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Silvercorp Discovers Five New High-Grade Silver Zones and Extends Known Silver Zones at the HZG Mine, Ying Mining District,


Silvercorp Discovers Five New High-Grade Silver Zones and Extends Known Silver Zones at the HZG Mine, Ying Mining District, China

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/13 -- Silvercorp Metals Inc. (TSX:SVM)(NYSE:SVM) ("Silvercorp" or the "Company") is pleased to report the results from its 2012 underground tunneling and diamond drilling campaign at the HZG Mine, Ying Mining District, Henan Province, China.

The HZG Mine is located 1.4 kilometres south of the SGX Mine in the Ying Mining District. A total of 4,681 metres ("m") of underground tunneling and 14,394m of diamond drilling in 41 holes were completed between January 1, 2012 and December 31, 2012 at the HZG Mine for the purposes of testing the strike and downdip extension of the major mineralized vein structures HZ20, HZ22 and HZ5. As a result of this program, five new vein structures HZ20W, HZ22W, HZ23, HZ23E and HZ23E1 have been discovered and contain high-grade silver mineralization.


 
Highlights of selected mineralization zones exposed in underground tunnels:
 
--  Drift PD820-HZ20-690-SYM-ECM3-SYM along vein HZ20 on 690m level, has
    revealed a zone 130m in length, 0.74m true width grading 599 g/t silver
    ("Ag"), 3.29% lead ("Pb") and 0.35% zinc ("Zn"); 
--  Drift PD820-HZ20W-650 
along vein HZ20W, a newly discovered vein, on 650m
    level, has revealed a zone 45m in length, 1.25m true width grading
    1,409g/t Ag, 0.30% Pb and 0.85% Zn; 
--  Drift PD810-740-HZ5 along vein HZ5 on 740m level, has revealed a zone of
    75m in length, 0.50m true width grading 669g/t Ag, 0.79% Pb and 0.11%
    Zn; 
--  Drift PD810-HZ5-780-SYM along vein HZ5 on 780m level, has revealed a
    zone 85m in length, 0.54m true width grading 544g/t Ag, 0.88% Pb and
    0.10% Z; and 
--  Drift PD820-HZ20-770-SYM along vein HZ20 on 770m level, has revealed a
    zone 50m in length, 0.74m true width grading 664g/t Ag, 2.61% Pb and
    0.27% Zn. 
 
Highlights of selected intercepts of drill holes:
 
--  Hole ZK43B02 intercepted a 1.12m interval, 1.12m true width of vein HZ22
    grading 637g/t Ag, 1.25% Pb and 0.13% Zn at the 711m elevation; and 
--  Hole ZK47B03 intercepted a 1.14m interval, 1.13m true width of vein
    HZ22W grading 542g/t Ag, 1.02% Pb and 0.11% Zn at the 700m elevation,
    and a 0.77m interval, 0.76m true width, of vein HZ23 grading 449 g/t Ag,
    0.51% Pb, and 0.32% Zn. 

The purpose of the underground tunneling program (consisting of 2,541m of drifts, 1,174m of cross-cuts, and 1,015m of raises) was to delineate and upgrade the previous drill-defined resource blocks within the major vein structures between the 650m and the 850m elevations. Drift and crosscut tunnels have been developed at 40m to 50m intervals and are connected with raises, declines, and shafts through different levels. A total of 1,790 chip samples were collected during the 2012 underground tunneling program. Zones of mineralization were exposed in tunnels on different levels along major mineralized vein structures HZ20, HZ20W, HZ22 and HZ5 between the 650m and the 850m elevations.

The 2012 diamond drilling program was designed to test the lateral and downdip extension of the major mineralized vein structures between the 750m and the 400m elevations. A total of 14,394m of drilling (including 7,768m in 17 surface holes and 6,626m in 24 underground holes), was completed and a total of 1,009 core samples were collected in the 2012 drilling program. As at December 31, 2012, assay results for 28 holes have been received. 19 of the 28 holes with assay results intercepted mineralization zones. The 2012 diamond drilling program delineated a resource block that extends 400m along strike and from the 800m to 550m elevation downdip between exploration lines 41 and 51 within the vein structure HZ22. Furthermore, five new mineralized vein structures; HZ20W, HZ22W, HZ23, HZ23E and HZ23E1 have been discovered as a result of the 2012 underground tunneling and diamond drilling campaign. A summary of the new vein structures is as follows:


 
--  Vein Structure HZ20W: HZ20W is located parallel to the west of vein
    structure HZ20 and has been revealed by underground tunneling at the
    650m elevation. The vein structure has been traced for approximately
    400m along strike and high-grade mineralization zones have been exposed
    within the structure in underground tunnels.
    Vein Structure HZ22W: HZ22W is located 30m to 40m (and runs parallel) to
    the west of vein structure HZ22. Mineralization zones within this
    structure have been intercepted between the 700m and 750m elevations in
    surface holes ZK45B03, ZK4703, ZK4704, ZK47B03 and ZK47B04 between
    exploration lines 45 and 48. 
--  Vein Structure HZ23: HZ23 is located parallel to the east of HZ22 and
    the discovery was made by surface drilling. The mineralization zones
    within the vein structure have been intercepted at the 660m, 620m and
    390m elevations by surface holes ZK43B02, ZK43B04, ZK4505 and ZK4703,
    drilled between exploration lines 43 and 47. 
--  Vein Structures HZ23E and HZ23E1: HZ23E and its parallel zones are
    located approximately 50m to the east of HZ23. The vein group consists
    of at least three mineralized zones which have been intercepted in holes
    ZK43B03 and ZK43B04 on exploration line 44. 

Tables 1 and 2 below list the assay results of some selected mineralization zones exposed in tunnels and intercepts in drill holes.

In 2013, a comprehensive exploration program including 2,062m of underground tunneling on vein structures HZ20, HZ22 and HZ5 and 29,568m of underground diamond drilling on vein structures HZ20, HZ20W, HZ22, and HZ23 is planned at the HZG Mine.


 
Table 1: Selected tunneling results from the HZG Mine
 
---------------------------------------------------------------------------
                                Dist-             Mineralization Intercepts
                                ance             --------------------------
                                  to               Ho-                     
                                  Re-             riz-                     
                                 fer-              on-                     
                                ence        Chan- tal True                 
                                  Po-  Refe- nel   Wi-  Wi-                
                    Level        int  rence  Azi- dth  dth    Ag    Pb   Zn
Tunnel ID              (m) Vein   (m) Point muth   (m)  (m) (g/t)   (%)  (%)
---------------------------------------------------------------------------
PD810-HZ5-780-SYM     780   HZ5   65    XA4  130 0.70 0.68   482  1.45 0.08
---------------------------------------------------------------------------
                      780   HZ5   70    XA4  130 0.60 0.58   228  0.92 0.10
---------------------------------------------------------------------------
                      780   HZ5   75    XA4  130 0.80 0.77 1,009  3.41 0.12
---------------------------------------------------------------------------
                      780   HZ5   80    XA4  130 1.60 1.55 1,390  0.67 0.11
---------------------------------------------------------------------------
                      780   HZ5   85    XA4  130 0.80 0.77   587  0.72 0.13
---------------------------------------------------------------------------
                      780   HZ5   90    XA4  130 0.20 0.19    13  0.24 0.12
---------------------------------------------------------------------------
                      780   HZ5   95    XA4  130 0.60 0.58    13  0.56 0.13
---------------------------------------------------------------------------
                      780   HZ5  100    XA4  130 0.50 0.48   666  1.19 0.07
---------------------------------------------------------------------------
                      780   HZ5  105    XA4  130 0.45 0.43 1,450  0.61 0.09
---------------------------------------------------------------------------
                      780   HZ5  110    XA4  137 0.60 0.58    80  0.33 0.10
---------------------------------------------------------------------------
                      780   HZ5  115    XA4  137 0.40 0.39     9  0.20 0.04
---------------------------------------------------------------------------
                      780   HZ5  120    XA4  137 0.50 0.48   172  0.85 0.11
---------------------------------------------------------------------------
                      780   HZ5  125    XA4  150 0.40 0.39   175  0.93 0.09
---------------------------------------------------------------------------
                      780   HZ5  130    XA4  150 0.50 0.48    36  0.08 0.05
---------------------------------------------------------------------------
                      780   HZ5  135    XA4  150 0.30 0.29     3  0.11 0.16
---------------------------------------------------------------------------
                      780   HZ5  140    XA4  150 0.30 0.29    13  0.06 0.04
---------------------------------------------------------------------------
                      780   HZ5  145    XA4  150 0.40 0.39   573  0.89 0.22
---------------------------------------------------------------------------
                      780   HZ5  150    XA4  150 0.50 0.48   102  0.37 0.11
---------------------------------------------------------------------------
             Length of the zone  85m    Weighted 0.56 0.54   540  0.88 0.10
                                         Average                           
---------------------------------------------------------------------------
PD810-740-HZ5-SYM     740   HZ5    0     A9  137 0.95 0.92 1,116  0.84 0.16
---------------------------------------------------------------------------
                      740   HZ5    5     A9  137 1.10 1.06 3,046  0.29 0.17
---------------------------------------------------------------------------
                      740   HZ5   10     A9  137 0.30 0.29     7  0.05 0.08
---------------------------------------------------------------------------
                      740   HZ5   15     A9  137 0.55 0.53   103  0.19 0.08
---------------------------------------------------------------------------
                      740   HZ5   20     A9  137 0.55 0.53    22  0.34 0.11
---------------------------------------------------------------------------
                      740   HZ5   25     A9  137 0.70 0.68   264  3.13 0.12
---------------------------------------------------------------------------
                      740   HZ5   30     A9  135 0.25 0.24     3  0.01 0.01
---------------------------------------------------------------------------
                      740   HZ5   35     A9  135 0.40 0.39    51  0.81 0.06
---------------------------------------------------------------------------
                      740   HZ5   40     A9  135 0.20 0.19     3  0.01 0.01
---------------------------------------------------------------------------
                      740   HZ5   45     A9  135 0.50 0.48    76  0.28 0.07
---------------------------------------------------------------------------
                      740   HZ5   50     A9  135 0.35 0.34     3  0.31 0.09
---------------------------------------------------------------------------
                      740   HZ5   55     A9  135 0.30 0.29    29  0.01 0.06
------------------------------------
---------------------------------------
                      740   HZ5   60     A9  135 0.30 0.29    24  0.01 0.07
---------------------------------------------------------------------------
                      740   HZ5   65     A9  135 0.50 0.48   875  0.62 0.13
---------------------------------------------------------------------------
             Length of the zone  65m    Weighted 0.50 0.48   745  0.65 0.11
                                         Average                           
---------------------------------------------------------------------------
PD810-780-HZ22-NYM    780  HZ22  130   CM'1  146 0.65 0.59    48  0.16 0.06
---------------------------------------------------------------------------
                      780  HZ22  135   CM'1  146 0.50 0.45     3  0.03 0.04
---------------------------------------------------------------------------
                      780  HZ22  140   CM'1  122 0.50 0.45   223  1.22 0.16
---------------------------------------------------------------------------
                      780  HZ22  145   CM'1  122 0.60 0.54   105  1.78 0.08
---------------------------------------------------------------------------
                      780  HZ22  150   CM'1  115 0.85 0.77   113  0.24 0.05
---------------------------------------------------------------------------
                      780  HZ22  155   CM'1  115 0.55 0.50   334  0.65 0.11
---------------------------------------------------------------------------
                      780  HZ22  160   CM'1  135 0.55 0.50   357  1.26 0.03
---------------------------------------------------------------------------
                      780  HZ22  165   CM'1  135 0.70 0.63   308  0.12 0.04
---------------------------------------------------------------------------
                      780  HZ22  170   CM'1  135 0.55 0.50   140  1.22 0.06
---------------------------------------------------------------------------
                      780  HZ22  175   CM'1  122 0.50 0.45    61  1.00 0.02
---------------------------------------------------------------------------
                      780  HZ22  180   CM'1  122 0.90 0.82   440  0.33 0.02
---------------------------------------------------------------------------
                      780  HZ22  185   CM'1  122 0.80 0.73   388  0.46 0.07
---------------------------------------------------------------------------
                      780  HZ22  190   CM'1  122 0.80 0.73    99  0.35 0.10
---------------------------------------------------------------------------
                      780  HZ22  195   CM'1  122 0.45 0.41   566  0.21 0.04
---------------------------------------------------------------------------
             Length of the zone  65m    Weighted 0.64 0.58   230  0.60 0.06
                                         Average                           
---------------------------------------------------------------------------
PD810-780-HZ22-NYM    780  HZ22  215    XA4  140 0.60 0.54   151  0.13 0.08
---------------------------------------------------------------------------
                      780  HZ22  220    XA4  140 0.85 0.77   650  0.73 0.13
---------------------------------------------------------------------------
                      780  HZ22  225    XA4  140 0.90 0.82 1,353  0.74 0.25
---------------------------------------------------------------------------
                      780  HZ22  230    XA4  140 0.95 0.86   867  0.38 0.08
---------------------------------------------------------------------------
                      780  HZ22  235    XA4  135 0.95 0.86   760  1.30 0.18
---------------------------------------------------------------------------
                      780  HZ22  240    XA4  135 0.45 0.41    48  0.10 0.01
---------------------------------------------------------------------------
                      780  HZ22  245    XA4  135 0.40 0.36   323  0.52 0.07
---------------------------------------------------------------------------
                      780  HZ22  250    XA4  135 0.60 0.54   248  1.84 0.19
---------------------------------------------------------------------------
             Length of the zone  35m    Weighted 0.71 0.65   650  0.76 0.14
                                         Average                           
---------------------------------------------------------------------------
PD810-740-HZ5-NYM     740   HZ5   80     A9  138 0.80 0.77    84  3.58 0.09
---------------------------------------------------------------------------
                      740   HZ5   85     A9  138 0.70 0.68   462  0.17 0.05
-----------------------------------
----------------------------------------
                      740   HZ5   90     A9  138 0.70 0.68   998  0.79 0.09
---------------------------------------------------------------------------
                      740   HZ5   95     A9  138 0.55 0.53   135  0.59 0.12
---------------------------------------------------------------------------
                      740   HZ5  100     A9  138 0.20 0.19     3  0.01 0.01
---------------------------------------------------------------------------
                      740   HZ5  105     A9  138 0.30 0.29     3  0.01 0.04
---------------------------------------------------------------------------
                      740   HZ5  110     A9  138 0.50 0.48   160  0.40 0.13
---------------------------------------------------------------------------
             Length of the zone  30m    Weighted 0.54 0.52   332  1.08 0.08
                                         Average                           
---------------------------------------------------------------------------
PD890-HZ22-850-SYM    850  HZ22    0    A5'  121 0.60 0.54   455  1.33 0.27
---------------------------------------------------------------------------
                      850  HZ22    5    A5'  121 0.40 0.36    10  0.06 0.03
---------------------------------------------------------------------------
                      850  HZ22   10    A5'  121 0.60 0.54    62  6.01 0.18
---------------------------------------------------------------------------
                      850  HZ22   15    A5'  121 0.20 0.18    38  0.05 0.02
---------------------------------------------------------------------------
                      850  HZ22   20    A5'  121 0.40 0.36    16  0.36 0.06
---------------------------------------------------------------------------
                      850  HZ22   25    A5'  121 0.50 0.45    91  2.91 0.17
---------------------------------------------------------------------------
                      850  HZ22   30    A5'  121 0.50 0.45   296  7.82 0.14
---------------------------------------------------------------------------
             Length of the zone  30m    Weighted 0.46 0.41   163  3.11 0.15
                                         Average                           
---------------------------------------------------------------------------
PD890-HZ22-850-NYM    850  HZ22    0   A4-1  110 0.48 0.44   860  1.85 0.13
---------------------------------------------------------------------------
                      850  HZ22    5   A4-1  110 0.58 0.53   592  0.46 0.10
---------------------------------------------------------------------------
                      850  HZ22   10   A4-1  110 0.63 0.57   456  2.14 0.49
---------------------------------------------------------------------------
                      850  HZ22   15   A4-1  110 0.40 0.36   367  0.59 0.19
---------------------------------------------------------------------------
                      850  HZ22   20   A4-1  110 0.50 0.45    87  0.09 0.07
---------------------------------------------------------------------------
                      850  HZ22   25   A4-1  110 0.55 0.50    52  0.05 0.03
---------------------------------------------------------------------------
                      850  HZ22   30   A4-1  110 0.70 0.63    56  0.08 0.01
---------------------------------------------------------------------------
             Length of the zone  30m    Weighted 0.55 0.50   339  0.75 0.15
                                         Average                           
---------------------------------------------------------------------------
PD890-HZ22-850-SYM    850  HZ22   95    A5'  123 0.40 0.36   464  0.45 0.09
---------------------------------------------------------------------------
                      850  HZ22  100    A5'  305 1.30 1.18    42  0.03 0.01
---------------------------------------------------------------------------
                      850  HZ22  105    A5'  305 0.80 0.73    40  0.07 0.13
---------------------------------------------------------------------------
                      850  HZ22  110    A5'  305 0.85 0.77   398  0.33 0.07
---------------------------------------------------------------------------
                      850  HZ22  115    A5'  305 0.90 0.82   210  0.09 0.01
---------------------------------------------------------------------------
                      850  HZ22  120    A5'  305 0.80 0.73   304  0.01 0.01
---------------------------------------------------------------------------
                      850  HZ22  125    A5'  305 0.40 0.36    47  0.21 0.15
---------------------------------------------------------------------------
                      850  HZ22  130    A5'  305 0.70 0.63    72  0.08 0.04
---------------------------------------------------------------------------
                      850  HZ22  135    A5'  305 0.80 0.73   356  0.23 0.25
---------------------------------------------------------------------------
                      850  HZ22  140    A5'  305 0.50 0.45    53  0.23 0.08
---------------------------------------------------------------------------
                      850  HZ22  145    A5'  305 0.50 0.45    52  0.17 0.08
---------------------------------------------------------------------------
                      850  HZ22  150    A5'  305 0.90 0.82    64  0.12 0.11
---------------------------------------------------------------------------
             Length of the zone  55m    Weighted 0.74 0.67   170  0.14 0.08
                                         Average                           
---------------------------------------------------------------------------
PD850-HZ22-810-SYM    810  HZ22    0   22S1  116 0.50 0.45   249  0.62 0.23
---------------------------------------------------------------------------
                      810  HZ22    5   22S1  116 0.20 0.18    20  0.15 0.07
---------------------------------------------------------------------------
                      810  HZ22   10   22S1  116 0.70 0.63   350  0.23 0.17
---------------------------------------------------------------------------
                      810  HZ22   15   22S1  116 0.60 0.54   775  0.19 0.13
---------------------------------------------------------------------------
                      810  HZ22   20   22S1  116 0.50 0.45   565  0.46 0.19
---------------------------------------------------------------------------
                      810  HZ22   25   22S1  116 0.80 0.73   690  0.22 0.10
---------------------------------------------------------------------------
                      810  HZ22   30   22S1  116 0.60 0.54   307  0.09 0.05
---------------------------------------------------------------------------
                      810  HZ22   35   22S1  130 0.40 0.36   268  0.42 0.14
---------------------------------------------------------------------------
                      810  HZ22   40   22S1  130 0.40 0.36    46  1.33 0.05
---------------------------------------------------------------------------
                      810  HZ22   45   22S
1  130 0.60 0.54    46  0.24 0.02
---------------------------------------------------------------------------
                      810  HZ22   50   22S1  130 0.20 0.18     5  0.13 0.03
---------------------------------------------------------------------------
                      810  HZ22   55   22S1  130 0.50 0.45    77  0.02 0.02
---------------------------------------------------------------------------
                      810  HZ22   60   22S1  130 1.30 1.18   797  1.89 0.20
---------------------------------------------------------------------------
             Length of the zone  60m    Weighted 0.56 0.51   423  0.60 0.12
                                         Average                           
---------------------------------------------------------------------------
PD850-HZ20-810-SYM    810  HZ20  135 XS40-4   78 0.50 0.48 4,589  5.36 0.93
---------------------------------------------------------------------------
                      810  HZ20  140 XS40-4   78 0.60 0.58   149  0.22 0.22
---------------------------------------------------------------------------
                      810  HZ20  145 XS40-4   78 1.00 0.97   353  0.95 0.12
---------------------------------------------------------------------------
                      810  HZ20  150 XS40-4   78 0.40 0.39   411 10.37 0.17
---------------------------------------------------------------------------
                      810  HZ20  155 XS40-4   78 0.70 0.68   716  0.52 0.16
---------------------------------------------------------------------------
                      810  HZ20  160 XS40-4   78 1.00 0.97   247  0.93 0.42
---------------------------------------------------------------------------
                      810  HZ20  165 XS40-4   78 0.60 0.58   142  0.61 0.05
---------------------------------------------------------------------------
                      810  HZ20  170 XS40-4   87 0.40 0.39    62  0.69 0.04
---------------------------------------------------------------------------
                      810  HZ20  175 XS40-4   87 0.60 0.58     9  0.45 0.06
---------------------------------------------------------------------------
                      810  HZ20  180 XS40-4   87 0.60 0.58   110  0.69 0.04
---------------------------------------------------------------------------
                      810  HZ20  185 XS40-4   87 0.50 0.48 1,369 12.31 1.62
---------------------------------------------------------------------------
                      810  HZ20  190 XS40-4   87 0.60 0.58    51 29.58 0.15
---------------------------------------------------------------------------
             Length of the zone  55m    Weighted 0.63 0.60   606  4.59 0.31
                                         Average                           
---------------------------------------------------------------------------
PD850-HZ22-810-SYM    810  HZ22    0 XS51-6  138 0.80 0.73   334  0.44 0.38
---------------------------------------------------------------------------
                      810  HZ22    5 XS51-6  121 0.60 0.54    81  0.47 0.05
---------------------------------------------------------------------------
                      810  HZ22   25 XS51-6  308 1.20 1.09    89  2.28 0.22
---------------------------------------------------------------------------
                      810  HZ22   30 XS51-6  138 1.20 1.09   408  5.49 0.24
---------------------------------------------------------------------------
                      810  HZ22   35 XS51-6  308 0.50 0.45 2,160  1.00 2.08
---------------------------------------------------------------------------
                      810  HZ22   45 XS51-6  138 0.80 0.73    24  2.30 0.10
---------------------------------------------------------------------------
             Length of the zone  45m    Weighted 0.85 0.77   394  2.41 0.39
                                         Average                           
---------------------------------------------------------------------------
PD820-HZ20-770-SYM    770  HZ20    0    S26   78 0.40 0.39 1,159  0.62 1.95
---------------------------------------------------------------------------
                      770  HZ20    5    S26   78 0.40 0.39   164  0.30 0.12
---------------------------------------------------------------------------
                      770  HZ20   20    S26   78 0.40 0.39    30  0.92 0.08
---------------------------------------------------------------------------
                      770  HZ20   25    S26   78 0.40 0.39    86  2.77 0.51
---------------------------------------------------------------------------
                      770  HZ20   30    S26   78 0.40 0.39     5  0.06 0.06
---------------------------------------------------------------------------
                      770  HZ20   35    S26   78 0.40 0.39   261  0.37 0.17
---------------------------------------------------------------------------
                      770  HZ20   40    S26   85 0.50 0.48    76  0.29 0.12
---------------------------------------------------------------------------
             Length of the zone  40m    Weighted 0.41 0.40   248  0.75 0.42
                                         Average                           
---------------------------------------------------------------------------
PD820-HZ20-770-SYM    770  HZ20   70    S26   98 0.50 0.48 3,311  0.32 1.26
---------------------------------------------------------------------------
                      770  HZ20   75    S26   98 0.50 0.48   252  2.16 0.60
---------------------------------------------------------------------------
                      770  HZ20   80    S26   98 0.40 0.39    19  0.15 0.08
---------------------------------------------------------------------------
                      770  HZ20   85    S26   98 0.40 0.39   142  0.35 0.09
---------------------------------------------------------------------------
                      770  HZ20   90    S26   98 0.80 0.77   138  5.22 0.13
---------------------------------------------------------------------------
                      770  HZ20   95    S26   98 0.80 0.77    98  0.95 0.12
---------------------------------------------------------------------------
                      770  HZ20  100    S26   98 1.20 1.16    88  2.32 0.17
---------------------------------------------------------------------------
                      770  HZ20  105    S26   98 0.80 0.77   109  7.27 0.12
---------------------------------------------------------------------------
                      770  HZ20  110    S26   98 1.20 1.16   546  8.47 0.17
---------------------------------------------------------------------------
                      770  HZ20  115    S26   98 1.20 1.16   146  2.06 0.10
---------------------------------------------------------------------------
             Length of the zone  30m    Weighted 0.91 0.88   198  4.11 0.13
                                         Average                           
---------------------------------------------------------------------------
PD820-HZ20-770-SYM    770  HZ20    5    S32   77 0.80 0.77 1,329  0.05 0.10
---------------------------------------------------------------------------
                      770  HZ20   10    S32  102 0.80 0.77    45  0.60 less
                                                                       than
                                                                       0.10
---------------------------------------------------------------------------
                      770  HZ20   15    S32  102 0.40 0.39     2  0.26 0.05
---------------------------------------------------------------------------
                      770  HZ20   20    S32   92 0.80 0.77   405  0.23 0.21
---------------------------------------------------------------------------
                      770  HZ20   25    S32   92 0.80 0.77 2,420 16.10 0.50
---------------------------------------------------------------------------
                      770  HZ20   30    S32   92 0.80 0.77 1,836  4.12 1.10
---------------------------------------------------------------------------
                      770  HZ20   35    S32   98 0.80 0.77   143  0.98 0.19
---------------------------------------------------------------------------
                      770  HZ20   40    S32   98 0.80 0.77   282  0.42 0.18
---------------------------------------------------------------------------
                      770  HZ20   45    S32   98 0.80 0.77   468  4.10 0.42
---------------------------------------------------------------------------
                      770  HZ20   50    S32   91 0.80 0.77     2  0.14 0.14
---------------------------------------------------------------------------
                      770  HZ20   55    S32   91 0.80 0.77    36  0.55 less
                                                                       than
                                                                       0.10
---------------------------------------------------------------------------
             Length of the zone  50m    Weighted 0.76 0.74   664  2.61 0.27
                  
                       Average                           
---------------------------------------------------------------------------
PD820-HZ20-730-SYM-   730  HZ20    0   DS16  101 0.50 0.48   204  0.28 0.24
WCM1-SYM                                                                  
---------------------------------------------------------------------------
                      730  HZ20    5   DS16  101 0.40 0.39   117  0.67 0.06
---------------------------------------------------------------------------
                      730  HZ20   10   DS16  101 0.50 0.48   198  0.54 0.33
---------------------------------------------------------------------------
                      730  HZ20   15   DS16  101 0.50 0.48   470  0.17 0.27
---------------------------------------------------------------------------
                      730  HZ20   20   DS16  101 0.50 0.48   102  3.41 0.41
---------------------------------------------------------------------------
                      730  HZ20   25   DS16  101 0.40 0.39    72  1.80 0.24
---------------------------------------------------------------------------
                      730  HZ20   30   DS16  101 0.40 0.39   220  4.15 0.13
---------------------------------------------------------------------------
                      730  HZ20   35   DS16  101 0.40 0.39 1,269  0.78 1.19
---------------------------------------------------------------------------
             Length of the zone  35m    Weighted 0.45 0.43   322  1.43 0.35
                                         Average                           
---------------------------------------------------------------------------
PD820-HZ20-730-SYM-   730  HZ20    5   DS16  104 0.40 0.39   297  1.02 0.38
WCM1-NYM                                                                  
---------------------------------------------------------------------------
                      730  HZ20   10   DS16  104 0.70 0.68    78  0.17 0.18
------------------------------------------------------------------
---------
                      730  HZ20   15   DS16  104 0.60 0.58   762  0.23 0.18
---------------------------------------------------------------------------
                      730  HZ20   20   DS16  104 0.70 0.68   842  5.78 1.04
---------------------------------------------------------------------------
                      730  HZ20   25   DS16  104 0.55 0.53    51  0.20 0.14
---------------------------------------------------------------------------
                      730  HZ20   30   DS16  104 0.65 0.63   554  1.25 0.64
---------------------------------------------------------------------------
                      730  HZ20   35   DS16  104 0.55 0.53   158  0.57 0.29
---------------------------------------------------------------------------
                      730  HZ20   40   DS16  104 0.60 0.58    68  0.18 0.13
---------------------------------------------------------------------------
                      730  HZ20   45   DS16  104 0.75 0.72   366  0.21 0.21
---------------------------------------------------------------------------
             Length of the zone  40m    Weighted 0.61 0.59   366  1.13 0.36
                                         Average                           
---------------------------------------------------------------------------
PD820-HZ20-730-SYM-   730  HZ20   35   DS20   75 1.60 1.55   131  0.27 0.09
ECM2-SYM                                                                  
---------------------------------------------------------------------------
                      730  HZ20   40   DS20   75 1.20 1.16   909  0.62 0.23
---------------------------------------------------------------------------
                      730  HZ20   45   DS20  102 0.80 0.77   166  3.34 0.73
---------------------------------------------------------------------------
                      730  HZ20   50   DS20  102 0.80 0.77   339  3.36 0.11
---------------------------------------------------------------------------
                      730  HZ20   55   DS20   88 1.00 0.97    24  0.05 0.10
---------------------------------------------------------------------------
                      730  HZ20   60   DS20   88 0.80 0.77    12  0.28 0.05
---------------------------------------------------------------------------
                      730  HZ20   65   DS20   95 0.90 0.87    80  4.36 0.20
---------------------------------------------------------------------------
                      730  HZ20   70   DS20   95 0.80 0.77     2  0.42 0.05
---------------------------------------------------------------------------
                      730  HZ20   75   DS20   95 0.80 0.77     5  0.05 0.05
---------------------------------------------------------------------------
                      730  HZ20   80   DS20   95 0.80 0.77    64  1.46 less
                                                                       than
                                                                       0.10
---------------------------------------------------------------------------
                      730  HZ20   85   DS20   95 0.80 0.77     2  0.13 0.05
---------------------------------------------------------------------------
                      730  HZ20   90   DS20   87 0.80 0.77    26  0.47 0.11
---------------------------------------------------------------------------
                      730  HZ20   95   DS20   87 0.80 0.77    30  3.04 less
                                                                       than
                                                                       0.10
---------------------------------------------------------------------------
                      730  HZ20  100   DS20   87 0.80 0.77   448  3.21 0.35
---------------------------------------------------------------------------
                      730  HZ20  105   DS20  100 1.20 1.16   115  2.97 0.11
---------------------------------------------------------------------------
                      730  HZ20  110   DS20  100 1.00 0.97    43  5.96 0.46
---------------------------------------------------------------------------
             Length of the zone  75m    Weighted 0.93 0.90   165  1.83 0.17
                                         Average                           
---------------------------------------------------------------------------
PD820-HZ20-690-ECM3-  690  HZ20    0    EN5   65 0.60 0.58 1,128  0.09 0.41
NYM                                                                       
---------------------------------------------------------------------------
                      690  HZ20    5    EN5   65 0.60 0.58 1,120  0.02 0.31
---------------------------------------------------------------------------
                      690  HZ20   10    EN5   65 0.40 0.39   855  0.10 0.19
---------------------------------------------------------------------------
                      690  HZ20   25    EN5   65 0.40 0.39   111  0.04 0.17
---------------------------------------------------------------------------
                      690  HZ20   30    EN5   65 0.80 0.77    82  0.11 0.08
---------------------------------------------------------------------------
             Length of the zone  30m    Weighted 0.56 0.54   643  0.08 0.23
                                         Average                           
---------------------------------------------------------------------------
PD820-HZ20-690-ECM3-  690  HZ20    0    EN5   65 0.60 0.58 1,128  0.09 0.41
NYM                                                                       
---------------------------------------------------------------------------
                      690  HZ20    5    EN5   65 0.60 0.58 1,120  0.02 0.31
---------------------------------------------------------------------------
                      690  HZ20   10    EN5   65 0.40 0.39   855  0.10 0.19
---------------------------------------------------------------------------
                      690  HZ20   15    EN5   65 0.30 0.29    16  0.11 0.07
-----------------------------------------------------
----------------------
                      690  HZ20   20    EN5   65 0.30 0.29    45  0.12 0.13
---------------------------------------------------------------------------
                      690  HZ20   25    EN5   65 0.40 0.39   111  0.04 0.17
---------------------------------------------------------------------------
                      690  HZ20   30    EN5   65 0.80 0.77    82  0.11 0.08
---------------------------------------------------------------------------
             Length of the zone  30m    Weighted 0.49 0.47   535  0.08 0.21
                                         Average                           
---------------------------------------------------------------------------
PD820-HZ20-690-SYM-   690  HZ20    5   ES10   90 0.40 0.39   110  0.62 0.26
ECM3-SYM                                                                  
---------------------------------------------------------------------------
                      690  HZ20   10   ES10   90 0.40 0.39   210  0.19 0.15
---------------------------------------------------------------------------
                      690  HZ20   15   ES10   90 0.40 0.39     5  0.51 0.13
---------------------------------------------------------------------------
                      690  HZ20   20   ES10   90 0.40 0.39   363  1.98 0.26
---------------------------------------------------------------------------
                      690  HZ20   25   ES10   90 0.40 0.39    26  0.26 0.21
---------------------------------------------------------------------------
                      690  HZ20   30   ES10   90 0.40 0.39   121  0.40 0.32
---------------------------------------------------------------------------
                      690  HZ20   35   ES10   90 0.80 0.77   500  0.33 0.23
---------------------------------------------------------------------------
                      690  HZ20   40   ES10   90 0.80 0.77 2,491  3.07 1.97
---------------------------------------------------------------------------
                      6
90  HZ20   45   ES10   90 0.80 0.77 1,038  1.34 0.65
---------------------------------------------------------------------------
                      690  HZ20   50   ES10   90 0.40 0.39   521  1.27 0.22
---------------------------------------------------------------------------
                      690  HZ20   55   ES10   90 0.80 0.77   679  3.25 1.49
---------------------------------------------------------------------------
                      690  HZ20   60   ES10   97 0.80 0.77 1,671  0.70 0.79
---------------------------------------------------------------------------
                      690  HZ20   65   ES10   97 0.80 0.77 1,965  1.09 0.62
---------------------------------------------------------------------------
                      690  HZ20   70   ES10   97 0.80 0.77 1,784  8.78 0.36
---------------------------------------------------------------------------
                      690  HZ20   75   ES10   80 0.80 0.77    36  2.43 less
                                                                       than
                                                                       0.10
---------------------------------------------------------------------------
                      690  HZ20   80   ES10   80 1.20 1.16   148  4.09 0.11
---------------------------------------------------------------------------
                      690  HZ20   85   ES10   98 0.80 0.77   411  0.22 0.19
---------------------------------------------------------------------------
                      690  HZ20   90   ES10   98 0.80 0.77   480 18.38 0.17
---------------------------------------------------------------------------
                      690  HZ20   95   ES10   89 0.80 0.77   420  9.21 0.15
---------------------------------------------------------------------------
                      690  HZ20  100   ES10   89 0.80 0.77    11  0.19 0.05
---------------------------------------------------------------------------
                      690  HZ20  105   ES10   89 0.80 0.77     5  0.25 0.05
---------------------------------------------------------------------------
                      690  HZ20  110   ES10   97 0.80 0.77   290  0.50 0.29
---------------------------------------------------------------------------
                      690  HZ20  115   ES10   97 0.80 0.77   262  0.31 0.17
---------------------------------------------------------------------------
                      690  HZ20  120   ES10   97 1.20 1.16   134  3.64 0.23
---------------------------------------------------------------------------
                      690  HZ20  125   ES10   81 0.80 0.77   934  3.68 0.19
---------------------------------------------------------------------------
                      690  HZ20  130   ES10   81 1.20 1.16   426  6.28 0.00
---------------------------------------------------------------------------
                      690  HZ20  135   ES10   81 0.80 0.77   252  4.87 0.21
---------------------------------------------------------------------------
             Length of the zone 130m    Weighted 0.74 0.72   599  3.29 0.35
                                         Average                           
---------------------------------------------------------------------------
PD820-650-            650 HZ20W   70   F4-1   89 0.40 0.39    68  0.31 0.19
Transportation                                                            
---------------------------------------------------------------------------
                      650 HZ20W   75   F4-1   89 0.50 0.48   120  0.51 0.22
---------------------------------------------------------------------------
                      650 HZ20W   80   F4-1   89 0.40 0.39   656  0.32 0.40
---------------------------------------------------------------------------
                      650 HZ20W   85   F4-1   89 0.50 0.48    57  0.22 0.10
---------------------------------------------------------------------------
                      650 HZ20W   90   F4-1   89 0.70 0.68    46  0.12 0.06
---------------------------------------------------------------------------
                      650 HZ20W   95   F4-1   89 0.50 0.48   134  0.26 0.19
---------------------------------------------------------------------------
                      650 HZ20W  100   F4-1   89 1.00 0.97   252  0.57 0.22
---------------------------------------------------------------------------
                      650 HZ20W  105   F4-1   89 0.50 0.48    69  0.21 0.09
---------------------------------------------------------------------------
             Length of the zone  35m    Weighted 0.56 0.54   170  0.33 0.18
                                         Average                           
---------------------------------------------------------------------------
PD820-HZ20W-650-      650 HZ20W    5   FN10  358 1.30 1.26 1,082  0.24 0.80
PD700Main-NYM                                                             
---------------------------------------------------------------------------
                      650 HZ20W   10   FN10  358 1.30 1.26 1,204  0.06 0.59
---------------------------------------------------------------------------
                      650 HZ20W   15   FN10  358 0.80 0.77   786  0.19 1.08
---------------------------------------------------------------------------
PD820-HZ20W-650-      650 HZ20W    0   FN10  178 1.90 1.84 1,393  0.16 0.61
PD700Main-SYM                                                             
---------------------------------------------------------------------------
                      650 HZ20W    5   FN10  178 1.50 1.45 2,657  0.07 1.48
---------------------------------------------------------------------------
                      650 HZ20W   10   FN10  178 0.90 0.87 3,952  0.32 2.03
---------------------------------------------------------------------------
                      650 HZ20W   15   FN10  178 0.80 0.77 3,024  0.15 1.10
---------------------------------------------------------------------------
                      650 HZ20W   20   FN10  174 1.30 1.26   312  0.05 0.93
----------
-----------------------------------------------------------------
                      650 HZ20W   25   FN10  174 0.90 0.87   107  0.23 0.12
---------------------------------------------------------------------------
                      650 HZ20W   30   FN10  174 2.20 2.13   664  1.00 0.42
---------------------------------------------------------------------------
             Length of the zone  45m    Weighted 1.29 1.25 1,409  0.30 0.85
                                         Average                           
---------------------------------------------------------------------------
 
 
Table 2: Selected drill results from the HZG Mine
 
---------------------------------------------------------------------------
                        Eleva- Reco- Inte- True                     Mineral-
                         tion  very  rval Width    Ag    Pb    Zn      ized
Hole ID     From     To    (m)   (%)   (m)   (m) (g/t)   (%)   (%)     Vein
---------------------------------------------------------------------------
ZK43B02   246.59 247.99   711    99  1.12  1.12   637  1.25  0.13      HZ22
          320.77 322.09   661   100  1.06  1.05    76  1.11  0.30      HZ23
---------------------------------------------------------------------------
ZK41B02   496.10 498.90   588   100  0.41  0.39    33  2.22  0.18      HZ22
---------------------------------------------------------------------------
ZK43B03   274.40 276.89   645    98  1.45  1.44   234  0.29  0.07      HZ22
          463.66 465.33   482    98  0.96  0.95   151  0.55  0.20    HZ23E1
---------------------------------------------------------------------------
ZK41B03   158.41 159.58   797   100  0.42  0.40   618  0.40  0.18      HZ20
---------------------------------------------------------------------------
ZK43B04   496.28 497.28   427    97  0.47  0.47    92  0.34  0.15     HZ23E
          536.00 537.32   390   100  0.81  0.78   143  0.40  0.15    HZ23E1
---------------------------------------------------------------------------
 
ZKB59A001 296.69 298.07   668   100  1.05  1.02   165  0.06  0.10  New Zone
---------------------------------------------------------------------------
ZK45B03   232.18 233.18   717   100  0.58  0.57    18  2.48  1.56     HZ22W
          249.92 252.02   701   100  1.21  1.20   255  0.85  0.10      HZ22
---------------------------------------------------------------------------
ZK4703    465.85 468.14   620    99  2.05  2.02   178  3.24  0.17      HZ23
---------------------------------------------------------------------------
ZKB57A003 287.25 289.25   601   100  1.59  1.52   109  0.30  0.06       HZ5
---------------------------------------------------------------------------
ZK47B03   271.05 271.72   733   100  0.55  0.55   141  4.03  0.49  New Zone
          319.83 321.20   701   100  1.14  1.13   542  1.02  0.11     HZ22W
          360.91 361.92   674    99  0.84  0.83   184 12.86  0.16      HZ22
          395.16 396.59   651   100  1.19  1.18   113  0.22  0.10     HZ22E
          468.57 469.49   603    93  0.77  0.76   449  0.51  0.32      HZ23
---------------------------------------------------------------------------
ZK47B04   325.94 326.94   680   100  0.90  0.87    69  1.85  0.07     HZ22W
---------------------------------------------------------------------------
ZK4704    474.55 475.60   564    99  0.84  0.83   223  3.03  0.06      HZ23
---------------------------------------------------------------------------
ZK45B04   272.99 274.24   666   100  0.89  0.84   339  0.52  0.23      HZ22
---------------------------------------------------------------------------
ZKB4505   246.53 249.43   715   100  2.43  2.38   149  0.58  0.12      HZ22
          323.75 325.25   659   100  1.27  1.24    80  0.97  0.12      HZ23
---------------------------------------------------------------------------
ZK47B05   289.57 291.26   682    99  1.37  1.33   189  0.58  0.08       HZ5
---------------------------------------------------------------------------

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 200-300g 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 length ranges 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.

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-lookin g 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 licenses; 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 report ing 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.

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

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