Silver Wheaton reports earnings of US$23 million

Silver Wheaton Corp., the largest public mining company with 100% of its operating revenue from silver production, announce net earnings of US$23.3 million (US$0.10 per share) and record operating cash flows of US$35.9 million (US$0.16 per share) for the second quarter of 2008.

The company recorded net earnings of US$23.3 million (US$0.10 per share) from the sale of 2.9 million ounces of silver, compared to US$22.9 million (US$0.10 per share) from the sale of 3.1 million ounces of silver in 2007.

Record operating cash flows of US$35.9 million (US$0.16 per share) compared with US$27.8 million (US$0.13 per share) in 2007.

Peter Barnes, President and Chief Executive Officer of Silver Wheaton, said this past quarter, we negotiated more silver stream agreements than any other quarter in our history.

With eight silver agreements completed and another soon to be, we have diversified our portfolio and expanded our relationships within the industry, added Mr. Barnes.

The growing capital requirements associated with mine operators and development companies, combined with the challenges faced in attracting traditional sources of capital, create an environment that is ideally suited for Silver Wheaton’s business model, he continued.

Accordingly, we expect to expand our portfolio of silver contracts even further in 2008. We are also very excited by the fact that Peñasquito, our flagship asset, is proceeding well and that it delivered its first shipment of silver during the quarter. Peñasquito promises to be a long-life, profitable asset for our company, concluded Mr. Barnes.