NEWS RELEASES

Gold Wheaton Enters into Letter of Intent with First Uranium Corporation

Vancouver, British Columbia: November 4, 2008 - Gold Wheaton Gold Corp., (TSX-V: GLW) is pleased to announce that Gold Wheaton (Barbados) Corporation ("Gold Wheaton"), a wholly-owned subsidiary of Gold Wheaton Gold Corp., has entered into a Letter of Intent (the "Transaction") with First Uranium Corporation (TSX:FIU, JSE:FUM) ("First Uranium") whereby Gold Wheaton will purchase a minimum of 20,000 ounces of gold in calendar 2009 (up to a maximum of 25 percent of the gold production) and thereafter 25 percent of the life-of-mine gold production from First Uranium's Mine Waste Solutions tailings recovery operation ("MWS") in South Africa. Subject to certain conditions and approvals, the Transaction is expected to close in late November 2008.

Under the terms of the Transaction, Gold Wheaton shall pay First Uranium

• US$125 million, payable as follows:
   
  • US$50 million on closing (the "First Payment") from existing cash resources; and
     
  • subject to financing, US$75 million on or before February 27, 2009 (the "Second Payment"), failing which the purchase shall be reduced to 10% of the life of mine gold production;
     
• an ongoing payment equal to the lesser of US$400 per ounce and the prevailing spot price (subject to an annual inflation adjustment of 1 percent, starting in the fourth year after the First Payment);

First Uranium is expanding its current production at the Mine Waste Solutions tailings recovery operation in South Africa. The hydraulic mining and processing operation is reprocessing existing mine dumps to recover residual gold and uranium.

"This transaction provides us with immediate additional cash flow from the gold produced as a co-product in a low cost facility. The current gold production from the MWS project has minimal mining risk, a proven recovery operation and the operation is in the process of being expanded." said David Cohen, Chairman and Chief Executive Officer of Gold Wheaton. "We are pleased to have entered into this timely transaction and Gold Wheaton continues to evaluate a strong project pipeline and is well positioned for additional growth."

Gold Wheaton will not be required to contribute to any capital or exploration expenditures in respect of First Uranium's tailings recovery operation. Provided that the Second Payment is paid, Gold Wheaton will be granted a right of first refusal on any future gold stream agreements or similar arrangements proposed to be entered into by First Uranium or its subsidiaries in respect of the Mine Waste Solutions Project or the Ezulwini Mine.

Closing of this transaction is subject to the execution of definitive documentation, receipt of all governmental, regulatory, third party and Board approvals and including acceptance by the TSX Venture Exchange.

Gold Wheaton will release fourth quarter results on Wednesday November 5, 2008 before the market opens and will host a telephone conference call on the same day at 10:00am PST (1:00pm EST) to discuss this transaction and the results. The conference call may be accessed by dialling 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 November 12, 2008 and can be accessed by dialling 604-638-9010 or 1-800-319-6413 and using the pass code 3504 followed by the number sign, #.

For further information, please contact:

Gold Wheaton Gold Corp.
David Cohen, Chairman and Chief Executive Officer
+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 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.