Silvercorp Reports Financial and Operating Results for the Fourth Quarter and Fiscal Year Ended March 31, 2014 and Provides

Silvercorp Reports Financial and Operating Results for the Fourth Quarter and 
Fiscal Year Ended March 31, 2014 and Provides Outlook for
Fiscal 2015 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/22/14 --  
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, 2014 ("Fiscal
2014") and announced its outlook for the fiscal year ending March 31,
2015 ("Fiscal 2015"). 
FOURTH QUARTER HIGHLIGHTS 


 
 
--  Silver production of 0.6 million ounces and gold production of 2,349
    ounces; 
--  Lead production of 5.2 million pounds and zinc production of 0.9 million
    pounds; 
--  Sales of $16.1 million; 
--  Gross margin of 43%; 
--  Cash flow from operations of $3.1 million, or $0.02 per share; 
--  Adjusted net income of $1.1 million or $0.01 per share; and 
--  Cash cost per ounce of silver, net of by-product credits, of $2.82. 

FISCAL YEAR 2014 HIGHLIGHTS 


 
 
--  Silver production of 3.9 million ounces and gold production of 11,124
    ounces; 
--  Lead production of 37.2 million pounds and zinc production of 8.4
    million pounds; 
--  Sales of $108.4 million; 
--  Gross margin of 45%; 
--  Cash flow from operations of $36.1 million, or $0.21 per share; 
--  Adjusted net income of $7.6 million or $0.04 per share; and 
--  Cash cost per ounce of silver, net of by-product credits, of $2.16. 

FINANCIALS 
1. Q4 Fiscal 2014 vs. Q4 Fiscal 2013 
For the quarter ended March 31, 2014 ("Q4 Fiscal 2014"), net loss
attributable to equity holders of the Company was $4.5 million or
$0.03 per share compared to net income of $6.4 million or $0.04 per
share in the quarter ended March 31, 2013 ("Q4 Fiscal 2013"). Net
loss in the current quarter includes a $3.3 million loss on the
disposal of mineral rights and properties and a non-cash impairment
charge of $2.3 million in relations to the Company's investment in an
associate. Excluding these items, adjusted net income for Q4 Fiscal
2014 was $1.1 million or $0.01 per share. There were no adjusting
items in Q4 Fiscal 2013. 
Compared to the same prior year quarter, the decrease in net income
was mainly due to (i) lower metal production as silver, lead, zinc
production was 38%, 47%, and 54% lower compared to Q4 Fiscal 2013 and
(ii) a 31% decrease in the realized price for silver, from $23.49 in
Q4 Fiscal 2013 to $16.13 in Q4 Fiscal 2014. 
In Q4 Fiscal 2014, the Company realized sales of $16.1 million, down
51% compared to $33.1 million in Q4 Fiscal 2013. 
Cost of sales in Q4 Fiscal 2014 was $9.2 million compared to $16.1
million in Q4 Fiscal 2013 and included cash costs of $7.8 million
compared to $13.5 million in Q4 Fiscal 2013. The 43% decrease in cost
of sales was due primarily to a 36% decrease in mine production. 
The gross profit margin in Q4 Fiscal 2014 was 43%, compared to 52% in
Q4 Fiscal 2013. 
Cash flow from operations in Q4 Fiscal 2014 was $3.1 million or $0.02
per share, compared to $13.6 million, or $0.08 per share, in Q4
Fiscal 2013. 
2. Fiscal 2014 vs. Fiscal 2013 
For the year ended March 31, 2014, net loss attributable to equity
holders of the Company was $41.0 million, or $0.24 per share compared
to net income of $27.2 million, or $0.16 per share in Fiscal 2013.
Net loss in the current fiscal year includes non-cash impairment
charges of $42.8 million, or $0.25 per share, net of tax, which
reduced the carrying value of the BYP mine, as well as the XBG and
Silvertip projects, both of which were sold during the fiscal year.
Also, the Company recognized a non-cash impairment charge of $2.3
million in relations to its investment in an associate and a loss of
$3.5 million primarily on the disposal of the XBG project. 
Adjusted net income for Fiscal 2014 was $7.6 million, or $0.04 per
share compared to $36.9 million, or $0.22 per share in Fiscal 2013.
Adjusted net income or loss excludes non-recurring or unusual
non-operational items, such as impairment of the Company's mineral
properties and investments in associate, and acts as a supplemental
financial measure that provides a more complete assessment of the
Company's operations for the year. 
In the current fiscal year, the Company's financial results were
mainly impacted by the following: (i) lower metal production as
silver, lead and zinc production decreased 22%, 31%, and 32%,
compared to the prior fiscal year and (ii) a significantly lower net
realized silver price of $16.74 per ounce in this fiscal year, which
is $6.97 or 29% lower compared to $23.71 per ounce in the prior
fiscal year. 
In Fiscal 2014, the Company realized sales of $108.4 million compared
to $181.6 million in Fiscal 2013. 
Cost of sales in Fiscal 2014 was $60.0 million compared to $73.1
million in Fiscal 2013 and included cash costs of $47.9 million
compared to $59.9 million in Fiscal 2013. The decrease in cost of
sales is mainly due to a 21% decrease in ore production in the
current year. 
In Fiscal 2014, the gross profit margin was 45% compared to 60% in
Fiscal 2013. 
Cash flow from operations in Fiscal 2014 was $36.1 million or $0.21
per share, compared to $85.2 million, or $0.50 per share, in Fiscal
2013. The Company ended the fiscal year with $73.5 million in cash,
cash equivalents and short-term investments. 
OPERATIONS 
The consolidated operational results for the past five quarters and
full Fiscal 2014 and Fiscal 2013 are summarized in the table
below: 


 
 
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-----
Consolidated                                                                
 Operational                                                                
 Results                           Quarterly                     Annual     
                   ---------------------------------------- ----------------
                                                              Fiscal  Fiscal
                    Q4 2014 Q3 2014 Q2 2014 Q1 2014 Q4 2013     2014    2013
                    31-Mar- 31-Dec- 30-Sep- 30-Jun- 31-Mar-  31-Mar- 31-Mar-
                         14      13      13      13      13       14      13
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Ore Mined (tonne)                                                           
  Direct Smelting                                                           
   Ore (tonne)          393     715     503     963   1,309    2,574   8,336
  Stockpiled Ore                                                            
   (tonne)          110,455 168,825 170,253 261,369 171,348  710,902 896,912
                   ---------------------------------------------------------
                    110,848 169,540 170,756 262,332 172,657  713,476 905,248
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Run of Mine Ore                                                             
 (tonne)                                                                    
  Direct Smelting                                                           
   Ore (tonne)          393     715     503     963   1,309    2,574   8,336
  Ore Milled                                                                
   (tonne)          109,554 172,110 176,863 272,114 198,356  730,641 943,929
                   ---------------------------------------------------------
                    109,947 172,825 177,366 273,077 199,665  733,215 952,265
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Metal Sales                                                                 
  Silver (in                                                                
   thousands of                                                             
   ounces)              582     885   1,021   1,374     944    3,862   4,973
  Gold (in                                                                  
   thousands of                                                             
   ounces)              2.3     2.0     3.0     3.8     2.3     11.1    12.5
  Lead (in                                                                  
   thousands of                                                             
   pounds)            5,165   9,000   9,519  13,468   9,827   37,152  53,898
  Zinc (in                                                                  
   thousands of                                                             
   pounds)              883   1,672   2,199   3,692   1,903    8,446  12,377
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Head Grade of Run                                                           
 of Mine Ore                                                                
  Silver                                                                    
   (gram/tonne)         216     202     217     200     205      207     220
  Gold (gram/tonne)                                                         
   - BYP mine           3.5     2.7     2.8     2.8     3.0      3.4     3.1
  Lead (%)              2.7     2.9     2.9     2.7     2.9      2.8    3.29
  Zinc (%)              0.6     0.7     1.0     0.8     0.7      0.8    1.01
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Recovery Rate of                                                            
 Run of Mine Ore                                                            
  Silver (%)           92.9    93.1    92.7    92.3    93.5     92.7    92.8
  Gold (%) - BYP                                                            
   mine                93.7    92.7    93.0    92.5    92.0     92.8    92.4
  Lead (%)             95.3    95.7    94.8    94.6    94.5     95.0    94.5
  Zinc (%)             62.4    64.2    68.5    68.4    60.3     66.9    66.8
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Cash Mining Cost ($                                                         
 per tonne)           44.02   47.20   43.46   51.19   57.71    47.33   52.05
Total Mining                                                                
 Costs($ per tonne)   55.74   59.95   56.56   63.55   70.96    59.25   65.85
Cash Milling Cost                                                           
 ($ per tonne)        14.96   15.74   14.98   12.17   15.50    14.13   13.56
Total Milling Cost                                                          
 ($ per tonne)        19.28   18.22   17.28   13.67   17.86    16.49   15.36
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Cash Cost per Ounce                                                         
 of Silver ($)         2.82    2.00    0.49    3.23    3.65     2.16    0.48
Total Production                                                            
 Cost per Ounce of                                                          
 Silver ($)            5.86    4.39    3.41    5.33    5.82     4.68    2.45
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BYP Cash Cost per                                                           
 Ounce of Gold ($)      531     502     486     448     493      488     455
BYP Production Cost                                                         
 per Ounce of Gold                                                          
 ($)                    736     959     853     914     870      798     882
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1. Q4 Fiscal 2014 vs. Q4 Fiscal 2013 
In Q4 Fiscal 2014, on a consolidated basis, the Company produced 0.6
million ounces of silver, 2,349 ounces of gold, 5.2 million pounds of
lead, and 0.9 million pounds of zinc compared to 0.9 million ounces
of silver, 2,333 ounces of gold, 9.8 million pounds of lead, and 1.9
million pounds of zinc in Q4 Fiscal 2013. 
Ying Mining District, Henan Province, China 
In Q4 Fiscal 2014, the Company mined 90,057 tonnes of ore at the Ying
Mining District compared to 153,323 tonnes in Q4 Fiscal 2013. During
the quarter, metal production totalled 0.6 million ounces of silver,
461 ounces of gold, 5.2 million pounds of lead and 0.9 million pounds
of zinc, compared to 0.9 million ounces of silver, 800 ounces of
gold, 9.5 million pounds of lead, and 1.6 million pounds of zinc in
Q4 Fiscal 2013. The lower mine production was related to operational
difficulties experienced in January and February, which were
disclosed in the Company's press release of February 13, 2014. In
addition, heavy snow storms in central China in early February 2014,
which delayed the miners at the Ying Mining District returning to
work after Chinese New Year holiday for about two weeks, also
impacted the mine production. 
Head grades were 216 grams per tonne ("g/t") for silver, 2.7% for
lead and 0.6% for zinc, compared to 205 g/t for silver, 2.9% for lead
and 0.7% for zinc in the same quarter last year, benefiting from
enhanced dilution control monitoring and improved operations in March
2014. 
In Q4 Fiscal 2014, total and cash mining costs per tonne were $60.85
and $49.04, respectively, compared to $72.56 and $61.67 in Q4 Fiscal
2013, respectively. The decrease of cash mining costs was due to cost
control measures enacted in recent quarters, including (i) using less
in-stope infill diamond drilling and (ii) using more low cost
shrinkage mining method compared to the higher cost re-suing mining
method in the same prior year period. 
In Q4 Fiscal 2014, a total of 91,272 tonnes of ore was milled
compared to 158,145 tonnes in Q4 Fiscal 2013. The cash milling cost
per tonne was $15.08 in Q4 Fiscal 2014 compared to $16.05 in Q4
Fiscal 2013. 
Total and cash costs per ounce of silver in Q4 Fiscal 2014 for the
Ying Mining District were $5.86 and $2.82 respectively, compared to
$5.82 and $3.65, in Q4 Fiscal 2013, respectively. 
BYP Mine, Hunan Province, China 
In Q4 Fiscal 2014, the Company mined 20,791 tonnes of ore at the BYP
mine with a gold head grade of 3.5 g/t compared to 19,334 tonnes with
a gold head grade of 3.0 g/t in Q4 Fiscal 2013. During the quarter,
1,888 ounces of gold were produced and sold at a cash cost per ounce
of gold of $531 compared to 1,509 ounces of gold were produced and
sold at a cash cost per ounce of gold of $493 in the same period last
year. In Q4 Fiscal 2014, total and cash mining costs per tonne were
$33.62 and $22.29, respectively, compared to $58.33 and $26.35 in Q4
Fiscal 2013, respectively. 
2. Fiscal 2014 vs. Fiscal 2013 
In Fiscal 2014, on a consolidated basis, the Company produced 3.9
million ounces of silver, 11,124 ounces of gold, 37.2 million pounds
of lead and 8.4 million pounds of zinc, compared to 5.0 million
ounces of silver, 12,457 ounces of gold, 53.9 million pounds of lead
and 12.4 million pounds of zinc in Fiscal 2013. 
Ying Mining District, Henan Province, China 
In Fiscal 2014, the total ore mined at the Ying Mining District was
625,266 tonnes compared to 776,846 tonnes in Fiscal 2013. 
Head grades at the Ying Mining District were 207 g/t for silver, 2.8%
for lead, 0.8% for zinc in Fiscal 2014 compared to 220 g/t for
silver, 3.3% for lead, and 1.0% for zinc in Fiscal 2013.  
In Fiscal 2014, the Ying Mining District produced 3.9 million ounces
of silver, 3,527 ounces of gold, 36.6 million pounds of lead, and 7.6
million pounds of zinc compared to 4.9 million ounces of silver,
4,153 ounces of gold, 52.2 million pounds of lead, and 11.2 million
pounds of zinc in Fiscal 2013. 
In Fiscal 2014, total and cash mining costs per tonne were $61.33 and
$50.73, respectively, compared to $66.62 and $55.94, respectively, in
Fiscal 2013. The overall decrease in cash mining costs per tonne was
due to less in-stope infill drilling and more low cost shrinkage
mining method used. 
In Fiscal 2014, total ore milled was 634,493 tonnes, a decrease of
18% compared to 774,534 tonnes in Fiscal 2013. Cash milling costs
were $14.14 compared to $13.56 in Fiscal 2013. The increase is mainly
due to the allocation of the fixed costs to a reduced tonnage of ore
milled, compared to the prior year. 
Including by-product credits, in Fiscal 2014, total cost and cash
cost per ounce of silver were $4.68 and $2.16, respectively, compared
to $2.45 and $0.48, respectively, in Fiscal 2013. The main reason for
the higher cash cost per ounce of silver was the decline in the
relative value of by-product credits per tonne of ore mined.  
As previously discussed in our news release on September 12, 2013,
the Company reviewed its operations at the Ying Mining District and
found that dilutive practice of mining contractors was contributing
to the head grade decline. As a result of this finding, one
contractor was dismissed and the Company took remedial action by
modifying the method of calculating the amount of ore mined for
compensating the miners. The change in compensation method caused
uncertainty to the contractors and resulted in miner shortages which
significantly impacted production during the year as the Company took
decisive action to curb the dilutive mining practices. In addition,
the change in mining strategy in the prior year favoring more
shrinkage mining stopes, yielded mixed results as dilution control
was found to be inadequate in certain mines and negatively impacted
head grades. These efforts have made the second half of Fiscal 2014
the most challenging operating period in the Company's history,
however, benefits are now being recognised in terms of improved head
grades, lower production costs, reduced employee counts, and overhead
reduction over the last two and a half months.  
BYP Mine, Hunan Province, China 
In Fiscal 2014, the total ore mined was 88,210 tonnes compared to
109,093 tonnes in Fiscal 2013. The Company produced and sold 7,416
ounces of gold in Fiscal 2014 compared to 8,068 ounces of gold in
Fiscal 2013. The cash cost per ounce of gold was $488 in Fiscal 2014
compared to $455 in Fiscal 2013. Gold head grade for Fiscal 2014 was
3.4 g/t compared to 3.1 g/t in Fiscal 2013. 
DEVELOPMENT AND EXPLORATION  
1. Ying Mining District, Henan Province, China 
During the year, the Company completed approximately 63,000 metres
("m") of horizontal tunnels, raises and declines. 
At the end of Fiscal 2014, the ramp at SGX mine reached its optimized
depth of 260m elevation. The connection from the ramp to the 350m,
300m and 260m elevations were also completed. In addition, the ramp
at LM Mine West reached 710m elevation. This ramp will be developed
to 650m elevation and will be used for mining between 650m and 800m
elevations. 
To preserve cash during the current lower commodity price
environment, the Company suspended the construction of office
buildings and dormitories at SGX, HPG and LM West mines, and a
transformer substation at LM West to better allocate resources during
the current market. 
Total exploration and development expenditures for the Ying Mining
District were $30.4 million compared to $33.3 million in Fiscal 2013. 
2. GC Mine, Guangdong Province, China 
The required surface environmental protection facilities together
with water and soil conservation engineering work have been completed
and have undergone test operations. During the year, all the work
required for the issuance of the final Safety Production Permit has
been completed with the final inspection expected at the end of June
2014. The Company has received a temporary Safety Production Permit
in the meantime which allows for trial mining and stope preparation
work. The Company will continue to conduct trial mining, mill
processing and additional stope preparation work until the final
Safety Production Permit is received. 
As the Company has completed the mine development phase and ramps up
its trial mine production, and as part of the Company's focus on cost
control and efficiency, the Company has replaced the previous mining
contractor with a new one in March 2014 at lower unit costs for
mining and development. A new mine management team was also put in
place at the time. Since then, mining at the GC mine has commenced
and production rates have gradually increased. 
Through the test milling of stope ore from mine production, the mill
has been improved to enhance the recovery for silver, lead and zinc
to the level of metallurgic studies, but the recovery rate for tin is
still not satisfactory and action is being taken to address this
issue. 
The tailing dewatering facility for dry stacking has also been
improved with modifications to equipment achieving desired results.
The construction of the tailing dry stacking dam and reservoir
facility has been completed and has passed government inspection. 
During Fiscal 2014, approximately 12,500m of tunnels, including
2,000m of development tunnels, 6,500m of exploration tunnels and
4,000m of mining preparation tunnels, were completed.  
In Fiscal 2014, $15.9 million (Fiscal 2013 - $15.8 million) of
exploration and development expenditures were incurred at the GC
mine. 
3. BYP Mine, Hunan Province, China 
In Fiscal 2014, the construction of the head frame was mostly
completed, with the installation of the hoist system still in
progress. Once complete, the newly completed 265m shaft will
facilitate mining of the #3 gold mineralization body, and depending
on commodity prices, the #5 zinc and lead ore body. In addition, the
construction of a 1,500 t/d tailings-backfill facility is complete
and operational. Exploration and development expenditures at the BYP
mine were $1.5 million in the current fiscal year compared to $5.7
million in the prior year. 
OUTLOOK 
Production Guidance - Fiscal 2015 Silver Production to Increase by
22% to 4.7 million ounces in comparison to Fiscal 2014 actual
production 
In Fiscal 2014, the Company enacted a series of improvements covering
all aspects of operations, including mine planning and strategy,
contractor compensation contracts, dilution control, and a
performance-based (linked to tonnage and grade) compensation package
for mine management. Following the end of the Chinese New Year
holiday in February, benefits of the improvements began to be
recognised. Production in March and April were generally in line with
management's production expectations for Fiscal 2015. 
In Fiscal 2015, the Company expects to continue to operate in a lower
commodity price environment, but expects to benefit from the
operational adjustments implemented during Fiscal 2014. The Company
expects to produce approximately 1 million tonnes of ore, yielding
4.7 million ounces of silver, 11,700 ounces of gold, and 76.7 million
pounds of lead and zinc, in Fiscal 2015. 


 
 
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-----
                                Ying                                        
                              Mining                                   Grand
PROJECT                     District   GC Mine  BYP Mine  XHP Mine     Total
----------------------------------------------------------------------------
Ore processed (tonnes)       650,000   245,000   120,000    37,000 1,052,000
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                                 Head Grades                                
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Silver (gram per tonne)          215       127         -        30          
Gold (gram per tonne)           0.20         -      2.60         -          
Lead (%)                         3.5       1.3         -       3.0          
Zinc (%)                         0.9       2.7         -       3.0          
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                              Metal Production                              
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Silver ('000 ounces)           4,080       600         -        21     4,701
Gold ('000 ounces)               2.8         -       8.9         -      11.7
Lead (million pounds)           46.3       5.9         -       2.0      54.2
Zinc (million pounds)            8.2      12.6         -       1.7      22.5
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At the Ying Mining District, production is expected to be 650,000
tonnes of ore with grades of 215 g/t silver, 0.2 g/t gold, 3.5% lead
and 0.9% zinc, with expected metal production of 4.1 million ounces
of silver, 2,800 ounces of gold, and 54.5 million pounds of lead and
zinc. The cash and total production costs are expected to be
approximately $66 and $82 per tonne of ore, respectively. Silver
production from the Ying Mining District will be 6% higher compared
with Fiscal 2014 production. 
The GC mine, in Guangdong Province, commenced trial mining in March
2014. Production is expected to gradually ramp up to 800 tonnes per
day in the second quarter of Fiscal 2015. In Fiscal 2015, the Company
expects to produce 245,000 tonnes of ore with grades of 127 g/t
silver, 1.3% lead and 2.7% zinc, with expected metal production of
0.6 million ounces of silver, and 18.5 million pounds of lead and
zinc. The cash and total production costs are expected to be
approximately $45 and $70 per tonne of ore, respectively. 
The BYP mine in Hunan Province is expected to produce 120,000 tonnes
of ore, yielding approximately 8,900 ounces of gold. The cash and
production costs are expected to be approximately $35 and $55 per
tonne of ore, respectively. 
Capital Expenditure Budget 


 
 
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              Ying Mining                                                   
PROJECT         District     GC Mine     BYP Mine    XHP Mine   Grand Total 
             ---------------------------------------------------------------
             Quantit      Quantit      Quanti      Quanti      Quantit      
                   y  Cost      y  Cost    ty  Cost    ty  Cost      y  Cost
                 (m) ($mm)    (m) ($mm)   (m) ($mm)   (m) ($mm)    (m) ($mm)
----------------------------------------------------------------------------
Mine   Shafts                                                               
 Develo and                                                                 
 pment  Ramps  4,000   5.0      -   1.5    50   0.1     -     -  4,050   6.6
 
       Horizo                                                               
        ntal                                                                
        Tunne                                                               
        ls,                                                                 
        Raise                                                               
        s &                                                                 
        Decli                                                               
        nes   33,100  13.9  9,150   4.4 2,350   1.0   300   0.1 44,900  19.4
       ---------------------------------------------------------------------
         Sub                                                                
        total 37,100  18.9  9,150   5.9 2,400   1.1   300   0.1 48,950  26.0
----------------------------------------------------------------------------
       Surfac                                                               
Explora e                                                                   
 tion   drill                                                               
        ing    6,300   0.5      -     - 7,500   0.4     -     - 13,800   0.9
 
       Underg                                                               
        round                                                               
        drill                                                               
        ing   39,600   1.4 19,700   0.8 2,100   0.1   800   0.1 62,200   2.4
       ---------------------------------------------------------------------
         Sub                                                                
        total 45,900   1.9 19,700   0.8 9,600   0.5   800   0.1 76,000   3.3
----------------------------------------------------------------------------
Land-usage                                                                  
 rights,                                                                    
 buildings                                                                  
 and                                                                        
 equipment             3.7          2.4         0.1         0.2          6.4
----------------------------------------------------------------------------
GC prior                                                                    
 year's                                                                     
 construction                                                               
 balance                 -          3.9           -           -          3.9
----------------------------------------------------------------------------
Total Capital                                                               
 Expenditure                                                                
 Budget               24.5         13.0         1.7         0.4         39.6
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Total capital expenditures for Fiscal 2015 are estimated to be $39.6
million. Capital investment is budgeted at $16.9 million, including
mine development of shafts and ramps of $6.6 million, land, buildings
and equipment of $6.4 million; and $3.9 million in payments for the
GC mine's construction completed last year. Sustaining capital
totaling $19.4 million includes development of tunnels, raises and
declines. The budget estimate is based on contracts in hand, designs
by qualified engineering firms, and the Company's prior experiences. 
At the Ying Mining District, the capital expenditure budget is $24.5
million and includes $5.0 million to complete the construction of two
ramps at LM and SGX and several vertical shafts at Ying, to provide
access to the respective mines at depth. Also, $13.9 million is
budgeted for the construction of 33,100m of horizontal tunnels,
declines and raises for mining, development and $1.9 million is
budgeted for a 45,900m surface and underground drilling program. The
surface facilities budget of $3.7 million includes the completion of
the construction of dormitory and office buildings.  
At the GC mine, the capital expenditures for Fiscal 2015 are expected
to be $13.0 million, which include $3.9 million for payments related
to construction completed in the prior years, $1.5 million for shaft
installation, $4.4 million for the development of 9,150m of
horizontal tunnels and raises, $0.8 million for exploration to
support a 19,700m surface and underground drilling program, and $2.4
million for obtaining land use rights, building construction and
equipment procurement. 
In addition, the Company budgets $1.7 million and $0.4 million in
capital expenditures for BYP mine and XHP mine, respectively. 
CHANGES IN SENIOR MANAGEMENT 
Mr. Shaoyang Shen, who has been based in China for the last seven
years, has resigned from his position as Chief Operations Officer, in
order to spend more time with his family in Canada. The Company has
accepted Mr. Shen's resignation, thanks him for his contributions,
and wishes him continued success. Mr. Shen's responsibilities will be
allocated between the General Managers of each of the respective
mines.  
Myles Gao, P.Geo., President & CEO, 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. 
About Silvercorp  
Silvercorp is a low-cost silver-producing Canadian mining company
with multiple mines in China. The Company is currently developing the
GC project in southern China which it expects will become its next
operating mine. 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 District; 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; 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, 2013 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, 2014   March 31, 2013
----------------------------------------------------------------------------
ASSETS                                                                      
Current Assets                                                              
  Cash and cash equivalents                        $ 60,614         $ 72,283
  Short-term investments                             12,864           45,623
  Trade and other receivables                         4,004            1,442
  Inventories                                         5,362            7,522
  Due from related parties                               68              123
  Prepaids and deposits                               6,165            5,118
----------------------------------------------------------------------------
                                                     89,077          132,111
 
Non-current Assets                                                          
  Long-term prepaids and deposits                     4,000            1,877
  Investment in an associate                          3,715            6,523
  Other investments                                   2,393           15,516
  Plant and equipment                               101,876          103,517
  Mineral rights and properties                     266,258          316,678
----------------------------------------------------------------------------
TOTAL ASSETS                                      $ 467,319        $ 576,222
----------------------------------------------------------------------------
 
LIABILITIES AND EQUITY                                                      
Current Liabilities                                                         
  Accounts payable and accrued liabilities         $ 23,802         $ 29,285
  Deposits received                                   7,031           11,497
  Dividends payable                                     773            4,204
  Income tax payable                                    515            1,349
  Due to related parties                                281            1,207
----------------------------------------------------------------------------
                                                     32,402           47,542
 
Non-current Liabilities                                                     
  Deferred income tax liabilities                    16,536           24,603
  Environmental rehabilitation                        5,819            5,974
----------------------------------------------------------------------------
Total Liabilities                                    54,757           78,119
----------------------------------------------------------------------------
 
Equity                                                                      
  Share capital                                     233,513          233,082
  Share option reserve                               10,492            8,314
  Reserves                                           25,409           24,717
  Accumulated other comprehensive loss             (20,141)          (1,495)
  Retained earnings                                 100,993          155,817
----------------------------------------------------------------------------
Total equity attributable to the equity                                     
 holders of the Company                             350,266          420,435
 
Non-controlling interests                            62,296           77,668
----------------------------------------------------------------------------
Total Equity                                        412,562          498,103
----------------------------------------------------------------------------
 
TOTAL LIABILITIES AND EQUITY                      $ 467,319        $ 576,222
----------------------------------------------------------------------------
 
SILVERCORP METALS INC.
Consolidated Statements of Income
(Expressed in thousands of U.S. dollars, except for per share figures)
 
                           Three Months Ended March                         
                                                31,    Years Ended March 31,
                           ------------------------ ------------------------
                                   2014        2013         2014        2013
----------------------------------------------------------------------------
                            (Unaudited) (Unaudited)                         
Sales                          $ 16,135    $ 33,147    $ 108,400   $ 181,622
Cost of sales                     9,190      16,060       59,996      73,089
----------------------------------------------------------------------------
Gross profit                      6,945      17,087       48,404     108,533
 
General and administrative        3,531       6,252       24,424      25,734
General exploration and                                                     
 property investigation             285         711        2,751       3,909
Other taxes                         322         483        1,897       2,985
Foreign exchange gain             (421)     (1,050)      (3,171)     (1,382)
Loss on disposal of plant                                                   
 and equipment                       10          64          154         149
Loss (gain) on disposal of                                                  
 mineral rights and                                                         
 properties                       4,295       (644)        4,476       (644)
Share of loss (gain) in                                                     
 associate                         (66)        (34)           87         197
Impairment on associate           2,304           -        2,304       9,640
Impairment of mineral                                                       
 rights and properties                -           -       66,573           -
Loss (gain) on investments         (19)         980          589       1,651
Other income                       (20)       (153)        (137)       (535)
----------------------------------------------------------------------------
Income (loss) from                                                          
 operations                     (3,276)      10,478     (51,543)      66,829
 
Finance income                      232       1,666        3,185       4,507
Finance costs                      (33)        (23)        (132)        (92)
----------------------------------------------------------------------------
Income (loss) before income                                                 
 taxes                          (3,077)      12,121     (48,490)      71,244
 
Income tax expense                                                          
 (recovery)                       1,600       3,730        (134)      29,201
----------------------------------------------------------------------------
Net income (loss)             $ (4,677)     $ 8,391   $ (48,356)    $ 42,043
----------------------------------------------------------------------------
 
Attributable to:                                                            
  Equity holders of the                                                     
   Company                    $ (4,541)     $ 6,361   $ (41,017)    $ 27,211
  Non-controlling interests       (136)       2,030      (7,339)      14,832
----------------------------------------------------------------------------
                              $ (4,677)     $ 8,391   $ (48,356)    $ 42,043
----------------------------------------------------------------------------
 
Earnings (loss) per share                                                   
 attributable to the equity                                                 
 holders of the Company                                                     
Basic earnings (loss) per                                                   
 share                         $ (0.03)      $ 0.04     $ (0.24)      $ 0.16
----------------------------------------------------------------------------
Diluted earnings (loss) per                                                 
 share                         $ (0.03)      $ 0.04     $ (0.24)      $ 0.16
----------------------------------------------------------------------------
Weighted Average Number of                                                  
 Shares Outstanding - Basic 170,881,836 170,772,725  170,830,620 170,733,504
----------------------------------------------------------------------------
Weighted Average Number of                                                  
 Shares Outstanding -                                                       
 Diluted                    170,881,836 170,990,015  170,830,620 171,059,482
----------------------------------------------------------------------------
 
SILVERCORP METALS INC.
Consolidated Statements of Cash Flow
(Expressed in thousands of U.S. dollars)
 
                           Three Months Ended March                         
                                                31,    Years Ended March 31,
                           ------------------------ ------------------------
                                   2014        2013         2014        2013
----------------------------------------------------------------------------
Cash provided by            (Unaudited) (Unaudited)                         
Operating activities                                                        
  Net (loss) income           $ (4,677)     $ 8,391   $ (48,356)    $ 42,043
  Add (deduct) items not                                                    
   affecting cash:                                                          
    Unwinding of discount                                                   
     of environmental                                                       
     rehabilitation                  33          23          132          92
    Depreciation,                                                           
     amortization and                                                       
     depletion                    2,118       2,935       13,536      14,588
    Share of loss (gain) in                                                 
     associate                     (66)        (34)           87         197
    Impairment on associate       2,304           -        2,304       9,640
    Impairment of mineral                                                   
     rights and properties            -           -       66,573           -
    Write down of                                                           
     inventories                      -           -            -         348
    Income tax expense                                                      
     (recovery)                   1,600       3,730        (134)      29,201
    Loss (gain) on                                                          
     investments                   (19)         980          589       1,651
    Loss on disposal of                                                     
     plant and equipment             10          64          154         149
    Loss (gain) on disposal                                                 
     of mineral rights and                                                  
     properties                   4,295       (644)        4,476       (644)
    Share-based                                                             
     compensation                   444         739        2,322       2,893
  Income tax paid               (1,110)     (5,914)      (6,571)    (28,237)
  Changes in non-cash                                                       
   operating working                                                        
   capital                      (1,823)       3,310        1,006      13,258
----------------------------------------------------------------------------
Net cash provided by                                                        
 operating activities             3,109      13,580       36,118      85,179
----------------------------------------------------------------------------
 
Investing activities                                                        
  Mineral rights and                                                        
   properties                                                               
    Capital expenditures       (14,270)    (14,202)     (56,797)    (56,057)
    Proceeds on disposals             -       1,750       13,349       1,750
  Plant and equipment                                                       
    Additions                   (5,339)    (10,418)     (18,370)    (35,141)
    Proceeds on disposals             -          80        1,418          80
  Other investments                                                         
    Acquisition                       -           -            -       (595)
  Net redemptions                                                           
   (purchases) of short-                                                    
   term investments               4,856      15,055       31,750     (1,184)
  Proceeds on sale of a                                                     
   subsidiary (net of cash                                                  
   disposed, $4)                      -           -        8,160           -
----------------------------------------------------------------------------
Net cash used in investing                                                  
 activities                    (14,753)     (7,735)     (20,490)    (91,147)
----------------------------------------------------------------------------
 
Financing activities                                                        
  Related parties                                                           
    Payments made                     -           -      (1,207)           -
    Repayments received               -       1,207            -       1,207
  Non-controlling interests                                                 
    Distribution                (1,353)       (636)      (6,521)    (15,248)
  Cash dividends                                                            
   distributed                  (3,893)     (4,291)     (16,331)    (17,111)
  Proceeds from issuance of                                                 
   common shares                      7          34          287         273
----------------------------------------------------------------------------
Net cash used in financing                                                  
 activities                     (5,239)     (3,686)     (23,772)    (30,879)
----------------------------------------------------------------------------
 
Effect of exchange rate                                                     
 changes on cash and cash                                                   
 equivalents                    (2,063)       (712)      (3,525)       (830)
----------------------------------------------------------------------------
 
Increase (decrease) in cash                                                 
 and cash equivalents          (18,946)       1,447     (11,669)    (37,677)
 
Cash and cash equivalents,                                                  
 beginning of the period         79,560      70,836       72,283     109,960
----------------------------------------------------------------------------
 
Cash and cash equivalents,                                                  
 end of the period             $ 60,614    $ 72,283     $ 60,614    $ 72,283
----------------------------------------------------------------------------
 
SILVERCORP METALS INC.
Mining Data
(Expressed in thousands of U.S. dollars, except for mining data figures)
 
----------------------------------------------------------------------------
                                    Three months ended March 31, 2014       
                            ------------------------------------------------
                             Ying Mining                                    
                             District(1)  X Mines(2)         BYP       Total
----------------------------------------------------------------------------
 
Production Data                                                             
  Mine Data                                                                 
    Ore Mined (tonne)                                                       
      Direct Smelting Ore                                                   
       (tonne)                       393           -           -         393
      Stockpiled Ore(tonne)       89,664           -      20,791     110,455
                            ------------------------------------------------
                                  90,057           -      20,791     110,848
                            ------------------------------------------------
    Run of Mine Ore (tonne)                                                 
      Direct Smelting Ore                                                   
       (tonne)                       393           -           -         393
      Ore Milled (tonne)          90,879           -      18,675     109,554
                            ------------------------------------------------
                                  91,272           -      18,675     109,947
                            ------------------------------------------------
 
    Mining cost per tonne of                                                
     ore mined ($)                 60.85           -       33.62       55.74
      Cash mining cost per                                                  
       tonne of ore mined                                                   
       ($)                         49.04           -       22.29       44.02
      Non cash mining cost                                                  
       per tonne of ore                                                     
       mined ($)                   11.81           -       11.33       11.72
 
    Unit shipping costs ($)         6.99           -           -        5.68
 
    Milling cost per tonne                                                  
     of ore milled ($)             19.93           -       16.15       19.28
      Cash milling cost per                                                 
       tonne of ore milled                                                  
       ($)                         15.08           -       14.40       14.96
      Non cash milling cost                                                 
       per tonne of ore                                                     
       milled ($)                   4.85           -        1.75        4.32
 
    Average Production Cost                                                 
      Silver ($ per ounce)          9.35           -           -        9.63
      Gold ($ per ounce)             534           -         736         595
      Lead ($ per pound)            0.44           -           -        0.45
      Zinc ($ per pound)            0.32           -           -        0.33
 
    Total production cost                                                   
     per ounce of Silver ($)        5.86           -                    5.86
    Total cash cost per                                                     
     ounce of Silver ($)            2.82           -                    2.82
 
    Total production cost                                                   
     per ounce of Gold ($)                                   736         736
    Total cash cost per                                                     
     ounce of Gold ($)                                       531         531
 
    Total Recovery of the                                                   
     Run of Mine Ore                                                        
      Silver (%)                    92.9           -                    92.9
      Gold (%)                                              93.7        93.7
      Lead (%)                      95.3           -                    95.3
      Zinc (%)                      62.4           -                    62.4
 
    Head Grades of Run of                                                   
     Mine Ore                                                               
      Silver (gram/tonne)            216           -                     216
      Gold (gram/tonne)                                      3.5         3.5
      Lead (%)                       2.7           -                     2.7
      Zinc (%)                       0.6           -                     0.6
 
Sales Data                                                                  
  Metal Sales                                                               
    Silver (in thousands of                                                 
     ounces)                         582           -           -         582
    Gold (in thousands of                                                   
     ounces)                         0.4           -         1.9         2.3
    Lead (in thousands of                                                   
     pounds)                       5,165           -           -       5,165
    Zinc (in thousands of                                                   
     pounds)                         883           -           -         883
 
  Metal Sales                                                               
    Silver (in thousands of                                                 
     $)                            9,389           -           -       9,389
    Gold (in thousands of $)         425           -       1,918       2,343
    Lead (in thousands of $)       3,921           -           -       3,921
    Zinc (in thousands of $)         482           -           -         482
                            ------------------------------------------------
                                  14,217           -       1,918      16,135
                            ------------------------------------------------
  Average Selling Price, Net                                                
   of Value Added Tax and                                                   
   Smelter Charges                                                          
    Silver ($ per ounce)           16.13           -           -       16.13
    Gold ($ per ounce)               921           -       1,016         997
    Lead ($ per pound)              0.76           -           -        0.76
    Zinc ($ per pound)              0.55           -           -        0.55
 
(1) Ying Mining District includes mines: SGX, TLP, HPG&LM.                  
(2) X Mines includes the XHP project.                                       
 
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 $)                    1,128           -                -       1,128
                       -----------------------------------------------------
                             31,209           -            1,938      33,147
                       -----------------------------------------------------
  Average Selling Price, Net of                                             
   Value Added Tax and Smelter                                              
   Charges                                                                  
    Silver ($ 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)
 
----------------------------------------------------------------------------
                                     Year ended March 31, 2014              
                       -----------------------------------------------------
                        Ying Mining                                         
                        District(1)       X Mines(2)         BYP       Total
----------------------------------------------------------------------------
 
Production Data                                                             
  Mine Data                                                                 
    Ore Mined (tonne)                                                       
      Direct Smelting                                                       
       Ore (tonne)            2,574           -                -       2,574
      Stockpiled Ore                                                        
       (tonne)              622,692           -           88,210     710,902
                       -----------------------------------------------------
                            625,266           -           88,210     713,476
                       -----------------------------------------------------
    Run of Mine Ore                                                         
     (tonne)                                                                
      Direct Smelting                                                       
       Ore (tonne)            2,574           -                -       2,574
      Ore Milled                                                            
       (tonne)              631,919      10,425  (i)      88,297     730,641
                       -----------------------------------------------------
                            634,493      10,425           88,297     733,215
                       -----------------------------------------------------
 
    Mining cost per                                                         
     tonne of ore mined                                                     
     ($)                      61.33           -            44.48       59.25
      Cash mining cost                                                      
       per tonne of ore                                                     
       mined ($)              50.73           -            23.20       47.33
      Non cash mining                                                       
       cost per tonne                                                       
       of ore mined ($)       10.60           -            21.28       11.92
 
    Unit shipping costs                                                     
     ($)                       4.72           -                -        4.13
 
    Milling cost per                                                        
     tonne of ore                                                           
     milled ($)               16.63           -            15.51       16.49
      Cash milling cost                                                     
       per tonne of ore                                                     
       milled ($)             14.14           -            14.12       14.13
      Non cash milling                                                      
       cost per tonne                                                       
       of ore milled                                                        
       ($)                     2.49           -             1.39        2.36
 
    Average Production                                                      
     Cost                                                                   
      Silver ($ per                                                         
       ounce)                  9.00           -                -        9.27
      Gold ($ per                                                           
       ounce)                   508           -              803         569
      Lead ($ per                                                           
       pound)                  0.41           -                -        0.42
      Zinc ($ per                                                           
       pound)                  0.33           -             0.41        0.34
 
    Total production                                                        
     cost per ounce of                                                      
     Silver ($)                4.68           -                         4.68
    Total cash cost per                                                     
     ounce of Silver                                                        
     ($)                       2.16           -                         2.16
 
    Total production                                                        
     cost per ounce of                                                      
     Gold ($)                                                798         798
    Total cash cost per                                                     
     ounce of Gold ($)                                       488         488
 
    Total Recovery of                                                       
     the Run of Mine                                                        
     Ore                                                                    
      Silver (%)               92.7           -                         92.7
      Gold (%)                                              92.8        92.8
      Lead (%)                 95.0           -                         95.0
      Zinc (%)                 66.9           -                         66.9
 
    Head Grades of Run                                                      
     of Mine Ore                                                            
      Silver                                                                
       (gram/tonne)             207           -                          207
      Gold (gram/tonne)                                      3.4         3.4
      Lead (%)                  2.8           -                          2.8
      Zinc (%)                  0.8           -                          0.8
 
Sales Data                                                                  
  Metal Sales                                                               
    Silver (in                                                              
     thousands of                                                           
     ounces)                  3,850          12  (i)           -       3,862
    Gold (in thousands                                                      
     of ounces)                 3.5         0.2  (i)         7.4        11.1
    Lead (in thousands                                                      
     of pounds)              36,562         590  (i)           -      37,152
    Zinc (in thousands                                                      
     of pounds)               7,580         584  (i)         282       8,446
 
  Metal Sales                                                               
    Silver (in                                                              
     thousands of $)         64,453           -                -      64,453
    Gold (in thousands                                                      
     of $)                    3,334           -            7,909      11,243
    Lead (in thousands                                                      
     of $)                   27,927           -                -      27,927
    Zinc (in thousands                                                      
     of $)                    4,623           -              154       4,777
                       -----------------------------------------------------
                            100,337           -            8,063     108,400
                       -----------------------------------------------------
  Average Selling Price, Net of                                             
   Value Added Tax and Smelter                                              
   Charges                                                                  
    Silver ($ per                                                           
     ounce)                   16.74           -                -       16.74
    Gold ($ per ounce)          945           -            1,066       1,027
    Lead ($ per pound)         0.76           -                -        0.76
    Zinc ($ per pound)         0.61           -             0.55        0.61
 
(1) Ying Mining District includes mines: SGX, TLP, HPG&LM.                  
(2) X Mines includes the 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.                   

  
Contacts:
Silvercorp Metals Inc.
Lorne Waldman
Senior Vice President
(604) 669-9397 or Toll Free 1(888) 224-1881
(604) 669-9387 (FAX)
investor@silvercorp.ca
www.silvercorp.ca
 
 
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