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 six months ended June 30, 2009 (unless otherwise indicated, all dollar amounts are expressed in United States dollars).

2009 Second Quarter Highlights

- Revenue from the sale of precious metals for Q2-2009 was $16.3 million, $7.5 million higher as compared to Q1-2009.

- EBITDA(1) for three months ended June 30, 2009 ("Q2-2009") was $5.2 million compared to $6.3 million for the three months ended March 31, 2009 ("Q1-2009"). EBITDA was lower by $1.1 million in Q2-2009 mainly due to a higher deemed foreign exchange loss ($4.9 million) as result of a strengthening of the Canadian dollar related to the outstanding promissory note due to FNX; substantially offset by higher earnings from mining operations before depreciation ($3.8 million).

- For Q2-2009 Gold Wheaton sold a total of 17,546 gold equivalent ounces as compared to 8,094 gold equivalent ounces in Q1-2009. FNX Mining Company Ltd. ("FNX") sold to Gold Wheaton approximately 10,592 gold equivalent ounces after settlement of prior period sales in Q2-2009 compared to 5,218 gold equivalent ounces in Q1-2009. The gold sold to Gold Wheaton from First Uranium Corporation ("First Uranium") was approximately 6,954 ounces in Q2-2009 compared to 2,876 ounces in Q1-2009.

- Net income for the Q2-2009 was $0.2 million (income of $0.00 per share) compared to a net loss of $0.8 million (loss of $0.00 per share) in Q1-2009. Higher income in Q2-2009 compared to Q1-2009 is mainly due to higher deliveries from FNX and First Uranium, and higher metal prices yielding higher earnings from mining operations of $1.5 million.

- At June 30, 2009, the Company had cash and short term investments of $76.9 million and working capital of $84.2 million compared to $20.4 million and $29.2 million, respectively, on March 31, 2009.

- On May 26, 2009, the Company closed a CDN$100 million debt financing with a CDN$15 million overallotment option. The Company issued the 10% Senior Secured Notes due May 26, 2014 (the "Series 1 Notes"), with a principal amount of CDN$57 million. In connection with the issuance of the Series 1 Notes, the Company issued 71,250,000 warrants to the Secured Notes holders. The Company has drawn $57 of the facility to date.

"We are pleased to see the anticipated ramp up in delivered ounces from both FNX and First Uranium during the quarter," said David Cohen, Chairman and CEO. "The plant expansion at the First Uranium MWS project is progressing well and we anticipate seeing the additional ounces delivered during the third quarter as planned."

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 and six months ended June 30, 2009. These financial statements and MD&A, and the comparative financial statements for the three and six months ended June 30, 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, August 12, 2009, at 1:30pm PST (4:30pm 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 Wednesday, August 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 1,430,469,668 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 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 August 19, 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.

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

Contacts: Gold Wheaton Gold Corp. Investor Relations +1.778.373-0107 +1.604.434 1487 (FAX) info@goldwheaton.com www.goldwheaton.com