SVM.TO · 2019-11-04 12:00:00

News release

Corporate Updates

NEWS

Tradin

VANC

“Com

explo

Explo

Distric

From

progr

with s

betwe

major

high g

veins

T39E,

drillin

miner

Highli

 D

(

 D

(

 D

(

 D

S RELEASE

ng Symbol: T

SILV

COUVER, Brit

pany”) (TSX /

ration progra

ration drilling

ct.

April 1, 201

ams at the T

six undergrou

een elevation

r mineralized

grade minera

were discove

T39E2 and T

ng results fr o

ralized zones

ights of select

Drift Tunnel P

true width) g

zinc (“Zn”) wit

Drift Tunnel P

true width) g

1050m level a

Drift Tunnel

true width) g

930m level at

Drift Tunnel P

width) gradin

evel at the TL

TSX/NYSE Am

VERCORP REP

THE TLP AND

ish Columbia

/NYSE Amer i

ams at the T

g is ongoing a

18 to Septem

TLP and LME

und rigs from

n levels 500m

vein structu

alized zones w

ered in the TL

T17E indicate

om veins LM

to at least th

ted mineraliz

PD890‐T5E1_

grading 1,784

thin vein stru

PD1050‐T26‐1

grading 716 g

at the TLP min

PD930‐T14E‐

grading 430 g

the TLP mine

PD820‐T16‐60

g 719 g/t Ag ,

LP mine; and

erican: SVM

PORTS POSITI

LME MINES A

a – November

ican: SVM) i

LP and LME

at the TLP an

mber 30, 201

mines and c

current prod

m and 1,070m

res along stri

within major

LP mine durin

the increasin

5, LM5E and

e 260m level

ed zones exp

1‐890‐31NYM

grams per t o

cture T31W3

1050‐A4NYM

g/t Ag , 9. 05%

ne;

930‐A0SYM

g/t Ag, 5.05 %

00‐1SYM exp

, 5.19% Pb a

IVE EXPLORA

AT THE YING

r 4, 2019 – Si

s pleased t o

mines, Ying M

d LME mines

19, Silvercorp

completed 37

duction levels

m. Results fr

ke and dow n

production v

ng this period

ng importance

d L M 4 a t t h

posed in the d

M exposed m

onne (“g/t”) s

3 on the 890m

M e x p o s e d m i

% Pb and 0.1 3

exposed min

Pb and 0.3 9

osed mineral

nd 0.92% Zn

ATION RESULT

MINING DIST

lvercorp Met

o report th e

Mining Distri

s, and all oth e

p c o n t i n u e d

7,212 metres

s, and 33,004

rom the drill

ndip, and ex p

vein structur

. Among the

e of the NNW

e LME min e

drift tunnels:

ineralization

silver (“Ag”),

m level at the

neralization

3% Zn withi n

neralization 6

9% Zn within

lization 80m

within vein s

Silvercorp M

希尔威金属

Suite 1750 – 1

Vancouver, B

Tel: 604‐669‐

Fax: 604‐669

TS FROM

TRICT

tals Inc. ("Silv

e r e s u l t s o f

ict, Henan Pr

er mines at t h

the extensiv

s (“m”) of dia

4m of explora

ling program

ploration tunn

re s . E i g h t ne

em, veins T31

W and NS strik

e e x t e n d e d t

15m long a n

9.55% lead (“

TLP mine;

25m long an

n ve i n st r uc tu

60m long an

vein structur

long and 1.0

structure T16

Metals Inc.

矿业有限公司

1066 West Hastings

C, Canada V6E 3X1

‐9397

9‐9387

vercorp” or th

its 2018‐20 1

rovince, Chin

he Ying Minin

ve exploratio

amond drillin

ation tunnelin

extended th

neling expose

ew mineralize

W3, T26, T26

king veins. Th

he high‐grad

nd 0.44m wi d

“Pb”) and 0.8

nd 1.11m wid

ur e T 26 on th

d 1.66m wid

re T14E on t h

4m wide (tr u

6 on the 600 m

St.

6E,

81%

 Drift Tunnel PD900‐LM18E1‐915‐52NYM exposed mineralization 60m long and 0.47m wide

(true width) grading 1,469 g/t Ag, 2.38% Pb and 0.28% Zn within vein structure LM18E1 on

the 915m level at the LME mine.

The exploration tunneling from April 1, 2018 to September 30, 2 019 at the TLP and LME mines,

comprising drifting, crosscutting and raising, was driven along and across major mineralized vein

structures to upgrade the drill defined mineral resources and test for new parallel and splay

structures, and is summarized in the following table:

Mine Major Target Veins

Target

Levels

(m)

Total

Tunneling

(m)

Channel

Samples

Collected

Drift

Included

(m)

Total Mineralization Exposed by Drift [1]

Length

(m)

Average True

Width (m)

(g/t)

(%)

TLP

T1W, T1W1, T5, T11,

T14E, T15W, T16,

T16W, T17, T17E,

T17W, T26, T26E,

T31W3, T33E, T35E,

T39E

510-1070 28,648 10,982 14,404 6,903 0.65 241 3.64 0.41

LME LM4E2, LM5, LM5E,

LM6, LM6W, LM18E1 500-1070 4,356 1,402 2,092 754 0.61 282 2.11 0.38

[1] Mineralization is defined by silver equivalent value (AgEq) greater than or equal to 120 g/t at the TLP mine and 125 g/t a t the

LME mine. (Formulae used for AgEq calculation: TLP=36.75*Pb%+Ag g/t; LME=39.019*Pb%+Ag g/t)

Highlights of selected drill hole intersections:

 Hole ZKT0641 intersected a 2.73m interval from 2.12m to 4.85m, 2.00m true width, of vein

T3E grading 841 g/t Ag, 0.67% Pb and 0.20% Zn at the 1079m elevation at the TLP mine;

 Hole ZKL7602 intersected a 3.82m interval from 263.75m to 267.5 7m, 2.71m true width, of

vein LM6W grading 491 g/t Ag, 0.78% Pb and 0.16% Zn at the 601m elevation at the TLP

mine;

 Hole ZKX11071 intersected a 1.01m interval from 296.36m to 297. 37m, 0.82m true width,

of vein T2 grading 471 g/t Ag, 2.84% Pb and 0.33% Zn at the 560 m elevation, and a 1.19m

interval from 317.55m to 318.74m, 0.97m true width, of vein T3 grading 931 g/t Ag, 0.47%

Pb and 0.06% Zn at the 546m elevation at the TLP mine; and

 Hole ZKL6105 intersected a 0.79m interval from 113.98m to 114.7 7m, 0.53m true width, of

vein LM4 grading 2,174 g/t Ag, 0.95% Pb and 0.25% Zn at the 497 m elevation, and a 0.45m

interval from 289.80m to 290.25m, 0.32m true width, of vein LM5 grading 2,217 g/t Ag,

2.90% Pb and 0.91% Zn at the 333m elevation at the LME mine.

The underground drilling program is conducted mainly from the current production levels to

delineate the downdip and along‐strike extensions of known mine ralized vein structures in the

production area and test for new vein structures in the previously less explored areas.

The drilling programs from April 1, 2018 to September 30, 2019 at the TLP and LME mines are

summarized in the following table:

Mine Major Target Veins

Target

Elevation

(m)

Metres

Drilled

(m)

Holes

Completed

Samples

Collected

Holes

Intercepted

Vein Structures

Holes

Intercepted

ore

TLP

T2, T2W, T3, T3E, T5,

T5E, T5E2, T11, T14E,

T15W, T16E, T22, LM5,

LM6, LM6W

214-1,111 25,170 92 1,676 86 39

LME

LM4, LM5, LM5E,

LM5E1, LM6E, LM6E1,

T11, T17, T17E, T17E1,

T17W1

270-1,000 12,041 34 852 32 17

Tables 1 and 2 below list the assay results of certain minerali zed zones exposed in drift tunnels

and selected mineralized drill hole intersections from the exploration programs.

Table 1: Selected mineralized zones exposed by drift tunneling at the TLP and LME mines

Mine Tunnel ID

Target Level Length True

Width

(m)

Ag Pb Zn

Vein (m) (m) (g/t) (%) (%)

TLP PD820-T11-700-4NYM T11 700 120.0 0.78 317 5.09 0.57

TLP PD820-T11-600-1SYM T11 600 90.0 1.21 236 7.70 0.76

TLP PD930-T14E-930-A0SYM T14E 930 60.0 1.66 430 5.05 0.39

TLP PD890-T14E-890-21SYM T14E 890 125.0 0.83 444 3.31 0.40

TLP PD820-T14E-755-3SYM T14E 755 20.0 0.67 103 8.99 0.16

TLP PD820-T15W-650-4SYM T15W 650 35.0 0.57 191 6.77 0.44

TLP PD820-T15W-650-4NYM T15W 650 80.0 1.01 175 10.18 0.33

TLP PD846-T16E-846-7NYM T16 846 35.0 1.10 695 1.23 0.37

TLP PD820XPD-T16W-755-23SYM T16 755 35.0 0.39 669 1.81 2.31

TLP PD820-T16-700-12SYM T16 700 45.0 0.57 679 3.84 1.03

TLP PD820XPD-T16-700-15NYM T16 700 60.0 0.41 785 2.12 2.61

TLP PD820-T16-600-1SYM T16 600 80.0 1.04 719 5.19 0.92

TLP PD846-T16W-846-12SYM T16W 846 105.0 0.42 972 1.25 0.72

TLP PD820-T17W-700-14SYM T16W 700 41.0 0.77 279 4.12 0.37

TLP PD846-T17-846-16NYM T17 846 125.0 0.49 353 3.17 0.47

TLP PD846-T17-846-16SYM T17 846 117.5 0.80 321 3.40 0.83

TLP PD820-T17-700-14NYM T17 700 35.0 1.03 375 4.29 0.39

TLP PD820-T17-700-14SYM T17 700 24.0 0.51 288 5.06 0.10

TLP PD846-T17E-846-16NYM T17E [1] 846 55.0 0.52 412 5.19 0.46

TLP PD820-T17-650-4SYM T17W 650 70.0 0.68 608 1.90 0.93

TLP PD820-T17W-600-1NYM T17W 600 15.0 0.46 976 4.49 0.37

TLP PD960-T1W-990-4NYM T1W 990 35.0 0.71 837 2.62 0.48

TLP PD1070-T1W1-1070-4SYM T1W1 1070 25.0 1.19 304 2.91 0.11

TLP PD1070-T22W-1070-6SYM T22W 1070 30.0 0.49 501 2.31 0.07

TLP PD1050-T26-1050-A4NYM T26 [1] 1050 25.0 1.11 716 9.05 0.13

TLP PD960-T26-990-A6NYM T26 [1] 990 35.0 1.25 312 2.97 0.05

TLP PD840-T26E-840-1SYM T26E [1] 840 20.3 0.52 302 5.50 0.09

TLP PD890-T5E1支-890-31NYM T31W3 [1] 890 15.0 0.44 1,784 9.55 0.81

TLP PD730-T31W-730-A25NYM T31W3 [1] 730 45.0 0.45 209 8.61 0.34

TLP PD730-T33E-560-23NYM T33E 560 90.0 0.52 361 2.18 0.59

TLP PD960-T35E-960-5NYM T35E 960 40.0 0.40 712 2.64 0.79

TLP PD820XPD-T39E-700-15SYM T39E [1] 700 29.0 0.56 478 4.12 0.68

TLP PD820XPD-T39E2-755-27SYM T39E2 [1] 755 110.0 0.52 340 5.09 2.02

TLP PD960-T5-990-11NYM T5 990 32.0 1.10 145 8.03 0.10

TLP PD840-T5E1-840-29NYM T5E1 840 60.0 0.52 395 2.45 0.55

TLP PD840-T5E1-840-29SYM T5E1 840 25.0 0.77 481 2.80 0.51

TLP PD1050-T5W-1050-5SYM T5W 1050 35.0 0.60 274 4.84 0.08

TLP PD1050-T5W1-1050-5NYM T5W1 [1] 1050 35.0 0.44 410 2.85 0.17

LME PD900-LM18E1-915-52NYM LM18E1 [1] 915 60.0 0.47 1,469 2.38 0.28

LME PD900-LM18E1-915-52SYM LM18E1 [1] 915 35.0 0.80 428 3.65 0.32

LME PD900-LM5-600-64NYM LM5 600 25.0 0.39 258 1.81 0.56

LME PD900-LM5-600-69SYM LM5 600 40.0 1.13 235 1.38 0.27

LME PD900-LM6W-650-70SYM LM6W 650 40.0 0.48 335 1.12 0.36

[1] Veins discovered between April 30, 2018 and September 30, 2019

Table 2: Selected results from the drill programs at the TLP and LME mines

Mine Hole ID From

(m)

Elevation

(m)

Width

(m)

True

Width (m)

(g/t)

(%)

(%) Vein

TLP ZKT1331 321.18 321.98 723.19 0.80 0.69 437 2.16 0.17 T15W

359.98 360.31 708.65 0.33 0.28 449 1.85 0.59 T11

TLP ZKX11674 387.97 388.40 458.67 0.43 0.34 18 5.52 0.49 T2

TLP ZKGA3201 206.00 206.40 766.52 0.40 0.36 593 0.16 0.36 T22

TLP ZKT1332 333.31 333.72 641.11 0.41 0.36 56 2.39 0.10 T15W

360.77 361.99 626.24 1.22 1.06 99 10.89 0.28 T11

TLP ZKGA2801 267.80 268.93 757.27 1.13 1.09 414 1.61 0.35 T22

TLP ZKGA2401 155.08 155.48 735.18 0.40 0.39 112 5.32 0.14 T22-1

TLP ZKX11071 296.36 297.37 559.68 1.01 0.82 471 2.84 0.33 T2

317.55 318.74 545.71 1.19 0.97 931 0.47 0.06 T3

TLP ZKTA4011 140.81 143.32 921.34 2.51 1.46 230 6.99 1.51 T14E

TLP ZKTA4012 95.11 98.29 772.65 3.18 1.84 115 13.04 0.33 T14E

TLP ZKT0641 2.12 4.85 1,079.32 2.73 2.00 841 0.67 0.20 T3E

161.21 161.82 1,054.43 0.61 0.42 291 1.58 0.28 T22E

TLP ZKT1136 423.98 424.27 509.53 0.29 0.27 454 0.21 0.18 T11

TLP ZKT1042 6.20 8.16 1,074.50 1.96 1.71 142 0.68 0.05 T3E

TLP ZKT0441 6.14 6.48 1,077.38 0.34 0.16 1,451 1.14 0.76 T3E

152.27 152.96 1,034.66 0.69 0.33 360 0.59 0.10 T5

TLP ZKT0842 104.48 107.05 1,111.22 2.57 1.48 86 4.36 0.31 T5

TLP ZKT0940 90.61 92.15 780.69 1.54 1.30 124 0.42 0.10 T14E

303.01 303.47 638.21 0.46 0.40 254 0.39 0.23 T14

TLP ZKL7602 263.75 267.57 601.25 3.82 2.71 491 0.78 0.16 LM6W

269.42 272.65 596.47 3.23 2.29 180 0.45 0.11 LM6

517.68 519.11 389.15 1.43 1.02 119 1.38 0.33 LM5

572.14 572.84 343.87 0.70 0.50 251 2.28 0.70 LM5E1

576.89 577.23 339.92 0.34 0.24 601 0.92 0.52 LM5E2

TLP ZKT1043 88.79 90.49 1,057.12 1.70 1.15 59 6.16 0.46 T2W

TLP ZKL7604 251.93 252.37 735.17 0.44 0.36 317 0.16 0.39 LM6

TLP ZKT2527 122.44 124.14 734.90 1.70 0.94 31 6.21 0.09 T33W3 [1]

TLP ZKT0135 86.52 86.87 936.71 0.35 0.28 1,286 0.79 2.73 T16E

TLP ZKT0135 118.13 118.84 929.60 0.71 0.58 541 1.19 0.28 T16E1

TLP ZKT0333 91.82 92.18 914.10 0.36 0.14 1,237 1.36 0.27 T16E

TLP ZKT1633 63.12 63.96 929.89 0.84 0.83 133 5.54 0.74 T15W

TLP ZKT1633 89.17 89.50 918.06 0.33 0.33 244 4.08 7.92 T15

TLP ZKT1632 223.96 224.31 987.46 0.35 0.33 290 1.70 4.00 T17

TLP ZKT1432 220.81 222.55 1,006.17 1.74 1.61 108 1.66 0.84 T17

TLP ZKG0123 85.25 85.57 617.24 0.32 0.30 229 8.41 0.26 T15W4

181.33 181.64 579.70 0.31 0.28 34 5.61 1.86 T16

263.97 264.60 547.41 0.63 0.58 73 25.13 0.48 T15W

286.28 287.08 538.69 0.80 0.74 76 29.71 0.30 T11

TLP ZKT3724 308.40 308.85 533.74 0.45 0.34 32 13.66 0.14 T39

TLP ZKG0525 215.64 216.12 549.08 0.48 0.34 119 2.56 2.34 T16E

273.20 273.89 522.05 0.69 0.54 11 6.93 0.21 T15W

318.84 319.34 500.63 0.50 0.38 12 3.60 0.13 T14E

LME ZKL3201 276.43 276.78 679.68 0.35 0.25 56 16.02 0.05 T11

LME ZKL6105 113.98 114.37 496.69 0.79 0.53 2,174 0.95 0.25 LM4

289.80 290.25 332.89 0.45 0.32 2,217 2.90 0.91 LM5

318.78 319.74 306.10 0.96 0.68 244 0.47 0.09 LM5E1

322.53 323.39 302.63 0.86 1.66 528 3.67 1.94 LM5E

LME ZKL6502 94.94 95.98 536.89 1.04 1.25 217 1.95 0.26 LM4

197.35 197.72 467.63 0.37 1.09 452 0.77 0.73 LM5

234.74 235.44 442.66 0.70 0.62 721 1.12 1.28 LM5E

LME ZKL6503 207.25 207.92 426.60 0.67 0.49 204 0.70 0.27 LM6E

281.70 282.10 363.79 0.40 0.29 292 17.63 0.10 LM5E

LME ZKL6302 96.87 97.19 520.94 0.32 0.26 506 2.93 0.16 LM4

LME ZKL5903 231.67 232.15 408.56 0.48 0.38 464 1.24 0.25 LM5

280.38 280.76 367.89 0.38 1.03 602 0.63 0.40 LM5E1

283.07 283.48 365.65 0.41 2.91 590 0.70 0.12 LM5E

LME ZKL54S302 102.43 103.50 773.89 1.07 0.83 509 2.57 2.04 LM3_1

149.88 150.32 739.44 0.44 0.34 179 1.10 0.68 T17E1

158.85 159.70 732.90 0.85 0.65 2,019 1.74 0.58 T17E

355.76 357.17 588.57 1.41 1.09 126 4.95 0.26 T17

369.28 369.58 578.68 0.30 0.23 374 3.88 0.97 T17W1

LME ZKL58T1701 292.69 293.61 636.37 0.92 0.67 2,246 6.59 2.70 LM3_1

302.55 303.00 629.14 0.45 0.33 22 5.46 0.60 LM4

LME ZKL58T1702 138.55 139.88 770.01 1.33 1.07 647 0.47 0.23 T17E

314.73 315.88 661.05 1.15 0.90 120 3.05 0.36 T17

[1] Veins discovered between April 30, 2018 and September 30, 2019

Quality Control

Drill cores are NQ size. Drill core samples, limited by apparen t mineralization contacts or

shear/alteration contacts, were split into halves by saw cuttin g. The half cores are stored in the

Company's core shacks for future reference and checks, and the other half core samples are

shipped in securely‐sealed bags to the Chengde Huakan 514 Geology and Minerals Test and

Research Institute in Chengde, Hebei Province, China, 226 km no rtheast of Beijing, the

Zhengzhou Nonferrous Exploration Institute Lab in Zhengzhou, He nan Province, China, and the

Analytical Lab of the Inner Mongolia Geological Exploration Bur eau in Hohhot, Inner Mongolia,

China. All the three labs are ISO9000 certified analytical lab s. For analysis, the sample is dried

and crushed to minus 1mm and then split to a 200‐300g subsample which is further pulverized

to minus 200 mesh. Two subsamples are prepared from the pulver ized sample. One is digested

w i t h a q u a r e g i a f o r g o l d a n a l y s i s w i t h a t o m i c a b s o r p t i o n s p e c t roscopy (AAS), and the other is

digested with two‐acids for analysis of silver, lead, zinc and copper with AAS.

Channel samples are collected along sample lines perpendicular to the mineralized vein

structure in exploration tunnels. Spacing between sampling lines is typically 5m along strike.

Both the mineralized vein and the altered wall rocks are cut by continuous chisel chipping.

Sample length ranges from 0.2m to more than 1m, depending on th e width of the mineralized

vein and the mineralization type. Channel samples are prepared a n d a s s a y e d w i t h A A S a t

Silvercorp’s mine laboratory (Ying Lab) located at the mill complex in Luoning County, Henan

Province, China. The Ying Lab is officially accredited by the Quality and Technology Monitoring

Bureau of Henan Province and is qualified to provide analytical services. The channel samples

are dried, crushed and pulverized. A 200g sample of minus 160 mesh is prepared for assay. A

duplicate sample of minus 1mm is made and kept in the laboratory archives. Gold is analysed by

f i r e a s s a y w i t h A A S f i n i s h , a n d s i l v e r , l e a d , z i n c a n d c o p p e r are assayed by two‐acid digestion

with AAS finish.

A routine quality assurance/quality control (QA/QC) procedure i s adopted to monitor the

analytical quality at each lab. C ertified reference materials (CRMs), pulp duplicates and blanks

are inserted into each batch of lab samples. QA/QC data at the lab are attached to the assay

certificates for each batch of samples.

The Company maintains its own comprehensive QA/QC program to ensure best practices in

sample preparation and analysis of the exploration samples. Pr oject geologists regularly insert

CRM, field duplicates and blanks to each batch of 30 core sampl es to monitor the sample

preparation and analysis procedure s a t t h e l a b s . T h e a n a l y t i c al quality of the labs is further

evaluated with external checks by sending approximately 3‐5% of the pulp samples to higher

level labs to check for lab bias.

Data from both the Company's and the labs' QA/QC programs are r eviewed on a timely basis by

project geologists.

Guoliang Ma, P. Geo., Manager of Exploration and Resource of the Company, 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.

About Silvercorp

Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in

concentrates from mines in China. The Company’s goal is to continuously create healthy returns

to shareholders through efficient management, organic growth an d the acquisition of profitable

projects. Silvercorp balances profitability, social and environmental relationships, employees’

wellbeing, and sustainable development. For more information, p l e a s e v i s i t o u r w e b s i t e a t

www.silvercorp.ca.

For further information

Lon Shaver

Vice President

Silvercorp Metals Inc.

Phone: (604) 669‐9397

Toll Free: 1(888) 224‐1881

Email: [email protected]

Website: www.silvercorpmetals.com

CAUTIONARY DISCLAIMER ‐ FORWARD LOOKING STATEMENTS

Certain of the statements and information in this news release constitute “forward‐looking statements”

within the meaning of the United States Private Securities Litig a t i o n R e f o r m A c t o f 1 9 9 5 a n d “ f o r w a r d ‐

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 perfor mance (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 actio ns, 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 f orward‐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 es timates 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 vari ety 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 o r information, including, witho ut limitation, risks relating to: fluctuating

c o m m o d i t y p r i c e s ; c a l c u l a t i o n o f r e s o u r c e s , r e s e r v e s a n d m i n e r alization and precious and base metal

recovery; interpretations and assumptions of mineral resource a nd mineral reserve estimates; exploration

and development programs; feasibility and engineering reports; permits and licenses; title to properties;

property interests; joint venture partners; acquisition of com mercially 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 futu re 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 th e 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 s tatements about the future and are

inherently uncertain, and actual achievements of the Company or other future events or conditions may

differ materially from those refl ected in the forward‐looking s tatements 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, 2017 under the heading “Risk Factors”. Although

the Company has attempted to identify important factors that co uld cause actual results to differ

materially, there may be other factors that cause results not t o be as anticipated, estimated, described or

intended. Accordingly, readers s hould not place undue reliance on forward‐looking statements or

information.

The Company’s forward‐looking statements and information are ba sed on the assumptions, beliefs,

expectations and opinions of management as of the date of this news 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 ass umptions, beliefs, expectations or

opinions should change, or changes in any other events affectin g such statements or information. For the

reasons set forth above, investors should not place undue reliance on forward‐looking statements and

information.

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