Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News
SYS-CON.TV
Cloud Expo & Virtualization 2009 East
PLATINUM SPONSORS:
IBM
Smarter Business Solutions Through Dynamic Infrastructure
IBM
Smarter Insights: How the CIO Becomes a Hero Again
Microsoft
Windows Azure
GOLD SPONSORS:
Appsense
Why VDI?
CA
Maximizing the Business Value of Virtualization in Enterprise and Cloud Computing Environments
ExactTarget
Messaging in the Cloud - Email, SMS and Voice
Freedom OSS
Stairway to the Cloud
Sun
Sun's Incubation Platform: Helping Startups Serve the Enterprise
POWER PANELS:
Cloud Computing & Enterprise IT: Cost & Operational Benefits
How and Why is a Flexible IT Infrastructure the Key To the Future?
Click For 2008 West
Event Webcasts
Silvercorp Reports Financial and Operating Results for the Second Quarter of Fiscal 2013

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/13/12 -- Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM)(NYSE:SVM) today reported its unaudited financial and operating results for the second quarter ended September 30, 2012 ("Q2 2013").

This earnings release should be read in conjunction with the Company's Management Discussion & Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on SEDAR at www.sedar.com and are also available on the Company's website at www.silvercorp.ca. All figures are in United States dollars unless otherwise stated.

SECOND QUARTER HIGHLIGHTS


--  Silver production of 1.3 million ounces; 
    
--  Gold production of 2,481 ounces; 
    
--  Sales of $45.2 million; 
    
--  Net income of $9.5 million, or $0.06 per share; 
    
--  Cash flow from operations of $23.9 million, or $0.14 per share; 
    
--  Cash costs of negative $0.74 per ounce of silver at the Ying Mining
    District; 
    
--  Payment of $4.2 million, or CAD$0.025 per share, in quarterly dividends
    to shareholders. 

FINANCIALS

In Q2 2013, the Company recorded net income attributable to equity holders of the Company of $9.5 million or $0.06 per share, compared to $18.5 million or $0.11 per share, in the quarter ended September 30, 2011 ("Q2 2012"). The decrease compared to prior year was primarily due to lower sales and higher production costs as well as fluctuations in foreign currency.

In Q2 2013, the Company recorded sales of $45.2 million, compared to $62.1 million in Q2 2012. This decrease was due to a lower silver price, which was $30.50 per ounce in Q2 2013, a decrease of 24% compared to $40.13 per ounce in Q2 2012. During the quarter, the Company sold 1.3 million ounces of silver, comparable to the 1.4 million ounces of silver sold in Q2 2012.

Cost of sales in Q2 2013 was $16.4 million, an increase of 14%, compared to $14.4 million in Q2 2012. The cost of sales included cash costs of $13.7 million compared to $11.4 million in Q2 2012. The increase in cost of sales was due to more ore being mined and processed along with a higher production cost per tonne. In Q2 2013, ore production increased by 16% to 240,447 tonnes, while overall production costs increased by 8% to $80 per tonne from $74 per tonne in Q2 2012.

Gross profit margin in Q2 2013 was 64%, compared to 77% in Q2 2012.

Cash flow from operations in Q2 2013 was $23.9 million or $0.14 per share, compared to $35.2 million, or $0.20 per share, in Q2 2012.

Comparing this quarter to the first quarter Fiscal 2013, net income increased $3.4 million or 55%. This increase was attributable to a decrease in overall production costs from $85 per tonne in the prior quarter to $80 per tonne in Q2 2013. As such, the gross profit margin for this quarter improved to 64% compared to 57% in the previous quarter.

For the six months ended September 30, 2012, net income was $15.6 million or $0.09 per share compared to $44.1 million or $0.25 per share, in the same prior year period. During the same comparative periods, sales were $89.8 million compared to $131.8 million, cost of sales were $35.4 million compared to $28.5 million, which resulted in gross profit margins of 61% compared to 78%. Cash flow from operations was $43.2 million compared to $69.1 million over the same periods.

OPERATIONS

On a consolidated basis, in Q2 2013, the Company produced 1.3 million ounces of silver, 2,481 ounces of gold, 13.9 million pounds of lead and 3.5 million pounds of zinc, compared to 1.4 million ounces of silver, 2,516 ounces of gold, 16.5 million pounds of lead and 3.2 million pounds of zinc in Q2 2012.

Compared to production reported for the first quarter of Fiscal 2013, the Company produced an additional 117,000 ounces of silver in Q2 2013. This increase is attributable to a 15% increase in ore mined and processed during the quarter.

As at September 30, 2012, inventory of 480 tonnes of direct smelting ore and 100 tonnes of lead concentrate remains on hand at the Ying Mining District, which is approximately 55,000 ounces of silver produced but not sold.

For the six months ended September 30, 2012, on a consolidated basis, the Company produced 2.5 million ounces of silver, 5,134 ounces of gold, 27.6 million pounds of lead and 6.5 million pounds of zinc, compared to 3.0 million ounces of silver, 3,905 ounces of gold, 37.1 million pounds of lead and 7.3 million pounds of zinc, respectively, in the same prior year period.

1. Ying Mining District, Henan Province, China

In Q2 2013, the Company mined 205,811 tonnes of ore at the Ying Mining District, an increase of 13%, compared to 182,542 tonnes in Q2 2012. During the quarter, metal production totaled 1.3 million ounces of silver, 1,238 ounces of gold, 13.4 million pounds of lead and 3.4 million pounds of zinc, compared to 1.4 million ounces of silver, 903 ounces of gold, 16.5 million pounds of lead and 3.2 million pounds of zinc in Q2 2012. Compared with metal production in first quarter of Fiscal 2013, there has been a 9% increase in silver production attributable to a 9% increase in ore processed. Grades were 224 grams per tonne ("g/t") for silver, 3.4% for lead and 1.2% for zinc, compared to 271 g/t for silver, 4.6% for lead and 1.2% for zinc in the same quarter last year.

Compared to Q2 2012, production from HPG, TLP, and LM satellite mines in this quarter increased by 10% and represent 43% of total production at the Ying Mining District compared to 33% in the prior year. The reduction in production from the SGX mine was a result of mechanical problems with one of the shafts which impacted production for 20 days during the quarter. This shaft is fully operational again but as a result of this issue, the Ying Mining District realized lower overall grades in this quarter.

In Q2 2013, total and cash mining costs per tonne were $62.56 and $53.27 respectively compared to $57.23 and $45.74 respectively in Q2 2012. The increase in cash mining costs was due to the following: (i) an increase in labour costs for both the Company's employees as well as those of its mining contractors of approximately $3.80 per tonne, (ii) an increase in mining administration and preparation costs of $2.00 per tonne and (ii) the impact of US dollar depreciation versus the Chinese RMB of approximately $1.00 per tonne. Compared to the first quarter of Fiscal 2013, total and cash mining costs decreased by 9% and 4%, respectively.

For the six months ended September 30, 2012, the Company mined 386,829 tonnes of ore at the Ying Mining District, resulting in metal production of 2.5 million ounces of silver, 2,067 ounces of gold, 27.1 million pounds of lead and 6.4 million pounds of zinc, compared to 352,747 tonnes with metal production of 3.0 million ounces of silver, 1,703 ounces of gold, 37.1 million pounds of lead and 7.3 million pounds of zinc in the same prior year period. Grades were 226 g/t for silver, 3.5% for lead, and 1.2% for zinc compared to 287 g/t for silver, 5.0% for lead and 1.4% for zinc, over the same period.

In Q2 2013, a total of 203,170 tonnes of ore were milled, an increase of 13% compared to 180,164 tonnes in Q2 2012. The cash milling cost per tonne decreased to $12.12 from $13.48 in Q2 2012, attributable to the increased tonnage milled. For the six months ended September 30, 2012, a total of 389,625 tonnes of ore were milled compared to 355,091 tonnes in the same prior year period. Over the same period, cash milling cost per tonne were $13.10 compared to $12.78.

Total and cash costs per ounce of silver in Q2 2013 for the Ying Mining District were $1.05 and negative $0.74, compared to negative $2.74 and negative $4.55, respectively in Q2 2012. Compared with first quarter Fiscal 2013, total and cash costs per ounce of silver decreased $1.44 and $0.90 respectively, due to lower overall production costs in Q2 2013.

For the six months ended September 30, 2012, total and cash costs per ounce of silver were $1.75 and negative $0.31 compared to negative $3.75 and negative $5.39, respectively, in the same prior year period.

The operational results for the past five quarters at the Ying Mining District are summarized in the table below:


Quarterly opertional results - Ying Mining District                         
                                                                            
                            Q2 2013   Q1 2013   Q4 2012   Q3 2012   Q2 2012 
                          30-Sep-12 30-Jun-12 31-Mar-12 31-Dec-11 30-Sep-11 
----------------------------------------------------------------------------
Ore Mined (tonne)                                                           
  Direct Smelting Ore                                                       
   (tonne)                    2,442     2,250     2,761     4,151     2,579 
  Stockpiled Ore (tonne)    203,369   178,768   132,986   169,926   179,963 
                          --------------------------------------------------
                            205,811   181,018   135,747   174,077   182,542 
----------------------------------------------------------------------------
Run of Mine Ore (tonne)                                                     
  Direct Smelting Ore                                                       
   (tonne)                    2,442     2,250     2,761     4,151     2,579 
  Ore Milled (tonne)        200,728   184,205   133,848   171,243   177,586 
                          --------------------------------------------------
                            203,170   186,455   136,609   175,394   180,165 
----------------------------------------------------------------------------
Metal Sales                                                                 
  Silver (in thousands of                                                   
   ounces)                    1,277     1,223     1,082     1,542     1,396 
  Gold (in thousands of                                                     
   ounces)                      1.3       0.8       1.0         1       0.9 
  Lead (in thousands of                                                     
   pounds)                   13,403    13,713    14,668    20,551    16,520 
  Zinc (in thousands of                                                     
   pounds)                    3,412     2,974     2,637     3,525     3,236 
----------------------------------------------------------------------------
Head Grade of Run of Mine                                                   
 Ore                                                                        
  Silver (gram/tonne)           224       227       275       296       271 
  Lead (%)                      3.4       3.6       5.2       5.5       4.6 
  Zinc (%)                      1.2       1.1       1.4       1.4       1.2 
----------------------------------------------------------------------------
Recovery Rate of Run of                                                     
 Mine Ore                                                                   
  Silver (%)                   92.7      91.7      93.2      93.3      92.9 
  Lead (%)                     94.3        94      96.4      96.4      95.5 
  Zinc (%)                     69.6        63      64.6      67.7      70.8 
----------------------------------------------------------------------------
Cash Mining Cost ($ per                                                     
 tonne)                       53.27     55.47     57.62     55.92     45.74 
Total Mining Costs($ per                                                    
 tonne)                       62.56     69.02     73.52     70.23     57.23 
Cash Milling Cost ($ per                                                    
 tonne)                       12.12     14.17     16.84     14.76     13.48 
Total Milling Cost ($ per                                                   
 tonne)                       13.84     16.05      19.4     16.42     15.03 
----------------------------------------------------------------------------
Cash Cost per Ounce of                                                      
 Silver ($)                   (0.74)     0.16     (4.22)    (4.64)    (4.55)
Total Production Cost per                                                   
 Ounce of Silver ($)           1.05      2.49     (1.84)    (2.67)    (2.74)
----------------------------------------------------------------------------

2. BYP Mine, Hunan Province, China

In Q2 2013, the Company mined 26,641 tonnes of ore at the BYP mine with gold head grade of 3.3 g/t compared to 24,754 tonnes with gold head grade of 3.3 g/t in Q2 2012. During the quarter, 1,212 ounces of gold was sold at a cash cost per ounce of gold of $361 compared to 1,613 ounces of gold sold at cash cost per ounce of gold of $276 in the same prior year period.

DEVELOPMENT AND EXPLORATION

1. Ying Mining District, Henan Province, China

SGX (Ying) Mine

As at the end of Q2 2013, the Company had completed a total of 1,407 metres ("m") of development work for a 5,200m ramp at the SGX mine, making construction of the ramp now 27% complete. The ramp is designed to follow the main S7-1 vein from the 450m elevation to the 150m elevation and then bottom at the zero metre elevation, where it will be connected to three existing vertical blind shafts. Silvercorp expects to complete construction of the ramp in calendar 2015 but as construction progresses the ramp is expected to increase production capacity at the SGX mine with effect from the second quarter of Fiscal 2014.

In Q2 2013, the Company also developed 7,300m of horizontal tunnels and completed 15,000m of underground drilling at the SGX mine.

To support the ongoing expansion work at SGX, the Company has also commenced construction of a new 5,000m2 facility which will include offices and dormitories.

LM Mine and LM Mine West

During the second quarter of Fiscal 2013 tunnel development on five mining levels at the LM mine continued and two new stopes along the 750m elevation commenced production which contributed to the increase in ore mined during the quarter.

At LM Mine West ("LM West"), the construction of Shaft 969 was completed during the quarter and preparation for tunnel development work is underway. It is expected that Shaft 969 will become operational during the third quarter of Fiscal 2013 and will start to produce ore during the third quarter of Fiscal 2014.

In addition, the Company completed a total of 1,084m of the development work of a 4,800m access ramp at LM West in Q2 2013. The access ramp has already been connected to existing tunnels at LM West and this has vastly improved the tunnels' ventilation and hauling capacity. It is expected that this new access ramp will contribute to an increase in production by first quarter of Fiscal 2014.

Once Shaft 969, the access ramp and all the mining levels are completed down to the 500m elevation at LM West in Fiscal 2015, the combined production capacity of the two mines is expected to be 300,000 tonnes of ore per year. In order to support the expected growth in operations at the LM Mine and LM West, the Company has commenced construction of a 3,000m2 facility which will include offices and a dormitory.

In Q2 2013, the Company also developed 5,000m of decline and horizontal tunnels and completed 12,500m of underground drilling at the LM Mine and LM West.

TLP Mine

In Q2 2013, the Company continued to ramp up production at the TLP mine while developing over 6,400m of horizontal tunnels for mining and underground drilling purpose. The Company also completed 9,700m of underground drilling during the quarter.

HPG Mine

In Q2 2013, the Company began construction of a 400m shaft in the HPG mine to support a future increase in ore production. The Company also developed over 3,200m of decline and horizontal tunnels and completed 4,300m of underground drilling.

Adoption of New Mining Method

At the Ying Mining District, the mining method has been comprised of 40% short-hole shrinkage and 60% resuing, with cut-off grades (before mining dilution) of 300 g/t silver-equivalent ("AgEq") at the SGX (Ying) mine, and 150 g/t AgEq at the HPG, LM and TLP mines. The resuing method is more selective and is used to mine narrow veins under 0.7m, while the shrinkage method is used to mine wider stopes ranging from 0.8m to 3m.

With effect from October 2012, and following a reduction in the cut-off grades for the Ying Mining District Resource as per the 2012 NI 43-101 Technical Report prepared by AMC Consultants, the Company has started to gradually increase the use of the shrinkage method for mining. As such the mining width has been increased and the cut-off grades have been lowered to 150 g/t AgEq at the SGX (Ying) mine, and 110 g/t AgEq at HPG, LM and TLP mines.

The implementation of the new mining method will take place over the next 12 months and the Company expects to gradually increase the use of the shrinkage method at the Ying Mining District from 40% to 80% and reduce the use of the resuing method from 60% to 20%.

The expected benefits of the change in mining method are:


--  Lower cash mining cost per tonne - the short-hole shrinkage method have
    a cash mining cost of $32 per tonne compared to $75 per tonne for the
    resuing method. 
    
--  Less development work required - due to the increase in mining stope
    width, less mine tunnel development work will be required to produce the
    same amount of ore. 
    
--  Higher tonnage produced - as less tunnelling is required, this is
    expected to have a positive effect on hauling capacity and therefore
    allow for an increase in production. 
    
--  Increase in operational efficiency - reducing the number of stopes
    required to produce the same amount of ore will result in a more focused
    and efficient mining operation. 

It should be noted that the impact to overall head grades for the Ying Mining District following the adoption of the new mining method is currently unknown.

2. GC Project, Guangdong Province, China

The Company continued to progress the development of the GC project.

As of September 30, 2012, 376m of the construction of the 618m main shaft was complete. The shaft is expected to reach its designed elevation of -370m in the first quarter of Fiscal 2015. The main access ramp is now 65% complete with a cumulative total of 1,447m of the 2,210m ramp having been developed as at the end of the quarter. In addition to the main access ramp, the Company has also been developing a 4,600m exploration ramp which will provide access to all known veins within a horizontal distance of 250m. As of September 30, 2012, 804m of the exploration ramp was completed.

As at the end of this quarter, all major equipment for the 1,600 t/d floatation mill, including the jaw crusher, cone crusher, ball mills and flotation cells, has been installed and is currently undergoing testing in anticipation of the commencement of production. Remaining work includes secondary concrete casting and installation of auxiliary power equipment. It is expected that the mill will be operational in third quarter of Fiscal 2013.

The construction of a 5.8 kilometre long, 110KV power line and a substation began in late July 2012. As of Q2 2013, the foundation work for 8 of the 13 power lines along with the substation's building framework has been completed. The power line and substation are expected to be operational by the end of third quarter of Fiscal 2013.

As of Q2 2013, the Company successfully completed and passed a health and safety review of engineering designs for the tailings storage facilities as reported in the previous quarter. Accordingly, the construction of the dry stacking tailings storage facility has resumed and is expected to be complete by the end of the third quarter of Fiscal 2013.

The construction of a lab, administrative offices and dormitory facilities were completed as of Q2 2013.

Assuming a positive final approval to commence operations at GC from the local authorities, the Company continues to expect to be able to commence initial production at GC in early 2013, processing ore stockpiles and maintains its production guidance of 170,000 ounces of silver and 2.7 million pounds of lead and zinc for Fiscal 2013.

In Q2 2013, the Company completed 7,500m of diamond drilling using five underground drill rigs currently on site at the GC project. During the quarter, exploration, mine development, mill and facility construction expenditures at the GC project were $7.3 million, with development expenditure of the project now totalling $40 million as of the end this quarter.

3. BYP Mine, Hunan Province, China

In Q2 2013, the Company released an update to the BYP mine NI 43-101 technical report, with indicated resources of 292,000 ounces of gold, 187 million pounds of lead and 408 million pounds of zinc.

As of Q2 2013, the Company had completed the excavation work for a 265m deep shaft that will facilitate the mining of the #3 gold mineralization body and the #5 zinc and lead ore body. The installation of shaft equipment and construction of the head frame is currently underway. In addition, the construction of a 1,500 t/d tailing-backfill facility is well underway and is expected to be completed in fourth quarter Fiscal 2013.

4. X mines ("XBG and XHP projects"), Henan Province, China

At the XHP and XBG projects, construction of a 286m incline shaft and a 225m incline shaft, respectively, are underway with completion expected in the first quarter of Fiscal 2014. During the quarter, approximately 1,400m of tunneling and 6,300m of diamond drilling were also completed at the X mines.

The X mines will continue to focus on the executions of an exploration program that will include surface and underground mapping and systematic sampling, surface and underground diamond drilling, with the intention of defining a NI 43-101 compliant mineral resource. Exploration and mine development at the X mines will be partially supported from cash flows generated from limited tunneling ore and existing ore stockpiles.

5. RZY Project, Qinghai Province, China

The RZY exploration permit is currently owned by the Qinghai Geological Survey Bureau, the non-controlling interest holder of Qinghai Found Mining Co. ("Qinghai Found"), an 82% owned-subsidiary of the Company. Pursuant to the joint-exploration agreement, Qinghai Found currently owns 67% of the mineral interest in the RZY project, and can acquire up to 82% interest by providing exploration funding of $4.8 million. Upon the completion of exploration funding, the exploration permit will be transferred to Qinghai Found. The Company expects to fund up to $32 million in exploration and capital expenditures for the RZY project.

In Q2 2013, the Company commenced its first diamond drilling program at the RZY project with five diamond drill holes and 833m of drilling completed.

6. Silvertip Project, British Columbia, Canada

The Company is in the process of preparing a Small Mine Permit application to be submitted to the British Columbia Ministry of Energy and Mines. A Small Mine Permit will allow a 75,000 tonnes per year mining operation.

Myles Gao, P.Geo., President of Silvercorp, is a Qualified Person for Silvercorp under NI 43-101 and has reviewed and given consent to the technical information contained in this News Release.

CONFERENCE CALL AND WEBCAST INFORMATION

An investor conference call will be held on Wednesday, November 14, 2012 at 8 a.m. Pacific Time (11 a.m. Eastern Time) to discuss the results. Participants may join the call by dialing 1-877-240-9772 toll-free or 1-416-340-8527 for calls outside Canada and the U.S.

A live webcast of the conference call, together with supporting presentation slides will be available on the home page of the Company's website, www.silvercorp.ca. The webcast will be archived and available on the Company's website for up to one year.

An audio replay will be available until November 21, 2012 by calling 1-800-408-3053 toll free or 1-905-694-9451 for calls outside Canada and the U.S. and entering pass code 5953693.

About Silvercorp

Silvercorp is a low-cost silver-producing Canadian mining company with multiple mines in China which has paid a cash dividend since 2007. The Company is currently developing the GC project in southern China which it expects will become its next operating mine in early 2013. The Company's vision is to deliver shareholder value by focusing on the acquisition of small-scale projects with resource potential and self-fund the growth of those assets. For more information, please visit our website at www.silvercorp.ca.

CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS

Certain of the statements and information in this press release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company's material properties; the sufficiency of the Company's capital to finance the Company's operations; estimates of the Company's revenues and capital expenditures; estimated production from the Company's mines in the Ying Mining Camp; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company's operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company's properties.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; First Nations title claims and rights; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company's existing operations; competition; operations and political conditions; regulatory environment in China and Canada; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting as per the requirements of the Sarbanes-Oxley Act; and bringing actions and enforcing judgments under U.S. securities laws.

This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form for the year ended March 31, 2012 under the heading "Risk Factors". Although the Company 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, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.

The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.


SILVERCORP METALS INC.                                                      
Unaudited Consolidated Balance Sheets                                       
(Expressed in thousands of U.S. dollars)                                    
                                                                            
                                                       September   March 31,
                                                        30, 2012        2012
----------------------------------------------------------------------------
ASSETS                                                                      
Current Assets                                                              
  Cash and cash equivalents                           $   89,334  $  109,960
  Short-term investments                                  47,236      44,551
  Accounts receivable                                      3,197      12,904
  Inventories                                              7,665       7,006
  Due from related parties                                   369         679
  Prepaids and deposits                                    5,640       5,210
----------------------------------------------------------------------------
                                                         153,441     180,310
                                                                            
Non-current Assets                                                          
  Long term prepaids and deposits                          5,786       6,015
  Investment in an associate                              16,534      15,872
  Other investments                                       42,300      45,757
  Plant and equipment                                     80,992      68,788
  Mineral rights and properties                          288,123     258,521
  Deferred income tax assets                                   -         171
----------------------------------------------------------------------------
TOTAL ASSETS                                          $  587,176  $  575,434
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
LIABILITIES AND EQUITY                                                      
Current Liabilities                                                         
  Accounts payable and accrued liabilities            $   26,738  $   23,590
  Deposits received                                        7,255       7,268
  Dividends payable                                        4,339       4,271
  Income tax payable                                       3,141       5,082
----------------------------------------------------------------------------
                                                          41,473      40,211
                                                                            
Non-current Liabilities                                                     
  Deferred income tax liabilities                         22,509      19,991
  Environmental rehabilitation                             4,467       4,400
----------------------------------------------------------------------------
Total Liabilities                                         68,449      64,602
----------------------------------------------------------------------------
                                                                            
Equity                                                                      
  Share capital                                          232,843     232,678
  Contributed surplus                                      7,108       5,552
  Reserves                                                24,717      24,717
  Accumulated other comprehensive income                  24,198      25,285
  Retained earnings                                      152,715     145,580
----------------------------------------------------------------------------
Total equity attributable to the equity holders of                          
 the Company                                             441,581     433,812
                                                                            
Non-controlling interests                                 77,146      77,020
----------------------------------------------------------------------------
Total Equity                                             518,727     510,832
----------------------------------------------------------------------------
                                                                            
TOTAL LIABILITIES AND EQUITY                          $  587,176  $  575,434
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
SILVERCORP METALS INC.                                                      
Unaudited Consolidated Statements of Income                                 
(Expressed in thousands of U.S. dollars, except for per share figures)      
                                                                            
                             Three Months Ended            Six Months Ended 
                                  September 30,               September 30, 
                    --------------------------------------------------------
                             2012          2011          2012          2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Sales                $     45,209  $     62,055  $     89,758  $    131,774 
Cost of sales              16,446        14,435        35,440        28,494 
----------------------------------------------------------------------------
Gross profit               28,763        47,620        54,318       103,280 
                                                                            
General and                                                                 
 administrative             6,191         7,456        13,037        12,401 
General exploration                                                         
 and property                                                               
 investigation                887         1,209         1,853         3,001 
Other taxes                   842         1,039         1,648         2,177 
Foreign exchange                                                            
 loss (gain)                1,142        (1,284)          365          (760)
Loss on disposal of                                                         
 plant and equipment            5           171            25           253 
----------------------------------------------------------------------------
Income from                                                                 
 operations                19,696        39,029        37,390        86,208 
                                                                            
Share of gain (loss)                                                        
 in an associate             (182)          116          (189)           92 
Write down of                                                               
 inventories                 (348)            -          (348)            - 
Gain (loss) on                                                              
 investments                  693          (670)         (593)       (1,829)
Other income                   93           126           168           301 
----------------------------------------------------------------------------
Income before                                                               
 finance items and                                                          
 income taxes              19,952        38,601        36,428        84,772 
                                                                            
Finance income                851         1,110         1,842         1,780 
Finance costs                 (23)          (23)          (45)          (46)
----------------------------------------------------------------------------
Income before income                                                        
 taxes                     20,780        39,688        38,225        86,506 
                                                                            
Income tax expense          7,277        13,786        15,204        26,360 
----------------------------------------------------------------------------
Net income           $     13,503  $     25,902  $     23,021  $     60,146 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Attributable to:                                                            
  Equity holders of                                                         
   the Company       $      9,500  $     18,471  $     15,614  $     44,113 
  Non-controlling                                                           
   interests                4,003         7,431         7,407        16,033 
----------------------------------------------------------------------------
                     $     13,503  $     25,902  $     23,021  $     60,146 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Earnings per share attributable                                             
 to the equity holders of the                                               
 Company                                                                    
Basic earnings per                                                          
 share               $       0.06  $       0.11  $       0.09  $       0.25 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Diluted earnings per                                                        
 share               $       0.06  $       0.11  $       0.09  $       0.25 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted Average                                                            
 Number of Shares                                                           
 Outstanding - Basic  170,719,933   173,664,959   170,706,702   174,343,192 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted Average                                                            
 Number of Shares                                                           
 Outstanding -                                                              
 Diluted              171,062,715   174,282,790   171,072,838   175,122,557 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
SILVERCORP METALS INC.                                                      
Unaudited Consolidated Statements of Cash Flow                              
(Expressed in thousands of U.S. dollars)                                    
                                                                            
                                     Three Months Ended    Six Months Ended 
                                          September 30,       September 30, 
                                    ----------------------------------------
                                         2012      2011      2012      2011 
----------------------------------------------------------------------------
Cash provided by                                                            
Operating activities                                                        
  Net income                         $ 13,503  $ 25,902  $ 23,021  $ 60,146 
  Add (deduct) items not affecting                                          
   cash:                                                                    
    Accretion of environmental                                              
     rehabilitation                        23        23        45        46 
    Depreciation, amortization and                                          
     depletion                          3,114     3,294     7,190     5,881 
    Share of loss (gain) in an                                              
     associate                            182      (116)      189       (92)
    Write down of inventories             348         -       348         - 
    Deferred income tax expense           129     4,379     3,113     5,507 
    Loss (gain) on investments           (693)      670       593     1,829 
    Loss on disposal of plant and                                           
     equipment                              5       171        25       253 
    Stock-based compensation              872       841     1,608     1,619 
  Changes in non-cash operating                                             
   working capital                      6,434        15     7,037    (6,075)
----------------------------------------------------------------------------
Net cash provided by operating                                              
 activities                            23,917    35,179    43,169    69,114 
----------------------------------------------------------------------------
                                                                            
Investing activities                                                        
  Mineral rights and properties                                             
    Capital expenditures              (14,097)   (7,326)  (26,413)  (13,701)
  Plant and equipment                                                       
    Additions                          (5,328)   (6,018)  (13,485)  (10,150)
  Investments                                                               
    Acquisition                           (80)        -      (595)   (1,020)
  Net purchases of short-term                                               
   investments                         12,457    12,813    (2,355)    7,820 
  Acquisition of Zhongxing/Chuanxin                                         
   (net of cash acquired, $20)              -    (3,403)        -    (3,403)
  Prepayments to acquire mineral                                            
   property, plant and equipment       (2,629)  (19,989)   (4,100)  (21,095)
----------------------------------------------------------------------------
Net cash used in investing                                                  
 activities                            (9,677)  (23,923)  (46,948)  (41,549)
----------------------------------------------------------------------------
                                                                            
Financing activities                                                        
  Net repayment from (advance to)                                           
   related parties                        253   (11,113)      310   (12,290)
  Non-controlling interests                                                 
    Contribution                            -       578         -     5,158 
    Distribution                       (7,388)        -    (7,388)        - 
  Cash dividends distributed           (4,220)   (3,705)   (8,525)   (7,305)
  Share capital                                                             
    Proceeds from issuance of common                                        
     shares                                19        61       113       951 
    Normal course issuer bid                -   (35,380)        -   (35,380)
----------------------------------------------------------------------------
Net cash used in financing                                                  
 activities                           (11,336)  (49,559)  (15,490)  (48,866)
----------------------------------------------------------------------------
                                                                            
Effect of exchange rate changes on                                          
 cash and cash equivalents              2,775    (3,330)   (1,357)   (1,880)
----------------------------------------------------------------------------
                                                                            
Increase (decrease) in cash and cash                                        
 equivalents                            5,679   (41,633)  (20,626)  (23,181)
                                                                            
Cash and cash equivalents, beginning                                        
 of the period                         83,655   165,676   109,960   147,224 
----------------------------------------------------------------------------
                                                                            
Cash and cash equivalents, end of                                           
 the period                          $ 89,334  $124,043  $ 89,334  $124,043 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
SILVERCORP METALS INC.                                                      
Mining Data                                                                 
(Expressed in thousands of U.S. dollars, except for mining data figures)    
                                                                            
                                                Three months ended          
                                                September 30, 2012          
                                      --------------------------------------
                                          Ying                              
                                        Mining                              
                                      District                              
                                           (1)   X Mines(2)     BYP   Total 
----------------------------------------------------------------------------
                                                                            
Production Data                                                             
  Mine Data                                                                 
    Ore Mined (tonne)                                                       
      Direct Smelting Ore (tonne)        2,442        -           -   2,442 
      Stockpiled Ore (tonne)           203,369    7,995 (i)  26,641 238,005 
                                      -------- ---------------------------- 
                                       205,811    7,995      26,641 240,447 
                                      -------- ---------------------------- 
    Run of Mine Ore (tonne)                                                 
      Direct Smelting Ore (tonne)        2,442        -           -   2,442 
      Ore Milled (tonne)               200,728   27,473      18,564 246,765 
                                      -------- ---------------------------- 
                                       203,170   27,473      18,564 249,207 
                                      -------- ---------------------------- 
                                                                            
    Mining cost per tonne of ore mined                                      
     ($)                                 62.56        -       61.24   62.41 
      Cash mining cost per tonne of                                         
       ore mined ($)                     53.27        -       25.71   50.11 
      Non cash mining cost per tonne                                        
       of ore mined ($)                   9.29        -       35.54   12.30 
                                                                            
    Unit shipping costs ($)               3.73        -           -    3.30 
                                                                            
    Milling cost per tonne of ore                                           
     milled ($)                          13.84        -       17.03   14.11 
      Cash milling cost per tonne of                                        
       ore milled ($)                    12.12        -       15.50   12.40 
      Non cash milling cost per tonne                                       
       of ore milled ($)                  1.72        -        1.53    1.70 
                                                                            
    Average Production Cost                                                 
      Silver ($ per ounce)                8.21        -           -    8.21 
      Gold ($ per ounce)                   366        -         769     404 
      Lead ($ per pound)                  0.28        -           -    0.28 
      Zinc ($ per pound)                  0.22        -           -    0.22 
                                                                            
    Total production cost per ounce of                                      
     Silver ($)                           1.05        -                1.05 
    Total cash cost per ounce of                                            
     Silver ($)                          (0.74)       -               (0.74)
                                                                            
    Total production cost per ounce of                                      
     Gold ($)                                                   769     769 
    Total cash cost per ounce of Gold                                       
     ($)                                                        361     361 
                                                                            
    Total Recovery of the Run of Mine                                       
     Ore                                                                    
      Silver (%)                          92.7        -                92.7 
      Gold (%)                                                 94.1    94.1 
      Lead (%)                            94.3        -                94.3 
      Zinc (%)                            69.6        -           -    69.6 
                                                                            
    Head Grades of Run of Mine Ore                                          
      Silver (gram/tonne)                  224        -                 224 
      Gold (gram/tonne)                                         3.3     3.3 
      Lead (%)                             3.4        -                 3.4 
      Zinc (%)                             1.2        -           -     1.2 
                                                                            
Sales Data                                                                  
  Metal Sales                                                               
    Silver (in thousands of ounces)      1,277        9 (i)       -   1,286 
    Gold (in thousands of ounces)          1.3        -         1.2     2.5 
    Lead (in thousands of pounds)       13,403      494 (i)       -  13,897 
    Zinc (in thousands of pounds)        3,412      111 (i)       -   3,523 
                                                                            
  Metal Sales                                                               
    Silver (in thousands of $)          29,561        -           -  29,561 
    Gold (in thousands of $)             1,275        -       1,480   2,755 
    Lead (in thousands of $)            10,749        -           -  10,749 
    Zinc (in thousands of $)             2,144        -           -   2,144 
                                      -------- ---------------------------- 
                                        43,729        -       1,480  45,209 
                                      -------- ---------------------------- 
  Average Selling Price,Net of Value Added Tax                              
   and Smelter Charges                                                      
    Silver ($ per ounce)                 23.15        -           -   23.15 
    Gold ($ per ounce)                   1,030        -       1,220   1,111 
    Lead ($ per pound)                    0.80        -           -    0.80 
    Zinc ($ per pound)                    0.63        -           -    0.63 
                                                                            
(1) Ying Mining District includes mines: SGX (Ying), TLP, HPG&LM.           
(2) X Mines includes the XBG project and XHP project.                       
(i) Represents development tunnelling ore at XHP Project.                   
                                                                            
                                                                            
                                                  Three months ended        
                                                  September 30, 2011        
                                          ----------------------------------
                                              Ying                          
                                            Mining                          
                                          District        X                 
                                               (1) Mines(2)     BYP   Total 
----------------------------------------------------------------------------
                                                                            
Production Data                                                             
  Mine Data                                                                 
    Ore Mined (tonne)                                                       
      Direct Smelting Ore (tonne)            2,579        -       -   2,579 
      Stockpiled Ore (tonne)               179,963        -  24,754 204,717 
                                          ----------------------------------
                                           182,542        -  24,754 207,296 
                                          ----------------------------------
    Run of Mine Ore (tonne)                                                 
      Direct Smelting Ore (tonne)            2,579        -       -   2,579 
      Ore Milled (tonne)                   177,585        -  19,813 197,398 
                                          ----------------------------------
                                           180,164        -  19,813 199,977 
                                          ----------------------------------
                                                                            
    Mining cost per tonne of ore mined ($)   57.23        -   44.11   55.66 
      Cash mining cost per tonne of ore                                     
       mined ($)                             45.74        -   16.95   42.30 
      Non cash mining cost per tonne of                                     
       ore mined ($)                         11.49        -   27.16   13.36 
                                                                            
    Unit shipping costs ($)                   3.78        -       -    3.33 
                                                                            
    Milling cost per tonne of ore milled                                    
     ($)                                     15.03        -   12.53   14.78 
      Cash milling cost per tonne of ore                                    
       milled ($)                            13.48        -   11.87   13.32 
      Non cash milling cost per tonne of                                    
       ore milled ($)                         1.54        -    0.66    1.45 
                                                                            
    Average Production Cost                                                 
      Silver ($ per ounce)                    7.09        -       -    7.09 
      Gold ($ per ounce)                       270        -     599     305 
      Lead ($ per pound)                      0.20        -       -    0.20 
      Zinc ($ per pound)                      0.15        -       -    0.15 
                                                                            
    Total production cost per ounce of                                      
     Silver ($)                              (2.74)       -           (2.74)
    Total cash cost per ounce of Silver                                     
     ($)                                     (4.55)       -           (4.55)
                                                                            
    Total production cost per ounce of                                      
     Gold ($)                                                   599     599 
    Total cash cost per ounce of Gold ($)                       276     276 
                                                                            
    Total Recovery of the Run of Mine Ore                                   
      Silver (%)                              92.1        -            92.1 
      Gold (%)                                            -    89.1    89.1 
      Lead (%)                                94.7        -            94.7 
      Zinc (%)                                75.1        -       -    75.1 
                                                                            
    Head Grades of Run of Mine Ore                                          
      Silver (gram/tonne)                      271        -             271 
      Gold (gram/tonne)                                   -     3.3     3.3 
      Lead (%)                                 4.6        -             4.6 
      Zinc (%)                                 1.2        -       -     1.2 
                                                                            
Sales Data                                                                  
  Metal Sales                                                               
    Silver (in thousands of ounces)          1,396        -       -   1,396 
    Gold (in thousands of ounces)              0.9        -     1.6     2.5 
    Lead (in thousands of pounds)           16,520        -       -  16,520 
    Zinc (in thousands of pounds)            3,236        -       -   3,236 
                                                                            
  Metal Sales                                                               
    Silver (in thousands of $)              42,535        -       -  42,535 
    Gold (in thousands of $)                 1,081        -   2,220   3,301 
    Lead (in thousands of $)                14,145        -       -  14,145 
    Zinc (in thousands of $)                 2,074        -       -   2,074 
                                          ----------------------------------
                                            59,835        -   2,220  62,055 
                                          ----------------------------------
  Average Selling Price,Net of Value Added Tax and                          
   Smelter Charges                                                          
    Silver ($ per ounce)                     30.48        -       -   30.48 
    Gold ($ per ounce)                       1,198        -   1,376   1,313 
    Lead ($ per pound)                        0.86        -       -    0.86 
    Zinc ($ per pound)                        0.64        -       -    0.64 
                                                                            
(1) Ying Mining District includes mines: SGX (Ying), TLP, HPG&LM.           
(2) X Mines includes the XBG project and XHP project.                       
                                                                            
                                                                            
                                                 Six months ended           
                                                September 30, 2012          
                                      --------------------------------------
                                          Ying                              
                                        Mining                              
                                      District                              
                                           (1)   X Mines(2)     BYP   Total 
----------------------------------------------------------------------------
                                                                            
Production Data                                                             
  Mine Data                                                                 
    Ore Mined (tonne)                                                       
      Direct Smelting Ore (tonne)        4,693        -           -   4,693 
      Stockpiled Ore (tonne)           382,136   10,377 (i)  54,201 446,714 
                                      --------------------------------------
                                       386,829   10,377      54,201 451,407 
                                      --------------------------------------
    Run of Mine Ore (tonne)                                                 
      Direct Smelting Ore (tonne)        4,693        -           -   4,693 
      Ore Milled (tonne)               384,932   31,084      45,163 461,179 
                                      --------------------------------------
                                       389,625   31,084      45,163 465,872 
                                      --------------------------------------
                                                                            
    Mining cost per tonne of ore mined                                      
     ($)                                 65.58        -       54.38   64.20 
      Cash mining cost per tonne of                                         
       ore mined ($)                     54.30        -       23.30   50.49 
      Non cash mining cost per tonne                                        
       of ore mined ($)                  11.28        -       31.08   13.71 
                                                                            
    Unit shipping costs ($)               3.79        -           -    3.32 
                                                                            
    Milling cost per tonne of ore                                           
     milled ($)                          14.90        -       15.61   14.97 
      Cash milling cost per tonne of                                        
       ore milled ($)                    13.10        -       14.36   13.23 
      Non cash milling cost per tonne                                       
       of ore milled ($)                  1.79        -        1.25    1.74 
                                                                            
    Average Production Cost                                                 
      Silver ($ per ounce)                8.77        -           -    8.77 
      Gold ($ per ounce)                   434        -         932     469 
      Lead ($ per pound)                  0.31        -           -    0.31 
      Zinc ($ per pound)                  0.24        -           -    0.24 
                                                                  -         
    Total production cost per ounce of                                      
     Silver ($)                           1.75        -                1.75 
    Total cash cost per ounce of                                            
     Silver ($)                          (0.31)       -               (0.31)
                                                                            
    Total production cost per ounce of                                      
     Gold ($)                                                   932     932 
    Total cash cost per ounce of Gold                                       
     ($)                                                        488     488 
                                                                            
    Total Recovery of the Run of Mine                                       
     Ore                                                                    
      Silver (%)                          92.2        -                92.2 
      Gold (%)                               -        -        91.7    91.7 
      Lead (%)                            94.1        -                94.1 
      Zinc (%)                            66.5        -           -    66.5 
                                                                            
    Head Grades of Run of Mine Ore                                          
      Silver (gram/tonne)                  226        -                 226 
      Gold (gram/tonne)                      -        -         2.8     2.8 
      Lead (%)                             3.5        -                 3.5 
      Zinc (%)                             1.2        -           -     1.2 
                                                                            
Sales Data                                                                  
  Metal Sales                                                               
    Silver (in thousands of ounces)      2,500       10 (i)       -   2,510 
    Gold (in thousands of ounces)          2.1      0.1 (i)     2.9     5.1 
    Lead (in thousands of pounds)       27,116      525 (i)       -  27,641 
    Zinc (in thousands of pounds)        6,386      111 (i)       -   6,497 
                                                                            
  Metal Sales                                                               
    Silver (in thousands of $)          57,690        -           -  57,690 
    Gold (in thousands of $)             2,362        -       3,732   6,094 
    Lead (in thousands of $)            21,932        -           -  21,932 
    Zinc (in thousands of $)             4,042        -           -   4,042 
                                      --------------------------------------
                                        86,026        -       3,732  89,758 
                                      --------------------------------------
  Average Selling Price,Net of Value Added Tax                              
   and Smelter Charges                                                      
    Silver ($ per ounce)                 23.07        -           -   23.07 
    Gold ($ per ounce)                   1,142        -       1,271   1,187 
    Lead ($ per pound)                    0.81        -           -    0.81 
    Zinc ($ per pound)                    0.63        -           -    0.63 
                                                                            
(1) Ying Mining District includes mines: SGX (Ying), TLP, HPG&LM.           
(2) X Mines includes the XBG project and XHP project.                       
(i) Represents development tunnelling ore at XHP Project.                   
                                                                            
                                                                            
                                                   Six months ended         
                                                  September 30, 2011        
                                          ----------------------------------
                                              Ying                          
                                            Mining                          
                                          District        X                 
                                               (1) Mines(2)     BYP   Total 
----------------------------------------------------------------------------
                                                                            
Production Data                                                             
  Mine Data                                                                 
    Ore Mined (tonne)                                                       
      Direct Smelting Ore (tonne)            5,686        -       -   5,686 
      Stockpiled Ore(tonne)                347,061        -  33,667 380,728 
                                          ----------------------------------
                                           352,747        -  33,667 386,414 
                                          ----------------------------------
    Run of Mine Ore (tonne)                                                 
      Direct Smelting Ore(tonne)             5,687        -       -   5,687 
      Ore Milled(tonne)                    349,404        -  27,777 377,181 
                                          ----------------------------------
                                           355,091        -  27,777 382,868 
                                          ----------------------------------
                                                                            
    Mining cost per tonne of ore mined ($)   58.57        -   32.71   56.32 
      Cash mining cost per tonne of ore                                     
       mined ($)                             47.15        -   12.46   44.13 
      Non cash mining cost per tonne of                                     
       ore mined ($)                         11.42        -   20.25   12.19 
                                                                            
    Unit shipping costs ($)                   3.80        -       -    3.47 
                                                                            
    Milling cost per tonne of ore milled                                    
     ($)                                     14.33        -   15.05   14.38 
      Cash milling cost per tonne of ore                                    
       milled ($)                            12.78        -   14.35   12.89 
      Non cash milling cost per tonne of                                    
       ore milled ($)                         1.55        -    0.70    1.49 
                                                                            
    Average Production Cost                                                 
      Silver($ per ounce)                     6.53        -       -    6.53 
      Gold ($ per ounce)                       257        -     513     268 
      Lead($ per pound)                       0.19        -       -    0.19 
      Zinc ($ per pound)                      0.13        -       -    0.13 
                                                                            
    Total production cost per ounce of                                      
     Silver ($)                              (3.75)       -           (3.75)
    Total cash cost per ounce of Silver                                     
     ($)                                     (5.39)       -           (5.39)
                                                                            
    Total production cost per ounce of                                      
     Gold ($)                                                   513     513 
    Total cash cost per ounce of Gold ($)                       276     276 
                                                                            
    Total Recovery of the Run of Mine Ore                                   
      Silver (%)                              91.7        -            91.7 
      Gold (%)                                            -    86.7    86.7 
      Lead (%)                                94.7        -            94.7 
      Zinc(%)                                 73.9        -       -    73.9 
                                                                            
    Head Grades of Run of Mine Ore                                          
      Silver(gram/tonne)                       287        -             287 
      Gold(gram/tonne)                                    -     2.9     2.9 
      Lead (%)                                 5.0        -             5.0 
      Zinc (%)                                 1.4        -       -     1.4 
                                                                            
Sales Data                                                                  
  Metal Sales                                                               
    Silver (in thousands of ounces)          2,988        -       -   2,988 
    Gold(in thousands of ounces)               1.7        -     2.2     3.9 
    Lead(in thousands of pounds)            37,142        -       -  37,142 
    Zinc(in thousands of pounds)             7,339        -       -   7,339 
                                                                            
  Metal Sales                                                               
    Silver (in thousands of $)              90,291        -       -  90,291 
    Gold (in thousands of $)                 1,923        -   2,909   4,832 
    Lead (in thousands of $)                32,081        -       -  32,081 
    Zinc(in thousands of $)                  4,570        -       -   4,570 
                                          ----------------------------------
                                           128,865        -   2,909 131,774 
                                          ----------------------------------
  Average Selling Price,Net of Value Added Tax and                          
   Smelter Charges                                                          
    Silver($ per ounce)                      30.22        -           30.22 
    Gold ($ per ounce)                       1,130        -   1,321   1,237 
    Lead($ per pound)                         0.86        -            0.86 
    Zinc ($ per pound)                        0.62        -       -    0.62 
                                                                            
(1) Ying Mining District includes mines: SGX (Ying), TLP, HPG&LM.           
( 2 ) X Mines includes the XBG project and XHP project.                     

Contacts:
Silvercorp Metals Inc.
Jonathan Hackshaw
Director, Investor Relations
(604) 669-9397 or Toll Free 1 (888) 224-1881
(604) 669-9387 (FAX)
investor@silvercorp.ca
www.silvercorp.ca

About Marketwired .
Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Cloud Developer Stories
Once the decision has been made to move part or all of a workload to the cloud, a methodology for selecting that workload needs to be established. How do you move to the cloud? What does the discovery, assessment and planning look like? What workloads make sense? Which cloud mode...
Cloud services are the newest tool in the arsenal of IT products in the market today. These cloud services integrate process and tools. In order to use these products effectively, organizations must have a good understanding of themselves and their business requirements. In his...
SYS-CON Events announced today that ElasticBox is holding a Hackathon at DevOps Summit, November 6 from 12 pm -4 pm at the Santa Clara Convention Center in Santa Clara, CA. You can enter as an individual or team of up to 10 developers. A New Star Is Born Every Month! All complet...
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, will discuss how SAP and partners provi...
Ixia develops amazing products so its customers can connect the world. Ixia helps its customers provide an always-on user experience through fast, secure delivery of dynamic connected technologies and services. Through actionable insights that accelerate and secure application an...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021



SYS-CON Featured Whitepapers
ADS BY GOOGLE