Silver Wheaton to Acquire Hudbay Minerals for $135M

Silver Wheaton Corp.

is pleased to announce that it has agreed to acquire from Hudbay Minerals Inc. ("Hudbay")

50% of the life of mine gold production from its Constancia Project ("Constancia"), located in southern Peru, for US$135 million. Silver Wheaton's August 2012 silver stream purchase agreement ("Original Agreement") for 100% of the life of mine silver production from Constancia has now been amended to include 50% of the life of mine gold production ("New Agreement"). TRANSACTION HIGHLIGHTS Adds to Silver Wheaton's growth profile Silver Wheaton will receive 50% of the life of mine gold production from Constancia. Forecast average annual attributable gold production1 from Constancia is anticipated to be approximately 35,000 gold ounces over the first five years, and 18,000 ounces life of mine. The mine life is currently estimated at around 16 years. Aligns the interests of both companies Hudbay will retain 50% of gold production. Timing of the upfront payment is linked to Constancia's capital expenditures. Maintains conservative balance sheet        Silver Wheaton has the option to make the initial upfront payment in either cash or Silver Wheaton shares, calculated at the time the payment is made2. Updating