Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX/NYSE
American: SVM) reports production results for the first quarter of
Fiscal 2021 ended June 30, 2020 (“Q1 Fiscal 2021”). The
Company produced approximately 1.8 million ounces of silver, 20.1
million pounds of lead, and 7.5 million pounds of zinc. The
Company is on track to produce between 6.2 – 6.5 million ounces of
silver, 66.1 – 68.5 million pounds of lead, and 24.5 – 26.7 million
pounds of zinc in Fiscal 2021, in accordance with the annual
production guidance previously reported in the Company’s news
release dated February 6, 2020. The Company will report its
sales volumes along with its unaudited financial and operating
results for Q1 Fiscal 2021, expected to be released on Thursday,
August 6, 2020 after market close.
Q1 FISCAL 2021 CONSOLIDATED
PRODUCTION HIGHLIGHTS
- Ore mined of 254,555 tonnes, a 1% decrease over Q1 Fiscal
2020
- Silver production of approximately 1.8 million ounces, a 10%
decrease over Q1 Fiscal 2020;
- Lead production of approximately 20.1 million pounds, a 1%
increase over Q1 Fiscal 2020; and
- Zinc production of approximately 7.5 million pounds, a 4%
increase over Q1 Fiscal 2020.
Q1 FISCAL 2021 CONSOLIDATED OPERATIONAL
RESULTS
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Three months ended June 30, 2020 |
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Three months ended June 30, 2019 |
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Ying Mining District |
GC |
Consolidated |
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Ying Mining District |
GC |
Consolidated |
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Production Data |
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Ore
Mined (tonne) |
174,176 |
80,379 |
254,555 |
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176,584 |
80,808 |
257,392 |
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Ore
Milled (tonne) |
177,689 |
84,637 |
262,326 |
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177,681 |
81,861 |
259,542 |
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Head
Grades |
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Silver (gram/tonne) |
293 |
93 |
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330 |
95 |
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Lead (%) |
4.6 |
1.9 |
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4.6 |
1.9 |
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Zinc (%) |
0.8 |
3.4 |
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0.9 |
3.4 |
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Recovery Rates |
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Silver (%) |
94.7 |
82.8 |
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95.8 |
76.8 |
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Lead (%) |
96.2 |
89.8 |
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95.9 |
88.7 |
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Zinc (%) |
63.8 |
87.3 |
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58.3 |
85.7 |
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Metal production |
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Silver (in thousands of ounces) |
1,544 |
209 |
1,752 |
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1,764 |
192 |
1,956 |
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Lead (in thousands of pounds) |
16,941 |
3,136 |
20,078 |
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16,928 |
2,963 |
19,891 |
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Zinc (in thousands of pounds) |
1,920 |
5,613 |
7,533 |
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2,048 |
5,216 |
7,264 |
Ying Mining District
In Q1 Fiscal 2021, metals production at the Ying
Mining District was approximately 1.5 million ounces of silver,
16.9 million pounds of lead, and 1.9 million pounds of zinc.
The Ying Mining District is on track to achieve its annual
production guidance.
Ore mined at the Ying Mining District was
174,176 tonnes, a slight decrease compared to 176,584 tonnes in Q1
Fiscal 2020. Ore milled was 177,689 tonnes, with average head
grades of 293 grams per tonne (“g/t”) for silver, 4.6% for lead,
and 0.8% for zinc, compared to 177,681 tonnes ore milled with head
grades of 330 g/t for silver, 4.6% for lead, and 0.9% for zinc.
The variation in the Q1 Fiscal 2021 silver head grade is
mainly related to the Company’s planned mining sequence and is in
line with the guidance previously provided for Fiscal
2021.
GC Mine
In Q1 Fiscal 2021, metals production at the GC
Mine was approximately 209,000 ounces of silver, 3.1 million pounds
of lead, and 5.6 million pounds of zinc, an increase of 9%, 6%, and
8%, respectively, compared to Q1 Fiscal 2020.
Ore mined at the GC Mine was 80,379 tonnes, a
slight decrease compared to 80,808 tonnes in Q1 Fiscal 2020.
Ore milled was 84,637 tonnes with head grades of 93 g/t for
silver, 1.9% for lead, and 3.4% for zinc, compared to 81,861 tonnes
with head grades of 95 g/t for silver, 1.9% for lead, and 3.4% for
zinc in Q1 Fiscal 2020. Metallurgical recovery rates also
improved to 82.8% for silver, 89.8% for lead, and 87.3% for zinc,
compared to 76.8% for silver, 88.7% for lead, and 85.7% for zinc in
Q1 Fiscal 2020.
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
Silvercorp Metals Inc.Lon Shaver Vice
PresidentPhone: (604) 669-9397Toll Free 1(888) 224-1881Email:
investor@silvercorp.ca Website: 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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