VANCOUVER, BC, July 14,
2022 /PRNewswire/ - Silvercorp Metals Inc.
("Silvercorp" or the "Company") (TSX: SVM) (NYSE: SVM) reports
production and sales figures for the first quarter of fiscal year
2023 ended June 30, 2022 ("Q1 Fiscal
2023"). The Company expects to release its Q1 Fiscal 2023 unaudited
financial results on Thursday, August 11,
2022 after market close.
In Q1 Fiscal 2023, the Company produced and sold approximately
1.9 million ounces of silver, 1,100 ounces of gold, 19.1 million
pounds of lead, and 6.9 million pounds of zinc, representing
production increases of 26%, 10% and 20%, respectively, in silver,
gold and lead production, and a decrease of 4% in zinc production
over the first quarter of fiscal 2022 ("Q1 Fiscal 2022"). The
Company is on track to produce 7.0 million to 7.3 million ounces of
silver, 6,300 to 7,900 ounces of gold, 68.4 million to 71.3 million
pounds of lead, and 32.0 million to 34.5 million pounds of zinc in
Fiscal 2023.
Q1 FISCAL 2023 OPERATING
HIGHLIGHTS
- On a consolidated basis, 300,104 tonnes of ore were mined, up
30% over Q1 Fiscal 2022, and 298,176 tonnes of ore were milled, up
23% over Q1 Fiscal 2022.
- On a consolidated basis, sales increased 17%, 10%, and 14%,
respectively, for silver, lead, gold, and decreased 5% for zinc in
Q1 Fiscal 2022.
- At the Ying Mining District, 214,038 tonnes of ore were mined,
up 50% over Q1 Fiscal 2022, and 212,055 tonnes of ore were milled,
up 36% over Q1 Fiscal 2022. Approximately 1.7 million ounces of
silver, 1,100 ounces of gold, 16.7 million pounds of lead, and 1.9
million pounds of zinc were produced, representing increases of
32%, 10%, 26%, and 27%, respectively, in silver, gold, lead, and
zinc over Q1 Fiscal 2022.
- At the GC Mine, 86,066 tonnes of ore were mined, down 3% over
Q1 Fiscal 2022, and 86,121 tonnes of ore were milled, down 2%
compared to Q1 Fiscal 2022. Approximately 164 thousand ounces of
silver, 2.4 million pounds of lead, and 5.0 million pounds of zinc
were produced, representing decreases of 14%, 9% and 12%,
respectively, over Q1 Fiscal 2022.
The consolidated operational results for the past five quarters
are summarized as follows:
The operational results at the Ying Mining District for the past
five quarters are summarized as follows:
The operations results at the GC Mine for the past five quarters
are summarized as follows:
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold,
lead, and zinc with a long history of profitability and growth
potential. The Company's strategy is to create shareholder value by
1) focusing on generating free cashflow from long life mines; 2)
organic growth through extensive drilling for discovery; 3) ongoing
merger and acquisition efforts to unlock value; and 4) long term
commitment to responsible mining and ESG. For more information,
please visit our website at www.silvercorp.ca.
For further information
Silvercorp Metals Inc.
Lon Shaver
Vice President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: 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; 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