VANCOUVER, March 3 /CNW/ - Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX: SLW), (NYSE: SLW) is pleased to announce that its Board of Directors has approved an inaugural quarterly cash dividend of US$0.03 per common share (US$0.12 per common share, annually), commencing immediately. The initial dividend of US$0.03 per common share will be paid to holders of record of its common shares as of the close of business on March 21, 2011. The dividend will be distributed on or about March 31, 2011.

"The successful ramp up during 2010 of the first of our cornerstone growth assets, Goldcorp's Penasquito mine in Mexico, marked a major milestone for our company, and resulted in record operating cash flows for the year," said Peter Barnes, Chief Executive Officer of Silver Wheaton. "With cash on hand in excess of $428 million at year-end, and a business model that consistently results in amongst the highest cash operating margins in the precious metals industry, it is the ideal time for Silver Wheaton to implement a sustainable long-term dividend policy. This will not only allow our shareholders to participate in one of the strongest growth profiles in the industry, but will also provide a dividend yield, with the potential to increase over time, further positively differentiating us from a silver exchange traded fund."

This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes.

About Silver Wheaton

Silver Wheaton is the largest silver streaming company in the world. Based upon its current agreements, forecast 2011 attributable production is 27 to 28 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 Penasquito mine and Barrick's Pascua-Lama project.