GLW Galway Gold Inc

Gold Wheaton Gold Corp. ("Gold Wheaton") (TSX VENTURE:GLW) is pleased to
announce the financial results of operations for the three and fifteen months
ended December 31, 2008 (unless otherwise indicated, all dollar amounts are
expressed in United States dollars).


Highlights for 2008

- Revenue from the sale of 18,985 gold equivalent ounces ("GEO") for the fifteen
months ended December 31, 2008 was $15.4 million at an average gold price of
$813 per ounce;


- EBITDA(1) for the fifteen month period ended December 31, 2008 was $4.0 million;

- Over the fifteen month period, FNX Mining Company Ltd. ("FNX") delivered and
sold to Gold Wheaton approximately 18,761 GEO, comprising of 5,620 ounces of
gold, 10,236 ounces of platinum and 11,748 ounces of palladium. First Uranium
Corporation ("First Uranium") delivered and sold approximately 224 ounces to
Gold Wheaton in the same period;


- On December 31, 2008, the Company had cash and short term investments of $7.4
million and working capital of $14.5 million;


- Net loss for the fifteen month period ended December 31, 2008 was $5.4 million
(loss of $0.01 per share), primarily due to a stock-based compensation expense
of $3.6 million and foreign exchange losses of $1.8 million as a result of the
weakening Canadian dollar. Net loss for the three months ended December 31, 2008
was $2.0 million, primarily due to foreign exchange losses of $1.5 million;


- In July, 2008, the Company completed a private placement which raised gross
proceeds of $255.1 million. Net proceeds from the private placement were used to
acquire 50% of the GEO in ore mined and shipped from certain of the existing
mining operations wholly-owned by FNX located in northern Ontario;


- In November, 2008, the Company entered into an agreement with First Uranium
(the "First Uranium Agreement") to purchase in 2009 a minimum of 20,000 ounces
of gold (up to a maximum of 25% of the gold production in 2009) from the First
Uranium's Mine Waste Solutions tailing recovery operation in South Africa (the
"MWS Project") and thereafter 25% of the life-of-mine gold production from the
MWS Project. The transaction closed in December 2008. Gold Wheaton paid an
upfront payment of $50 million from cash on hand. Under the First Uranium
Agreement, the Company agreed, subject to financing, to pay First Uranium an
additional $75 million (the "Balance Payment") on or before 17 March 2009;


- Subsequent to December 31, 2008, the Company completed a public offering for
460,000,000 units at a price of CDN$0.25 per unit to raise gross proceeds of
CDN$115 million. Each unit consists of one common share and one half share
purchase warrant, with each whole warrant entitling the holder to acquire one
additional common share at an exercise price of CDN$0.50 per share for a period
of 2 years following the closing of the offering. Net proceeds from the offering
will primarily be used to fund the Balance Payment in connection with the First
Uranium Agreement.


"Since inception in July 2008 we have grown Gold Wheaton into a sustainable and
robust cash generating gold streaming company. We have completed two gold
streaming transactions and are in the process of closing the third, all of which
are associated with long life and low risk assets. Our cash flow is strong and
will grow significantly over the next 18 months through internal growth," said
David Cohen, Chairman and CEO. "We will continue to focus on profitable new
transactions."


Financial Information

For complete details of financial results, please refer to the audited
consolidated financial statements and accompanying Management's Discussion and
Analysis ("MD&A") for the three and fifteen months ended December 31, 2008.
These financial statements and MD&A, and the comparative financial statements
for the three and fifteen months ended December 31, 2008 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 Thursday, March 12, 2009,
at 9:00am PST (12:00pm EST) 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 March 19,
2009 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 Venture Exchange under the symbol
"GLW" with 1,405,891,668 shares issued and outstanding.


(1) EBITDA is a Non-GAAP financial measure as defined in MD&A.

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 or First Uranium 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 as well as future prices of gold, platinum or palladium, as well as
those factors discussed in the section entitled "Risk Factors" in Gold Wheaton's
Filing Statement dated July 9, 2008 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.

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