NEWS RELEASES

Gold Wheaton Reports Earnings For First Quarter 2010

Vancouver, British Columbia: May 12, 2010 -- Gold Wheaton Gold Corp., ("Gold Wheaton") (TSX: GLW) is pleased to announce the financial results of its operations for the three months ended March 31, 2010 (unless otherwise indicated, all dollar amounts are expressed in United States dollars).

2010 First Quarter Highlights

• Revenue from the sale of precious metals for the three months ended March 31, 2010 (“Q1”) was $21.2 million (Q1-2009: $12.4 million), an increase of 142%, as a result of both higher deliveries from FNX Mining Company Ltd. (“FNX”) and First Uranium Corporation (“First Uranium”) and higher precious metal prices. Average gold, platinum and palladium prices for Q1 versus Q1-2009 increased by 22%, 53% and 121% respectively.

• Operating cash flow for Q1 was $3.5 million (Q1-2009: $3.3 million).  The lower than expected increase in operating cash flow is mainly due to timing in settlement of accounts receivable from increased sales in accordance with the various offtake agreements and the impact of the Vale Inco strike on FNX deliveries to Gold Wheaton in Q2-2009 which effectively delayed deliveries to Q4-2009 resulting in cash settlement after Q1.

• Net income for Q1 was $0.9 million or $0.01 per share (Q1-2009: Net loss of $0.8 million or $0.1 per share).  This included adjustments for interest expense of $3.4 million (primarily due to note debentures issued during 2009); non-cash stock-based compensation expense of $3.1 million; foreign exchange losses of $2.0 million (primarily as a result of weakening of the US dollar against the Canadian dollar denominated long term liabilities);  and future income tax expense of $1.0 million.

• Earnings from mining operations increased by 180% from $3.7 million in the first quarter of 2009 to $10.5 million in 2010.  This increase is primarily as a result of higher ounces delivered and higher precious metal prices. 

• For Q1, a total of 18,798 gold equivalent ounces were delivered as compared to 8,094 gold equivalent ounces in Q1-2009, an increase of 132%. Of the 18,798 gold equivalent ounces, 2,571 ounces was attributable to the Ezulwini gold stream which was acquired in December 2009. 

• At March 31, 2010, the Company had cash and short term investments of $93.4 million and working capital of $67.8 million compared to $87.1 million and $56.9 million, respectively, on December 31, 2009. 

• On February 4, 2010, the Company graduated to the TSX Exchange.  Concurrently, the Company completed a 10:1 common share consolidation of the total number of issued and outstanding common shares approved at the January 11, 2010 Special Meeting of Shareholders.  As a result of the share consolidation, the Company has approximately 143,047,466 common shares outstanding.  All stock options and common share purchase warrants were consolidated on the same basis as the common shares and have been re-priced accordingly.

Subsequent to March 31, 2010, the Company acquired by way of a private placement offering C$20 million of a C$150 million in senior secured convertible notes issued by First Uranium, due March 31, 2013.

In addition, the Company agreed to amend the Mine Waste Solutions (“MWS”) agreement for the partial settlement of a $42 million payment refund due to Gold Wheaton on June 1, 2010 (“Completion Penalty Payment”). The Company settled the initial payment of the $42 million Completion Penalty Payment for a payment of 14,000,000 common shares in the capital of First Uranium (“Common Shares”) equal to approximately $17.7 million, based on a price of C$1.30 per Common Share.  Gold Wheaton will also receive up to $36 million in additional payments from First Uranium if certain conditions are not met by December 1, 2011. 

“We are pleased that the restructuring of First Uranium has been completed and that they can now concentrate on growing their production at both Mine Waste and Ezulwini.” said David Cohen, Chairman and CEO. “FNX continues to operate as planned and we look forward to growing our revenues as the year progresses.”

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 months ended March 31, 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 Wednesday, May 12, 2010, at 2:00pm 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 Thursday, May 20, 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 143,047,466 shares issued and outstanding.

For further information, please contact:
Gold Wheaton Gold Corp.
David Cohen
+1.778.373-0107 (phone)
+1.604.434 1487 (fax)
info@goldwheaton.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of the content of this news release.

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.