VANCOUVER, BC, Oct. 13,
2022 /PRNewswire/ - Silvercorp Metals Inc.
("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM)
reports production and sales figures for the second quarter of
fiscal year 2023 ended September 30,
2022 ("Q2 Fiscal 2023"). The Company expects to release its
Q2 Fiscal 2023 unaudited financial results on Thursday, November 3, 2022 after market
close.
In Q2 Fiscal 2023, the Company produced approximately 1.8
million ounces of silver, 1,200 ounces of gold, 18.0 million pounds
of lead and 6.0 million pounds of zinc, representing increases of
6%, 50%, and 2%, respectively in silver, gold and lead, and a
decrease of 20% in zinc compared to the second quarter ended
September 30, 2021 ("Q2 Fiscal
2022").
For the first six months of Fiscal 2023, the Company produced
approximately 3.7 million ounces of silver, 2,300 ounces of gold,
37.1 million pounds of lead, and 12.9 million pounds of zinc,
representing increases of 15%, 28%, and 11%, respectively in
silver, gold and lead, and a decrease of 12% in zinc compared to
the same prior year period.
Q2 FISCAL 2023 OPERATING HIGHLIGHTS
- On a consolidated basis, 290,981 tonnes of ore were mined, down
1% over Q2 Fiscal 2022, but 291,643 tonnes of ore were milled, up
7% over Q2 Fiscal 2022.
- On a consolidated basis, the Company sold approximately 1.8
million ounces of silver, 1,200 ounces of gold, 17.3 million pounds
of lead, and 5.9 million pounds of zinc, compared to approximately
1.7 million ounces of silver, 800 ounces of gold, 17.3 million
pounds of lead and 7.6 million pounds of zinc sold in Q2 Fiscal
2022.
- At the Ying Mining District, 215,927 tonnes of ore were mined
and 216,262 tonnes of ore were milled, up 4% and 19%, respectively,
compared to Q2 Fiscal 2022. Approximately 1.7 million ounces of
silver, 1,200 ounces of gold, 16.2 million pounds of lead, and 2.0
million pounds of zinc were produced, representing increases of 9%,
50%, 10%, and 25%, respectively, in silver, gold, lead, and zinc
over Q2 Fiscal 2022.
- At the GC Mine, 75,054 tonnes of ore were mined and 75,381
tonnes of ore were milled, down 12% and 16% compared to Q2 Fiscal
2022. Approximately 141 thousand ounces of silver, 1.8 million
pounds of lead, and 4.0 million pounds of zinc were produced,
representing decreases of 21%, 39% and 32%, respectively, in
silver, lead and zinc compared to Q2 Fiscal 2022. Mining operations
at the GC Mine were partially affected in August and September 2022 as the Company worked on improving
ventilation and electric power facilities to comply with several
new safety production regulations issued by the National Mine
Safety Administration of China
(e.g., underground workface temperature shall not be over 30
degrees centigrade), which became effective September 1, 2022. The Company will continue to
work on some improvements in October to fully comply with these new
regulations.
The consolidated operational results for the past five quarters
and for the six months ended September 30,
2022 and 2021 are summarized as follows:
Cons Op Results
The operational results at the Ying Mining District for the past
five quarters and for the six months ended September 30, 2022 and 2021 are summarized as
follows:
Op Results Ying
The operational results at the GC Mine for the past five
quarters and for the six months ended September 30, 2022 and 2021 are summarized as
follows:
Op Results GC
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
Lon Shaver
Vice President
Silvercorp Metals
Inc.
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 press
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. 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 or information. Forward-looking
statements or information 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; 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 or information 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 or information,
including, without limitation, social and economic impacts of
COVID-19; risks relating to: 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
licenses; 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 as per the requirements
of the Sarbanes-Oxley Act; 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 or information.
Forward-looking statements or information 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 or
information 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 or information.
The Company's forward-looking statements and information are
based on the assumptions, beliefs, expectations and opinions of
management as of the date of this press release, and other than as
required by applicable securities laws, the Company does not assume
any obligation to update forward-looking statements and information
if circumstances or management's assumptions, beliefs, expectations
or opinions should change, or changes in any other events affecting
such statements or information. For the reasons set forth above,
investors should not place undue reliance on forward-looking
statements and information.
Additional information relating to the Company, including
Silvercorp's Annual Information Form, can be obtained under the
Company's profile on SEDAR at www.sedar.com, on EDGAR at
www.sec.gov, and on the Company's website at
www.silvercorp.ca.
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SOURCE Silvercorp Metals Inc