Assets, and has technical reports filed and
available on www.sedar.com on each of these assets.
11. Los Filos reserves and resources are reported without the Bermejal
deposit, as Bermejal is not subject to the silver sales agreement.
12. Silver is produced as a by-product metal at all operations; therefore,
the economic cut-off applied to the reporting of silver reserves and
resources will be influenced by changes in the commodity prices of
other metals at the time.

Audited 2008 Financial Statements Filed

Silver Wheaton's 2008 audited financial statements are now available on
SEDAR. No changes were made to the 2008 unaudited financial results
released on February 19, 2009. Please visit the financials section of our
website, www.silverwheaton.com, and click the 2008 Audited Financial
Statements link to access the documents.

Shareholders may also receive a copy of Silver Wheaton's audited
financial statements documents without charge upon request to Silver
Wheaton's Investor Relations Department, Suite 3150, 666 Burrard St.,
Vancouver, BC, Canada V6C 2X8 or to info@silverwheaton.com.

Mr. Randy V.J. Smallwood, P.Eng., Silver Wheaton's Executive Vice
President of Corporate Development, who is a "qualified person" as such
term is defined under National Instrument 43-101, has reviewed and
approved the contents of this news release.

Silver Wheaton is the largest silver streaming company in the world with
forecast annual silver sales of 15 to 17 million ounces in 2009, growing
to approximately 30 million ounces by 2013. The proposed acquisition of
Silverstone Resources Corp., anticipated to close in May of 2009, will
increase Silver Wheaton's current growth profile further with silver
streams from high-quality operating mines located in Canada, Mexico and
Portugal.

CAUTIONARY NOTE REGARDING FORWARD LOOKING-STATEMENTS

This news release contains "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of
1995 and applicable Canadian securities legislation. Forward-looking
statements include, but are not limited to, statements with respect to
the future price of silver, 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 state 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: risks
related to the integration of acquisitions, the absence of control over
mining operations from which Silver Wheaton purchases silver and risks
related to these mining operations, including risks related to
international operations, actual results of current exploration
activities, actual results of current reclamation activities, conclusions
of economic evaluations, changes in project parameters as plans continue
to be refined, as well as those factors discussed in the section entitled
"Description of the Business - Risk Factors" in Silver Wheaton's Annual
Information Form for the year ended December 31, 2008 incorporated by
reference into Silver Wheaton's Form 40-F on file with the U.S.
Securities and Exchange Commission in Washington, D.C. and available on
SEDAR at www.sedar.com. 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 such statements will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements. Silver Wheaton
does not undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with applicable
securities laws.

CAUTIONARY LANGUAGE REGARDING RESERVES AND RESOURCES

Readers should refer to the Annual Information Form of Silver Wheaton for
the year ended December 31, 2008 and other continuous disclosure
documents filed by Silver Wheaton since January 1, 2009 available at
www.sedar.com, for further information on Mineral Reserves and Resources,
which is subject to the qualifications and notes set forth therein as
well as for additional information relating to the Company more
generally. Mineral Resources which are not Mineral Reserves, do not have
demonstrated economic viability.

Cautionary Note to United States Investors Concerning Estimates of
Measured, Indicated and Inferred Resources: These tables use the terms
"Measured", "Indicated" and "Inferred" Resources. United States investors
are advised that while such terms are recognized and required by Canadian
regulations, the United States Securities and Exchange Commission does
not recognize them. "Inferred Mineral Resources" have a great amount of
uncertainty as to their existence, and as to their economic and legal
feasibility. It cannot be assumed that all or any part of an Inferred
Mineral Resource will ever be upgraded to a higher category. Under
Canadian rules, estimates of Inferred Mineral Resources may not form the
basis of feasibility or other economic studies. United States investors
are cautioned not to assume that all or any part of Measured or Indicated
Mineral Resources will ever be converted into Mineral Reserves. United
States investors are also cautioned not to assume that all or any part of
an Inferred Mineral Resource exists, or is economically or legally
mineable.

Silver Wheaton is a trademark of Silver Wheaton Corp.

Contacts:
Silver Wheaton Corp.
Brad Kopp
Director, Investor Relations
1-800-380-8687
Email: info@silverwheaton.com
Website: www.silverwheaton.com

Copyright 2009, Market Wire, All rights reserved.

-0-