Gold Wheaton Reports Earnings for Third Quarter 2010

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/09/10 -- Gold Wheaton Gold Corp. ('Gold Wheaton') (TSX: GLW) is pleased to announce the financial results of its operations for the three and nine months ended September 30, 2010 (unless otherwise indicated, all dollar amounts are expressed in United States dollars).

2010 Third Quarter Highlights

--  Revenue from the sale of precious metals for the three months ended
    September 30, 2010 ('Q3') was $26.4 million; $19.6 million higher than
    the three months ended September 30, 2009 ('Q3-2009'). This increase of
    286% is as a result of both higher metal deliveries (from both FNX
    Mining Company Inc., a wholly owned subsidiary of Quadra FNX Mining
    Ltd., ('QUX', formerly 'FNX') and First Uranium Corporation ('First
    Uranium')) and higher precious metal prices.

--  Operating cash flow for Q3 was $20.8 million compared to $5.8 million
    for Q3-2009, an increase of 257%.

--  Net income for Q3 was $7.2 million ($0.04 per share) compared to a net
    loss of $3.1 million (loss of $0.02 per share) for Q3-2009. Higher net
    income in the current quarter was mainly due to increased earnings from
    mining operations, a gain on QUX note settlement and lower foreign
    exchange losses. These were partially offset by higher interest expense
    and a mark to market loss on derivative instruments.

--  During the quarter, 20,930 gold equivalent ounces were delivered to the
    Company compared to 6,535 gold equivalent ounces for the same period in
    2009, an increase of 220%. In Q3, QUX delivered to Gold Wheaton
    approximately 11,911 gold equivalent ounces after the settlement of
    prior period sales compared to 937 gold equivalent ounces in Q3-2009.
    First Uranium delivered to Gold Wheaton approximately 9,018 gold ounces
    in Q3, compared to 5,598 ounces in Q3-2009.

--  At September 30, 2010, the Company had cash and short term investments
    of $119.7 million and working capital of $140.0 million compared to
    $87.1 million and $56.9 million, respectively, on December 31, 2009.

'We are pleased that both QUX and First Uranium continued to deliver ounces in accordance with our forecast production over the quarter. This follows the successful second quarter production and we look forward to growing our production by approximately 43% over the next 12 months,' 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 nine months ended September 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 Tuesday, November 9, 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 Tuesday, November 16, 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 163,611,592 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