Trading Symbol: TSX/NYSE AMERICAN: SVM
VANCOUVER, BC, April 15, 2021 /PRNewswire/ - Silvercorp
Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE
American: SVM) reports production and sales figures for fiscal year
2021 ended March 31, 2021 ("Fiscal
2021"). The Company's Fiscal 2021 financial results are expected to
be released on Thursday, May 20, 2021
after market close.
In Fiscal 2021, the Company produced approximately 6.3 million
ounces of silver and 68.4 million pounds of lead, meeting the
production guidance of between 6.2 – 6.5 million ounces of silver
and 66.1 – 68.5 million pounds of lead. The Company also produced
approximately 28.0 million pounds of zinc, beating the guidance to
produce between 24.5 – 26.7 million pounds of zinc.
FISCAL 2021 OPERATING HIGHLIGHTS
- At the Ying Mining District, ore mined was 650,025 tonnes, up
8.7% over Fiscal 2020, and ore milled was 651,402 tonnes, up 8.3%
over Fiscal 2020. Approximately 5.6 million ounces of silver, 3,500
ounces of gold, 57.9 million pounds of lead, and 6.9 million pounds
of zinc were produced, representing increases of 0.4% in silver
production, 6.1% in gold production, and 2.6% in lead production,
and a decrease of 5.7% in zinc production over Fiscal 2020.
- At the GC Mine, ore mined was 314,900 tonnes, up 9.5% over
Fiscal 2020, and ore milled was 316,179 tonnes, up 8.8% over Fiscal
2020. Approximately 716 thousand ounces of silver, 10.5 million
pounds of lead, and 21.1 million pounds of zinc were produced,
representing increases of 2.4% in silver production and 15.6% in
zinc production, and a decrease of 3.6% in lead production over
Fiscal 2020.
- On a consolidated basis, ore mined was 964,925 tonnes, up 8.9%
over Fiscal 2020, with ore milled of 967,582 tonnes, up 8.4% over
Fiscal 2020. Approximately 6.3 million ounces of silver, 3,500
ounces of gold, 68.4 million pounds of lead, and 28.0 million
pounds of zinc were produced, up 0.6%, 6.1%, 1.6%, and 9.5%,
respectively, over Fiscal 2020.
- On a consolidated basis, Silvercorp sold approximately 6.3
million ounces of silver, 4,700 ounces of gold, 67.1 million pounds
of lead, and 27.9 million pounds of zinc, up 0.9%, 42.8%, 2.7%, and
9.9%, respectively, over Fiscal 2020.
The operational results for the full year Fiscal 2021 are
summarized as follows:
|
|
Year ended
March 31, 2021
|
|
Year ended
March 31, 2020
|
|
|
Ying Mining
District
|
GC
|
BYP
|
Consolidated
|
|
Ying Mining
District
|
GC
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
650,025
|
314,900
|
-
|
964,925
|
|
598,197
|
287,633
|
885,830
|
|
Ore Milled
(tonne)
|
651,402
|
316,179
|
-
|
967,581
|
|
601,605
|
290,610
|
892,215
|
|
|
|
|
-
|
|
|
|
|
|
|
Head
Grades
|
|
|
-
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
290
|
85
|
-
|
223
|
|
309
|
97
|
240
|
|
Lead
(%)
|
4.3
|
1.7
|
-
|
3.4
|
|
4.6
|
1.9
|
3.7
|
|
Zinc
(%)
|
0.8
|
3.4
|
-
|
1.7
|
|
0.9
|
3.3
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
Recovery
Rates
|
|
|
|
|
|
|
|
|
|
Silver
(%)
|
94.2
|
82.5
|
-
|
92.7
|
|
96.0
|
77.4
|
93.5
|
|
Lead
(%)
|
96.0
|
89.6
|
-
|
95.0
|
|
95.9
|
89.3
|
94.8
|
|
Zinc
(%)
|
62.4
|
88.2
|
-
|
80.0
|
|
63.2
|
86.0
|
77.8
|
|
|
|
|
|
|
|
|
|
|
Sales
Data
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
5,610
|
705
|
-
|
6,315
|
|
5,558
|
699
|
6,257
|
|
Gold
(in thousands of ounces)
|
3.5
|
-
|
1.2
|
4.7
|
|
3.3
|
-
|
3.3
|
|
Lead (in
thousands of pounds)
|
56,708
|
10,410
|
-
|
67,118
|
|
54,459
|
10,885
|
65,344
|
|
Zinc
(in thousands of pounds)
|
6,968
|
20,946
|
-
|
27,914
|
|
7,264
|
18,137
|
25,401
|
|
|
|
|
|
|
|
|
|
|
Metal
production
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
5,615
|
716
|
-
|
6,330
|
|
5,592
|
699
|
6,291
|
|
Gold
(in thousands of ounces)
|
3.5
|
-
|
-
|
3.5
|
|
3.3
|
-
|
3.3
|
|
Lead
(in thousands of pounds)
|
57,886
|
10,544
|
-
|
68,430
|
|
56,436
|
10,937
|
67,373
|
|
Zinc (in thousands of
pounds)
|
6,916
|
21,096
|
-
|
28,012
|
|
7,337
|
18,244
|
25,581
|
The operational results for the fourth quarter ended
March 31, 2021 ("Q4 Fiscal 2021") are
summarized as follows:
|
|
Three months
ended March 31, 2021
|
|
Three months
ended March 31, 2021
|
|
|
Ying Mining
District
|
GC
|
Consolidated
|
|
Ying Mining
District
|
GC
|
Consolidated
|
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
112,561
|
50,511
|
163,072
|
|
69,379
|
37,216
|
106,595
|
|
Ore Milled
(tonne)
|
131,725
|
48,949
|
180,674
|
|
69,188
|
33,243
|
102,431
|
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
280
|
87
|
228
|
|
297
|
94
|
231
|
|
Lead
(%)
|
3.9
|
1.7
|
3.3
|
|
4.6
|
1.8
|
3.7
|
|
Zinc
(%)
|
0.8
|
3.3
|
1.5
|
|
1.0
|
3.5
|
1.8
|
|
|
|
|
|
|
|
|
|
|
Recovery
Rates
|
|
|
|
|
|
|
|
|
Silver
(%)
|
93.7
|
81.9
|
92.5
|
|
95.3
|
80.7
|
93.4
|
|
Lead
(%)
|
95.1
|
89.7
|
94.4
|
|
95.7
|
90.4
|
94.8
|
|
Zinc
(%)
|
65.0
|
88.2
|
79.0
|
|
67.7
|
87.7
|
80.3
|
|
|
|
|
|
|
|
|
|
Sales
Data
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
936
|
120
|
1,056
|
|
711
|
89
|
800
|
|
Gold
(in thousands of ounces)
|
0.7
|
-
|
0.7
|
|
0.5
|
-
|
0.5
|
|
Lead (in
thousands of pounds)
|
9,137
|
1,739
|
10,876
|
|
8,322
|
1,332
|
9,654
|
|
Zinc
(in thousands of pounds)
|
1,306
|
3,274
|
4,580
|
|
865
|
2,194
|
3,059
|
|
|
|
|
|
|
|
|
|
Metal
production
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,083
|
112
|
1,195
|
|
614
|
82
|
696
|
|
Gold (in
thousands of ounces)
|
0.3
|
-
|
0.3
|
|
0.2
|
-
|
0.2
|
|
Lead (in
thousands of pounds)
|
10,504
|
1,652
|
12,156
|
|
6,573
|
1,199
|
7,772
|
|
Zinc (in
thousands of pounds)
|
1,496
|
3,176
|
4,672
|
|
999
|
2,277
|
3,276
|
Ying Mining District
In Q4 Fiscal 2021, ore mined at the Ying Mining District was
112,561 tonnes, an increase of 62%, compared to 69,379 tonnes in
the fourth quarter of Fiscal 2020 ("Q4 Fiscal 2020"). Ore milled
was 131,725 tonnes, with average head grades of 280 grams per tonne
("g/t") for silver, 3.9% for lead, and 0.8% for zinc, compared to
69,188 tonnes of ore milled with average head grades of 297 g/t for
silver, 4.6% for lead, and 1.0% for zinc in Q4 Fiscal 2020. The
Company mined and processed increased ore during the quarter as
result of an extra month shutdown due to Covid-19 in Q4 Fiscal
2020. Metals production at the Ying Mining District in Q4 Fiscal
2021 was approximately 1.1 million ounces of silver, 300 ounces of
gold, 10.5 million pounds of lead, and 1.5 million pounds of zinc,
compared to approximately 0.6 million ounces of silver, 200 ounces
of gold, 6.6 million pounds of lead, and 1.0 million pounds of zinc
in Q4 Fiscal 2020.
In Fiscal 2021, metals production at the Ying Mining District
was approximately 5.6 million ounces of silver, 3,500 ounces of
gold, 57.9 million pounds of lead and 6.9 million pounds of zinc,
compared to approximately 5.6 million ounces of silver, 3,300
ounces of gold, 56.4 million pounds of lead and 7.3 million pounds
of zinc in Fiscal 2020. The Ying Mining District met its guidance
to produce between 5.6 – 5.8 million ounces of silver and 56.6 –
58.0 million pounds of lead, but was slightly below its guidance to
produce between 7.0 – 8.0 million pounds of zinc in Fiscal
2021.
GC Mine
In Q4 Fiscal 2021, ore mined at the GC Mine was 50,511 tonnes,
an increase of 36% compared to 37,216 tonnes in Q4 Fiscal 2020. Ore
milled was 48,949 tonnes, with average head grades of 87 g/t for
silver, 1.7% for lead, and 3.3% for zinc, compared to 33,243 tonnes
of ore milled with average head grades of 94 g/t for silver, 1.8%
for lead and 3.5% for zinc in Q4 Fiscal 2020. Metals production at
the GC Mine in Q4 Fiscal 2021 was approximately 112 thousand ounces
of silver, 1.7 million pounds of lead, and 3.2 million pounds of
zinc, compared to approximately 82 thousand ounces of silver, 1.2
million pounds of lead, and 2.3 million pounds of zinc in Q4 Fiscal
2020.
In Fiscal 2021, metals production at the GC Mine was
approximately 716 thousand ounces of silver, 10.5 million pounds of
lead, and 21.1 million pounds of zinc, compared to approximately
699 thousand ounces of silver, 10.9 million pounds of lead, and
18.2 million pounds of zinc in Fiscal 2020. The GC Mine met or
surpassed its guidance to produce between 600 – 700 thousand ounces
of silver, 9.5 – 10.5 million pounds of lead, and 17.5 – 18.7
million pounds of zinc in Fiscal 2021.
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.
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 Litigation Reform Act of
1995 and "forward-looking information" within the meaning of
applicable Canadian provincial securities laws (collectively,
"forward-looking statements"). 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. Forward-looking statements 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 and the GC Mine; 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 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, including, without limitation, risks
relating to: social and economic impacts of COVID-19; 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; 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. Forward-looking
statements 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 due to a variety of risks,
uncertainties and other factors, including, without limitation,
those referred to in the Company's Annual Information Form 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.
The Company's forward-looking statements are based 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 if circumstances or
management's assumptions, beliefs, expectations or opinions should
change, or changes in any other events affecting such statements.
For the reasons set forth above, investors should not place undue
reliance on forward-looking statements.
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SOURCE Silvercorp Metals Inc