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Wednesday, November 9, 2011

Silver Wheaton Announces Dividend Triples in Current Quarter Based on New Dividend Policy Linked to Operating Cash Flows


VANCOUVER, Nov. 9, 2011 /CNW/ - Silver Wheaton Corp. ("Silver Wheaton"
or the "Company") (TSX:SLW)(NYSE:SLW) is pleased to announce that its
Board of Directors has adopted a new dividend policy that links
quarterly dividend payments to operating cash flows in the prior
quarter. Commencing immediately, the quarterly dividend per common
share will be equal to 20% of the cash generated by operating
activities in the previous quarter divided by the Company's outstanding
common shares at the time the dividend is approved, all rounded to the
nearest cent.

Silver Wheaton's revenues are primarily derived from the sale of silver,
with its operating cash costs essentially fixed at approximately US$4
for every ounce of silver sold. This allows for greater predictability
in cash generated from operating activities relative to traditional
mining companies.

Based on the new policy, the Board of Directors has declared its fourth
quarterly cash dividend for 2011 of US$0.09 per common share. The
quarterly dividend will be paid to holders of record of its common
shares as of the close of business on November 23, 2011, and will be
distributed on or about December 5, 2011.

"We are pleased to establish a unique and sustainable dividend policy
that allows our shareholders to further benefit from increasing silver
prices, as well as Silver Wheaton's sector leading production growth
profile," said Randy Smallwood, Silver Wheaton's President and Chief
Executive Officer. "Our new policy allows us to return a meaningful
portion of our cash flows to our shareholders, with the current
quarterly dividend tripling from previous levels. Importantly, it also
provides us with the cash flows required to continue creating long-term
shareholder value by acquiring further high-quality and accretive
silver streams."

The declaration and payment of dividends remains at the discretion of
the Board and will depend on the Company's cash requirements, future
prospects and other factors deemed relevant by the Board of Directors.
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 25 to 26 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 Peñasquito mine and Barrick's Pascua-Lama


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 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.

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