Silvercorp Metals Inc. (NYSE:SVM)

VANCOUVER, Aug. 19, 2015 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (SVM) (SVM) was advised by the New York Stock Exchange ("NYSE") on August 3, 2015 that the average price of its common stock for the previous 30 trading days was below US$1.00 per share, which is below the NYSE continued listing requirement. 

The Company considered the fact that the NYSE listing rules with respect to the maintenance of a minimum $1.00 share price could require the Company to undertake certain corporate or other actions, such as a reverse share split, primarily to meet the NYSE listing rules, and believes that such actions are not in the best interest of the Company or its shareholders.  Therefore, the Board of Directors determined that the compliance obligations, costs and burdens of maintaining a listing of the common shares on the NYSE outweigh the benefits to the Company during this downturn in the commodity cycle.

Silvercorp intends to file a Form 25 (Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934) with the U.S. Securities and Exchange Commission (the "SEC") to voluntarily withdraw its common shares from listing on the New York Stock Exchange.  The Company expects to file the Form 25 within 10 business days and that the delisting will be effective approximately 10 business days following the filing of the Form 25.

Silvercorp will continue to maintain the primary listing of its common shares on the Toronto Stock Exchange (the "TSX"), one of the world's premier stock exchanges for mining companies.  U.S. shareholders should be able to trade their Silvercorp shares on the TSX through U.S. broker-dealers that have Canadian registered broker-dealer affiliates.  In addition, the Company understands that the common shares may also be quoted on the U.S. over-the-counter ("OTC") markets following the delisting; however, there can be no assurance that trading on the OTC markets will occur.  Moreover, it is anticipated that trading in the common stock may become more illiquid once it is no longer traded on the NYSE.  The Company will continue to file reports with Canadian securities regulators on SEDAR and with the SEC following the voluntary delisting.

Third Quarter 2015 Financial Results

• Sales of$40.2 million compared to$24.0 million in Q3 Fiscal 2014. Metal sales in the quarter were mainly impacted by increased production at the Ying Mining District and contributions from recently commenced commercial production at the GC mine
• Net income attributable to equity holders of the Company was$5.5 million, or$0.03per share compared to net income of$2.2 million, or$0.01per share for the three months ended December 31, 2013("Q3 Fiscal 2014"). For the nine months ended December 31, 2014, net income was$15.4 million, or$0.09per share compared to net loss of$36.5 million, or$0.21per share in the same prior year period.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 19, 2014) - Silvercorp Metals Inc. (TSX:SVM)(NYSE:SVM) ("Silvercorp" or the "Company") is pleased to announce a Normal Course Issuer Bid, pending TSX approval, to acquire up to 16.5 million common shares (approximately 10% of the public float) from December 23, 2014 to December 22, 2015 from the 170,883,808 common shares currently issued and outstanding. The Company is taking this action because it believes that prevailing market conditions have resulted in Silvercorp's shares being undervalued relative to the immediate and long term value of Silvercorp's portfolio of producing and development properties in China. 

The maximum number of shares that may be purchased on the TSX during any trading day may not exceed 25% of the average daily trading volume on the TSX based on the previous six completed calendar months, excluding purchases made by Silvercorp under its Normal Course Issuer Bid, for a daily total of 58,872 common shares. This limit, for which there are permitted exceptions, is determined in accordance with TSX regulatory requirements and does not apply to purchases made by the Company on the NYSE.

Second Quarter 2015 Financial Results

• Sales of $37.3 million, up 31% from the prior year period.
• Net income of $7.2 million, or $0.04 per share, compared to net loss of $43.2 million, or $0.25 per share in the prior year period.

OUTLOOK

The Company will continue to focus its efforts on optimizing mining operations, cost control, and cash preservation. At the Ying Mining District, the Company expects to see further improvements in the silver head grade through improved internal management process controls. Additionally, given the rapidly declining metal price environment, the Company may suspend mining within the Ying Mining District of those lower grade or higher cost mines or stoppes which are determined to have negative or marginal cash margins.

The GC Mine is less impacted by the current silver price, as zinc is currently the largest contributor to its revenue. The current improved zinc prices are expected to allow the GC Mine to continue operating with positive cash flows.

At current gold prices, the BYP gold mine will remain on care and maintenance.

• Sales of $30.6 million, a decrease of 23% from $39.8 million in Q1 Fiscal 2014.
• net income attributable to equity holders of the Company was $2.7 million or $0.02 per share compared to $4.6 million, or $0.03 per share for the three months ended June 30, 2013 ("Q1 Fiscal 2014").

Silvercorp Extends High Grade Mineralization Zones at the LM and LMW Mines, Ying Mining District, China

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 17, 2014) - Silvercorp Metals Inc. (TSX:SVM)(NYSE:SVM) ("Silvercorp" or the "Company") is pleased to report the results of its 2013 underground diamond drilling program at the LM and LMW mines, Ying Mining District, Henan Province, China (the "2013 Drill Program"), that indicate a significant extension of the existing high grade mineralization zones, both down dip and along strike, as well as delineating new mineralization zones in known major vein structures.

...

The 2013 Drill Program was successful in expanding the Indicated and Measured Resources and in delineating new resources at, or above, the current mining elevations close to the available mining facilities within the major production veins. Step-out and infill drilling on known mineralization zones and test drilling on unexplored sections was conducted on the major vein structures LM5 and LM6 at the LM mine and the LM7, LM8, LM11, LM12, LM13, LM16, and LM17 veins at the LMW mine. The diamond drilling program was implemented from underground tunnels to test for the mineralized structures between the 400m and 950m elevations. Most of the underground holes were designed as inclined holes to penetrate multiple vein structures. 2013 Drill Program results have further extended the known high-grade mineralization zones down dip and along strike and delineated new mineralization zones in the previously unexplored sections of major vein structures.

In 2013, a total of 56,151 metres were drilled in 238 holes, including 17,629 m in 82 holes at LM and 38,522 m in 156 holes at LMW. 6,512 core samples were collected from altered and mineralized vein structures with nine underground drill rigs. As of February 28, 2014, the Company received assay results for 216 of the 238 completed holes with results for 22 holes currently pending. Among the results received, 105 holes intercepted one or multiple mineralized zones and the other holes intercepted the target vein structures.

In the planned 2014 diamond drilling program for the LM and LMW mines, the Company will continue with infill and step-out drilling on known mineralized zones to expand and upgrade the current resources and conduct test drilling on unexplored sections to delineate new resources within the major vein structures. In response to the current depressed metal price environment the 2014 underground drilling program will be reduced (in comparison to the 2013 Drill Program) to 13,910m using four underground rigs as a means to reduce exploration expenses.

Second Quarter 2014 Financial Results

• In Q2 Fiscal 2014, net loss attributable to equity holders of the Company was $43.2 million or $0.25 per share.
• Adjusted net loss¹ for Q2 Fiscal 2014 was $0.4 million, or $0.00 per share. For the three months ended September 30, 2012 ("Q2 Fiscal 2013"), net income was $9.5 million, or $0.06 per share. There were no adjusting items to net income in the prior year quarter.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 15, 2013) - Silvercorp Metals Inc. (TSX:SVM)(NYSE:SVM) ("Silvercorp" or the "Company") today announced that its Board of Directors has declared a quarterly dividend of CAD$0.025 per share (CAD$0.10 per share on an annual basis) to be paid on or before January 21, 2014, to shareholders of record at the close of business December 31, 2013. The dividends are considered eligible dividends for Canadian tax purposes.

First Quarter 2014 Financial Results

• Sales of $39.8 million compared to $44.5 million in Q1 Fiscal 2013.
• Net income attributable to equity holders of the Company was $4.6 million or $0.03 per share compared to net income of $6.1 million or $0.04 per share in the three months ended June 30, 2012 ("Q1 Fiscal 2013").

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 8, 2013) - Silvercorp Metals Inc. (TSX:SVM)(NYSE:SVM) ("Silvercorp" or the "Company") today announced that its Board of Directors has declared a quarterly dividend of CAD$0.025 per share (CAD$0.10 per share on an annual basis) to be paid on or before October 21, 2013, to shareholders of record at the close of business on September 30, 2013. The dividends are considered eligible dividends for Canadian tax purposes.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 11, 2013) - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM) (NYSE:SVM) is pleased to report the results from its 2012 underground tunneling and diamond drilling exploration program at the HPG mine, Ying Mining District, Henan Province, China.

Highlights of selected mineralization zones exposed in underground tunnels:

• Drift PD2-530-H16-NYM1 at the 530 metre ("m") level along vein H16 revealed a zone 50m in length, 1.06m true width grading 4.13 grams per tonne ("g/t") gold ("Au"), 94 g/t silver ("Ag"), 5.14% lead ("Pb") and 3.12% zinc ("Zn"); 
  
  
• Drift PD5-H16-570-SYM at the 570m level along vein H16 revealed a zone 50m in length, 0.92m true width grading 5.96 g/t Au, 119 g/t Ag, 0.67% Pb and 0.96% Zn; and 
  
  
• Drift PD2-530-H16-SYM at the 530m level alogn vein H16 revealed a zone 65m in length, 0.60m true width grading 5.52 g/t Au, 27 g/t Ag, 1.35% Pb and 1.61% Zn. 
  

Highlights of selected intersections of drill holes:

• Hole ZK0014 intercepted an 1.16m interval, 0.71m true width of vein H4 grading 1.15 g/t Au, 729 g/t Ag, 3.34% Pb and 7.30% Zn at the 345m elevation; and 
  
  
• Hole ZK1705 intercepted an 1.53m interval, 1.18m true width of vein H16 grading 4.19 g/t Au, 16 g/t Ag, 2.16% Pb and 0.89% Zn at the 382m elevation. 
  

The purpose of the 6,900m underground tunneling program was to further delineate and upgrade previously drill-defined resource blocks within major vein structures H4, H5, H11, H13, H15, H16, H17, and H18 between the 340m and the 766m elevations. Drift and crosscut tunnels were developed at 30m to 50m intervals. A total of 1,118 chip samples were collected. Mineralized zones with a total length of 1,542m were exposed in drift tunnels on different levels along the major vein structures.

The underground diamond drilling program was designed to test the downdip and strike extension of the major mineralized vein structures between the 200m and the 700m elevations. The drilling strategy was adjusted in the second half of 2012 to focus on the upper portions of the major vein structures close to the existing mining facilities. A total of 14,980m in 63 holes was completed and 859 core samples were collected. By the end of March 2013, the Company had received assay results for the 63 holes drilled in 2012. 41 of the 63 holes intercepted single or multiple gold-silver-lead-zinc mineralized zones.

Tables 1 and 2 below list the assay results of some selected mineralization zones exposed in tunnels and intersections in drill holes.

In 2013, the Company is conducting a 3,795m underground tunnelling and 20,000m diamond drilling program, including 1,600m of surface drilling and 18,400m of underground drilling at the HPG mine. The goal of the underground exploration program is to upgrade and expand previously drill-defined resource blocks between the 300m and the 750m elevations within vein structures H12-1, H13, H16 and H17 and to explore for new resources within unexplored sections of major vein structures. The holes will be drilled from 11 underground drill stations on levels 420m, 530m, 570m, 590m, and 630m using three underground drill rigs and from two surface drill stations using one surface rig.

Today, Alfred Little has released a new report on Silvercorp Metals.

The report starts...

"In today’s report I dig beneath the headlines to point out the recent reversal of fortune of Silvercorp Metals’ (NYSE: SVM) key SGX mine that accounted for 74% of SVM’s total production the last three years. SVM has done its best to mask the abrupt decline in the SGX mine from investors. Nevertheless, it is now clear that the SGX mine has much lower silver resource estimates than SVM previously disclosed and much lower grades of ore recently produced."

http://labemp.wordpress.com/2012/08/24/silvercorp-reluctantly-discloses-significantly-lower-resources-and-grades-for-its-key-sgx-mine/

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 17, 2012) - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM)(NYSE:SVM) reports that Supreme Court Justice Carol Edmead of the New York County Supreme Court yesterday granted motions to dismiss the defamation case Silvercorp filed last fall against short sellers and others responsible for publications falsely attacking Silvercorp.

Silvercorp disagrees with the decision where Justice Edmead ruled that the "short and distort" publications are statements of opinion and not statements of purported fact; in other words the defendants simply had the freedom to express their opinions pursuant to their constitutional rights. The Company has today filed an appeal in the Appellate Division of New York Supreme Court.

Despite this decision, Silvercorp believes that the action to date has succeeded in identifying the defendants that were initially anonymous and exposing certain of their activities. Justice Edmead's decision does not add any credibility or validity to the accusations originally leveled by the defendants.

All the accusations by the "short and distort" parties against Silvercorp have been proven false. The Company believes these accusations were solely intended to manipulate the market so that profits could be made from short selling. Since the attack Silvercorp has successfully completed a forensic review conducted by KPMG Forensic Inc., filed audited financial statements, filed an Annual Information Form for 2012, and filed new National Instrument 43-101 Technical Reports for all its properties to the satisfaction of the relevant regulatory authorities. Of note, is the 2012 Technical Report for the Company's flagship property, the Ying Mining District, where the contained silver in Proven and Probable Reserves increased by 36% as compared to the previous 2011 Technical Report.

First Quarter 2013 Results

• In Q1 2013, the Company recorded sales of $44.5 million, compared to $69.7 million in Q1 2012. This decrease was due to a lower realized silver price and lower metal production.
• Adjusted net income was $8.1 million, or $0.05 per share, after excluding the withholding tax accrual of $2.0 million for anticipated dividends from the Company's subsidiary in China. Adjusted net income was $17.5 million lower, compared to $25.6 million, or $0.15 per share in the quarter ended June 30, 2011 ("Q1 2012"), primarily due to lower sales, higher production costs and higher general and administrative ("G&A") expenses.

UPDATED OUTLOOK FOR FISCAL YEAR 2013

As a result of the reasons discussed, production guidance for the Ying Mining District for the full Fiscal Year 2013 has been revised and the Company now expects to mine 740,000 tonnes of ore at grades of 245 g/t silver, 0.2 g/t gold, 4.0% lead and 1.5% zinc, yielding 5.3 million ounces of silver, 3,600 ounces of gold, and 78 million pounds of lead and zinc. The cash and total production costs are expected to remain at approximately $68 and $85 per tonne respectively.

Due to construction of the new power supply facility and the unexpected suspension of the construction of the tailings storage facility at the GC project, commercial production at the GC project is now expected to commence at the beginning of the fourth quarter of Fiscal 2013, about three months later than originally planned. The Company therefore expects to mine and mill 35,000 tonnes of ore, yielding approximately 170,000 ounces of silver and 2.7 million pounds of lead and zinc for Fiscal 2013. The cash and total production costs are expected to be approximately $40 and $65 per tonne of ore, respectively. The estimated capital requirement from current quarter-end to the declaration of commercial production at the beginning of Q4 Fiscal 2013 is expected to be approximately $25 million, with an additional $5 million in capital expenditure expected to be required after the commencement of commercial production. As such, total capital expenditure for the development of the GC project is expected to be approximately $63 million, within the budget of $67 million.

In Fiscal 2013, the BYP mine in Hunan Province is expected to mine and mill 70,000 tonnes of gold ore and 22,000 tonnes of lead and zinc ore, yielding approximately 4,700 ounces of gold and 1.3 million pounds of lead and zinc. The cash and total production costs are expected to be approximately $35 and $60 per tonne of ore respectively.

The X mines are expected to produce 50,000 ounces of silver and 3.7 million pounds of lead and zinc in Fiscal 2013.

On a consolidated basis, the Company now expects to produce app

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2012) - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM)(NYSE:SVM) is pleased to announce that it has received RMB 269 million cash dividend payment (equivalent to USD $43 million) from its 77.5% owned Chinese subsidiary, Henan Found Mining Co. Ltd. ("Henan Found"), in Henan Province, China. The cash dividend has been deposited at a bank in Canada.

The cash dividend represents Henan Found's 2010 calendar year profit distribution. According to its audited statutory financial statements Henan Found had a net profit of RMB 514.8 million in the 2010 calendar year. The board of directors of Henan Found declared 75% of net profit (RMB 386.1 million), as cash dividends to its two shareholders. RMB 299 million, representing 77.5% total dividends declared was paid to the Company. After deducting Chinese dividend withholding tax of RMB 29.9 million, the Company received a net cash dividend payment of RMB 269 million.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 9, 2012) - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM)(NYSE:SVM) today filed an amended lawsuit in the Supreme Court of the State of New York, County of New York, adding EOS Holdings LLC., Jon Carnes, Zane Heilig, Andrew Wong and International Financial Research & Analysis Group ("IFRA"), as defendants. The original claim, filed on September 22, 2011 alleges that defendants Chinastockwatch.com, Jerry Katz, Alfredlittle.com, Alfred Little, Simon Moore, and several "John Doe" defendants with spreading "false, defamatory and fraudulent" information about Silvercorp on the Internet and in letters to the media and regulators to drive down the price of Silvercorp's stock to profit from their short positions in the stock. The defendants have not yet answered the Silvercorp's suit and the allegations remain to be proved.

Silvercorp has conducted extensive investigations to support the allegations concerning the involvement of the various parties who have been added as defendants: Full Release

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 20, 2011) - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM)(NYSE:SVM) has been advised that Chinese law enforcement agents have opened a criminal case to investigate and find the creators of false and fraudulent reports by anonymous parties such as IFRA, Alfred Little and others, attacking Silvercorp and its Chinese subsidiaries.

In September 2011, the Company also filed a lawsuit in New York County Supreme Court charging defendants Chinastockwatch.com, Jerry Katz, Alfredlittle.com, Alfred Little, Simon Moore, and several "John Doe" defendants with spreading "false, defamatory and fraudulent" information about Silvercorp on the Internet and in letters to the media and regulators. It has also filed two separate actions in British Columbia, Canada.

Even with an independent KPMG forensic report reaffirming the Company's business in the face of a short and distort attack, the Company is still receiving odd and disconcerting communications from anonymous callers.

On November 1, 2011, someone claimed to be Peter Li, representing a US based investment fund (who spoke Mandarin with a Cantonese accent), telephoned (using a Guangzhou phone number) sales department of Henan Found. From the caller's odd and aggressive behavior, Silvercorp believes the caller was trying to falsify information that he could use to attack Silvercorp in an out of context audio recorded conversation; the Company understands that similar tactics were commonly used in Alfred Little and IFRA reports in attacking other Chinese companies.

In November 2011, a mining engineer at Silvercorp's Beijing office received several emails from an employee of the Singapore branch of Guidepoint Global, LLC, who stated his name was "Hang Ming". Hang Ming asked the mining engineer to work as their agent at RMB 2,000 per hour. Hang Ming wrote in his email that he received a request from an analyst named "Soldo Marko" who works for a US based hedge fund. Hang Ming asked the engineer to have a telephone interview with Soldo Marko in a way, we believe, to attain insider information on Silvercorp for trading. The Company understands that the FBI has previously investigated agents of Guidepoint Global and subsequently charged such agents for tipping confidential information of publically traded companies to hedge funds.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2011) - Silvercorp Metals Inc. (TSX:SVM)(NYSE:SVM) ("Silvercorp" or the "Company") announced that through its 77.5% own subsidiary Henan Found Mining Co. (Henan Found), it has signed a share purchase agreement to acquire a 100% equity interest in the SX Gold Mining Company ("SX Gold"), a Luoyang City government controlled company. SX Gold operates the XHP silver-gold-lead-zinc mine which includes a 14 square-kilometre mining permit and a 500-tonne-per-day flotation/CIL mill (collectively called as "XHP Project"). The share purchase agreement was signed after Henan Found won a public tendering process arranged by the Luoyang City government to sell SX Gold.

The XHP mine is located about 120 kilometres southwest of the Company's Ying mine, a three-hour drive from both Luoyang City and the Ying mine, and six kilometres to the northwest of the XBG mine that was acquired in August 2011. In addition, SX Gold also owns the HGDG gold exploration permit of 4.45 square kilometres and owns a 51% interest in the PLS gold exploration permit covering 3 square kilometres. A map showing the relative location of the properties will be posted on Company's website.

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/24/11 -- Silvercorp Metals Inc. (TSX:SVM)(NYSE:SVM) ("Silvercorp" or the "Company") advises that it has received the report of KPMG Forensic Inc. ("KPMG"), commissioned by its Special Committee (the "KPMG Report") to review the allegations issued by two anonymous sources in September respecting the Company's financial position.

See more

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 19, 2011) - Silvercorp Metals Inc. (TSX:SVM)(NYSE:SVM), a Canadian based company ("Silvercorp" or the "Company"), following yet another false and misleading internet posting today by the fictitious and anonymous Alfred Little, posted an open letter today to its shareholders that addresses recent allegations made about the Company. "All of the allegations made against Silvercorp have been anonymous. All of the allegations are baseless and designed to be manipulative," said Rui Feng, Chairman of Silvercorp. "At the risk of repeating this misinformation, we are making sure that every allegation is addressed in detail and investors have all of the information they need to have confidence in our company. While new attacks will keep coming, as is the past practice within the short and distort industry, with this open letter we are turning the corner and putting these allegations behind us," said Rui Feng.

In the past two weeks Silvercorp has appointed an independent committee of its Board to investigate the allegations. Legal advisors and independent accountants, KPMG Forensics Inc. ("KPMG"), have also been retained to investigate. Silvercorp is also working with securities regulators to investigate the source and nature of the allegations.

"We have gone above and beyond all reasonable efforts to deal with this short and distort manipulation scheme. The facts and data are available. Our books have been properly audited, our resource numbers confirmed by independent Qualified Persons, and all our transactions have been fully disclosed. There is absolutely no substance to the allegations," concluded Rui Feng.

Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM)(NYSE:SVM) announced it has acquired a total of 3,918,012 of its common shares at a total cost of $31,290,657 (average price of CDN$7.97 pursuant to its normal course issuer bid ("NCIB") announced on June 17, 2011.

Under the existing NCIB the Company intends to acquire up to 10 million common shares. All common shares purchased under the NCIB will be cancelled.

The Company is purchasing its owns shares because it believes that prevailing market conditions have resulted in Silvercorp's shares being undervalued relative to the immediate and long term value of Silvercorp's portfolio of producing and development properties in China and Canada.

VANCOUVER, British Columbia – September 14, 2011 – Silvercorp Metals Inc. (“Silvercorp”
or the “Company”) advises that a second set of anonymous allegations against the Company has
been made, which was published on the internet (the “2nd Anonymous Report”). The Company
refutes the substance of all allegations in the 2nd Anonymous Report, and believes it has been
published in furtherance of concerted efforts by a group of short sellers to drive down the
Company’s share price through false, selective or ignorant statements and rumors. Investigations
are ongoing by the RCMP, the BC Securities Commission, the SEC and the FBI to determine the
identity of the anonymous authors.
Dr. Rui Feng, Chairman stated, “Over the course of the last five years, Silvercorp has developed
and commenced profitable mining from its Ying Mining Camp. Revenues from operations have
resulted in Silvercorp’s operating subsidiaries having paid over US$116.6 million in taxes to the
Chinese government, as evidenced by the Tax Certificates issued by Chinese government, and
total dividends of US$152 million to its shareholders. These reflect a total revenue stream that is
in accordance with the mine production and sales revenues reported by the Company during that
period. I ask shareholders to exercise common sense in assessing whether these allegations of
“fraud” against the Company have any merit whatsoever in the face of very significant revenues,
tax payments and dividends, and particularly when the accusations are made anonymously by
parties whose only interest is in depressing the Company’s share price. I invite the authors of the
anonymous allegations to come out of the shadows and participate with the regulators in their
investigations, if their concerns truly extend beyond the profitability of their short positions.”
The Independent Committee, in keeping with its duty, has retained independent legal counsel to
examine the anonymous allegations. In addition, KPMG Forensic Inc. was engaged on September
6th by legal counsel to the Independent Committee to assist the Independent Committee by
completing a report on certain aspects of revenue, cash balances and income tax and VAT
payments in China, and to perform certain reconciliations of the Company’s filings in China with
those filed with North American regulators. The Independent Committee will report further on
its findings and respond to the allegations in the 2nd Anonymous Report in due course.
While Silvercorp is working with the regulators, we will not comment further on any rumor or
fabrication on the Company published by anonymous letters or blogs, however we wish to
broadly address two of the concerns raised in the 2nd Anonymous Report respecting (1) the disparity between grades and production numbers reported in China and North America, and (2)the sales to related parties: see more

Alfredlittle.com has released a report on Silvercorp Metals (NYSE and TSX: SVM) that shows that:

• Henan Provincial Land & Resource Bureau mining reports contradict the production, quality and resource estimates of SVM's key SGX (Ying) mine as shown in its 40-F and independent NI 43-101 reports that rely heavily upon data provided by management. No independent geologists have visited SVM's SGX mine since 2008.
• Outside Tests of Ore Obtained from the SGX Mine Reveal Low Silver Content
• 98% of Henan Found's Sales Growth in 2010 came from Two Questionable Customers. Management Failed to Disclose SVM's Largest Customer is a Related Party.
• Recent Auction Sale of 5% of Henan Found Values it at a 90% Discount to SVM's Market Value.
• SVM Acquired Yangtze Gold from Chairman Rui Feng's Relative Giving Him a 1500% Gain in Six Months.

See full report here.

Pursuant to its normal course issuer bid ("NCIB") announced on June 17, 2011, Silvercorp has acquired a total of 2,318,012 of its common shares at an average price of CDN$8.12. Under the NCIB the Company intends to acquire up to 10 million common shares. All common shares purchased under the NCIB will be cancelled.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2011) - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM)(NYSE:SVM) announces that there has been a dramatic increase in the short position of its shares over the past two months which is now approximately 23 million shares (Source: (http://www.dataexplorers.com/products/data), or 13% of the total outstanding shares.

Late yesterday afternoon, the Company was forwarded a copy of an anonymous letter dated August 29, 2011 addressed to the Ontario Securities Commission, the Company's Auditors, and various media outlets maliciously alleging a "Potential $1.3 Billion Accounting Fraud at Silvercorp". The anonymous author also stated that his firm held a short position in the Company's shares and intended to make his concerns known through internet postings. The Company has not confirmed whether the letter has been disseminated to all the addressees or if any postings have been made.

Recognizing that the anonymous letter may be disseminated the company wishes to proactively respond to the most serious allegations and has posted supporting information on its website to provide investors with comfort regarding the following allegations made in the anonymous letter:

see more:

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2011) - Silvercorp Metals Inc. (TSX:SVM)(NYSE:SVM) ("Silvercorp" or the "Company") is pleased to announce that is has received TSX approval for its Normal Course Issuer Bid to acquire up to 10 million common shares from June 29, 2011 to June 28, 2012, representing 5.7% of the Company's 175,047,941 common shares currently issued and outstanding. The Company is taking this action because it believes that prevailing market conditions have resulted in Silvercorp's shares being undervalued relative to the immediate and long term value of Silvercorp's portfolio of producing and development properties in China and Canada.

Purchases will be made at the discretion of the directors at prevailing market prices, through the facilities of the TSX and the NYSE in compliance with regulatory requirements. There can be no assurance as to the precise number of shares that will be repurchased under the share repurchase program. Silvercorp may discontinue its purchases at any time, subject to compliance with applicable regulatory requirements. The Company intends to hold all shares acquired under the issuer bid for cancellation.

Directors and senior officers of the Company are not aware of any previously undisclosed material changes or plans or proposals for material changes in the affairs of the Company, nor do any of them have the present intention to sell shares of the Company during the Normal Course Issuer Bid.

The maximum number of shares that may be purchased on the TSX during any trading day may not exceed 25% of the average daily trading volume on the TSX, excluding purchases made by Silvercorp under its Normal Course Issuer Bid, based on the previous six completed calendar months, for a daily total of 215,990 common shares. This limit, for which there are permitted exceptions, is determined in accordance with TSX regulatory requirements and does not apply to purchases made by the Company on the NYSE.

The Company does not have unlimited resources and its future capital requirements will depend on many factors, including, among others, cash flow from operations. To the extent that its existing resources and the funds generated by future income are insufficient to fund the Company’s operations, the Company may need to raise additional funds through public or private debt or equity financing. If additional funds are raised through the issuance of equity securities, the percentage ownership of current shareholders will be reduced and such equity securities may have rights, preferences or privileges senior to those of the holders of the Company’s common stock. No assurance can be given that additional financing will be available or that, if available, can be obtained on terms favourable to the Company and its shareholders. If adequate funds are not available, the Company may be required to delay, limit or eliminate some or all of its proposed operations. The Company believes it has sufficient capital to meet its cash needs for the next 12 months, including the costs of compliance with the continuing reporting requirements.