Silvercorp Reports Financial and Operating Results for the Fourth Quarter and Fiscal Year Ended March 31, 2013

Silvercorp Reports Financial and Operating Results for the Fourth Quarter and 
Fiscal Year Ended March 31, 2013 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/22/13 --
Silvercorp Metals Inc. ("Silvercorp" or the "Company")
(TSX:SVM)(NYSE:SVM) today reported its financial and operating
results for the fourth quarter and fiscal year ended March 31, 2013. 
FOURTH QUARTER HIGHLIGHTS 


 
--  Silver production of 0.94 million ounces; 
--  Sales of $33.1 million; 
--  Net income of $6.4 million or $0.04 per share; 
--  Cash flow from operations of $14.8 million, or $0.09 per share; 
--  Payment of a quarterly dividend to shareholders of $4.3 million or
    CAD$0.025 per share; and 
--  Re-negotiated contracts with eight mining contractors at the Ying Mining
    District with updated fees to reflect the change in mining strategy,
    which increases the use of the lower cost shrinkage method to 75% and
    reduces the use of the higher cost re-suing method to 25% for expected
    ore production of 900,000 tonnes in Fiscal 2014. The new contracts are
    expected to provide a reduction in total mining cost. 

 
FISCAL YEAR 2013 HIGHLIGHTS 


 
--  Silver production of 4.97 million ounces; 
--  Gold production of 12,457 ounces; 
--  Sales of $181.6 million; 
--  Adjusted net income of $36.9 million or $0.22 per share; 
--  Cash flow from operations of $85.8 million, or $0.50 per share; 
--  Cash cost of $0.48 per ounce of silver at the Ying Mining District; 
--  Completed construction of the GC mine and began trial mining and
    processing; 
--  Return of $17.1 million to shareholders in quarterly dividend payments
    of CAD$0.025 per share; and 
--  Commenced the implementation of a new mining strategy at the Ying Mining
    District which is expected to have a positive long-term impact on
    operations. 

 
FINANCIALS 
1. Q4 Fiscal 2013 vs. Q4 Fiscal 2012  
For the quarter ended March 31, 2013 ("Q4 Fiscal 2013"), net income
attributable to equity holders of the Company was $6.4 million or
$0.04 per share compared to net income of $9.7 million or $0.06 per
share in the quarter ended March 31, 2012 ("Q4 Fiscal 2012"). 
Compared to the same prior year quarter, the decrease in net income
was mainly due to (i) lower base metal production
: 11.7 million
pounds of lead and zinc were produced and sold in this quarter
compared to 17.6 million pounds of lead and zinc in Q4 Fiscal 2012;
(ii) a decrease in realized prices for silver and lead of 7% and 8%,
respectively; and (iii) an increase in production costs. 
In Q4 Fiscal 2013, the Company realized sales of $33.1 million
compared to $44.3 million in Q4 Fiscal 2012. 
Cost of sales in Q4 Fiscal 2013 was $16.1 million compared to $14.3
million in Q4 Fiscal 2012 and included cash costs of $13.8 million
compared to $11.1 million in Q4 Fiscal 2012. The increase of cost of
sales was due to an 11% increase in ore production. 
The gross profit margin in Q4 Fiscal 2013 was 52%, compared to 68% in
Q4 Fiscal 2012. 
Cash flow from operations in Q4 Fiscal 2013 was $14.8 million or
$0.09 per share, compared to $12.6 million, or $0.07 per share, in Q4
Fiscal 2012. 
2. Fiscal 2013 vs. Fiscal 2012  
For the year ended March 31, 2013 ("Fiscal 2013"), net income
attributable to equity holders of the Company was $27.2 million, or
$0.16 per share. Excluding the $9.6 million non-cash accounting
charge in respect to the Company's investment in an associate,
adjusted net income for Fiscal 2013 was $36.9 million, or $0.22 per
share. As there were no adjustments to net income in the prior year
ended March 31, 2012 ("Fiscal 2012"), net income was $73.8 million,
or $0.43 per share. 
The overall decrease in net income compared to the prior year was
mainly due to (i) a 15% decline in the realized silver price; (ii) a
decrease in silver production of 0.65 million ounces; (iii) a
decrease in base metal production of 20.3 million pounds of lead and
zinc; and (iv) higher overall production costs as more ore was
processed at reduced head grades for silver, lead and zinc. 
In Fiscal 2013, the Company realized sales of $181.6 million compared
to $238.0 million in Fiscal 2012. 
Cost of sales in Fiscal 2013 was $73.1 million, an increase of 20%,
compared to $61.1 million in Fiscal 2012 and included cash costs of
$59.9 million compared to $48.7 million in Fiscal 2012. The increase
is due to a 19% increase in ore production at lower head grades. 
In Fiscal 2013, the gross profit margin was 60% compared to 74% in
Fiscal 2012. 
Cash flow from operations in Fiscal 2013 was $85.8 million or $0.50
per share, compared to $113.3 million, or $0.65 per share, in Fiscal
2012. The Company ended the fiscal year with $117.9 million in cash,
cash equivalents and short-term investments. 
OPERATIONS 
1. Q4 Fiscal 2013 vs. Q4 Fiscal 2012  
In Q4 Fiscal 2013, on a consolidated basis, the Company produced 0.94
million ounces of silver, 2,333 ounces of gold, 9.8 million pounds of
lead, and 1.9 million pounds of zinc compared to 1.1 million ounces
of silver and 1,987 ounces of gold, 14.7 million pounds of lead, and
2.9 million pounds of zinc in Q4 Fiscal 2012. 
Ying Mining District, Henan Province, China 
In Fiscal 2013, following a reduction in the cut-off grades for the
Ying Mining District resource, the company has begun to gradually
reduce the use of the re-suing method and increase the use of the
shrinkage method for mining. As a result, ore production has
increased but with reduced head grades for silver, lead and zinc,
which resulted in less metal production. However, the long term
benefit of the change in mining strategy is expected to increase mine
life and reduce overall mining costs in an effort to offset the
increasing labour cost in China. 
Additionally in Q4 Fiscal 2013, contract renewal negotiations with
the Company's eight mining contractors took longer than expected as
fees needed to be adjusted to reflect the change in mining strategy.
The uncertainty during the contract renegotiations affected the ore
production rate. As of April 2013, all contracts had been
successfully renewed and production rate had returned to levels
required to achieve the Company's Fiscal 2014 annual production
guidance. 
In Q4 Fiscal 2013, the Company mined 153,323 tonnes of ore at the
Ying Mining District compared to 135,748 tonnes in Q4 Fiscal 2012.
During the quarter, metal production totalled 0.93 million ounces of
silver, 800 ounces of gold, 9.5 million pounds of lead and 1.6
million pounds of zinc, compared to 1.1 million ounces of silver, 966
ounces of gold, 14.7 million pounds of lead, and 2.6 million pounds
of zinc in Q4 Fiscal 2012. 
Head grades were 205 grams per tonne ("g/t") for silver, 2.9% for
lead and 0.7% for zinc, compared to 275 g/t for silver, 5.2% for lead
and 1.4% for zinc in the same quarter last year. 
In Q4 Fiscal 2013, total and cash mining costs per tonne were $72.56
and $61.67, respectively, compared to $73.52 and $57.62 in Q4 Fiscal
2012, respectively. 
In Q4 Fiscal 2013, a total of 158,145 tonnes of ore was milled
compared to 136,609 tonnes in Q4 Fiscal 2012. The cash milling cost
per tonne was $16.05 in Q4 Fiscal 2013 compared to $16.84 in Q4
Fiscal 2012. 
Total and cash costs per ounce of silver in Q4 Fiscal 2013 for the
Ying Mining District were $5.82 and $3.65 respectively, compared to
negative $1.84 and negative $4.22, in Q4 Fiscal 2012, respectively. 
BYP Mine, Hunan Province, China 
In Q4 Fiscal 2013, the Company mined 19,334 tonnes of ore at the BYP
mine with a gold head grad
e of 3.0 g/t compared to 16,265 tonnes and
a gold head grade of 2.1 g/t in Q4 Fiscal 2012. During the quarter,
1,509 ounces of gold were produced and sold at a cash cost per ounce
of gold of $493 compared to 1,021 ounces of gold produced and sold at
cash cost per ounce of gold of $768 in the same period last year. In
Q4 Fiscal 2013, total and cash mining costs per tonne were $58.33 per
tonne and $26.35 per tonne respectively compared to $43.22 and $19.24
in Q4 Fiscal 2012, respectively. 
2. Fiscal 2013 vs. Fiscal 2012  
In Fiscal 2013, on a consolidated basis, the Company produced 4.97
million ounces of silver, 12,457 ounces of gold, 53.9 million pounds
of lead and 12.4 million pounds of zinc, compared to 5.62 million
ounces of silver, 8,771 ounces of gold, 72.8 million pounds of lead
and 13.7 million pounds of zinc in Fiscal 2012. 
Ying Mining District, Henan Province, China 
In Fiscal 2013, the total ore mined at the Ying Mining District was
776,846 tonnes, an increase of 17% compared to 662,572 tonnes in
Fiscal 2012. 
Head grades at the Ying Mining District were 220 g/t for silver, 3.3%
for lead, and 1.0% for zinc in Fiscal 2013 compared to 287 g/t for
silver, 5.2% for lead and 1.4% for zinc in Fiscal 2012. 
In Fiscal 2013, the Ying Mining District produced 4.94 million ounces
of silver, 4,153 ounces of gold, 52.2 million pounds of lead, and
11.2 million pounds of zinc, compared to 5.61 million ounces of
silver, 3,595 ounces of gold, 72.4 million pounds of lead, and 13.5
million pounds of zinc in Fiscal 2012. 
Head grades and metal production were impacted by an increase in
production from the HPG, TLP, and LM mines, which represented 40% of
total production at the Ying Mining District; and the aforementioned
impact from the implementation of the change in mining strategy at
the Ying Mining District. 
In Fiscal 2013, total and cash mining costs per tonne were $66.62 and
$55.94 respectively compared to $64.70 and $51.60 in Fiscal 2012,
respectively. The overall increase in cash mining costs per tonne was
due to: (i) an increase in labour costs of $1.60 per tonne, (ii) an
increase in mining administration costs of $1.00 per tonne, (iii) an
increase in mining preparation and infill drilling costs of $1.62 per
tonne, and (iii) the impact of US dollar depreciation versus the
Chinese RMB of $1.00 per tonne. Additional mining preparation and
infill drilling were necessary to implement the change in mining
strategy. 
In Fiscal 2013, total ore milled was 774,534 tonnes, an increase of
16% compared to 667,094 tonnes in Fiscal 2012. In Fiscal 2013, cash
milling costs were $13.56 compared to $14.13 in Fiscal 2012. 
Including by-product credits, in Fiscal 2013, total cost and cash
cost per ounce of silver were $2.45 and $0.48 respectively, compared
to negative $3.19 and negative $5.07, respectively, in Fiscal 2012. 
BYP Mine, Hunan Province, China 
In Fiscal 2013, the total ore mined was 109,093 tonnes compared to
91,128 tonnes in Fiscal 2012. The Company produced and sold 8,068
ounces of gold in Fiscal 2013 compared to 5,064 ounces of gold in
Fiscal 2012. The cash cost per ounce of gold was $455 in Fiscal 2013
compared to $474 in Fiscal 2012. Gold head grade for Fiscal 2013 was
3.1 g/t compared to 2.4 g/t in Fiscal 2012. 
The consolidated operational results for the past five quarters and
full Fiscal 2013 and Fiscal 2012 are summarized in the table below: 


 
Consolidated Operational                                                    
 Results                                       Quarterly                    
                          --------------------------------------------------
                             Q4 2013   Q3 2013   Q2 2013   Q1 2013   Q4 2012
                           31-Mar-13 31-Dec-12 30-Sep-12 30-Jun-12 31-Mar-12
----------------------------------------------------------------------------
Ore Mined (tonne)                                                           
 Direct Smelting Ore                                                        
  (tonne)                      1,309     2,334     2,442     2,251     2,761
 Stockpiled Ore (tonne)      171,348   278,850   238,005   208,709   153,141
                          --------------------------------------------------
                             172,657   281,184   240,447   210,960   155,902
----------------------------------------------------------------------------
Run of Mine Ore (tonne)                                                     
 Direct Smelting Ore                                                        
  (tonne)                      1,309     2,334     2,442     2,251     2,761
 Ore Milled (tonne)          198,356   284,394   246,765   214,414   157,423
                          --------------------------------------------------
                             199,665   286,728   249,207   216,665   160,184
----------------------------------------------------------------------------
Metal Sales                                                                 
 Silver (in thousands of                                                    
  ounces)                        944     1,519     1,286     1,224     1,084
 Gold (in thousands of                                                      
  ounces)                        2.3       5.1       2.5       2.6       2.0
 Lead (in thousands of                                                      
  pounds)                      9,827    16,430    13,897    13,744    14,670
 Zinc (in thousands of                                                      
  pounds)                      1,903     3,977     3,523     2,974     2,890
----------------------------------------------------------------------------
Head Grade of Run of Mine                                                   
 Ore                                                                        
 Silver (gram/tonne)             205       222       224       225       275
 Gold (gram/tonne) - BYP                                                    
  mine                           3.0       3.7       3.3       2.2       2.1
 Lead (%)                        2.9       3.2       3.4       3.6       5.2
 Zinc (%)                        0.7       1.0       1.2       1.1       1.4
----------------------------------------------------------------------------
Recovery Rate of Run of                                                     
 Mine Ore                                                                   
 Silver (%)                     93.5      93.3      92.7      90.9      93.2
 Gold (%) - BYP mine            92.0      92.7      94.1      90.1      87.1
 Lead (%)                       94.5      95.1      94.3      93.2      96.4
 Zinc (%)                       60.3      70.4      69.6      62.6      64.6
----------------------------------------------------------------------------
Cash Mining Cost ($ per                                                     
 tonne)                        57.71     50.98     50.11     50.43     53.40
Total Mining Costs($ per                                                    
 tonne)                        70.96     65.26     62.41     65.55     70.24
Cash Milling Cost ($ per                                                    
 tonne)                        15.50     12.72     12.40     14.41     16.50
Total Milling Cost ($ per                               
                    
 tonne)                        17.86     14.23     14.11     16.35     18.75
----------------------------------------------------------------------------
Cash Cost per Ounce of                                                      
 Silver ($)                     3.65    (0.17)    (0.74)      0.14    (4.22)
Total Production Cost per                                                   
 Ounce of Silver ($)            5.82      1.52      1.05      2.47    (1.84)
----------------------------------------------------------------------------
BYP Cash Cost per Ounce of                                                  
 Gold ($)                        493       317       361       577       768
BYP Production Cost per                                                     
 Ounce of Gold ($)               870       750       769     1,046     1,378
----------------------------------------------------------------------------
 
Consolidated Operational                       
 Results                          Annual       
                           --------------------
                               Fiscal    Fiscal
                                 2013      2012
                            31-Mar-13 31-Mar-12
-----------------------------------------------
Ore Mined (tonne)                              
 Direct Smelting Ore                           
  (tonne)                       8,336    12,599
 Stockpiled Ore (tonne)       896,912   744,991
                          ---------------------
                              905,248   757,590
-----------------------------------------------
Run of Mine Ore (tonne)                        
 Direct Smelting Ore                           
  (tonne)                       8,336    12,599
 Ore Milled (tonne)           943,929   749,922
                          ---------------------
                              952,265   762,521
-----------------------------------------------
Metal Sales                                    
 Silver (in thousands of                       
  ounces)                       4,973     5,618
 Gold (in thousands of                         
  ounces)                        12.5       8.8
 Lead (in thousands of                         
  pounds)                      53,898    72,804
 Zinc (in thousands of                         
  pounds)                      12,377    13,749
-----------------------------------------------
Head Grade of Run of Mine                      
 Ore                                           
 Silver (gram/tonne)              220       287
 Gold (gram/tonne) - BYP                       
  mine                            3.1       2.4
 Lead (%)                         3.3       5.2
 Zinc (%)                         1.0       1.4
-----------------------------------------------
Recovery Rate of Run of                        
 Mine Ore                                      
 Silver (%)                      92.8      92.9
 Gold (%) - BYP mine             92.4      90.8
 Lead (%)                        94.5      96.0
 Zinc (%)                        66.8      68.0
-----------------------------------------------
Cash Mining Cost ($ per                        
 tonne)                         52.05     47.40
Total Mining Costs($ per                       
 tonne)                         65.85     61.51
Cash Milling Cost ($ per                       
 tonne)                         13.56     14.19
Total Milling Cost ($ per                      
 tonne)                         15.36     15.85
-----------------------------------------------
Cash Cost per Ounce of                         
 Silver ($)                      0.48    (5.13)
Total Production Cost per                      
 Ounce of Silver ($)             2.45    (3.25)
-----------------------------------------------
BYP Cash Cost per Ounce of                     
 Gold ($)                         455       474
BYP Production Cost per                        
 Ounce of Gold ($)                882       844
-----------------------------------------------

 
3. Fiscal 2013 vs. Fiscal 2013 Guidance  


 
                Ying Mining District         BYP             X mines(1)     
                                                                            
                     F2013  Guidance     F2013  Guidance     F2013  Guidance
----------------------------------------------------------------------------
Ore (tonne)        774,534   740,000   104,090    92,000    73,641          
----------------------------------------------------------------------------
                                 Head Grades                                
----------------------------------------------------------------------------
Silver                                                                      
 (gram/tonne)        220.0     245.0                                        
Gold                                                                        
 (gram/tonne)          0.2       0.2       3.1       2.1                    
Lead (%)               3.3       4.0                                        
Zinc (%)               1.0       1.5                                        
----------------------------------------------------------------------------
                              Metal Production                              
----------------------------------------------------------------------------
Silver ('000 Oz)     4,941     5,300                            32        50
Gold ('000 Oz)         4.2       3.6       8.1       4.7       0.2          
Lead ('000 Lb)      52,220    65,000                         1,678     2,500
Zinc ('000 Lb)      11,171    13,000       283     1,300       923     1,200
----------------------------------------------------------------------------
(1) Xmines production represents development tunnelling ore from XBG and XHP
 mines.                                                                     
(2) No commerical production at GC mine in Fiscal 2013.                     
 
                        GC(2)               Total       
                                                        
                     F2013  Guidance     F2013  Guidance
--------------------------------------------------------
Ore (tonne)              -    35,000   952,265   867,000
--------------------------------------------------------
                       Head Grades                      
--------------------------------------------------------
Silver                                                  
 (gram/tonne)                                           
Gold                                                    
 (gram/tonne)                                           
Lead (%)                                                
Zinc (%)                                                
--------------------------------------------------------
                    Metal Production                    
--------------------------------------------------------
Silver ('000 Oz)         -       170     4,973     5,520
Gold ('000 Oz)           -                12.5       8.3
Lead ('000 Lb)           -     1,200    53,898    68,700
Zinc ('000 Lb)           -     1,500    12,377    17,000
--------------------------------------------------------
(1) Xmines production represents development tunnelling 
 ore from XBG and XHP mines.                            
(2) No commerical production at GC mine in Fiscal 2013. 

 
DEVELOPMENT AND EXPLORATION 
1. Ying Mining District, Henan Province, China  
In Q4 Fiscal 2013, $5.2 million (Q4 Fiscal 2012 - $5.8 million) in
exploration and development expenditure was incurred at the Ying
Mining District. In Fiscal 2013, $33.3 million (Fiscal 2012 - $28.7
million) in exploration and development expenditure was incurred at
the Ying Mining District. 
SGX Mine 
As at the end Fiscal 2013, the Company had completed over 1,800
metres ("m") of the 5,200m ramp at the SGX mine. The ramp is designed
to follow the S7-1 and S8 veins from the 450m el
evation to the 150m
elevation and then bottom at the zero metre elevation, where it will
be connected to three existing vertical blind shafts to provide
ventilation and access. The Company expects to complete construction
of the ramp in calendar year 2015. 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 Fiscal 2013, the Company also developed 31,600m of horizontal
tunnels and completed 63,000m of underground drilling at the SGX
mine. 
During the year, to support the ongoing expansion work at the SGX
mine, the Company has completed the design work for a new 5,000
square metre ("m2") surface facility which will include offices and
dormitories. Site preparation work (roads, power, and water) has been
completed while construction for the first phase of the surface
facilities began at the end of March 2013. 
LM Mine and LM Mine West 
At the end Fiscal 2013, the Company completed nearly 1,700m of the
development work for a 4,800m access ramp at the LM Mine West ("LM
West"). The ramp was collared at the 980m elevation and is designed
to provide access to veins LM7, LM8, LM10, LM11, LM12, LM13 at the
northern end of LM West and veins LM14, LM16, and LM17 at the
southern end of LM West. The upper portion of the ramp has already
been connected to existing tunnels at LM West resulting in improved
tunnel ventilation and hauling capacity. 
Shaft 969 at LM West is on schedule to become operational in Fiscal
2014 and is expected to commence ore production during the third
quarter of Fiscal 2014. Once Shaft 969, the access ramp and all of
the mining levels are completed down to the 500m elevation at LM West
in Fiscal 2015, the combined production capacity of the LM mine and
LM West is expected to be approximately 300,000 tonnes of ore per
year. 
In Fiscal 2013, the Company also developed 17,300m of decline and
horizontal tunnels and completed 49,300m of underground drilling at
the LM mine and LM West. 
To support the expansion in operations at the LM mine and LM West,
the Company has completed the site preparation work for the
construction of a 3,000m2 surface facility, including offices and a
dormitory building. The Company expects to commence construction in
the first half of Fiscal 2014. 
TLP Mine 
In Fiscal 2013, the Company developed over 19,500m of horizontal
tunnels and completed 27,500m of underground drilling. 
HPG Mine 
In Fiscal 2013, the Company developed over 10,500m of decline and
horizontal tunnels and completed 16,000m of underground drilling. 
2. GC Project, Guangdong Province, China  
In Fiscal 2013, the Company substantially completed the GC mine
construction. 
The main access ramp totalling 2,010m in length was completed in
Fiscal 2013 and has accessed the V2 vein at the +40m, +20m, and 0m
elevations. In addition, 1,520m of the 4,600m exploration ramp was
completed during Fiscal 2013. Once the exploration ramp is completed,
it will provide access to all known veins within a horizontal
distance of 250m. The exploration ramp has accessed the V9, V9-1,
V9W-1 and V9W-2 veins at the 100m, 50m and 0m elevations through
cross-cuts and has developed transportation drifts and mining
preparation drifts. The exploration ramp has also been connected to
the main ramp at the +100m, +50m and 0m elevations, as well as to the
main shaft at the 100m elevation to provide ventilation and a safety
exit. During the course of Fiscal 2014, the Company will use the main
ramp and the exploration ramp access points for mining. 
As at the end of Fiscal 2013, 550m of the 628m main shaft was
completed down to an elevation of -300m. The shaft is expected to
reach its designed elevation of -380m in the second quarter of Fiscal
2014. Installation of the hoist system, including the hoist tower for
the shaft is expected to be completed by the beginning of Fiscal
2015. 
During Fiscal 2013, the construction of the 1,600 t/d floatation mill
was also completed. In March 2013 the Company commenced equipment
testing and trial processing to fine tune the mill circuit to achieve
the desired metallurgical recovery rates for silver, lead, zinc, tin,
and sulphur in concentrates. Testing is expected to last several
months. The construction of the dry stack tailings storage facility
and the related safety and environmental protection facilities was
completed by the end of March 2013. 
The construction of a new power supply system to provide sufficient
power to the site, consisting of a 5.8 kilometre power line, a 110KV
substation, and a 10KV safety backup-circuit began in late September
2012. In February 2013, the new power supply station began supplying
power to the site. 
To achieve formal commercial production, the Company is required to
pass a series of regulatory inspections to ensure it has complied
with safety and environmental protection requirements. The Company
expects to pass the inspection and to obtain its Safety Production
Permit in the third quarter of Fiscal 2014. 
In Fiscal 2013, the Company completed 35,500m diamond drilling using
five underground drill rigs and two surface drill rigs currently on
site at the GC mine. 
In Q4 Fiscal 2013, $4.8 million (Q4 Fiscal 2012 - $3.5 million) of
exploration and development expenditure was incurred at the GC mine.
In Fiscal 2013, $15.8 million (Fiscal 2012 - $5.9 million) of
exploration and development expenditure was incurred at the GC mine. 
3. BYP Mine, Hunan Province, China  
In Fiscal 2013, the Company completed the preparation work for the
construction of a shaft with a total depth of 265m. Ongoing work
includes the installation of shaft equipment and construction of the
head frame. Once completed, this shaft which will facilitate mining
of the #3 gold mineralization body and the #5 zinc and lead ore body.
In addition, the construction of a 1,500 t/d tailings-backfill
facility is expected to be completed in the first quarter of Fiscal
2014. 
In Fiscal 2013, approximately $5.7 million (Fiscal 2012 - $4.0
million) in exploration and development expenditure was incurred at
the BYP mine, of which $1.1 million was incurred in Q4 Fiscal 2013
(Q4 Fiscal 2012 - $1.2 million). 
4. Fiscal 2014 Capital Expenditure Review  
Following the recent decline in metal prices, the Company is
currently reviewing its capital expenditure for Fiscal 2014 to
identify opportunities to reduce costs and optimize the allocation of
capital across the Company, including examining strategic options for
non-core assets. 
Myles Gao, P.Geo., President, is the Qualified Person for Silvercorp
under NI 43-101 and has reviewed and given consent to the technical
information contained in this News Release. 
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. 
CONFERENCE CALL AND WEBCAST INFORMATION 
An analyst conference call will be held on Thursday, May 23, 2013 at
8 a.m. Pacific Time (11 a.m. Eastern Time) to discuss the results.
Participants may join the call by dialing 1-866-226-1793 toll-free or
1-416-340-2218 for calls outside of Canada and the U.S. Members of
the media are invited to attend on a listen-only basis. 
A live audio 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 May 30, 2013 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 5618743. 
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 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-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.                                                      
Consolidated Balance Sheets                                                 
----------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars)                                    
                                                                            
                                            March 31, 2013    March 31, 2012
----------------------------------------------------------------------------
ASSETS                                                                      
Current Assets                                                              
 Cash and cash equivalents                 $        72,283  $        109,960
 Short-term investments                             45,623            44,551
 Accounts receivable                                 1,442            12,904
 Inventories                                         7,522             7,006
 Due from related parties                              123               679
 Prepaids and deposits                               5,118             5,210
----------------------------------------------------------------------------
                                                   132,111           180,310
                                                                            
Non-current Assets                                                          
 Long term prepaids and deposits                     1,877             6,015
 Investment in an associate                          6,523            15,872
 Other investments                                  15,516            45,757
 Plant and equipment                               103,517            68,788
 Mineral rights and properties                     316,678           258,521
----------------------------------------------------------------------------
TOTAL ASSETS                               $       576,222  $        575,263
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
LIABILITIES AND EQUITY                                                      
Current Liabilities                                                         
 Accounts payable and accrued liabilities  $        29,285  $         23,590
 Deposits received                                  11,497             7,268
 Dividends payable                                   4,204             4,271
 Income tax payable                                  1,349             5,082
 Due to related parties                              1,207                 -
----------------------------------------------------------------------------
                                                    47,542            40,211
                                                                            
Non-current Liabilities                                                     
 Deferred income tax liabilities                    24,603            19,820
 Environmental rehabilitation                        5,974             4,400
----------------------------------------------------------------------------
Total Liabilities                                   78,119            64,431
----------------------------------------------------------------------------
                                                                            
Equity                                                                      
 Share capital                                     233,082           232,678
 Share option reserve                                8,314             5,552
 Reserves                                           24,717            24,717
 Accumulated other comprehensive (loss)                                     
  income                                            (1,495)           25,285
 Retained earnings                                 155,817           145,580
----------------------------------------------------------------------------
Total equity attributable to the equity                                     
 holders of the Company                            420,435           433,812
                                                                            
Non-controlling interests                           77,668            77,020
----------------------------------------------------------------------------
Total Equity                                       498,103           510,832
----------------------------------------------------------------------------
                                                                            
TOTAL LIABILITIES AND EQUITY               $       576,222  $        575,263
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
SILVERCORP METALS INC.                                                      
Consolidated Statements of Income                                           
----------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for per share figures)      
                                                                            
                             Three Months Ended                 Years Ended 
                                      March 31,                   March 31, 
                    --------------------------- ----------------------------
                             2013          2012          2013          2012 
----------------------------------------------------------------------------
                       (Unaudited)   (Unaudited)                            
Sales                $     33,147  $     44,312  $    181,622  $    237,962 
Cost of sales              16,060        14,329        73,089        61,149 
----------------------------------------------------------------------------
Gross profit               17,087        29,983       108,533       176,813 
                                                                            
General and                                                                 
 administrative             6,252         8,042        25,734        27,124 
General exploration                                                         
 and property                                                               
 investigation                711           249         3,909         3,699 
Other taxes                   483         1,264         2,985         4,394 
Foreign exchange                                                            
 gain                      (1,050)          (97)       (1,382)         (406)
Loss on disposal of                                                         
 plant and equipment           64            20           149           268 
Gain on disposal of                                                         
 mineral rights and                                                         
 properties                  (644)            -          (644)            - 
Share of loss (gain)                                                        
 in associate                 (34)          137           197           182 
Impairment on                                                               
 associate                      -             -         9,640             - 
Loss on investments           980           281         1,651           567 
Other income                 (153)         (840)         (535)       (2,457)
----------------------------------------------------------------------------
Income from                                                                 
 operations                10,478        20,927        66,829       143,442 
                                                                            
Finance income              1,666           812         4,507         3,528 
Finance costs                 (23)          (26)          (92)          (94)
----------------------------------------------------------------------------
Income before income                                                        
 taxes                     12,121        21,713        71,244       146,876 
                                                                            
Income tax expense          3,730         7,657        29,201        45,648 
----------------------------------------------------------------------------
Net income           $      8,391  $     14,056  $     42,043  $    101,228 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Attributable to:                                                            
 Equity holders of                                                          
  the Company        $      6,361  $      9,700  $     27,211  $     73,838 
 Non-controlling                                                            
  interests                 2,030         4,356        14,832        27,390 
----------------------------------------------------------------------------
                     $      8,391  $     14,056  $     42,043  $    101,228 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Earnings per share                                                          
 attributable to the                                                        
 equity holders of                                                          
 the Company                                                                
Basic earnings per                                                          
 share               $       0.04  $       0.06  $       0.16  $       0.43 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Diluted earnings per                                                        
 share               $       0.04  $       0.06  $       0.16  $       0.43 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted Average                                                            
 Number of Shares                                                           
 Outstanding - Basic  170,772,725   170,650,904   170,733,504
   172,487,486 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted Average                                                            
 Number of Shares                                                           
 Outstanding -                                                              
 Diluted              170,990,015   171,162,713   171,059,482   173,214,711 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
SILVERCORP METALS INC.                                                      
Consolidated Statements of Cash Flow                                        
----------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars)                                    
                                                                            
                               Three Months Ended               Years Ended 
                                        March 31,                 March 31, 
                        -------------------------- -------------------------
                                2013         2012         2013         2012 
----------------------------------------------------------------------------
Cash provided by          (Unaudited)  (Unaudited)                          
Operating activities                                                        
 Net income              $     8,391  $    14,056  $    42,043  $   101,228 
 Add (deduct) items not                                                     
  affecting cash:                                                           
  Unwinding of discount                                                     
   of environmental                                                         
   rehabilitation                 23           24           92           94 
  Depreciation,                                                             
   amortization and                                                         
   depletion                   2,935        3,758       14,588       13,704 
  Share of loss (gain)                                                      
   in associate                  (34)         137          197          182 
  Impairment on                                                             
   associate                       -            -        9,640            - 
  Write down of                                                             
   inventories                     -            -          348            - 
  Income tax expense           3,730        7,657       29,201       45,648 
  Loss on investments            980          281        1,651          567 
  Loss on disposal of                                                       
   plant and equipment            64           20          149          268 
  Gain on disposal of                                                       
   mineral rights and                                                       
   properties                   (644)           -         (644)           - 
  Share-based                                                               
   compensation                  739          708        2,893        3,094 
 Income tax paid              (5,914)     (11,983)     (28,237)     (37,644)
 Changes in non-cash                                                        
  operating working                                                         
  capital                      4,536       (2,061)      13,877      (13,863)
----------------------------------------------------------------------------
Net cash provided by                                                        
 operating activities         14,806       12,597       85,798      113,278 
----------------------------------------------------------------------------
                                                                            
Investing activities                                                        
 Mineral rights and                                                         
  properties                                                                
  Capital expenditures       (14,202)     (11,964)     (56,057)     (43,426)
  Proceeds on disposals        1,750            -        1,750            - 
 Plant and equipment                                                        
  Additions                   (9,056)      (3,984)     (33,531)     (23,385)
  Proceeds on disposals           80          113           80          113 
 Other investments                                                          
  Acquisition                      -         (944)        (595)      (1,964)
 Reclamation                                                                
  expenditures                     -          (47)           -          (47)
 Net redemptions                                                            
  (purchases) of short-                                                     
  term investments            15,055        2,534       (1,184)      15,993 
 Acquisition of                                                             
  Zhongxing/Chuanxin                                                        
  (net of cash acquired,                                                    
  $20)                             -       (2,571)           -      (12,005)
 Acquisition of SX Gold                                                     
  (net of cash acquired,                                                    
  $554)                            -            -            -      (22,320)
 Changes in long term                                                       
  prepaids and deposits       (1,362)      (1,094)      (1,610)      (3,847)
----------------------------------------------------------------------------
Net cash used in                                                            
 investing activities         (7,735)     (17,957)     (91,147)     (90,888)
----------------------------------------------------------------------------
                                                                            
Financing activities                                                        
 Related parties                                                            
  Payments made                 (265)        (135)        (973)      (4,673)
  Repayments received            246           75        1,561          598 
 Non-controlling                                                            
  interests                                                                 
  Contribution                     -            -            -        5,519 
  Distribution                  (636)           -      (15,248)     (13,804)
 Cash dividends                                                             
  distributed                 (4,291)      (4,205)     (17,111)     (14,891)
 Proceeds from issuance                                                     
  of common shares                34          308          273        1,304 
 Common shares                                                              
  repurchased as part of                                                    
  normal course issuer                                                      
  bid                              -            -            -      (35,380)
----------------------------------------------------------------------------
Net cash used in                                                            
 financing activities         (4,912)      (3,957)     (31,498)     (61,327)
----------------------------------------------------------------------------
                                                                            
Effect of exchange rate                                                     
 changes on cash and                                                        
 cash equivalents               (712)      (1,857)        (830)       1,673 
----------------------------------------------------------------------------
                                                                            
Increase (decrease) in                                                      
 cash and cash                                                              
 equivalents                   1,447      (11,174)     (37,677)     (37,264)
                                                                            
Cash and cash                                                               
 equivalents, beginning                                                     
 of the period                70,836      121,134      109,960      147,224 
----------------------------------------------------------------------------
                                                                            
Cash and cash                                                               
 equivalents, end of the                                                    
 period                  $    72,283  $   109,960  $    72,283  $   109,960 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
SILVERCORP METALS INC.                                                      
Mining Data                                                                 
----------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for mining data figures)    
                                                                            
                                     Three months ended March 31, 2013      
                               ---------------------------------------------
                                      Ying                                  
                                    Mining                                  
                               District(1)    X Mines(2)       BYP     Total
----------------------------------------------------------------------------
                                                                            
Production Data                                                             
 Mine Data                                                                  
  Ore Mined (tonne)                                                         
   Direct Smelting Ore (tonne)       1,309         -             -     1,309
   Stockpiled Ore(tonne)           152,014         - (i)    19,334   171,348
                               ---------------------------------------------
                                   153,323         -        19,334   172,657
                               ---------------------------------------------
  Run of Mine Ore (tonne)                                                   
   Direct Smelting Ore(tonne)        1,309         -             -     1,309
   Ore Milled(tonne)               156,836    15,292 (i)    26,228   198,356
                               ---------------------------------------------
                                   158,145    15,292        26,228   199,665
                               ---------------------------------------------
                                                                            
  Mining cost per tonne of ore                                              
   mined ($)                         72.56         -         58.33     70.96
   Cash mining cost per tonne                                               
    of ore mined ($)                 61.67         -         26.35     57.71
   Non cash mining cost per                                                 
    tonne of ore mined ($)           10.89         -         31.98     13.25
                                                                            
  Unit shipping costs($)              3.90         -             -      3.47
                                                                            
  Milling cost per tonne of ore                                             
   milled ($)                        18.61         -         13.28     17.86
   Cash milling cost per tonne                                              
    of ore milled ($)                16.05         -         12.17     15.50
   Non cash milling cost per                                                
    tonne of ore milled ($)           2.56         -          1.11      2.36
                                                                            
  Average Production Cost                                                   
   Silver($ per ounce)               11.10         -             -     11.63
   Gold ($ per ounce)                  544         -           871       600
   Lead($ per pound)                  0.36         -             -      0.38
   Zinc ($ per pound)                 0.34         -             -      0.36
                                                                            
  Total production cost per                                                 
   ounce of Silver ($)                5.82         -                    5.82
  Total cash cost per ounce of                                              
   Silver ($)                         3.65         -                    3.65
                                                                            
  Total production cost per                                                 
   ounce of Gold ($)                                           870       870
  Total cash cost per ounce of                                              
   Gold ($)                                                    493       493
                                                                            
  Total Recovery of the Run of                                              
   Mine Ore                                                                 
   Silver (%)                         93.5         -                    93.5
   Gold (%)                                                   92.0      92.0
   Lead (%)                           94.5         -                    94.5
   Zinc(%)                            60.3         -                    60.3
                                                                            
  Head Grades of Run of Mine                                                
   Ore                                                                      
   Silver(gram/tonne)                  205         -                     205
   Gold(gram/tonne)                                            3.0       3.0
   Lead (%)                            2.9         -                     2.9
   Zinc (%)                            0.7         -                     0.7
                                                                            
Sales Data                                                                  
 Metal Sales                                                                
  Silver (in thousands of                                                   
   ounces)                             933        11 (i)         -       944
  Gold(in thousands of ounces)         0.8         - (i)       1.5       2.3
  Lead(in thousands of pounds)       9,462       365 (i)         -     9,827
  Zinc(in thousands of pounds)       1,554       349 (i)         -     1,903
                                                                            
 Metal Sales                                                                
  Silver (in thousands of $)        21,883         -             -    21,883
  Gold (in thousands of $)             921         -         1,938     2,859
  Lead (in thousands of $)           7,277         -             -     7,277
  Zinc(in thousands of $)            1,128         -             
-     1,128
                               ---------------------------------------------
                                    31,208         -         1,938    33,147
                               ---------------------------------------------
 Average Selling Price,Net of Value Added                                   
  Tax and Smelter Charges                                                   
  Silver($ per ounce)                23.49         -             -     23.49
  Gold ($ per ounce)                 1,151         -         1,285     1,226
  Lead($ per pound)                   0.77         -             -      0.77
  Zinc ($ per pound)                  0.73         -             -      0.73
                                                                            
(1) Ying Mining District includes mines: SGX, TLP, HPG&LM.                  
(2) X Mines includes the XBG project and XHP project.                       
(i) Represents development tunnelling ore at the X mines.                   
                                                                            
SILVERCORP METALS INC.                                                      
Mining Data                                                                 
----------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for mining data figures)    
                                                                            
                                     Three months ended March 31, 2012      
                               ---------------------------------------------
                                      Ying                                  
                                    Mining                                  
                               District(1)    X Mines(2)       BYP     Total
----------------------------------------------------------------------------
                                                                            
Production Data                                                             
 Mine Data                                                                  
  Ore Mined (tonne)                                                         
   Direct Smelting Ore (tonne)       2,761         -             -     2,761
   Stockpiled Ore(tonne)           132,987     3,890 (i)    16,265   153,142
                               ---------------------------------------------
                                   135,748     3,890        16,265   155,903
                               ---------------------------------------------
  Run of Mine Ore (tonne)                                                   
   Direct Smelting Ore(tonne)        2,761         -             -     2,761
   Ore Milled(tonne)               133,848         -        23,575   157,423
                               ---------------------------------------------
                                   136,609         -        23,575   160,184
                               ---------------------------------------------
                                                                            
  Mining cost per tonne of ore                                              
   mined ($)                         73.52     68.75 (i)     43.22     70.24
   Cash mining cost per tonne                                               
    of ore mined ($)                 57.62     48.81 (i)     19.24     53.40
   Non cash mining cost per                                                 
    tonne of ore mined ($)           15.90     19.95 (i)     23.98     16.84
                                                                            
  Unit shipping costs($)              3.46      3.92 (i)         -      3.46
                                                                            
  Milling cost per tonne of ore                                             
   milled ($)                        19.39         -         15.04     18.75
   Cash milling cost per tonne                                              
    of ore milled ($)                16.84         -         14.58     16.50
   Non cash milling cost per                                                
    tonne of ore milled ($)           2.56         -          0.46      2.25
                                                                            
  Average Production Cost                                                   
   Silver($ per ounce)                8.34         -             -      8.34
   Gold ($ per ounce)                  361         -         1,377       424
   Lead($ per pound)                  0.28         -             -      0.28
   Zinc ($ per pound)                 0.22         -             -      0.22
                                                                            
  Total production cost per                                                 
   ounce of Silver ($)              (1.84)         -                  (1.84)
  Total cash cost per ounce of                                              
   Silver ($)                       (4.22)         -                  (4.22)
                                                                            
  Total production cost per                                                 
   ounce of Gold ($)                                         1,378     1,378
  Total cash cost per ounce of                                              
   Gold ($)                                                    768       768
                                                                            
  Total Recovery of the Run of                                              
   Mine Ore                                                                 
   Silver (%)                         93.2         -                    93.2
   Gold (%)                                                   87.1      87.1
   Lead (%)                           96.4         -                    96.4
   Zinc(%)                            64.6         -                    64.6
                                                                            
  Head Grades of Run of Mine                                                
   Ore                                                                      
   Silver(gram/tonne)                  275         -                     275
   Gold(gram/tonne)                                            2.1       2.1
   Lead (%)                            5.2         -                     5.2
   Zinc (%)                            1.4         -                     1.4
                                                                            
Sales Data                                                                  
 Metal Sales                                                                
  Silver (in thousands of                                                   
   ounces)                           1,084         -             -     1,084
  Gold(in thousands of ounces)         1.0         -           1.0         2
  Lead(in thousands of pounds)      14,670         -             -    14,670
  Zinc(in thousands of pounds)       2,641         -           249     2,890
                                                                            
 Metal Sales                                                                
  Silver (in thousands of $)        27,500         -             -    27,500
  Gold (in thousands of $)           1,125         -         1,396     2,521
  Lead (in thousands of $)          12,366         -             -    12,366
  Zinc(in thousands of $)            1,773         -           152     1,925
                               ---------------------------------------------
                                    42,764         -         1,548    44,312
                               ---------------------------------------------
 Average Selling Price,Net of Value Added                                   
  Tax and Smelter Charges                                          
         
  Silver($ per ounce)                25.37         -             -     25.37
  Gold ($ per ounce)                 1,165         -         1,367     1,269
  Lead($ per pound)                   0.84         -             -      0.84
  Zinc ($ per pound)                  0.67         -          0.61      0.67
                                                                            
(1) Ying Mining District includes mines: SGX, TLP, HPG&LM.                  
(2) X Mines includes the XBG project and XHP project.                       
(i) Represents development tunnelling ore at the X mines.                   
                                                                            
SILVERCORP METALS INC.                                                      
Mining Data                                                                 
----------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for mining data figures)    
                                                                            
                                         Year ended March 31, 2013          
                               ---------------------------------------------
                                      Ying                                  
                                    Mining                                  
                               District(1)    X Mines(2)       BYP     Total
----------------------------------------------------------------------------
                                                                            
Production Data                                                             
 Mine Data                                                                  
  Ore Mined (tonne)                                                         
   Direct Smelting Ore (tonne)       8,336         -             -     8,336
   Stockpiled Ore(tonne)           768,510    19,309 (i)   109,093   896,912
                               ---------------------------------------------
                                   776,846    19,309       109,093   905,248
                               ---------------------------------------------
  Run of Mine Ore (tonne)                                                   
   Direct Smelting Ore(tonne)        8,336         -             -     8,336
   Ore Milled(tonne)               766,198    73,641 (i)   104,090   943,929
                               ---------------------------------------------
                                   774,534    73,641       104,090   952,265
                               ---------------------------------------------
                                                                            
  Mining cost per tonne of ore                                              
   mined ($)                         66.62         -         60.33     65.85
   Cash mining cost per tonne                                               
    of ore mined ($)                 55.94         -         24.30     52.05
   Non cash mining cost per                                                 
    tonne of ore mined ($)           10.68         -         36.02     13.80
                                                                            
  Unit shipping costs($)              3.76         -             -      3.30
                                                                            
  Milling cost per tonne of ore                                             
   milled ($)                        15.45         -         14.64     15.36
   Cash milling cost per tonne                                              
    of ore milled ($)                13.56         -         13.54     13.56
   Non cash milling cost per                                                
    tonne of ore milled ($)           1.89         -          1.10      1.80
                                                                            
  Average Production Cost                                                   
  Silver($ per ounce)                 9.13         -             -      9.54
   Gold ($ per ounce)                  447         -           888       508
   Lead($ per pound)                  0.31         -             -      0.32
   Zinc ($ per pound)                 0.25         -          0.38      0.26
                                                                            
  Total production cost per                                                 
   ounce of Silver ($)                2.45         -                    2.45
  Total cash cost per ounce of                                              
   Silver ($)                         0.48         -                    0.48
                                                                            
  Total production cost per                                                 
   ounce of Gold ($)                                           882       882
  Total cash cost per ounce of                                              
   Gold ($)                                                    455       455
                                                                            
  Total Recovery of the Run of                                              
   Mine Ore                                                                 
   Silver (%)                         92.8         -                    92.8
   Gold (%)                                                   92.4      92.4
   Lead (%)                           94.5         -                    94.5
   Zinc(%)                            66.8         -                    66.8
                                                                            
  Head Grades of Run of Mine                                                
   Ore                                                                      
   Silver(gram/tonne)                  220         -                     220
  Gold(gram/tonne)                                             3.1       3.1
   Lead (%)                            3.3         -                     3.3
   Zinc (%)                            1.0         -                     1.0
                                                                            
Sales Data                                                                  
 Metal Sales                                                                
  Silver (in thousands of                                                   
   ounces)                           4,941        32 (i)         -     4,973
  Gold(in thousands of ounces)         4.2       0.2 (i)       8.1      12.5
  Lead(in thousands of pounds)      52,220     1,678 (i)         -    53,898
  Zinc(in thousands of pounds)      11,171       923 (i)       283    12,377
                                                                            
 Metal Sales                                                                
  Silver (in thousands of $)       117,124         -             -   117,124
  Gold (in thousands of $)           4,815         -        10,605    15,420
  Lead (in thousands of $)          41,689         -             -    41,689
  Zinc(in thousands of $)            7,231         -           158     7,389
                               ---------------------------------------------
                                   170,859         -        10,763   181,622
                               ---------------------------------------------
 Average Selling Price,Net of Value Added                                   
  Tax and Smelter Charges                                                   
  Silver($ per ounce)                23.71         -             -     23.71
  Gold ($ per ounce)                 1,160         -         1,314     1,238
  Lead($ per pound)                   0.80         -             -      0.80
  Zinc ($ per pound)                  0.65         -          0.56      0.65
                                                                     
       
(1) Ying Mining District includes mines: SGX, TLP, HPG&LM.                  
(2) X Mines includes the XBG project and XHP project.                       
(i) Represents development tunnelling ore at the X mines.                   
                                                                            
SILVERCORP METALS INC.                                                      
Mining Data                                                                 
----------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for mining data figures)    
                                                                            
                                         Year ended March 31, 2012          
                               ---------------------------------------------
                                      Ying                                  
                                    Mining                                  
                               District(1)    X Mines(2)       BYP     Total
----------------------------------------------------------------------------
                                                                            
Production Data                                                             
 Mine Data                                                                  
  Ore Mined (tonne)                                                         
   Direct Smelting Ore (tonne)      12,599         -             -    12,599
   Stockpiled Ore(tonne)           649,973     3,890 (i)    91,128   744,991
                               ---------------------------------------------
                                   662,572     3,890        91,128   757,590
                               ---------------------------------------------
  Run of Mine Ore (tonne)                                                   
   Direct Smelting Ore(tonne)       12,599         -             -    12,599
   Ore Milled(tonne)               654,495    11,667 (i)    83,760   749,922
                               ---------------------------------------------
                                   667,094    11,667        83,760   762,521
                               ---------------------------------------------
                                                                            
  Mining cost per tonne of ore                                              
   mined ($)                         64.70     68.75 (i)     38.00     61.51
   Cash mining cost per tonne                                               
    of ore mined ($)                 51.60     48.81 (i)     16.79     47.40
   Non cash mining cost per                                                 
    tonne of ore mined ($)           13.10     19.95 (i)     21.21     14.11
                                                                            
  Unit shipping costs($)              3.34      3.92 (i)         -      3.34
                                                                            
  Milling cost per tonne of ore                                             
   milled ($)                        15.91     22.92 (i)     14.33     15.85
   Cash milling cost per tonne                                              
    of ore milled ($)                14.13     20.11 (i)     13.85     14.19
   Non cash milling cost per                                                
    tonne of ore milled ($)           1.78      2.81 (i)      0.48      1.66
                                                                            
  Average Production Cost                                                   
   Silver($ per ounce)                7.14      6.17 (i)         -      7.14
   Gold ($ per ounce)                  281       377 (i)       854       323
   Lead($ per pound)                  0.22      0.22 (i)         -      0.22
   Zinc ($ per pound)                 0.17         -             -      0.17
                                                                            
  Total production cost per                                                 
   ounce of Silver ($)              (3.19)   (56.67) (i)              (3.25)
  Total cash cost per ounce of                                              
   Silver ($)                       (5.07)   (60.33) (i)              (5.13)
                                                                            
  Total production cost per                                                 
   ounce of Gold ($)                                           844       844
  Total cash cost per ounce of                                              
   Gold ($)                                                    474       474
                                                                            
  Total Recovery of the Run of                                              
   Mine Ore                                                                 
   Silver (%)                         92.9      50.0                    92.9
   Gold (%)                                                   90.8      90.8
   Lead (%)                           96.0      80.6                    96.0
   Zinc(%)                            68.0         -                    68.0
                                                                            
  Head Grades of Run of Mine                                                
   Ore                                                                      
   Silver(gram/tonne)                  287        35                     287
   Gold(gram/tonne)                                            2.4       2.4
   Lead (%)                            5.2       2.5                     5.2
   Zinc (%)                            1.4         -                     1.4
                                                                            
Sales Data                                                                  
 Metal Sales                                                                
  Silver (in thousands of                                                   
   ounces)                           5,612         6 (i)         -     5,618
  Gold(in thousands of ounces)         3.6       0.1 (i)       5.1       8.8
  Lead(in thousands of pounds)      72,360       444 (i)         -    72,804
  Zinc(in thousands of pounds)      13,500         -           249    13,749
                                                                            
 Metal Sales                                                                
  Silver (in thousands of $)       155,961       124 (i)         -   156,085
  Gold (in thousands of $)           4,123       155 (i)     6,749    11,027
  Lead (in thousands of $)          61,164       362 (i)         -    61,526
  Zinc(in thousands of $)            9,172         -           152     9,324
                               ---------------------------------------------
                                   230,420       641         6,901   237,962
                               ---------------------------------------------
 Average Selling Price,Net of Value Added                                   
  Tax and Smelter Charges                                                   
  Silver($ per ounce)                27.79     22.51             -     27.78
  Gold ($ per ounce)                 1,147     1,376         1,333     1,257
  Lead($ per pound)                   0.85      0.81             -      0.85
  Zinc ($ per pound)                  0.68         -          0.61      0.68
                                                                            
(1) Ying Mining District includes mines: SGX, TLP, HPG&LM.                  
(2) X Mines includes the XBG project and XHP project.                       
(i) Represents development tunnelling ore at the X mines.                   

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