SVM.TO · 2023-12-21 12:00:00

Silvercorp Reports High-Grade GOLD-Silver-Lead-Zinc Drill Results from the Hpg MINE

Drill Results

NEWS RELEASE

Trading Symbol TSX: SVM

NYSE American: SVM

SILVERCORP REPORTS HIGH-GRADE GOLD-SILVER-LEAD-ZINC

DRILL RESULTS FROM THE HPG MINE

VANCOUVER, British Columbia – December 21, 2023 – Silvercorp Metals Inc. (“Silvercorp” or

the “Company”) (TSX: SVM) (NYSE American: SVM) is pleased to report high-grade gold -silver-

lead-zinc intercepts from its ongoing diamond drilling program at the HPG mine in the Ying

Mining District, China.

Highlights (all intersections are in core lengths):

• Surface hole ZK1645 intersected an 8.24 metre (“m”) interval of vein H4 grading 4.31 grams

per tonne (“g/t”) gold (“A u”), 15 g/t silver (“Ag”), and 2.10% lead (“Pb”), from 56.28 m

depth, at an elevation of 819 m;

• Underground hole ZK02N36 intersected a 0.61 m interval of vein H5E grading 3.86 g/t Au,

6,132 g/t Ag, 6.45% Pb, 8.47% zinc (“Zn”), and 0.33% copper (“Cu”) from 72.36 m depth, at

an elevation of 331 m;

• Surface hole ZK3421 intersected a 0.63 m interval of vein H17_1 grading 23.80 g/t Au and

14 g/t Ag, from 71.95 m depth, at an elevation of 761 m;

• Underground hole ZKH12N21 intersected a 4.60 m interval of vein H17 grading 1.23 g/t

Au, 193 g/t Ag, 7.56% Pb, 3.79% Zn, and 0.38% Cu from 68.67 m depth, at an elevation of

329 m;

• Underground hole ZK21N11 intersected a 2.05 m interval of vein H16_3 grading 3.75 g/t

Au, 128 g/t Ag, 2.26% Pb, and 1.05% Zn, from 148.72 m depth, at an elevation of 381 m;

• Underground hole ZKH21N20 intersected a 2.69 m interval of vein H16_3 grading 2.72 g/t

Au, 269 g/t Ag, 1.02% Pb, 0.69% Zn, and 0.80% Cu from 147.79 m depth, at an elevation of

338 m;

• Underground hole ZKH27N03 intersected a 1.70 m interval of vein H14a grading 10.49 g/t

Au, 18 g/t Ag, 1.02% Pb, and 0.75% Zn, from 181.11 m depth, at an elevation of 440 m;

• Underground hole ZKH21N22 intersected a 0.95 m interval of vein H16_3 grading 6.62 g/t

Au, 507 g/t Ag, 1.77% Pb, 1.35% Zn, and 0.97% Cu from 151.45 m depth, at an elevation of

350 m;

• Underground hole ZK19N15 intersected a 0.45 m interval of vein H10_1 grading 25.80 g/t

Au and 216 g/t Ag, from 148.64 m depth, at an elevation of 599 m;

• Underground hole ZK04N14 intersected a 1.01 m interval of vein H13 grading 0.62 g/t Au,

930 g/t Ag, 25.93% Pb, 0.30% Zn, and 1.24% Cu from 63.67 m depth, at an elevation of 683

Figure 1: Location of the HPG mine within the Ying mining district.

From January 1, 2022 to November 15, 2023, a total of 45, 046 m in 297 diamond drill holes,

including 215 underground holes and 82 surface holes, were completed at the HPG mine. Assay

results for 270 holes have been received, with 139 holes intercepting mineralization. Currently,

there are 8 rigs drilling at the HPG mine.

The drilling program at the HPG mine has been focused on three main areas (Figure 2): 1) near

surface gold-silver-lead-zinc (Au-Ag-Pb-Zn) vein structures within the resource area which have

seen limited exploration drilling and tunneling (upper zone - U); 2) infill drilling above or below

previously-mined stopes where production stopped due to higher than expected variability in

grades, vein thicknesses, and attitudes of the vein structures (production zone - P); and 3)

testing the Au-Ag-Pb-Zn mineralization potential and extent within a rhyolitic breccia dyke that

is situated within the current underground mining infrastructure (breccia zone - B).

Figure 2: Location of drill holes and target areas at HPG mine applicable to the reporting period.

Drilling Near Surface Au-Ag-Pb-Zn Vein Structures within the Resource Area – Upper Zone (U)

Previous drilling was primarily focused on testing the strike and downdip extent of known vein

structures with a limited focus being placed on the up -dip potential at shallower elevations

above 600 m above mean sea level (“amsl”). Extensive drilling from surface and underground

drill carbines yielded intercepts of high-grade Au-Ag-Pb-Zn vein structures at higher elevations,

which include the H13 series, H15 series, H16 series, H17 series, H32 series, H42 series, H5, H13,

H14, H18, and H29 (Table 1).

Drilling Above or Beneath Previously -Mined Stopes w ithin the Resource Area – Production

Zone (P)

The majority of the drilling campaign targeted areas of known Au-Ag-Pb-Zn vein structures that

were previously underexplored due to higher than expected variation in the thickness and

trend of the high grade ore shoots of the veins within the resource areas below the 600 m amsl

elevation. The high -grade intercepts are mainly associated with the northwest -dipping H5

series, H 15 series, H16 series, H17 series, H11, H13, and H14, and the east-dipping H20 series,

H41 series, H32 series, H29, H40 and H42 veins. These intercepts have led to significant

expansion and upgrading of high-grade resources (Table 2).

Testing Au-Ag-Pb-Zn mineralization within the Rhyolitic Breccia Dyke – Breccia Zone (B)

Drilling has been ongoing to test the mineralization within a northwest trending rhyolitic

breccia dyke (breccia zone B8) (Table 3) hosting disseminated Au -Ag-Pb-Zn-Cu mineralization

across a currently defined zone measuring 50 m long, 30 m high, and 20m wide. The newly

discovered B8 orebody has been mined since October 2023 by means of long-hole stoping.

In addition to the drilling outlined above, which focused on drilling vein structures within the

current mining infrastructure, some drillholes were aimed at testing the down-dip extension of

major vein structures including H15, H16, and H17 below 300 m amsl elevation within the Deep

Zone (zone D). Initial drilling confirmed notable mineralization and down dip extension of

mineralization along the targeted vein structures (Table 4).

Table 1: Selected intercepts from the drilling programs at the U zone of the HPG mine

Hole ID From

(m)

Elevation

(m)

interval

(m)

(g/t)

(%)

(%) Vein

ZK02N05 53.62 54.45 661 0.83 0.19 227 21.15 0.14 0.19 H32

ZK04N10 56.67 57.10 687 0.43 0.05 114 9.94 0.08 0.19 H32

ZK04N14 63.67 64.68 683 1.01 0.62 930 25.93 0.30 1.24 H13

ZK04N15 58.89 59.52 666 0.63 0.21 88 7.09 0.12 0.13 H32

ZK04W02 59.54 60.08 729 0.54 0.94 178 15.28 0.02 0.03 H15

ZK06N13 67.49 69.55 682 2.06 0.31 184 10.59 0.09 0.25 H13

ZK06S03 124.59 125.82 717 1.23 0.20 57 8.92 0.05 0.06 H13

ZK06S04 128.02 129.58 724 1.56 0.10 69 1.84 0.57 0.03 H15_2

ZK08N13 84.64 86.04 680 1.40 0.37 441 11.75 0.42 0.25 H13

ZK08N14 101.76 102.11 678 0.35 0.72 261 0.93 0.49 0.20 H13

ZK08S01 90.55 91.36 760 0.81 0.37 72 17.30 0.08 0.11 H13

ZK08S05 87.75 89.40 774 1.65 0.15 17 4.01 0.03 0.01 H15_2

ZK11004 105.13 105.60 605 0.47 0.04 592 0.94 0.37 0.01 H41W_1

ZK11205 103.81 105.45 614 1.64 3.31 1 0.01 0.01 0.01 H42a

ZK14N23 80.61 81.11 705 0.50 0.97 110 13.55 0.53 0.80 H15W

ZK14N25 89.92 90.75 676 0.83 0.81 41 4.37 0.02 0.04 H15W

ZK14S22 36.91 37.94 731 1.03 0.07 42 3.40 0.11 0.01 H15

ZK1644 190.15 190.73 689 0.58 4.71 152 15.71 1.73 0.54 H32a

ZK1645 56.28 64.52 819 8.24 4.31 15 2.10 0.01 0.02 H4

ZK1645 210.11 210.59 671 0.48 0.61 27 9.36 0.04 0.01 H32a

ZK1646 66.45 67.61 809 1.16 2.48 13 2.48 0.02 0.01 H4

ZK1646 204.79 206.45 675 1.66 0.05 23 5.14 3.02 0.05 H4a

ZK1646 218.66 219.85 662 1.19 0.39 32 4.71 0.12 0.06 H32a

ZK1647 222.14 224.11 663 1.97 1.72 103 3.72 0.67 0.55 H32a

ZK17N05 100.28 100.75 625 0.47 0.16 78 4.91 0.28 0.01 H9

ZK21N41 47.21 47.76 600 0.55 1.74 76 5.97 1.73 0.01 H39_2

ZK2346 113.21 114.22 716 1.01 2.59 8 0.20 0.53 0.01 H42

ZK2346 123.36 123.91 710 0.55 5.21 8 1.70 1.49 0.03 H15

ZK2347 106.66 107.46 740 0.80 1.48 19 1.61 0.48 0.02 H16_3

ZK2348 56.19 56.85 776 0.66 2.13 8 0.41 0.97 0.02 H14

ZK2348 64.67 66.39 771 1.72 3.16 4 0.12 0.43 0.01 H14a

ZK2348 132.58 133.26 733 0.68 2.00 4 0.19 0.20 0.01 H15

ZK23S03 107.58 108.43 790 0.85 0.68 132 0.78 0.60 0.07 H16

ZK2412 172.03 173.06 720 1.03 1.98 6 0.01 0.02 0.01 H17

ZK24S01 199.44 200.03 721 0.59 0.34 95 14.67 0.88 0.01 H32a

ZK29S02 211.70 212.20 684 0.50 0.16 89 17.02 4.86 0.04 H29

ZK3421 71.95 72.58 761 0.63 23.80 14 0.03 0.03 0.01 H17_1

ZK3638 37.58 37.96 804 0.38 1.10 197 0.19 0.08 0.03 H17_1

ZKH00N42 48.80 50.96 635 2.16 0.68 140 1.08 0.14 0.05 H5

ZKH04S01 50.64 51.27 656 0.63 0.15 659 0.31 2.29 0.14 H17

ZKH06N01 64.39 64.71 618 0.32 0.16 309 0.60 0.10 0.49 H32E1

ZKH06N02 50.40 51.01 615 0.61 5.10 28 0.48 0.12 0.01 H32E1

ZKH06S01 99.64 101.43 606 1.79 1.03 76 2.14 0.09 0.69 H15

ZKH06S01 102.56 109.99 605 7.43 0.61 89 7.08 0.19 0.36 H17

ZKH06S09 17.36 18.28 633 0.92 0.16 115 0.53 1.91 0.03 H13

ZKH12S52 45.57 47.28 718 1.71 0.11 33 3.33 0.04 0.08 H15

ZKH12S52 163.31 164.40 670 1.09 0.29 133 2.02 1.40 0.06 H18

ZKH130C01 92.85 93.96 712 1.11 4.04 3 0.02 0.01 0.01 H15

ZKH14S31 38.31 39.37 730 1.06 0.05 45 3.75 0.04 0.05 H15

ZKH14S31 153.43 154.53 712 1.10 2.56 41 1.32 0.82 0.02 H18

ZKH16S51 85.99 87.16 676 1.17 0.16 177 0.34 0.01 0.86 H15E

ZKH16S51 168.41 169.33 619 0.92 0.45 128 3.23 1.25 0.04 H18

ZKH16S52 35.85 40.22 733 4.37 0.08 28 4.13 0.03 0.03 H15

ZKH16S52 171.30 172.25 719 0.95 0.12 211 1.21 0.63 0.06 H18

ZKH18N01 147.22 147.86 756 0.64 0.04 10 4.44 0.99 0.01 H6

ZKH24S05 157.87 159.05 741 1.18 0.17 22 5.65 0.81 0.03 H32a

ZKH33N10 28.61 29.06 627 0.45 5.42 4 0.08 0.16 0.01 H12E1

Table 2: Selected intercepts from the drilling programs at the P zone of the HPG mine

Hole ID From

(m)

Elevation

(m)

interval

(m)

(g/t)

(%)

(%) Vein

ZK02N36 72.36 72.97 331 0.61 3.86 6,132 6.45 8.47 0.33 H5E

ZK04N06 124.59 125.01 515 0.42 0.04 27 8.36 0.65 0.03 H5

ZK04N07 165.80 166.26 467 0.46 0.47 416 40.18 0.35 0.13 H5E

ZK04N08 95.05 95.63 582 0.58 0.89 91 1.01 0.09 0.10 H5a

ZK04N09 100.28 101.00 581 0.72 0.07 284 0.09 0.02 0.03 H5a

ZK04N09 102.91 104.23 580 1.32 0.61 66 13.01 0.12 0.18 H5

ZK04N19 15.15 15.48 375 0.33 5.52 23 0.42 0.98 0.01 H5E

ZK05N11 118.87 119.53 371 0.66 2.86 15 0.05 0.03 0.01 H5

ZK07N21 101.34 103.31 332 1.97 0.26 123 3.50 3.42 0.08 H5

ZK07N22 56.03 57.57 346 1.54 2.00 14 0.03 0.01 0.01 H5E

ZK09N23 82.17 82.52 332 0.35 21.00 120 2.85 15.03 0.09 H5

ZK09N31 2.81 3.54 462 0.73 0.21 106 0.10 0.03 1.07 H5E

ZK09N31 80.42 81.30 415 0.88 0.34 300 1.24 0.92 0.06 H5

ZK11007 240.47 241.68 497 1.21 2.39 2 0.08 0.07 0.01 H12_1

ZK11008 225.13 225.59 518 0.46 7.44 17 0.39 0.50 0.04 H12_1

ZK11204 205.86 206.86 555 1.00 2.92 5 0.14 0.04 0.01 H20W

ZK11209 202.55 203.11 527 0.56 2.71 8 0.76 0.75 0.03 H20W1

ZK11211 82.05 82.40 591 0.35 4.42 26 1.79 0.05 0.01 H41W

ZK11614 44.23 44.80 446 0.57 11.90 45 3.39 0.49 0.19 H20W1

ZK11614 46.12 46.95 445 0.83 3.26 84 0.94 0.49 0.10 H20W

ZK14N18 13.94 14.58 380 0.64 1.55 58 2.54 9.79 0.21 H32E1

ZK14N19 28.10 28.52 377 0.42 7.00 10 0.31 0.25 0.01 H32E1

ZK19N15 148.64 149.09 599 0.45 25.80 216 0.04 0.01 0.01 H10_1

ZK19N20 8.53 9.40 462 0.87 0.97 108 16.84 0.33 0.26 H11

ZK19N20 208.43 208.94 369 0.51 3.25 5 0.40 0.14 0.01 H42

ZK21N11 148.72 150.77 381 2.05 3.75 128 2.26 1.05 0.20 H16_3

ZK21N37 131.58 132.30 435 0.72 7.51 15 0.10 0.18 0.01 H16_1

ZK21N39 126.31 128.05 432 1.74 2.10 56 2.71 1.25 0.08 H16_1

ZK21N41 114.86 117.14 559 2.28 0.25 49 5.17 0.06 0.01 H12_1

ZK21N42 55.06 55.50 589 0.44 1.01 164 2.23 0.85 0.01 H39_2

ZK21N42 131.24 131.92 533 0.68 1.35 94 0.65 0.26 0.01 H12_1

ZK22N01 99.79 100.94 588 1.15 4.59 23 0.94 0.07 0.11 H15

ZK23N05 141.55 142.62 381 1.07 1.63 16 1.13 0.62 0.01 H16_1

ZK23N32 54.49 54.93 429 0.44 3.36 43 0.15 0.10 0.35 H17_1W

ZK23N34 5.54 6.15 466 0.61 1.75 27 0.31 0.82 0.06 H11

ZK23N34 121.72 122.34 439 0.62 2.43 11 0.48 0.23 0.04 H16_1

ZK23N35 5.59 6.59 465 1.00 1.43 28 1.88 0.24 0.09 H11

ZK23N35 181.11 181.60 405 0.49 0.09 52 10.80 0.04 0.13 H17_1

ZK25N04 55.72 56.13 435 0.41 4.48 77 0.34 0.56 0.01 H13

ZK25N05 83.43 84.69 515 1.26 1.73 9 0.35 0.33 0.03 H16_1

ZK25N08 94.53 95.59 417 1.06 2.05 3 0.03 0.04 0.01 H16

ZK27N04 161.78 162.48 484 0.70 1.98 9 0.24 0.15 0.02 H16_1

ZK27N07 105.32 106.13 552 0.81 2.00 13 0.20 0.08 0.03 H16

ZK27N07 137.48 138.13 534 0.65 2.21 15 0.40 0.36 0.06 H40

ZK27N08 143.28 143.82 480 0.54 2.96 7 0.14 0.06 0.01 H16

ZK29N10 136.81 139.45 530 2.64 2.09 4 0.39 0.21 0.01 H16_1a

ZKH02N37 127.89 128.54 324 0.65 8.78 35 1.12 0.16 0.06 H5_2

ZKH02N38 116.61 117.60 328 0.99 9.21 8 0.08 0.14 0.09 H5_2W

ZKH02N38 141.53 142.38 324 0.85 0.34 73 1.56 0.42 0.07 H5_2

ZKH02N38 172.02 172.65 320 0.63 0.13 67 2.49 6.17 0.04 H5E

ZKH08N03 132.56 133.27 591 0.71 0.40 382 6.23 1.38 0.51 H15_2

ZKH12N21 67.10 67.77 330 0.67 1.17 172 3.23 12.97 0.22 H17_1

ZKH12N21 68.67 73.27 329 4.60 1.23 193 7.56 3.79 0.38 H17

ZKH12N22 28.43 28.88 361 0.45 0.28 76 4.92 0.13 0.01 H15

ZKH12N22 67.78 69.48 331 1.70 0.23 61 2.04 6.67 0.21 H17_1

ZKH12N22 71.25 73.94 328 2.69 0.53 86 4.33 2.61 0.18 H17

ZKH19N25 13.44 14.21 571 0.77 0.14 190 0.28 0.17 0.28 H39_1E

ZKH21N20 64.38 65.22 361 0.84 0.29 54 1.44 1.70 0.01 H13

ZKH21N20 68.18 69.13 360 0.95 0.68 382 0.54 0.57 0.02 H13a

ZKH21N20 141.43 142.15 339 0.72 1.62 13 1.30 1.00 0.03 H16_1

ZKH21N20 147.79 150.48 338 2.69 2.72 269 1.02 0.69 0.80 H16_3

ZKH21N20 160.42 161.02 334 0.60 5.66 7 0.24 0.08 0.02 H15Wa

ZKH21N20 168.74 169.82 332 1.08 0.41 21 5.00 0.11 0.05 H15

ZKH21N20 188.06 188.68 326 0.62 1.87 45 0.75 0.13 0.52 H17_1

ZKH21N22 51.71 52.66 369 0.95 2.53 3 0.03 0.05 0.01 H11Ea

ZKH21N22 68.83 69.73 366 0.90 0.99 84 0.28 0.61 0.01 H13

ZKH21N22 142.40 143.19 351 0.79 0.71 22 1.83 1.95 0.15 H16_1

ZKH21N22 151.45 152.40 350 0.95 6.62 507 1.77 1.35 0.97 H16_3

ZKH21N22 165.32 166.62 347 1.30 1.71 11 0.42 0.07 0.03 H15

ZKH27N02 16.60 18.68 535 2.08 2.10 74 0.31 0.12 0.28 H20W

ZKH27N03 15.14 15.86 531 0.72 5.97 15 0.43 0.37 0.04 H20W

ZKH27N03 120.16 122.82 473 2.66 1.27 23 1.27 0.10 0.02 H40

ZKH27N03 181.11 182.81 440 1.70 10.49 18 1.02 0.75 0.03 H14a

ZKH27N04 94.47 95.70 510 1.23 1.43 32 1.10 0.69 0.01 H16_1

ZKH27N05 14.12 14.95 531 0.83 3.30 9 0.24 0.11 0.09 H20W

ZKH27N06 24.51 25.40 535 0.89 4.05 197 0.69 0.15 0.99 H17_1

ZKH27N06 26.90 28.91 535 2.01 0.14 240 0.68 1.37 0.41 H20W

ZKH27N06 114.53 115.25 522 0.72 1.65 293 2.09 0.47 0.54 H16

ZKH27N07 34.66 35.48 515 0.82 1.34 45 0.26 0.05 0.07 H20W

ZKH29N16 93.05 93.84 581 0.79 1.20 33 6.92 0.77 0.04 H41W

ZKH33N11 94.57 95.44 588 0.87 0.05 25 6.99 0.55 0.01 H12E

ZKH36N06 132.35 133.48 368 1.13 0.11 37 2.41 4.59 0.03 H15_1

ZKH36N07 135.56 136.22 354 0.66 0.18 61 7.00 3.04 0.03 H15_1

ZKH38N01 127.63 128.77 373 1.14 0.51 32 2.36 2.85 0.04 H17

Table 3: Selected intercepts from the drilling programs at the B zone of the HPG mine

Hole ID From

(m)

Elevation

(m)

interval

(m)

(g/t)

(%)

(%) Vein

ZK09N23 61.99 63.77 345 1.78 1.56 63 0.21 0.05 0.11 B

ZK09N31 18.91 19.47 452 0.56 3.04 120 0.12 0.02 0.35 B

ZK1323 20.66 21.40 727 0.74 0.01 22 1.41 3.05 0.03 B07

ZK15N26 75.65 77.12 576 1.47 0.85 135 0.72 1.50 0.15 B08

ZK15N27 91.75 92.82 555 1.07 0.62 288 1.81 0.11 0.29 B08

ZK15N30 67.58 71.80 571 4.22 0.45 144 0.99 0.61 0.07 B08

ZK15N32 73.19 74.77 568 1.58 1.71 93 0.22 0.08 0.02 B08

ZKH07N12 48.07 48.81 346 0.74 1.88 17 0.03 0.02 0.01 B02

Table 4: Selected intercepts from the drilling programs at the D zone of the HPG mine

Hole ID From

(m)

Elevation

(m)

interval

(m)

(g/t)

(%)

(%) Vein

ZK03N35 174.26 174.81 267 0.55 15.55 52 1.67 2.46 0.01 H5

ZK03N37 143.41 144.00 295 0.59 0.83 236 12.14 7.04 0.01 H5

ZK40N02 233.57 233.92 179 0.35 0.72 185 6.51 0.01 0.01 H17

ZKH00N39 255.51 256.21 119 0.70 0.18 22 1.85 5.23 0.08 H5E

ZKH06N34 106.37 107.11 -11 0.74 2.60 76 6.06 4.68 0.23 H15_1

ZKH06N34 159.08 159.74 -42 0.66 0.50 82 3.00 1.56 0.11 H17

ZKH4204 192.72 193.25 194 0.53 4.00 434 11.02 0.06 3.02 H15_1

ZKH4204 226.08 226.57 176 0.49 0.78 118 25.65 25.81 0.11 H15

Quality Control

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

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

Company's core shacks for future reference and checks, and the other h alf 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 northeast of Beijing, the

Zhengzhou Nonferrous Exploration Institute Lab in Zhengzhou, Henan Province, China, and SGS

in Tianjin, China. All three labs are ISO9000 certified analytical labs. For analysis, the sample is

dried and crushed to minus 1 mm and then split into a 200 -300 g subsample which is further

pulverized to minus 200 mesh. Two subsamples are prepared from the pulverized sample. One

is digested with aqua regia for gold analysis with atomic absorption spectroscopy (“AAS”), and

the other is digested by two-acid digestion 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 5 m along strike.

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

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

vein and the mineralization type. Channel samples are prepared and assayed with AAS at

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 200 g sample of minus 160 mesh is prepared for assay. A

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

by fire assay with AAS finish, while silver, lead, zinc , and copper are assayed by two -acid

digestion with AAS finish.

A routine quality assurance/quality control (“QA/QC”) procedure is adopted to monitor the

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

are inserted into each batch of lab samples. QA/QC data at the lab ar e 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. Project geologists regularly insert

CRMs, field duplicates and blanks to each batch of 30 core samples to monitor the sample

preparation and analysis procedures at the labs. The analytical quality of the labs is further

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

level labs to check for lab bias. Data from both the C ompany's and the labs' QA/QC programs

are reviewed 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 and the acquisition of

profitable projects. Silvercorp balances profitability, social and environmental relationships,

employees’ wellbeing, and sustainable development. For more information, please visit our

website at www.silvercorp.ca.

For further information

Lon Shaver

President

Silvercorp Metals Inc.

Phone: (604) 669-9397

Toll Free: 1 (888) 224-1881

Email: [email protected]

Website: www.silvercorpmetals.com

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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 securities laws. Any statements or information that express or involve

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