Vancouver, British Columbia: November 5, 2008 -- Gold Wheaton Gold Corp., ("Gold Wheaton") (TSX-V: GLW) is pleased to announce the financial results of its first quarter of operations, ended September 30, 2008. (unless otherwise indicated, all dollar amounts are expressed in United States dollars)

Highlights for the quarter ended September 30, 2008 ("Q4 2008")

• Receipt and sale of 10,804 gold equivalent ounces;
   
• Average received gold price of $830/oz;
   
• Revenue of $9.0 million;
   
• EBITDA1 of $3.3 million;
   
• At September 30, 2008, the Company had cash and short term investments of $67,030,190 (September 30, 2007 - $424) and working capital of $71,773,166 (September 30, 2007 -- deficit of $335,957);
   
• For the three months ended September 30, 2008, the Company recorded a net loss of $2.3 million mainly as a result of non-cash stock based compensation expense recorded of $3.3 million. Prior period results are not comparable due to a change of business of the Company following the FNX Transaction described below;
   
• On July 8, 2008, the Company completed its previously announced private placement (the "Private Placement"). The Private Placement consisted of 520,000,000 units, with each unit comprised of one common share of the Company and one half common share purchase warrant (the "Warrants") and raised gross proceeds of CDN$260 million. Each Warrant is exercisable to acquire an additional common share of the Company at a price of CDN$1.00 per share and will expire on July 8, 2013;
   
• On July 15, 2008, the Company completed its purchase of 50% of the contained gold, platinum and palladium in ore mined and shipped from certain of the existing mining operations wholly-owned by FNX Mining Company Ltd. ("FNX") located in northern Ontario (the "FNX Transaction") for an upfront payment of CDN$400 million, comprised of CDN$175 million in cash, 350 million Gold Wheaton common shares valued at CDN$175 million and a deferred payment of CDN$50 million in Gold Wheaton warrants, shares or cash to be satisfied in six months, plus a payment of the lesser of $400 per gold equivalent ounce purchased, subject to adjustment, and the then prevailing market price per ounce of gold,
   
• In conjunction with the closing of the FNX transaction, Kadywood Capital Corp. Changed its name to Gold Wheaton Gold Corp. and Gold Wheaton commenced trading on Tier 1 of the TSX Venture Exchange under the symbol "GLW";
   
• On September 19, 2008, the Company signed a definitive agreement with Redcorp Ventures Ltd. ("Redcorp"). Pursuant to the definitive agreement, Gold Wheaton agreed to purchase 100% of the gold mined from Redcorp's Tulsequah Project, in British Columbia, for a payment of $90 million, comprised of $10 million to be paid on the satisfaction of certain funding conditions upon closing and $80 million to be paid as the funds are required for the construction of the Tulsequah Project on satisfaction of certain additional funding conditions. In addition, Gold Wheaton will pay the lesser of $400 per ounce of payable gold delivered and sold to Gold Wheaton, subject to adjustment, and the then prevailing market price per ounce of payable gold delivered and sold to Gold Wheaton.
  

Teleconference call details

Gold Wheaton will host a telephone conference call on November 5, 2008 at 10:00am PST (1:00pm EST) to discuss the results and the recently announced transaction. 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, #.

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".

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 twelve months ended September 30, 2008. These financial statements and MD&A, and the comparative financial statements for the three and twelve months ended September 30, 2007 are all available on SEDAR at www.sedar.com and on the Company's website www.goldwheaton.com.

Shares issued and outstanding 934,121,668

1 Non-GAAP financial measure as defined in MD&A.

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.