Silver Wheaton Revises 2011 Attributable Production Guidance

VANCOUVER, July 28, 2011 /CNW/ --
TSX: SLW


NYSE: SLW

VANCOUVER, July 28, 2011 /CNW/ - Silver Wheaton Corp. ('Silver Wheaton'
or the 'Company') (TSX:SLW)(NYSE:SLW) announces that it is revising its
2011 attributable silver equivalent production guidance from 27 to 28
million silver equivalent ounces to 25 to 26 million silver equivalent
ounces, including 15,000 ounces of gold. The Company's 2015
attributable production guidance is unchanged at approximately 43
million silver equivalent ounces, including 35,000 ounces of gold. This
remains one of the strongest long-term growth profiles in the precious
metals industry.

Silver Wheaton's revised 2011 production guidance is primarily
attributable to a slower than anticipated production ramp-up at
Goldcorp Inc.'s ('Goldcorp's') world-class Peñasquito mine located in
Mexico (see Goldcorp's July 27, 2011, press release). While silver
grades and recoveries at Peñasquito continue to meet or exceed
expectations, processing rates are less than anticipated. This is due
to lower than forecast pebble feed from the SAG mills to the high
pressure grinding roll ('HPGR') circuit, and slower-than-expected
progress on the raising of the tailings dam embankment resulting in
insufficient water for full operation of the milling circuit.

As per their July 27, 2011, disclosure, Goldcorp continues to focus on
the routine operation of the HPGR portion of the milling circuit, the
final step in bringing the plant's throughput to its design capacity of
130,000 tonne-per-day. Efforts are underway to add additional water
supplies to eliminate current and future shortfalls. As well, adequate
power has been installed in the grinding and HPGR circuits, such that
the pebble generation issue can be circumvented by providing
supplemental feed which by-passes the SAG mills.  Goldcorp has
commenced a $30 million project to bring the supplemental ore feed
system into operation by year-end such that full production capacity of
130,000 tonne-per-day will be achieved by the end of the first quarter
of 2012. 

About Silver Wheaton

Silver Wheaton is the largest silver streaming company in the world.
Based upon its current agreements, forecast 2011 attributable
production is 25 to 26 million silver equivalent ounces, including
15,000 ounces of gold. By 2015, annual attributable production is
anticipated to increase significantly to approximately 43 million
silver equivalent ounces, including 35,000 ounces of gold. 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 'forward-looking information' within the meaning
of applicable Canadian securities legislation. Forward-looking
statements, which are all statements other than statements of
historical fact, include, but are not limited to, statements with
respect to the future price of silver and gold, 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, reserve conversion rates and
statements as to any future dividends. 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 '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 and gold; the absence of
control over mining operations from which Silver Wheaton purchases
silver or gold and risks related to these mining operations including
risks related to fluctuations in the price of the primary commodities
mined at such operations, actual results of mining and exploration
activities, economic and political risks of the jurisdictions in which
the mining operations are located and changes in project parameters as
plans continue to be refined; and differences in the interpretation or
application of tax laws and regulations; 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
at www.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 or gold, 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 set out herein.
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 forward-looking statements will prove to
be accurate. Accordingly, readers should not place undue reliance on
forward-looking statements. Silver Wheaton does not undertake to update
any forward-looking statements that are included or incorporated by
reference herein, except in accordance with applicable securities laws.

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Brad Kopp 
Senior Vice President, Investor Relations
Silver Wheaton Corp.
Tel: 1-800-380-8687
Email: info@silverwheaton.com
Website: www.silverwheaton.com