Wheaton Precious Metals 6K Earnings and Cash Flows In the Third Quarter | WPM 10 Nov 09

Exhibit 99.1

[exhibit991001.jpg]


FOR IMMEDIATE RELEASE	TSX: SLW
November 9, 2009	NYSE: SLW

SILVER WHEATON REPORTS RECORD ATTRIBUTABLE PRODUCTION,

EARNINGS AND CASH FLOWS IN THE THIRD QUARTER

PEÑASQUITO COMMENCES SHIPMENTS OF SILVER-BEARING CONCENTRATES

Vancouver, British Columbia – Silver Wheaton Corp. (TSX, NYSE:SLW) today announced its unaudited results for the third quarter ended September 30, 2009.

THIRD QUARTER HIGHLIGHTS

Record attributable production of 4.3 million silver equivalent ounces (4.0 million ounces of silver and 3,698 ounces of gold) at a total cash cost of US$3.97¹ per silver ounce, representing an increase of 59% over the comparable period in 2008.

Record silver equivalent sales of 4.6 million ounces (4.0 million ounces of silver and 9,953 ounces of gold), representing an increase of 70% over the comparable period in 2008.

As of the end of the third quarter, approximately 1.0 million silver equivalent payable ounces attributable to the Company have been produced at the various mines and will be recognized in future sales as they are delivered to the Company under the terms of their contracts.

Record net earnings of US$33.6 million (US$0.11 per share) compared to US$20.2 million (US$0.09 per share) for the comparable period in 2008.

Record operating cash flows of US$45.4 million (US$0.14 per share) compared to US$26.7 million (US$0.11 per share) for the comparable period in 2008.

Entered into an agreement with Barrick Gold Corporation ("Barrick") to acquire 25% of the life of mine silver production from its Pascua-Lama project, as well as 100% of the silver production from its Lagunas Norte, Pierina and Veladero mines until the end of 2013. Silver Wheaton will make total upfront cash payments of US$625 million payable in installments, of which US$212.5 million has been paid to date. The remaining US$412.5 million is payable in annual installments of US$137.5 million due on the first, second and third anniversaries of the transaction. The acquisition is forecast to add average annualized silver production of approximately 2.4 million ounces until Pascua-Lama commences production in 2013, at which time average annual silver production is forecast to increase by approximately 9 million ounces for the first five years of Pascua-Lama’s 25 year mine life .

1. Refer to discussion on non-GAAP measures at the end of this press release

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In conjunction with the Barrick acquisition, closed a bought deal equity financing, raising gross proceeds of US$287.5 million. Subsequent to September 30, 2009, US$140 million of the net proceeds were used to repay a temporary draw under the Company’s revolving bank debt facility, which was utilized to partially finance the initial upfront payment made to Barrick. The remaining proceeds from the equity financing, together with the US$400 million of available credit under the Company’s revolving bank debt facility, are available to fund further silver stream acquisitions.

On November 4, 2009, Goldcorp Inc. (“Goldcorp”) announced that they have commenced shipments of the first silver-bearing lead and zinc concentrates produced at their Peñasquito mine in Mexico with preliminary metals grades, recoveries and concentrate quality meeting or exceeding expectations. Annual production attributable to Silver Wheaton from Peñasquito is expected to average approximately 7.2 million ounces of silver over the estimated 22 year mine life.

“It is very pleasing to report record attributable silver production, sales, earnings and cash flows, just as Peñasquito is poised to start driving further significant growth over the next few years,” said Peter Barnes, President and Chief Executive Officer of Silver Wheaton. “On top of that, the Barrick silver stream acquisition, which was completed in the third quarter, will increase our long term growth profile significantly, solidifying Silver Wheaton’s status as the largest of all metals streaming and royalty companies in the world.”

“We are now partnered with the world’s two largest gold companies, Barrick and Goldcorp, and have a significant interest in what are forecast to be two of the world’s biggest silver producing mines, the Pascua-Lama mine straddling the border of Chile and Argentina and the Peñasquito mine in Mexico. Peñasquito, the first of these cornerstone growth assets to commence production, continues its successful ramp up and the mine has now begun shipping silver-bearing concentrates with preliminary metal grades and recoveries meeting or exceeding expectations. Furthermore, given the US$400 million of available credit under our revolving bank debt facility and over US$165 million of cash on hand, we are very well positioned to pursue additional accretive acquisitions.”

This earnings release should be read in conjunction with Silver Wheaton’s MD&A and Financial Statements, which are available on the Company’s website at www.silverwheaton.com and have been posted on SEDAR at www.sedar.com.

Conference Call Details

A conference call will be held Tuesday, November 10, 2009, starting at 11:00 am (Eastern Time) to discuss these results. To participate in the live call use one of the following methods:

Dial toll free from Canada or the US:

1-888-231-8191

Dial from outside Canada or the US:

1-647-427-7450

Pass code:

34932154

Live audio webcast:

www.silverwheaton.com

Participants should dial in five to ten minutes before the call.

The conference call will be recorded and you can listen to an archive of the call by one of the following methods:

Dial toll free from Canada or the US:

1-800-642-1687

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Dial from outside Canada or the US:

1-416-849-0833

Pass code:

34932154

Archived audio webcast:

www.silverwheaton.com

About Silver Wheaton

Silver Wheaton is the largest silver streaming company in the world. Forecast 2009 production is 16 million ounces of silver and 17,000 ounces of gold, for total production of 17 million silver equivalent ounces. By 2013, annual production is anticipated to more than double to approximately 39 million ounces of silver and 20,000 ounces of gold, for total production of 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 Peñasquito 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 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 &# 147;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, the absence of control over mining operations from which Silver Wheaton purchases silver and risks related to these mining operations, including risks related to fluctuations in the price of the primary commodities mined at such operations, changes in laws and regulations including taxation policies, actual results of mining and exploration activities, ch anges 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 available on SEDAR atwww.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, 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 may be set out herein. Although Silver Wheaton has attempted to identify important f actors 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.

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Consolidated Statement of Operations (unaudited)


		Three Months Ended					Nine Months Ended
		September 30					September 30
(US dollars and shares in thousands, except per share amounts -unaudited)		2009		2008			2009			2008
Sales	$	69,767	$	39,371		$	148,742		$	137,994
Cost of sales		18,765		10,677			43,069			33,033
Depletion		13,164		5,152			26,170			14,443
		31,929		15,829			69,239			47,476
Earnings from operations		37,838		23,542			79,503			90,518

Expenses and other income
General and administrative¹		3,906		3,589			12,917			13,850
Debt issue costs		-		-			-			601
Loss (gain) on mark-to-market ofwarrants held		-		100			(33	)		1,047
Other		366		(388	)		(496	)		(283	)
		4,272		3,301			12,388			15,215

Earnings before tax		33,566		20,241			67,115			75,303
Future income tax expense		-		-			-			3,858

Net earnings	$	33,566	$	20,241		$	67,115		$	71,445
1) Stock based compensation (a non-cash item) included ingeneral and administrative	$	623	$	1,078		$	3,312		$	4,538

Basic earnings per share	$	0.11	$	0.09		$	0.23		$	0.32
Diluted earnings per share	$	0.11	$	0.08		$	0.23		$	0.29
Weighted average number of shares outstanding
Basic		313,445		232,710			294,208			226,598
Diluted		317,431		249,010			297,936			249,833

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Consolidated Balance Sheets (unaudited)


		September 30		December 31
(US dollars in thousands - unaudited)		2009		2008
Assets
Current
Cash and cash equivalents	$	304,858	$	7,110
Accounts receivable		5,497		772
Other		667		816
		311,022		8,698

Long-term investments		49,766		21,840
Silver and gold interests		1,937,378		1,238,368
Other		1,604		1,740
	$	2,299,770	$	1,270,646

Liabilities
Current
Accounts payable	$	1,722	$	1,396
Accrued liabilities		6,285		3,425
Current portion of bank debt		168,760		28,560
Current portion of silver interest payments due		128,625		-
		305,392		33,381

Bank debt		114,320		349,240
Silver interest payments due		232,879		-
		652,591		382,621

Shareholders' Equity
Issued capital and contributed surplus		1,326,369		662,115

Retained earnings		293,025		225,910
Accumulated other comprehensive income		27,785		-
		320,810		225,910
		1,647,179		888,025
	$	2,299,770	$	1,270,646

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Consolidated Statement of Cash Flows (unaudited)


			Three Months Ended						Nine Months Ended
			September 30						September 30
(US dollars in thousands - unaudited)	Note		2009			2008			2009			2008
Operating Activities
Net earnings		$	33,566		$	20,241		$	67,115		$	71,445
Items not affecting cash
Depreciation and depletion			13,229			5,152			26,359			14,443
Future income tax expense			-			-			-			3,858
Stock based compensation			623			1,078			3,312			4,538
Loss (gain) on mark-to-market of warrants held			-			100			(33	)		1,047
Other			(338	)		(281	)		(148	)		(244	)
Change in non-cash operating working capital			(1,700	)		435			(1,652	)		609
Cash generated by operating activities			45,380			26,725			94,953			95,696

Financing Activities
Bank debt drawn down			140,200			18,000			140,200			183,500
Bank debt repaid			(7,140	)		(131,040	)		(234,920	)		(223,620	)
Shares issued			287,531			-			517,955			-
Share issue costs			(11,645	)		(1,159	)		(21,620	)		(1,183	)
Warrants exercised			10,345			113,463			10,508			115,785
Share purchase options exercised			4,200			580			5,789			2,640
Cash generated by (applied to) financing activities			423,491			(156	)		417,912			77,122

Investing Activities
Silver interests			(213,819	)		(44,958	)		(218,466	)		(164,008	)
Acquisition of Silverstone Resources Corp., net of cash acquired			(261	)		-			2,407			-
Other			1,599			(4,044	)		1,615			(4,572	)
Cash applied to investing activities			(212,481	)		(49,002	)		(214,444	)		(168,580	)
Effect of exchange rate changes on cash and cash equivalents			(122	)		463			(673	)		459
Increase (decrease) in cash and cash equivalents			256,268			(21,970	)		297,748			4,697
Cash and cash equivalents, beginning of period			48,590			36,632			7,110			9,965
Cash and cash equivalents, end of period		$	304,858		$	14,662		$	304,858		$	14,662

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Results of Operations (unaudited)

Nine Months Ended September 30, 2009


						Average
						realized		Total		Total
						price		cash cost		depletion		Net			Cash flow
	Ounces	Ounces				($'s per		($'s per		($'s per		earnings			from
	produced²	sold		Sales		ounce)		ounce)³		ounce)		(loss)			operations

Silver (000's)
Luismin	4,016	4,034	$	55,701	$	13.81	$	4.02	$	0.71	$	36,609		$	39,483
Zinkgruvan	1,356	1,353		19,023		14.06		4.02		1.78		11,175			12,793
Yauliyacu	2,359	1,987		26,881		13.53		3.93		3.47		12,184			19,082
Stratoni	699	690		8,780		12.71		3.90		3.59		3,605			6,201
Peñasquito	487	455		6,106		13.42		3.90		2.35		3,260			4,331
Campo Morado	610	305		4,180		13.67		3.90		4.85		1,506			2,987
Minto	84	67		1,036		15.31		3.90		4.48		469			808
Cozamin	628	597		8,671		14.53		4.00		4.70		3,479			7,617
Barrick⁴	223	187		3,008		16.07		3.90		3.46		1,631			2,278
Other⁵	638	395		5,648		14.28		3.90		5.80		1,812			3,765
Corporate												(12,388	)		(9,914	)
	11,100	10,070	$	139,034	$	13.80	$	3.97	$	2.31	$	63,342		$	89,431
Gold
Minto	10,521	10,098	$	9,708	$	961	$	300	$	288	$	3,773		$	5,522
Silver Equivalent (000's)⁶	11,761	10,708	$	148,742	$	13.89	$	4.02	$	2.44	$	67,115		$	94,953

1)	Ounces produced represent the quantity of silver and gold contained in concentrate or doré prior to smelting or refining deductions.
2)	Certain production figures are based on management estimates.
3)	Refer to discussion on non-GAAP measures at the end of this press release.
4)	Comprised of Lagunas Norte, Pierina and Veladero mines .
5)	Comprised of La Negra, Mineral Park and Neves-Corvo mines.
6)	Gold ounces produced and sold are converted to a silver equivalent basis on the ratio of the average silver price received to the average gold price received during the period.

Nine Months Ended September 30, 2008


						Average
						realized		Total		Total
						price		cash cost		depletion		Net			Cash flow
	Ounces	Ounces				($'s per		($'s per		($'s per		earnings			from
	produced	sold		Sales		ounce)		ounce)²		ounce)		(loss)			operations

Silver (000's)
Luismin	3,938	4,123	$	68,028	$	16.50	$	3.95	$	0.42	$	50,023		$	51,746
Zinkgruvan	1,321	1,260		20,523		16.26		3.96		1.57		13,563			16,249
Yauliyacu	2,397	2,175		36,346		16.71		3.90		3.47		20,310			27,866
Stratoni	803	685		10,868		15.87		3.90		3.69		5,670			8,078
Peñasquito	141	98		1,451		14.74		3.90		2.42		830			1,067
Campo Morado	12	-		-		-		-		-		-			-
Other³	86	58		778		13.33		3.90		7.38		122			828
Corporate												(19,073	)		(10,138	)
	8,698	8,399	$	137,994	$	16.43	$	3.93	$	1.72	$	71,445		$	95,696

1)	Ounces produced represent the quantity of silver contained in concentrate or doré prior to smelting or refining deductions.
2)	Refer to discussion on non-GAAP measures at the end of this press release.
3)	Comprised of La Negra mine.

1. Refer to discussion on non-GAAP measures at the end of this press release

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Three Months Ended September 30, 2009


						Average
						realized		Total		Total
						price		cash cost		depletion		Net			Cash flow
	Ounces	Ounces				($'s per		($'s per		($'s per		earnings			from
	produced²	sold		Sales		ounce)		ounce)³		ounce)		(loss)			operations

Silver (000's)
Luismin	1,308	1,310	$	20,053	$	15.30	$	4.02	$	0.65	$	13,929		$	14,785
Zinkgruvan	415	433		6,861		15.85		4.02		1.78		4,350			4,415
Yauliyacu	750	698		10,600		15.19		3.94		3.47		5,426			7,849
Stratoni	229	342		4,826		14.10		3.90		3.50		2,292			3,368
Peñasquito	165	190		2,691		14.15		3.90		2.36		1,502			1,950
Campo Morado	225	170		2,458		14.42		3.90		4.83		969			1,793
Minto	46	68		1,043		15.29		3.90		4.48		472			794
Cozamin	366	384		5,736		14.94		4.00		4.72		2,389			4,229
Barrick⁴	223	187		3,008		16.07		3.90		3.46		1,631			2,278
Other⁵	305	192		2,918		15.21		3.90		5.29		1,154			1,377
Corporate												(4,272	)		(2,788	)
	4,032	3,974	$	60,194	$	15.14	$	3.97	$	2.59	$	29,842		$	40,050
Gold
Minto	3,698	9,953	$	9,573	$	962	$	300	$	288	$	3,724		$	5,330
Silver Equivalent (000's)⁶	4,265	4,600	$	69,767	$	15.16	$	4.08	$	2.86	$	33,566		$	45,380

1)	Ounces produced represent the quantity of silver and gold contained in concentrate or doré prior to smelting or refining deductions.
2)	Certain production figures are based on management estimates.
3)	Refer to discussion on non-GAAP measures at the end of this press release.
4)	Comprised of Lagunas Norte, Pierina and Veladero mines .
5)	Comprised of La Negra, M ineral Park and Neves-Corvo mines.
6)	Gold ounces produced and sold are converted to a silver equivalent basis on the ratio of the average silver price received to the average gold price received during the period.

Three Months Ended September 30, 2008


						Average
						realized		Total		Total
						price		cash cost		depletion		Net			Cash flow
	Ounces	Ounces				($'s per		($'s per		($'s per		earnings			from
	produced	sold		Sales		ounce)		ounce)²		ounce)		(loss)			operations

Silver (000's)
Luismin	1,174	1,198	$	17,496	$	14.61	$	3.95	$	0.42	$	12,265		$	12,766
Zinkgruvan	371	418		5,436		13.01		3.96		1.57		3,127			4,525
Yauliyacu	712	691		10,712		15.50		3.90		3.47		5,616			8,017
Stratoni	280	253		3,498		13.85		3.90		3.68		1,582			2,592
Peñasquito	113	98		1,451		14.74		3.90		2.42		830			1,067
Campo Morado	12	-		-		-		-		-		-			-
Other³	69	58		778		13.33		3.90		7.38		122			828
Corporate												(3,301	)		(3,070	)
	2,731	2,716	$	39,371	$	14.50	$	3.93	$	1.90	$	20,241		$	26,725

1)	Ounces produced represent the quantity of silver contained in concentrate or doré prior to smelting or refining deductions.
2)	Refer to discussion on non-GAAP measures at the end of this press release.
3)	Comprised of La Negra mine.

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Non-GAAP Measures - Total Cash Costs Per Ounce Of Silver & Gold Calculation

Silver Wheaton has included, throughout this press release, certain non-GAAP performance measures, including total cash costs of silver and gold on a sales basis. These non-GAAP measures do not have any standardized meaning prescribed by GAAP, nor are they necessarily comparable with similar measures presented by other companies. Cash costs are presented as they represent an industry standard method of comparing certain costs on a per unit basis. The Company believes that certain investors use this information to evaluate the Company’s performance. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. During the three months ended September 30, 2009, the Company’s total cash costs, which were equivalent to the Company’s Cost of Sales in accordance with GAAP, were $3.97 per ounce of silver and $300 per ounce of gold (2008 – $3.93 per ounce of silver).

For further information, please contact:

Brad Kopp

Director, Investor Relations

Silver Wheaton Corp.

Tel: 1-800-380-8687

Email:info@silverwheaton.com

Website:www.silverwheaton.com

Wheaton Precious Metals (WPM) 6-KEarnings and Cash Flows In the Third Quarter