Silvercorp Intercepts 18.8 Metres True Width Grading 368 g/t Silver and 1.78 Percent Lead at the LM Mine West, Ying Mining

Silvercorp Intercepts 18.8 Metres True Width Grading 368 g/t Silver and 1.78 
Percent Lead at the LM Mine West, Ying Mining District,
China 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/31/13 -- Silvercorp
Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM)(NYSE:SVM) is
pleased to report the results from its underground diamond drilling
program for the second half of 2012 at the LM Mine West ("LM West"),
Ying Mining District, Henan Province, China. A total of 43,709 metres
("m") of drilling in 123 holes was completed from January 1, 2012 to
December 31, 2012 at LM West.  
Highlights of selected intercepts: 


 
--  Hole ZKX03S31 intercepted a 19.13m interval, 18.80m true width, of Vein
    LM7 grading 368 grams per tonne ("g/t") silver ("Ag") and 1.78% lead
    ("Pb") at the 863m elevation, including an interval of 8.10m, 7.95m true
    width, grading 788g/t Ag and 3.60% Pb;
      
--  Hole ZKX3404 intercepted a 10.44m interval, 6.44m true width, of Vein
    LM17 grading 369g/t Ag and 1.70% Pb at the 599m elevation, including an
    interval of 2.45m, 1.51m true width, grading 1,323g/t Ag and 6.28% Pb;
      
--  Hole ZKX0808 intercepted a 3.53m interval, 3.05m true width, of Vein
    LM12-2 branch grading 335g/t Ag, 2.23% Pb and 0.51% zinc ("Zn") at the
    603m elevation, including an interval of 0.67m, 0.58m true width,
    grading 1,456g/t Ag, 10.11% Pb and 1.92% Zn; and
      
--  Hole ZKX1532 intercepted a 3.17m interval, 2.14m true width, of Vein W5
    grading 427g/t Ag, 2.32% Pb and 0.49% Zn the 831m elevation, including
    an interval of 1.02m, 0.69m true width, grading 1,324g/t Ag, 6.81% Pb
    and 1.47% Zn. 

 
Underground drilling was conducted from near surface tunnels between
the 900m and 950m elevations and was mainly focused on major
mineralized vein structures LM7, LM8, LM10, LM11, LM12, LM13, LM14,
LM16, LM17, W5 and W6 as well as their parallel structures to expand
and upgrade the previously defined mineralization zones within these
mineralized vein structures. Drill results from the first half of
2012 were released on August 20, 2012.  
The drilling strategy in the second half of 2012 was revised; instead
of focusing on step out drilling at depths below the 600m elevation
the Company began testing the lateral exten
sions of the
mineralization zones and in-fill drilling at shallow depth or the
upper portions (i.e. above the 600m elevation) of the major vein
structures. These results are from areas that are accessible from
existing mining development.  
A total of 24,214m of drilling in 76 holes was completed from July 1
to December 31, 2012. As of December 31, 2012, assay results for 59
holes were received, 10 of which are for holes completed in the first
half of 2012 and assay results for 27 holes are pending. Of the 59
holes with assay results, 25 holes have intercepted significant
silver-lead-zinc mineralization and the remainder intercepted
mineralization and alteration structures. Table 1 below lists assay
results for these 25 holes that intercepted significant
mineralization at LM West.  


 
Table 1: Selected drill hole results from the LM Mine West                  
----------------------------------------------------------------------------
                        Elev-  Int-  True                                   
                        ation erval Width    Ag    Pb   Zn    Au Mineralized
Hole ID     From     To   (m)   (m)   (m) (g/t)   (%)  (%) (g/t) Vein       
----------------------------------------------------------------------------
ZKX0804    61.04  63.06   892  2.02  1.81   366  0.67 0.07  0.03 LM12       
----------------------------------------------------------------------------
ZKX1133   132.55 134.88   843  2.33   1.4   154  1.35 0.24  0.03 New Zone   
          361.52  362.5   704  0.98  0.61   131  0.60 0.65  0.03 W5         
----------------------------------------------------------------------------
ZKX11322  294.52 295.42   789   0.9   0.7    15  2.63 0.83  0.03 New Zone   
          524.02 524.62   622   0.6  0.48   367  1.78 0.18  0.03 LM16       
----------------------------------------------------------------------------
ZKX1724   572.53 573.53   369     1  0.73   207  1.20 0.32  0.52 LM7        
----------------------------------------------------------------------------
ZKX10805   90.53  91.62   890  1.09  0.67   237  0.57 0.04  0.03 New Zone   
          390.85  391.5   615  0.65  0.42    92  1.79 0.28  0.00 LM8        
----------------------------------------------------------------------------
ZKX0408    72.77  73.61   863  0.84  0.56   105  3.54 0.03  0.00 LM12_1     
----------------------------------------------------------------------------
ZKX1742   284.87  287.6   744  2.73  1.66    45 13.42 0.08  0.00 W5         
----------------------------------------------------------------------------
ZKX3403   133.26 134.35   907  1.09  1.03   130  1.89 0.27  less LM16-Branch
                                                            than            
                                                            0.05            
          175.46 177.53   880  2.07  1.96    90  1.60 0.06  1.08 LM16_1     
----------------------------------------------------------------------------
ZKX0807    64.07  64.38   890  0.31  0.29   215  0.41 0.15  less LM10W      
                                                            than            
                                                            0.05            
----------------------------------------------------------------------------
ZKX11011  424.94 426.03   751  1.09  0.73   105  0.35 0.11  less W6         
                                                            than            
                                                            0.05            
----------------------------------------------------------------------------
ZKX3404   408.01 418.45   599 10.44  6.44   369  1.70 0.13  0.13 LM17       
Including 410.46 412.91   597  2.45  1.51  1323  6.28 0.34  0.46            
----------------------------------------------------------------------------
ZKX10421  324.74 325.43   705  0.69  0.54   257  0.33 2.03  0.02 LM7        
----------------------------------------------------------------------------
ZKXG1941  183.44 184.45   821  1.01  0.78   448  0.45 0.31  0.02 W5-Branch  
          263.54 265.76   783  2.22  1.69    24  3.31 0.07  0.02 W5         
----------------------------------------------------------------------------
ZKX1125    143.1 150.32   798  7.22  2.58   262  0.70 0.16  0.00 LM12E      
Including 148.38 150.32   793  1.94   0.7   835  0.67 0.28  0.00            
----------------------------------------------------------------------------
ZKX1127   245.01 246.26   868  1.25  1.06    50  2.23 0.49  0.03 LM7        
----------------------------------------------------------------------------
ZKX3405   185.62 192.98   808  7.36  1.95   209  2.76 0.11  0.00 LM16       
----------------------------------------------------------------------------
ZKX0808   414.97  418.5   603  3.53  3.05   335  2.23 0.51  0.03 LM12_2-    
                                                                 Branch     
Including 415.78 416.45   602  0.67  0.58  1456 10.11 1.92  0.03            
          428.68 430.02   592  1.34  1.16   671  3.19 0.41  0.03 LM12_2     
          457.18 458.27   569  1.09  0.95   221  1.23 0.79  0.03 LM12_1     
          481.99 483.97   550  1.98  1.71  1287  6.42 0.89  0.08 LM12       
Including 483.42 483.97   549  0.52  0.48  2250  0.25 0.07  0.22            
----------------------------
------------------------------------------------
ZKX1532   233.57 236.74   831  3.17  2.14   427  2.32 0.49  0.03 W5         
Including 235.72 236.74   830  1.02  0.69  1324  6.81 1.47  0.03            
----------------------------------------------------------------------------
ZKX10221   86.59   87.6   900  1.01  0.78    42  4.56 0.04  0.03 T24        
           170.2 171.23   834  1.03  0.79    62  1.80 0.19  0.35 T24E       
          365.16 366.16   680     1   0.8    29  2.09 0.01  0.03 LM8_1      
          495.75 496.73   578  0.98  0.78     8  2.81 0.04  0.03 LM8        
----------------------------------------------------------------------------
ZKX10806  125.83 126.78   920  0.95  0.94   134  1.98 0.02  0.00 LM8_4      
          252.74 253.24   868   0.5  0.49   142  0.15 0.02  0.00 LM8        
----------------------------------------------------------------------------
ZKX0809    77.37  77.95   865  0.58  0.44   142  1.48 0.84  0.00 LM25       
          466.93  468.2   517  1.27  0.97    66  1.63 0.24  0.00 LM12_1     
          517.74 519.56   471  1.82  1.39    12  2.64 0.26  0.00 LM12-Branch
----------------------------------------------------------------------------
ZKX0522    80.84  81.96   842  1.12     1  9.93  0.37 0.00  2.39 LM22       
----------------------------------------------------------------------------
ZKX1326   177.44 178.42   762  0.98  0.81   298  0.46 0.22  5.68 LM7-Branch 
          262.81 264.91   681   2.1  1.73    15  0.46 0.10  2.41 LM7        
----------------------------------------------------------------------------
ZKX0006   352.21 353.22   754  1.01  0.93   120  0.16 0.07  0.00 LM12       
          368.71 369.84   747  1.13  1.04   284  2.01 0.18  0.00 LM12-Branch
          397.51 398.41   736   0.9  0.83    43  4.19 0.22  0.00 LM12E      
----------------------------------------------------------------------------
ZKX03S31  109.03 128.16   863 19.13  18.8   368  1.78 0.08  0.00 LM7        
Including 116.61 124.71   859   8.1  7.95   788  3.60 0.16  0.00            
----------------------------------------------------------------------------

 
A 29,000m underground drilling program is planned in 2013 for the LM
Mine West which will continue the present focus on assessing major
vein structures which are accessible from existing mining
development, drilling the lateral extensions of the mineralization
zones and in-fill drilling at shallow depth, or the upper portions
(i.e. above the 600m elevation) of the vein structures. 
Quality Control 
Drill cores are NQ size. Drill core samples, limited by apparent
mineralization contact or shear/alteration contact, were split into
halves by saw cutting. The half cores are stored in the Company's
core shacks for future reference and checking, and the other half
core samples are shipped in security sealed bags to the Chengde
Huakan 514 Geology and Minerals Testing and Research Institute in
Chengde, China, 226 km northeast of Beijing, an ISO9000 certified
analytical lab. Sample is dried and crushed to minus 1mm and then
split to a 200g to300g subsample which is further pulverized to minus
200 mesh. Two subsamples are prepared from the pulverized sample. One
is digested with aqua regia for gold analysis with AAS and the other
is digested with two-acids for analysis of silver, lead, zinc and
copper.  
Chip samples are collected along sample lines perpendicular to the
mineralized vein structure in exploration tunnels. Spacing between
sampling lines is typically 5m along strike. Both the mineralized
vein and the altered wall rocks are cut with continuous chisel
chipping. Sample lengths range from 0.2m to more than 1m, depending
on the width of the mineralized vein and the mineralization type.  
A routine quality assurance/quality control procedure is adopted at
each lab to monitor the analytical quality at the lab. Certified
reference materials (CRM), pulp duplicates and blanks are inserted
into each lab batch of samples. QA/QC data at the lab are attached to
the assay certificates for each batch of samples.  
The Company maintains a comprehensive quality assurance and quality
control program to ensure best practice in sample preparation and
analysis of the drill core samples. Project geologists regularly
insert certified reference materials (CRM), field duplicates and
blanks to each batch of core samples to monitor the sample
preparation and analysis procedures at the labs. The analytical
quality of the labs is further evaluated with external checks by
sending about 3% of the pulp samples to higher level labs to check
for lab bias.  
Data from both the Company's and the labs' QA/QC programs are timely
reviewed and evaluated by project geologists.  
Rujin Jiang, P. Geo., is the Qualified Person on the project as
defined under National Instrument 43-101. He has verified the
information and has reviewed and approved the contents of this news
release. 
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 www.silvercorp.ca. 
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expenditures; estimated production from the Company's mines in the
Ying Mining Camp; timing of receipt of permits and regulatory
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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