Silvercorp Share Repurchase Program Approved by TSX

Silvercorp Share Repurchase Program Approved by TSX 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/29/13 -- Silvercorp
Metals Inc. (TSX:SVM)(NYSE:SVM) ("Silvercorp" or the "Company") is
pleased to announce a Normal Course Issuer Bid to acquire up to 8.5
million common shares from February 1, 2013 to January 31, 2014,
representing approximately 5% of the Company's 170,766,058 common
shares currently issued and outstanding has been approved by the TSX.
The Company is taking this action because it believes that prevailing
market conditions have resulted in Silvercorp's shares being
undervalued relative to the immediate and long term value of
Silvercorp's portfolio of producing and development properties in
China and Canada.  
Purchases will be made at the discretion of the directors at
prevailing market prices, through the facilities of the TSX and the
NYSE and other alternative Canadian marketplaces in compliance with
regulatory requirements. There can be no assurance as to the precise
number of shares that will be repurchased under the share repurchase
program. Silvercorp may discontinue its purchases at any time,
subject to compliance with applicable regulatory requirements. The
Company intends to hold all shares acquired under the issuer bid for
Directors and senior officers of the Company are not aware of any
previously undisclosed material changes or plans or proposals for
material changes in the affairs of the Company, nor do any of them
have the present intention to sell shares of the Company during the
Normal Course Issuer Bid. The Company has not purchased any of its
common shares in the last 12 months. 
The maximum number of shares that may be purchased on the TSX during
any trading day may not exceed 25% of the average daily trading
volume on the TSX based on the previous six completed calendar months
excluding purchases made by Silvercorp under its Normal Course Issuer
Bid, (being 222,774 common shares), for a daily total of 55,693
common shares. This limit, for which there are permitted exceptions,
is determined in accordance with TSX regulatory requirements and does
not apply to purchases made by the Company on the NYSE. 
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 under developed projects with resource
potential and the ability to grow organically. For more information,
please visit our website at 
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
Silvercorp Metals Inc.
Jonathan Hackshaw
Director, Investor Relations
(604) 669-9397 or Toll Free 1(888) 224-1881
(604) 669-9387 (FAX)
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