Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX / NYSE
American: SVM) is pleased to report the results of an updated
National Instrument (“NI”) 43-101 Technical Report with an
effective date of July 31, 2020 (Mineral Resources and Mineral
Reserves effective December 31, 2019), prepared by AMC Mining
Consultants (Canada) Ltd. (“AMC”) and covering the SGX, HZG, HPG,
TLP, LME, and LMW underground mines on the Ying silver-lead-zinc
property (“Ying Property”) in Henan Province, China (the “Ying 2020
Technical Report”).
The authors of the Ying 2020 Technical Report
all qualify as independent Qualified Persons (“QPs”). Three of the
authors have visited the Ying Property (latest visit in July 2016),
with plans for a more recent visit postponed because of the
COVID-19 pandemic. The QPs have examined all aspects of the
project, including drill core, underground workings, processing
plant and surface infrastructure. The Ying 2020 Technical Report,
with an effective date of July 31, 2020, will be made available for
review on the SEDAR system and on the Company’s website at
www.silvercorp.ca in due course.
Highlights of the Ying 2020 Technical
Report
- Estimated Mineral Resources of 20.1 million tonnes (inclusive
of Mineral Reserves) in the Measured and Indicated categories
grading 234 grams per tonne (g/t) silver (Ag), 0.15 g/t gold (Au),
3.64% lead (Pb), and 1.28% zinc (Zn), containing 151 million ounces
(oz) silver, 98 thousand oz gold, 732 thousand tonnes lead, and 257
thousand tonnes zinc.
- In comparison with the 2017 Technical Report (Mineral Resources
effective date of June 30, 2016), Measured and Indicated Resource
tonnes have increased by 23%, and contained metal has increased by
18% for silver, 16% for lead, 20% for zinc, and 109% for gold.
- In comparison with the 2017 Technical Report, Inferred Resource
tonnes have increased by 78%, and contained metal has increased by
42% for silver, 38% for lead, 32% for zinc and 450% for
gold.
- Estimated Mineral Reserves of 12.0 million tonnes in the Proven
and Probable categories grading 257 g/t silver, 0.13 g/t gold,
3.81% lead, and 1.41% zinc, containing 99 million oz silver, 50
thousand oz gold, 456 thousand tonnes lead, and 169 thousand tonnes
zinc.
- In comparison with the 2017 Technical Report (Mineral Reserves
effective date of June 30, 2016), the changes in total contained
Ying Mineral Reserves for silver, gold, lead and zinc are +4%,
+85%, -1% and +8% respectively. These Mineral Reserves are on top
of 21 million ounces of silver produced between July 2016 and
December 2019.
- Based on Proven and Probable Mineral Reserves only, the Ying
mine complex is a viable operation with a projected Life of Mine
(LOM) through to 2040, assuming an average annual production rate
of approximately 6 million ounces of silver between fiscal 2021 and
2027, 5 million ounces between 2028 and 2033, 4 million ounces
between 2034 and 2036, and 2.5 million ounces between 2037 and
2040. There is also the potential to extend the LOM beyond 2040 via
further exploration and development, particularly in areas with
identified Inferred Resources.
- The results of the 2017-2020 underground drilling program on
the Ying Property show that most of the major mineralized vein
structures are still open at depth and laterally.
- Based on the LOM production forecast and the metal price and
other assumptions shown under ‘Economic Analysis’ below, a
base-case, pre-tax NPV of US$954M at a 5% discount rate is
projected (US$713M post-tax). Over the LOM, 62% of the net revenue
is projected to come from silver, 29% from lead, 6% from zinc, and
2% from gold.
Mineral Resources
The Mineral Resource estimates for the SGX, HPG,
LMW, and LME deposits were carried out by independent Qualified
Person, Rod Webster, MAusIMM, MAIG of AMC, who takes responsibility
for these estimates.
The Mineral Resource estimates for the TLP, HZG
and DCG deposits were carried out by independent Qualified Person,
Simeon Robinson, P.Geo. of AMC, who takes responsibility for these
estimates.
The December 2019 Mineral Resources were
estimated using a block modelling approach and Datamine’s™ dynamic
anisotropy application1. Except for DCG, all grade estimation was
completed using ordinary kriging. DCG was estimated using inverse
distance squared.
Resource estimates were made for a total of 311
mineralized vein structures for the six active Ying mines, and for
the DCG Project that also is located on the Ying Property.
Additional geological sections in the Ying 2020
Technical Report were prepared by independent Qualified Person Dr.
Adrienne Ross, P.Geo. of AMC, who takes responsibility for those
sections.
The Mineral Resources are reported above
cut-offs after applying a minimum practical extraction width of 0.3
m. Diluted grades were estimated for blocks with mineralization
widths less than 0.3 m by adding a waste envelope with zero
grade. Cut-off grades are based on in situ values in silver
equivalent (AgEq) terms in grams per tonne and incorporate mining,
processing and shipping costs, and metallurgical recoveries and
payable values, provided by Silvercorp for each mine and reviewed
by the QPs. AgEq formulae by mine are shown in the footnotes of the
table below.
The estimated Mineral Resources and metal
content for the Ying Property as of December 31, 2019 are detailed
in Table 1 below.
1 Dynamic anisotropy re-orientates the search
ellipsoid for each estimated block based on the local orientation
of the mineralization.
Table 1. Ying Mining District -
Mineral Resources and metal content for silver, lead, zinc,
and gold as of December 31, 2019 (Inclusive of Mineral
Reserves)
|
|
|
|
|
|
|
|
|
|
|
Mine |
Resource category |
Tonnes (Mt) |
Au (g/t) |
Ag (g/t) |
Pb (%) |
Zn (%) |
Metal contained in Mineral Resources |
Au (koz) |
Ag (Moz) |
Pb (kt) |
Zn (kt) |
SGX |
Measured |
3.29 |
- |
313 |
6.19 |
3.12 |
- |
33.08 |
203.6 |
102.5 |
Indicated |
3.48 |
- |
257 |
5.04 |
2.53 |
- |
28.77 |
175.5 |
88.1 |
Measured + Indicated |
6.77 |
- |
284 |
5.60 |
2.82 |
- |
61.86 |
379.1 |
190.6 |
Inferred |
4.33 |
- |
237 |
4.84 |
1.99 |
- |
33.00 |
209.8 |
86.1 |
HZG |
Measured |
0.49 |
- |
342 |
1.09 |
0.25 |
- |
5.43 |
5.4 |
1.2 |
Indicated |
0.60 |
- |
274 |
0.70 |
0.15 |
- |
5.29 |
4.2 |
0.9 |
Measured + Indicated |
1.09 |
- |
305 |
0.87 |
0.20 |
- |
10.72 |
9.5 |
2.1 |
Inferred |
0.97 |
- |
250 |
0.78 |
0.18 |
- |
7.77 |
7.5 |
1.7 |
HPG |
Measured |
0.88 |
1.17 |
93 |
3.74 |
1.43 |
33.3 |
2.64 |
33.1 |
12.6 |
Indicated |
1.50 |
1.35 |
67 |
3.02 |
1.30 |
64.9 |
3.22 |
45.2 |
19.5 |
Measured + Indicated |
2.38 |
1.28 |
77 |
3.29 |
1.35 |
98.2 |
5.87 |
78.3 |
32.1 |
Inferred |
3.20 |
2.05 |
84 |
2.65 |
1.04 |
211.2 |
8.65 |
84.9 |
33.2 |
LME |
Measured |
0.49 |
- |
348 |
1.72 |
0.38 |
- |
5.47 |
8.4 |
1.8 |
Indicated |
1.18 |
- |
282 |
1.62 |
0.44 |
- |
10.69 |
19.1 |
5.1 |
Measured + Indicated |
1.67 |
- |
301 |
1.65 |
0.42 |
- |
16.16 |
27.5 |
7.0 |
Inferred |
1.79 |
- |
222 |
1.73 |
0.39 |
- |
12.75 |
30.9 |
6.9 |
LMW |
Measured |
0.74 |
- |
330 |
3.13 |
0.28 |
- |
7.87 |
23.2 |
2.1 |
Indicated |
1.97 |
- |
259 |
2.33 |
0.29 |
- |
16.41 |
45.9 |
5.8 |
Measured + Indicated |
2.71 |
- |
278 |
2.55 |
0.29 |
- |
24.29 |
69.1 |
7.9 |
Inferred |
2.41 |
- |
248 |
2.85 |
0.39 |
- |
19.22 |
68.6 |
9.5 |
TLP |
Measured |
2.51 |
- |
208 |
3.44 |
0.33 |
- |
16.79 |
86.5 |
8.3 |
Indicated |
2.92 |
- |
165 |
2.74 |
0.32 |
- |
15.48 |
79.9 |
9.2 |
Measured + Indicated |
5.43 |
- |
185 |
3.06 |
0.32 |
- |
32.27 |
166.4 |
17.5 |
Inferred |
5.48 |
- |
157 |
2.64 |
0.25 |
- |
27.70 |
144.7 |
13.7 |
DCG |
Measured |
- |
- |
- |
- |
- |
|
- |
- |
- |
Indicated |
0.06 |
0.09 |
59 |
3.78 |
0.15 |
0.2 |
0.12 |
2.3 |
0.1 |
Measured + Indicated |
0.06 |
0.09 |
59 |
3.78 |
0.15 |
0.2 |
0.12 |
2.3 |
0.1 |
Inferred |
0.40 |
0.24 |
61 |
4.69 |
0.15 |
3.2 |
0.79 |
18.9 |
0.6 |
Total |
Measured |
8.41 |
0.12 |
264 |
4.28 |
1.53 |
33.3 |
71.29 |
360.2 |
128.6 |
Indicated |
11.71 |
0.17 |
212 |
3.18 |
1.10 |
65.1 |
79.98 |
372.1 |
128.7 |
Measured + Indicated |
20.12 |
0.15 |
234 |
3.64 |
1.28 |
98.4 |
151.26 |
732.3 |
257.3 |
Inferred |
18.58 |
0.36 |
184 |
3.04 |
0.82 |
214.4 |
109.87 |
565.3 |
151.8 |
Notes:
- Measured and Indicated Mineral Resources are inclusive of
Mineral Resources from which Mineral Reserves are estimated.
- Metal prices: gold US$1250/troy oz, silver US$18/troy oz, lead
US$0.95/lb, zinc US$1.10/lb.
- Exchange rate: RMB 6.90 : US$1.00.
- Mineral Resource reported 5 m below surface
- Veins factored to minimum extraction width of 0.3 m after
estimation.
- Cut-off grades: SGX 145 g/t AgEq; HZG 130 g/t AgEq; HPG 140 g/t
AgEq; LME 120 g/t AgEq; LMW 155 g/t AgEq; TLP 130 g/t AgEq;
DCG 135 g/t AgEq.
- Silver equivalent formulas by mine:-
SGX=35.63*Pb%+22.45*Zn%+Ag g/t- HZG=34.6*Pb%+Ag g/t-
HPG=36.84*Pb%+23.61*Zn%+62.87*Au g/t + Ag g/t-
LME=34.17*Pb%+11.92*Zn%+Ag g/t- TLP=34.19*Pb%+Ag g/t-
LMW=35.06*Pb%+Ag g/t- DCG=36.84*Pb% + 23.61*Zn + 62.87*Au g/t
+ Ag g/t
- Exclusive of mine production to December 31, 2019.
- Rounding of some figures may lead to minor discrepancies in
totals.
A comparison of Mineral Resource estimates
between June 30, 2016 and December 31, 2019 indicates the
following:
- Measured and Indicated tonnes have increased by 23% overall,
while the Inferred tonnes have increased by 78%.
- Measured and Indicated grades have decreased overall by between
-2% and -6%. Inferred grades decreased between -20% and -26%
overall (both comparisons excluding gold as it is a very minor
contributor).
- The net result in the Measured and Indicated categories has
been an increase in the contained silver of 18% and an increase in
the contained lead of 16%. The increase in zinc content was
20%.
- The net result in the Inferred category has been an increase in
the contained silver of 42% and a significant increase in both the
contained lead and zinc, with increases of 38% and 32%
respectively.
Reasons for the differences in grade, tonnes,
and contained metal include Mineral Resource additions and
conversion to higher categories arising from drilling and level
development, different cut-off grades and depletion due to mining.
Additional channel and drillhole samples also became available
between the two estimates to extend the Mineral Resources
along-strike and down-dip, and allowed changed interpretation of
the veins, given the greater degree of geological
understanding.
Mineral Reserves
The Mineral Reserve estimation is based on the
assumption that current stoping practices will continue to be
predominant at the Ying Property, namely cut and fill resuing and
shrinkage stoping, using hand-held drills and hand-mucking within
stopes, and loading to mine cars by rocker-shovel or by hand. The
largely sub-vertical veins, generally competent ground, reasonably
regular vein width, and hand-mining techniques using short rounds,
allows a significant degree of selectivity and control in the
stoping process. Minimum mining widths of 0.5 m for resuing
and 1.0 m for shrinkage are assumed. The QP has observed the
mining methods at the Ying property and considers the minimum
extraction and mining width assumptions to be reasonable. Minimum
dilution assumptions are 0.10 m of total overbreak for a
resuing cut and 0.2 m of total overbreak for a shrinkage
stope.
Mining dilution and recovery factors vary
somewhat from mine to mine and with mining method. Average Ying
dilution factors have been estimated as 15% for resuing and 18% for
shrinkage, while assumed mining recovery factors are 95% for
resuing stopes and 92% for shrinkage stopes.
For the total tonnage estimated as Ying Mineral Reserves, 49.7%
is associated with resuing and 50.3% with shrinkage.
The estimated Mineral Reserves and metal content
for the Ying Property as of December 31, 2019 are detailed in Table
2 below.
Table
2
Ying Property Mineral Reserve estimates and metal content at
December 31, 2019
Mine |
Reserve category |
Mt |
Au (g/t) |
Ag (g/t) |
Pb (%) |
Zn (%) |
Metal Contained in Mineral Reserves |
Au (koz) |
Ag (Moz) |
Pb (kt) |
Zn (kt) |
SGX |
Proven |
2.48 |
|
298 |
5.86 |
2.80 |
|
23.73 |
145.2 |
69.4 |
Probable |
2.71 |
|
259 |
5.05 |
2.35 |
|
22.57 |
137.0 |
63.9 |
Total Proven & Probable |
5.19 |
|
277 |
5.43 |
2.57 |
|
46.30 |
282.1 |
133.3 |
HZG |
Proven |
0.30 |
|
356 |
0.98 |
0.24 |
|
3.42 |
2.9 |
0.7 |
Probable |
0.32 |
|
306 |
0.66 |
0.12 |
|
3.13 |
2.1 |
0.4 |
Total Proven & Probable |
0.62 |
|
330 |
0.82 |
0.18 |
|
6.54 |
5.0 |
1.1 |
HPG |
Proven |
0.48 |
1.05 |
88 |
3.66 |
1.52 |
16 |
1.34 |
17.4 |
7.2 |
Probable |
0.76 |
1.38 |
62 |
3.07 |
1.37 |
34 |
1.53 |
23.4 |
10.5 |
Total Proven & Probable |
1.24 |
1.25 |
72 |
3.29 |
1.43 |
50 |
2.88 |
40.8 |
17.7 |
LME |
Proven |
0.36 |
|
352 |
1.65 |
0.37 |
|
4.05 |
5.9 |
1.3 |
Probable |
0.89 |
|
287 |
1.57 |
0.40 |
|
8.18 |
13.9 |
3.5 |
Total Proven & Probable |
1.24 |
|
306 |
1.59 |
0.39 |
|
12.23 |
19.8 |
4.8 |
TLP |
Proven |
1.25 |
|
241 |
3.47 |
0.34 |
|
9.71 |
43.5 |
4.2 |
Probable |
1.10 |
|
216 |
2.60 |
0.32 |
|
7.62 |
28.5 |
3.5 |
Total Proven & Probable |
2.35 |
|
230 |
3.07 |
0.33 |
|
17.34 |
72.0 |
7.7 |
LMW |
Proven |
0.42 |
|
347 |
3.30 |
0.28 |
|
4.73 |
14.0 |
1.2 |
Probable |
0.93 |
|
303 |
2.44 |
0.30 |
|
9.00 |
22.6 |
2.8 |
Total Proven & Probable |
1.35 |
|
317 |
2.71 |
0.29 |
|
13.73 |
36.6 |
4.0 |
Ying Mine |
Proven |
5.29 |
0.09 |
276 |
4.33 |
1.59 |
16 |
46.99 |
228.9 |
84.0 |
Probable |
6.70 |
0.16 |
241 |
3.39 |
1.26 |
34 |
52.02 |
227.5 |
84.5 |
Total Proven & Probable |
11.99 |
0.13 |
257 |
3.81 |
1.41 |
50 |
99.01 |
456.4 |
168.6 |
Notes to Mineral Reserve Statement:
- Cut-off grades (Ag/Eq g/t): SGX – 235 Resuing, 205 Shrinkage;
HZG – 240 Resuing, 210 Shrinkage; HPG – 235 Resuing, 210 Shrinkage;
LME -210 Resuing, 180 Shrinkage; TLP - 240 Resuing, 215 Shrinkage;
LMW -260 Resuing, 235 Shrinkage.
- Stope Marginal cut-off grades (AgEq g/t): SGX – 215 Resuing,
180 Shrinkage; HZG – 220 Resuing, 195 Shrinkage; HPG – 215 Resuing,
190 Shrinkage; LME – 180 Resuing, 150 Shrinkage; TLP - 220 Resuing,
195 Shrinkage; LMW -230 Resuing, 205 Shrinkage.
- Development Ore cut-off grades (AgEq g/t): SGX – 145; HZG –
150; HPG – 145; LME - 120; TLP - 150; LMW - 165.
- Unplanned dilution (zero grade) assumed as 0.05m on each wall
of a resuing stope and 0.10m on each wall of a shrinkage
stope.
- Mining recovery factors assumed as 95% for resuing and 92% for
shrinkage.
- Metal prices: gold US$1,250/troy oz, silver US$18/troy oz, lead
US$0.95/lb, zinc US$1.10/lb.
- Processing recovery factors: SGX – 96.5% Ag, 97.8% Pb, 64.2%
Zn; HZG – 96.8% Ag, 95.2% Pb; HPG – 90.7% Au, 90.2% Ag, 94.4% Pb,
63.1% Zn; LME – 96.9% Ag, 94.1% Pb, 34.2% Zn; TLP – 93.4% Ag, 90.7%
Pb; LMW – 96.6% Ag, 96.3% Pb;
- Payables: Au – 81%; Ag – 90.0%; Pb – 87.5%; Zn – 72.5%.
- Exclusive of mine production to December 31, 2019.
- Exchange rate assumed is RMB 6.90 : US$1.00.
- Rounding of some figures may lead to minor discrepancies in
totals.
The sensitivity of the Ying Mineral Reserves to
variation in cut-off grade (COG) has been tested by applying a 20%
increase in COG to Mineral Reserves at each of the Ying mines. The
lowest sensitivities are seen at SGX and LME with, for the entire
Ying Property, an approximate 8.8% reduction in AgEq ounces for a
20% COG increase, demonstrating relatively low overall COG
sensitivity.
Total Ying Mineral Reserve tonnes are approximately 60% of
Mineral Resource (Measured plus Indicated) tonnes. Silver, lead,
and zinc Mineral Reserve grades are 110%, 105% and 110%
respectively of the corresponding Measured plus Indicated Mineral
Resource grades. Metal conversion percentages for silver, lead, and
zinc are 65%, 62%, and 66% respectively.
Some significant aspects of a comparison of
Mineral Reserve estimates between June 30, 2016 (previous Technical
Report) and December 31, 2019 (Ying 2020 Technical Report) are the
following:
- 3% decrease in total (Proven + Probable) Ying Mineral Reserve
tonnes.
- Increase in total Ying Mineral Reserve silver, lead, and zinc
grades of 7%, 2%, and 11% respectively.
- Increase in total Ying Mineral Reserve metal content for silver
and zinc of 4% and 8% respectively; 1% decrease in total lead
content.
- SGX continues being the leading contributor to the total Ying
Mineral Reserves, accounting for 43% of tonnes, 47% of silver, 62%
of lead, and 79% of zinc, compared to respective values of 45%,
48%, 60%, and 83% in 2016.
- 63% increase in total Mineral Reserve tonnes at HPG, with
corresponding increases in silver, lead and zinc content of 23%,
50% and 103% respectively. Gold Mineral Reserves also increased
from 27 koz to 50 koz at HPG.
- 31% increase in total Mineral Reserve tonnes at LME, with
corresponding increases in silver, lead and zinc content of 35%, 5%
and 20% respectively.
- 34% decrease in total Mineral Reserve tonnes at LMW, with
corresponding decreases in silver, lead and zinc content of 17%,
35% and 31% respectively.
- 4% increase in total Mineral Reserve tonnes at HZG, with
corresponding increases in silver and zinc content of 12% and 10%
respectively; 2% decrease in total lead content.
- 5% decrease in total Mineral Reserve tonnes at TLP, but with
increases in both silver and zinc content of 11%; 7% decrease in
total lead content.
The Ying mine complex is a viable operation with
a projected LOM through to 2040 based on only Proven and Probable
Mineral Reserves and assuming an average annual production rate of
approximately 6 million ounces of silver between fiscal 2021 and
2027, 5 million ounces between 2028 and 2033, 4 million ounces
between 2034 and 2036, and 2.5 million ounces between 2037 and
2040. The potential exists for an extended LOM via further
exploration and development, particularly in areas with identified
Inferred Resources.
Economic Analysis
Although Ying is a producing property and
therefore does not require an economic analysis for the purposes of
the Ying 2020 Technical Report, the Qualified Persons considered it
reasonable to undertake a summary-level analysis to illustrate the
potential economic impact relative to the latest Mineral Reserve
estimations and to the associated production schedules.
The following metal prices and exchange rate
were used for the economic analysis: gold - US$1,400/oz, silver -
US$20/oz, lead - US$0.95/lb, zinc - US$1.10/lb; exchange rate -
1US$ = 6.9RMB. Average costs used were: mining - $61.34/t; milling
- $10.23/t: shipping - $3.92/t; Mineral Resources tax - $6.86/t;
G&A - $8.30/t: government fees and other taxes - $2.78/t;
sustaining and growth capital - $16.95/t.
Based on the LOM production forecast through to
2040 and the metal price and other assumptions shown above, a base
case pre-tax NPV of US$954M at 5% discount rate is projected
(US$713M post-tax). Over the LOM, 62% of the net revenue is
projected to come from silver, 29% from lead, 6% from zinc, and 2%
from gold.
Qualified Persons
H. Smith, P.Eng., A. Ross, P.Geo. and S.
Robinson, P.Geo. of AMC Mining Consultants (Canada) Ltd.; R.
Webster, MAusIMM, MAIG and R. Chesher, FAusIMM of AMC Consultants
Pty Ltd.; and A. Riles, MAusIMM, MAIG of Riles Integrated Resource
Management Pty Ltd are Qualified Persons as defined by National
Instrument 43-101. The Qualified Persons have reviewed and
consented to this press release and believe it fairly and
accurately represents the information in the Technical Report that
supports the disclosure.
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
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using words or phrases such as “expects”, “is expected”,
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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;
foreign exchange rates; 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 revenues, operation costs, capital
expenditures, mine plan, and 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 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: global economic and social impact 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.
CAUTIONARY NOTE TO US INVESTORS
This news release has been prepared in
accordance with the requirements of NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum Definition Standards,
which differ from the requirements of U.S. Securities laws. NI
43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure
an issuer makes of scientific and technical information concerning
mineral projects.
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