Trading Symbol: TSX/NYSE AMERICAN:
SVM
VANCOUVER, BC, April 28, 2021 /PRNewswire/
- Silvercorp Metals Inc. ("Silvercorp" or
the "Company") (TSX: SVM) (NYSE American: SVM) announces that the
Company has been granted three exploration permits of 48.8
square kilometres in area, covering depth extensions of three
mining permits, SGX, HPG, and TLP-LME-LMW, at the Ying Mining
District. Previously, the exploration activities underneath
the mining permits were covered by a joint venture agreement
between the Company and the Department of Natural Resources of
Henan Province.
Previous drilling in the new exploration permits has intercepted
extensive mineralization, such as drill hole ZK-H17-0012 from the
HPG mine which intercepted a 1.42 metre ("m") interval from
784.85 m to 786.27 m downhole grading 263 grams per tonne
("g/t") gold ("Au") and 335 g/t silver ("Ag") at approximately
minus 82 m elevation, and a
1.24 m interval grading 9.65 g/t Au,
286 g/t Ag, 4.30% lead ("Pb"), and 2.19% zinc ("Zn") at minus
34 m elevation - please see the
Company's news release dated February 19,
2014 for further details. Recent re-logging and
re-sampling surrounding the 1.42 m
interval yielded a 5.02 m interval
grading 75.9 g/t Au and 98 g/t Ag, approximately 400 m below the HPG Mining Permit. These
new exploration permits have no depth limitation.
Negotiations to Renew Mining Contracts at the Ying
Mines
The Company's two-year mining contracts with the eight mining
contractors at the Ying Mining District expired on
March 31, 2021 and the parties have
reached a temporary two-month extension to renew the contracts
for another two years. In case an agreement
cannot be reached with certain contractors, the Company may replace
them with new ones, which may cause temporary mining
delays.
Guoliang Ma, P. Geo., Manager of
Exploration and Resource of the Company, is the Qualified Person
for Silvercorp under NI 43-101 and has reviewed and given consent
to the technical information contained in this news release.
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