VANCOUVER, British Columbia, July 26, 2005 - Silver Wheaton Corp. (TSX, AMEX: SLW) is pleased to report second quarter results, as follows:

• Record net earnings of $6.7 million ($0.04 per share) from the sale of 2.7 million ounces of silver.
• Record operating cash flows of $9.3 million ($0.06 per share).
• Cash and cash equivalents at June 30, 2005 of $33.3 million.
  
• The Company's shares began trading on the American Stock Exchange.
• The Company is debt free, unhedged and seeking further acquisitions.

       "The Company had a spectacular second quarter" said Eduardo Luna, Chairman and CEO. "We expect to sell 10 million ounces in 2005 and we are following an aggressive growth strategy for the Company."
       Silver Wheaton is the only mining company with 100% of its revenue from silver production. Silver Wheaton is debt-free, unhedged and well positioned for further growth.
        For more information on Silver Wheaton visit www.silverwheaton.com.