Gold Wheaton Reports Earnings For Second Quarter 2010

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/11/10 -- Gold Wheaton Gold Corp. ('Gold Wheaton') (TSX: GLW) is pleased to announce the financial results of its operations for the three and six months ended June 30, 2010 (unless otherwise indicated, all dollar amounts are expressed in United States dollars).

2010 Second Quarter Highlights

--  Revenue from the sale of precious metals for the three months ended June
    30, 2010 ('Q2') was $30.6 million; $14.3 million higher as compared to
    the three months ended June 30, 2009 ('Q2-2009'). This is an increase of
    88%, as a result of both higher deliveries from FNX Mining Company Inc.
    ('FNX') and First Uranium Corporation ('First Uranium') and higher
    precious metal prices.

--  Operating cash flow for Q2 was $15.9 million compared to $9.1 million
    for Q2-2009.

--  Net income for Q2 was $12.0 million ($0.08 per share) compared to a net
    income of $0.2 million ($0.00 per share) for Q2-2009. Higher net income
    in the current quarter was mainly due to increased earnings from mining
    operations and foreign exchange gain. These were partially offset by
    higher interest expense and a mark to market loss on derivative
    instruments.

--  During the quarter, 23,258 gold equivalent ounces were delivered to the
    Company compared to 17,546 gold equivalent ounces for the same period in
    2009, an increase of 33%. In Q2, FNX delivered to Gold Wheaton
    approximately 12,849 gold equivalent ounces after the settlement of
    prior period sales compared to 10,592 gold equivalent ounces in Q2-2009.
    First Uranium delivered to Gold Wheaton approximately 10,409 gold ounces
    in Q2, compared to 6,954 ounces in Q2-2009.

--  During the quarter, the Company participated in First Uranium's debt
    financing and restructuring by acquiring CDN$20 million of the CDN$150
    million in senior secured convertible notes issued by First Uranium due
    March 31, 2013. The Company also amended its agreement with First
    Uranium on the Mine Waste Solution Tailings recovery project ('MWS')
    which originally provided for a $42 million penalty payment to Gold
    Wheaton if construction on expansion of a third gold plant was not
    completed by June 1, 2010. As part of terms of an amended agreement,
    Gold Wheaton received an initial payment of 14,000,000 common shares in
    the capital of First Uranium.

--  At June 30, 2010, the Company had cash and short term investments of
    $101.0 million and working capital of $80.4 million compared to $87.1
    million and $56.9 million, respectively, on December 31, 2009.

Subsequent to June 30, 2010, in accordance with the terms of the FNX Note, the Company satisfied its obligation to pay the CDN$50 million deferred payment to FNX through the issuance of 20,464,126 common shares of the Company.

'We are very pleased with our financial performance over the quarter and for the year to date. Production is up for the quarter and when combined with the increase in metal prices has had a substantial positive impact on our growing profitability. First Uranium is back on track and making progress with its ongoing development at both Mine Waste and Ezulwini. QuadraFNX continues to provide positive upside and production growth. We look forward to further production growth in the second half of the year from all three assets,' said David Cohen, Chairman and CEO.

Financial Information

For complete details of financial results, please refer to the unaudited interim consolidated financial statements and accompanying Management's Discussion and Analysis ('MD&A') for the three and six months ended June 30, 2010. These financial statements and MD&A, and the comparative financial statements for the year ended December 31, 2009 are all available on SEDAR at www.sedar.com and on the Company's website www.goldwheaton.com.

Teleconference call details

Gold Wheaton will host a telephone conference call on Thursday, August 12, 2010, at 10:00am PST to discuss the results. The conference call may be accessed by dialing 1-800-319-4610 in Canada and the United States, or 1-604-638-5340 internationally.

The conference call will be archived for later playback until Friday, August 20, 2010 and can be accessed by dialing 604-638-9010 or 1-800-319-6413 and using the pass code 3504 followed by the number sign, #.

About the Company

Gold Wheaton is a gold company with 100% of its operating revenue from the sale of gold and precious metals produced by others. The Company is actively pursuing further growth opportunities.

The Company's shares are listed on the TSX Exchange under the symbol 'GLW' with 163,511,592 shares issued and outstanding.

Cautionary Note Regarding Forward-Looking Statements

Safe Harbor Statement under the United States Private Securities Litigation Reform Act of 1995: Except for the statements of historical fact contained herein, the information presented constitutes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to those with respect to the price of gold, platinum or palladium, the timing and amount of estimated future production, costs of production, reserve determination and reserves conversion rates involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Gold Wheaton to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such factors include, among other risks, risks related to the integration of acquisitions, risks related to international operations, risks related to joint venture operations, the actual results of current exploration activities, actual results of current reclamation activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined, future prices of gold or uranium, the timing and amount of estimated future production and the costs thereof; capital expenditures; the availability of any additional capital required to bring future projects into production; future prices of commodities; the failure of plant, equipment or processes to operate as anticipated; accidents; labour disputes; delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities; currency fluctuations, as well as those factors discussed in the section entitled 'Description of Business - Risk Factors' in Gold Wheaton's Annual Information Form dated December 10, 2009 as filed on SEDAR. Although Gold Wheaton has attempted to identify important factors that could cause actual results to differ materially, 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of the content of this news release.

Contacts:

Gold Wheaton Gold Corp.

David Cohen

+1.778.373-0107

+1.604.434.1487 (FAX)
info@goldwheaton.com
www.goldwheaton.com