NEWS RELEASES

Renegotiated Terms of $50 Million Deferred Payment between Gold Wheaton and FNX

Vancouver, British Columbia - December 8, 2008 - Gold Wheaton Gold Corp. (TSXV: GLW) ("Gold Wheaton") is pleased to announce that it has agreed with FNX Mining Company Inc. (TSX-"FNX" or the "Company") to restructure the terms of the deferred $50 million payment from Gold Wheaton to FNX previously due on January 15, 2009, which was to have been satisfied through the issuance of Gold Wheaton share purchase warrants. Under terms of the revised transaction, Gold Wheaton will satisfy the deferred $50 million payment through the immediate issuance of 10 million common shares to FNX. The due date of the note will be extended for 18 months until July 16, 2010. The note may be repaid at either FNX's or Gold Wheaton's option through the issuance of that number of additional common shares of Gold Wheaton, as currently constituted, determined by dividing $50 million by the lesser of: (a) $1.00; and (b) the greater of: (i) the 20-day volume weighted average price of the Gold Wheaton common shares ending June 30, 2010; and (ii) $0.20. The note continues to be non-interest bearing. Completion of the transaction remains subject to acceptance by the TSX Venture Exchange.

"We appreciate the ongoing support of FNX in agreeing to restructure this note at this time." said David Cohen, Chairman and CEO of Gold Wheaton. "The new payment terms provide additional clarity on the number of shares to be issued and substantially reduce the potential dilution that Gold Wheaton may have faced in January 2009."

About Gold Wheaton

Gold Wheaton is a gold company with 100% of its operating revenue from the sale of gold and precious metals produced by others. Gold Wheaton is actively pursuing further growth opportunities.

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 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 "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.