Silvercorp Provides Update Regarding Defamation Case and Class Action

Silvercorp Provides Update Regarding Defamation Case and Class Action 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/13/13 -- Silvercorp
Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM)(NYSE:SVM) today
announced that the appeal filed by the Company following the granting
of the motion to dismiss the defamation case filed by Silvercorp in
the fall of 2011 has been withdrawn. 
While Silvercorp disagrees with the decision of Justice Edmead- that
"short and distort" publications are statements of opinion and not
statements of purported fact (in other words the defendants simply
had the freedom to express their opinions pursuant to their
constitutional rights), Silvercorp believes it is in the best
interest of the Company and its shareholders to end this potentially
lengthy and expensive litigation, and continue to focus its efforts
on developing the GC project while improving and upgrading its
existing operations to deliver long-term shareholder value.  
With respect to the current class action lawsuit filed in December
2013 against the Company by certain individual shareholders, as per
the news release of January 24, 2013, it is the Company's belief that
there is no merit to the allegations set out in the class action
lawsuits since they are based on previously made false accusations
and as such represent nothing new. Should the class action be
certified and proceed, the Company will defend itself accordingly.
The Company has retained Latham & Watkins LLP in New York as its
defence counsel. 
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 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 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 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.
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
 
 
Press spacebar to pause and continue. Press esc to stop.