VANCOUVER, BRITISH COLUMBIA, January 31, 2008 - Silver Wheaton Corp. ("Silver Wheaton")(NYSE, TSX:SLW)
announces that Goldcorp Inc. ("Goldcorp") and Silver Wheaton
have entered into an agreement with a syndicate of underwriters co-led by
Macquarie Capital Markets Canada Ltd., Genuity
Capital Markets and GMP Securities L.P. (the "Underwriters"),
with Macquarie Capital Markets Canada Ltd. and Genuity
Capital Markets as co-bookrunners, pursuant to
which the Underwriters have agreed to purchase from Goldcorp, on a bought
deal basis, 108,000,000 common shares (the "Common Shares") of
Silver Wheaton at a price of C$14.50 per Common Share (the "Issue
Price") for aggregate gross proceeds to Goldcorp of C$1,566,000,000
(the "Offering"). The Offering represents the sale of
Goldcorp's entire 48% interest in Silver Wheaton. Silver Wheaton will not
receive any proceeds from the Offering.
A preliminary short form prospectus relating to the securities has been
filed with the securities regulators in each of the provinces of Canada
and a registration statement relating to these securities has been filed
with the United States Securities and Exchange Commission but has not yet
become effective. These securities may not be sold nor may offers
to buy be accepted prior to the time the registration statement becomes
effective.
The Offering is scheduled to close on or about February 14, 2008 and is
subject to certain conditions including, but not limited to, the receipt
of all necessary approvals.
A conference call will be held by Silver Wheaton on Friday, February 1,
2008 at 11:00 am (Eastern Standard Time). To participate in the live call
use one of the following methods:
Dial toll free from Canada
or the US:
1-866-225-6564
Dial from outside Canada
or the US:
1-416-641-6141
Live audio webcast:
www.silverwheaton.com
Participants should dial in five to ten minutes before the call.
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 successful completion of the Offering. 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 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, 2006
incorporated by reference into Silver Wheaton's Form 40-F on file with
the U.S. Securities and Exchange Commission in Washington, D.C. 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.
David Awram
Director, Investor Relations
Silver Wheaton Corp.
Tel: 1-800-380-8687
Email: info@silverwheaton.com
Website: www.silverwheaton.com
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