Silvercorp Reports a Spillage Incident at the Ying Mining District
April 16 2018 - 5:30AM
Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX:SVM)
(NYSE American:SVM) reported that at approximately 9:30 pm on April
12th leakage occurred near the bottom of the barrier wall plates
for the fifth overflow well inside the No. 2 tailing storage
facility at the Ying Mining District operated by the Company’s
subsidiary, Henan Found. Fortunately only a small amount of
tailings was leaked downstream to Chong-Yang Creek. As the facility
is monitored closely Henan Found was able to take immediate action
and the leakage was fully controlled and stopped as of 12:00 pm of
April 13. The government authorities from provincial, city and
county levels were present immediately to guide and implement all
environment and safety emergency measures. Fortunately no
personal injury was incurred and results of ongoing water
tests from Chong -Yang Creek are within acceptable national water
quality standards.
Henan Found is working with the government
authorities to clean up the leaked tailings in Chong-Yang Creek and
restore the fifth overflow well. Due to the incident, milling
operations are temporarily suspended. Milling operations are
expected to resume using the No. 1 tailing storage facility pending
restoration of the fifth overflow well. As the milling capacity of
Henan Found is approximately 25% over the mining capacity the
temporary suspension of milling operations is expected to have
minimal impact on overall production. The Company will provide
updates when further information is available.
For further informationSilvercorp Metals
Inc.Lorne Waldman Senior Vice PresidentPhone: (604) 669-9397Toll
Free 1(888) 224-1881Email: investor@silvercorp.caWebsite:
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, 2017 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.
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