TSX: SVM
NYSE AMERICAN: SVM
VANCOUVER, BC, Oct. 14, 2021
/CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the
"Company") (TSX: SVM) (NYSE American: SVM) reports production and
sales figures for the second quarter of fiscal year 2022 ended
September 30, 2021 ("Q2 Fiscal
2022"). The Company expects to release its Q2 Fiscal 2022 unaudited
financial results on Thursday, November 4,
2021 after market close.
In Q2 Fiscal 2022, the Company increased production to
approximately 1.7 million ounces of silver, 800 ounces of gold,
17.6 million pounds of lead, and 7.5 million pounds of zinc,
representing increases of 15%, 11%, and 4%, respectively, in
silver, lead and zinc, and a decrease of 20% in gold over the first
quarter ended June 30, 2021 ("Q1
Fiscal 2022"). At the Ying Mining District, ore mined in Q2 Fiscal
2022 was 206,933 tonnes, up 64,026 tonnes or 45% over Q1 Fiscal
2022. Ore milled was 182,173 tonnes, up 26,766 tonnes or 17%
over Q1 Fiscal 2022, but 24,760 tonnes lower than mined as a
result of transportation interruptions caused by lengthy heavy
rains in Q2 Fiscal 2022. The Company expects to maintain a
similar mining production rate and increase the milling tonnage at
the Ying Mining District in the next quarter.
For the first six months of Fiscal 2022, the Company produced
approximately 3.2 million ounces of silver, 1,800 ounces of gold,
33.5 million pounds of lead, and 14.7 million pounds of zinc.
The Company is on track to meet its annual guidance to produce
between 6.3 - 6.6 million ounces of silver, 65.7 – 68.9 million
pounds of lead, and 26.9 – 28.5 million pounds of zinc in Fiscal
2022.
Q2 FISCAL 2022 OPERATING HIGHLIGHTS
- At the Ying Mining District, ore mined was 206,933 tonnes, up
14% over the same prior year quarter ("Q2 Fiscal 2021"), and ore
milled was 182,173 tonnes, up 2% over Q2 Fiscal 2021. Approximately
1.5 million ounces of silver, 800 ounces of gold, 14.7 million
pounds of lead, and 1.6 million pounds of zinc were produced,
representing decreases of 1% in silver, 27% in gold, 9% in lead,
and 4% in zinc over Q2 Fiscal 2021 as 24,760 tonnes or 12% of ore
mined in the current quarter have yet to be processed due to the
heavy rains.
- At the GC Mine, ore mined was 85,535 tonnes, down 1% over Q2
Fiscal 2021, and ore milled was 89,643 tonnes, up 6% over Q2 Fiscal
2021. Approximately 179 thousand ounces of silver, 2.9 million
pounds of lead, and 5.9 million pounds of zinc were produced,
representing an increase of 7% in zinc, and decreases of 2% in
silver and 2% in lead over Q2 Fiscal 2021.
- On a consolidated basis, ore mined was 292,468 tonnes, up 9%
over Q2 Fiscal 2021, and ore milled was 271,816 tonnes, up 3% over
Q1 Fiscal 2021. Approximately 1.7 million ounces of silver, 800
ounces of gold, 17.6 million pounds of lead, and 7.5 million pounds
of zinc were produced, representing decreases of 1%, 27%, and 8%,
respectively, in silver, gold and lead, and an increase of 5% in
zinc over Q2 Fiscal 2021.
- On a consolidated basis, the Company sold approximately 1.7
million ounces of silver, 800 ounces of gold, 17.3 million pounds
of lead, and 7.6 million pounds of zinc, representing decreases of
1%, 64%, and 7%, respectively, in silver, gold and lead sold, and
an increase of 3% in lead sold over Q2 Fiscal 2021. Gold sold in Q2
Fiscal 2021 included 1,200 ounces from the BYP Mine.
The consolidated operational results for the past five quarters
are summarized as follows:
Consolidated
|
Q2
F2022
|
Q1
F2022
|
Q4
F2021
|
Q3
F2021
|
Q2
F2021
|
|
Six months ended
September 30,
|
|
September
30, 2021
|
June 30,
2021
|
March 31,
2021
|
December 31,
2020
|
September
30, 2020
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
292,468
|
231,235
|
163,072
|
279,445
|
267,853
|
|
523,703
|
522,408
|
Ore Milled
(tonne)
|
271,816
|
243,077
|
180,674
|
260,648
|
263,933
|
|
514,893
|
526,259
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
214
|
207
|
228
|
216
|
221
|
|
211
|
225
|
Lead (%)
|
3.2
|
3.2
|
3.3
|
3.2
|
3.5
|
|
3.2
|
3.6
|
Zinc
(%)
|
1.6
|
1.7
|
1.5
|
1.8
|
1.6
|
|
1.6
|
1.6
|
|
|
|
|
|
|
|
|
|
Recovery
Rates
|
|
|
|
|
|
|
|
|
Silver (%)
|
94.1
|
93.2
|
92.5
|
92.3
|
93.0
|
|
93.7
|
93.1
|
Lead (%)
|
94.5
|
94.6
|
94.3
|
95.3
|
94.9
|
|
94.5
|
95.1
|
Zinc
(%)
|
79.3
|
80.7
|
79.0
|
82.4
|
78.0
|
|
79.9
|
78.9
|
|
|
|
|
|
|
|
|
|
Metal
production
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,696
|
1,474
|
1,195
|
1,676
|
1,707
|
|
3,169
|
3,459
|
Gold (in thousands
of ounces)
|
0.8
|
1.0
|
0.3
|
0.9
|
1.1
|
|
1.8
|
2.2
|
Lead (in thousands
of pounds)
|
17,613
|
15,878
|
12,156
|
17,111
|
19,086
|
|
33,491
|
39,163
|
Zinc (in thousands
of pounds)
|
7,483
|
7,198
|
4,672
|
8,673
|
7,133
|
|
14,681
|
14,666
|
|
|
|
|
|
|
|
|
|
Metals
sold
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,729
|
1,642
|
1,056
|
1,647
|
1,740
|
|
3,371
|
3,612
|
Gold (in
thousands of ounces)
|
0.8
|
1.0
|
0.7
|
0.8
|
2.2
|
|
1.8
|
3.3
|
Lead (in thousands
of pounds)
|
17,319
|
16,810
|
10,876
|
16,806
|
18,551
|
|
34,129
|
39,436
|
Zinc (in
thousands of pounds)
|
7,626
|
7,255
|
4,580
|
8,965
|
7,411
|
|
14,881
|
14,369
|
The operational results at the Ying Mining District for the past
five quarters are summarized as follows:
Ying Mining
District
|
Q2
F2022
|
Q1
F2022
|
Q4
F2021
|
Q3
F2021
|
Q2
F2021
|
|
Six months ended
September 30,
|
|
September
30, 2021
|
June 30,
2021
|
March 31,
2021
|
December 31,
2020
|
September
30, 2020
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
206,933
|
142,907
|
112,561
|
182,268
|
181,020
|
|
349,840
|
355,196
|
Ore Milled
(tonne)
|
182,173
|
155,407
|
131,725
|
162,905
|
179,083
|
|
337,580
|
356,772
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
283
|
279
|
280
|
297
|
288
|
|
281
|
290
|
Lead (%)
|
4.0
|
4.2
|
3.9
|
4.3
|
4.4
|
|
4.1
|
4.5
|
Zinc
(%)
|
0.7
|
0.8
|
0.8
|
0.8
|
0.7
|
|
0.8
|
0.8
|
|
|
|
|
|
|
|
|
|
Recovery
Rates
|
|
|
|
|
|
|
|
|
Silver (%)
|
95.4
|
94.7
|
93.7
|
93.9
|
94.4
|
|
95.1
|
94.6
|
Lead (%)
|
95.5
|
95.7
|
95.1
|
96.4
|
96.1
|
|
95.6
|
96.1
|
Zinc
(%)
|
56.0
|
59.7
|
65.0
|
63.3
|
57.9
|
|
57.8
|
60.9
|
|
|
|
|
|
|
|
|
|
Metal
production
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,517
|
1,283
|
1,083
|
1,464
|
1,525
|
|
2,800
|
3,068
|
Gold (in thousands
of ounces)
|
0.8
|
1.0
|
0.3
|
0.9
|
1.1
|
|
1.8
|
2.2
|
Lead (in thousands
of pounds)
|
14,671
|
13,278
|
10,504
|
14,361
|
16,080
|
|
27,949
|
33,021
|
Zinc (in thousands
of pounds)
|
1,584
|
1,519
|
1,496
|
1,857
|
1,643
|
|
3,103
|
3,563
|
|
|
|
|
|
|
|
|
|
Metals
sold
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,553
|
1,447
|
936
|
1,446
|
1,556
|
|
3,000
|
3,228
|
Gold (in
thousands of ounces)
|
0.8
|
1.0
|
0.7
|
0.8
|
1.0
|
|
1.8
|
2.1
|
Lead (in thousands
of pounds)
|
14,436
|
14,175
|
9,137
|
14,207
|
15,585
|
|
28,611
|
33,364
|
Zinc (in
thousands of pounds)
|
1,617
|
1,521
|
1,306
|
2,241
|
1,384
|
|
3,138
|
3,421
|
The operational results at the GC Mine for the past five
quarters are summarized as follows:
GC
Mine
|
Q2
F2022
|
Q1
F2022
|
Q4
F2021
|
Q3
F2021
|
Q2
F2021
|
|
Six months ended
September 30,
|
|
September
30, 2021
|
June 30,
2021
|
March 31,
2021
|
December 31,
2020
|
September
30, 2020
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
85,535
|
88,328
|
50,511
|
97,177
|
86,833
|
|
173,863
|
167,212
|
Ore Milled
(tonne)
|
89,643
|
87,670
|
48,949
|
97,743
|
84,850
|
|
177,313
|
169,487
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
73
|
80
|
87
|
82
|
81
|
|
77
|
87
|
Lead
(%)
|
1.7
|
1.5
|
1.7
|
1.4
|
1.8
|
|
1.6
|
1.8
|
Zinc
(%)
|
3.3
|
3.3
|
3.3
|
3.5
|
3.4
|
|
3.3
|
3.4
|
|
|
|
|
|
|
|
|
|
Recovery
Rates
|
|
|
|
|
|
|
|
|
Silver (%)
|
84.4
|
84.1
|
81.9
|
82.6
|
82.5
|
|
84.2
|
82.7
|
Lead (%)
|
89.5
|
89.3
|
89.7
|
89.6
|
89.2
|
|
89.4
|
89.5
|
Zinc
(%)
|
89.6
|
89.3
|
88.2
|
89.7
|
87.3
|
|
89.5
|
87.3
|
|
|
|
|
|
|
|
|
|
Metal
production
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
179
|
190
|
112
|
212
|
182
|
|
369
|
391
|
Lead (in thousands
of pounds)
|
2,942
|
2,600
|
1,652
|
2,750
|
3,006
|
|
5,542
|
6,142
|
Zinc (in thousands
of pounds)
|
5,899
|
5,679
|
3,176
|
6,816
|
5,490
|
|
11,578
|
11,103
|
|
|
|
|
|
|
|
|
|
Metals
sold
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
176
|
195
|
120
|
201
|
184
|
|
371
|
384
|
Lead (in thousands
of pounds)
|
2,883
|
2,635
|
1,739
|
2,599
|
2,966
|
|
5,518
|
6,072
|
Zinc (in
thousands of pounds)
|
6,009
|
5,734
|
3,274
|
6,724
|
6,027
|
|
11,743
|
10,948
|
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; legislative and
regulatory initiatives addressing global climate change or other
environmental concerns; 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