Silver Wheaton Completes Private Placement

On November 30, 2004, Silver Wheaton Corp. (formerly Chap Mercantile Inc.), a TSX-listed silver mining company, completed a private placement of 81 units, each unit comprising one common share and one-half of one series A common share purchase warrant, for aggregate gross proceeds of $60.75 million. Each whole series A warrant entitles the holder to purchase one common share at $1.10 until November 30, 2009.

The offering was made through a syndicate of underwriters including GMP Securities Ltd, Canaccord Capital Corp., Orion Securities Inc., First Associates Investments Inc., Fort House Inc., Haywood Securities Inc., Salman Partners Inc., Scotia Capital Inc. and Sprott Securities Inc.

Silver Wheaton was represented by Cassels Brock & Blackwell LLP with a team composed of Paul Stein, Mark Bennett and Jennifer Traub.

The underwriters were represented by Derek Sigel and Diana Escober of Wildeboer Dellelce LLP.