Trading Symbol: TSX: SVM
NYSE
AMERICAN: SVM
VANCOUVER, BC, April 13,
2023 /CNW/ - Silvercorp Metals Inc.
("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM)
reports production and sales figures for the fiscal year 2023 ended
March 31, 2023 ("Fiscal 2023"). The
Company expects to release its Fiscal 2023 audited financial
results on Thursday, May 25, 2023
after market close.
In Fiscal 2023, the Company produced approximately 6.6 million
ounces of silver, 4,400 ounces of gold, 68.1 million pounds of
lead, and 23.5 million pounds of zinc, representing increases of
8%, 29%, and 6%, respectively, in silver, gold, and lead, and a
decrease of 12% in zinc compared to the prior year ("Fiscal
2022").
The Company reiterates its Fiscal 2024 production guidance of
approximately 6.8 to 7.2 million ounces of silver, 4,400 to 5,500
ounces of gold, 70.5 to 73.8 million pounds of lead, and 27.7 to
29.7 million pounds of zinc. Fiscal 2024 production guidance
represents anticipated increases of 3% to 8% in silver, 0% to 25%
in gold, 4% to 8% in lead, and 18% to 26% in zinc compared to
Fiscal 2023 production results.
FISCAL 2023 OPERATING
HIGHLIGHTS
- On a consolidated basis, 1,068,983 tonnes of ore were mined,
and 1,072,654 tonnes of ore were milled, both up 7% over Fiscal
2022. Approximately 6.6 million ounces of silver, 4,400 ounces of
gold, 68.1 million pounds of lead, and 23.5 million pounds of zinc
were produced, representing increases of 8%, 29%, and 6%,
respectively, in silver, gold, and lead, and a decrease of 12% in
zinc compared to Fiscal 2022.
- On a consolidated basis, the Company sold approximately 6.6
million ounces of silver, 4,400 ounces of gold, 65.7 million pounds
of lead, and 23.4 million pounds of zinc, representing increases of
6%, 29%, and 3%, respectively, in silver, gold, and lead, and a
decrease of 13% in zinc compared to Fiscal 2022.
- At the Ying Mining District, 769,024 tonnes of ore were mined,
and 773,057 tonnes of ore were milled, both up 13% over Fiscal
2022. Approximately 6.0 million ounces of silver, 4,400 ounces of
gold, 60.3 million pounds of lead, and 7.2 million pounds of zinc
were produced, representing increases of 9%, 29%, 10% and 6%,
respectively, in silver, gold, lead and zinc over Fiscal 2022.
- At the GC Mine, 299,959 tonnes of ore were mined, down 5% over
Fiscal 2022, and 299,597 tonnes of ore were milled, down 6% over
Fiscal 2022. Approximately 593 thousand ounces of silver, 7.8
million pounds of lead, and 16.3 million pounds of zinc were
produced, representing decreases of 7%, 18% and 19%, respectively,
in silver, lead and zinc compared to Fiscal 2022. The decrease can
be attributed mainly to the upgrades made to the ventilation and
electric power facilities at the GC Mine to comply with
newly-implemented safety production regulations. These improvements
impacted operations during the second quarter but were completed in
the third quarter.
The consolidated operational results for the past five quarters
and for the years ended March 31,
2023 and 2022 are summarized as follows:
Consolidated
|
Q4
F2023
|
Q3
F2023
|
Q2
F2023
|
Q1
F2023
|
Q4
F2022
|
|
Year ended March
31,
|
|
|
March 31,
2023
|
December 31,
2022
|
September 30,
2022
|
June 30,
2022
|
March 31,
2022
|
|
2023
|
2022
|
|
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
181,848
|
296,050
|
290,981
|
300,104
|
180,505
|
|
1,068,983
|
996,280
|
|
Ore Milled
(tonne)
|
179,393
|
303,442
|
291,643
|
298,176
|
182,670
|
|
1,072,654
|
1,002,335
|
|
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
210
|
207
|
209
|
210
|
213
|
|
209
|
209
|
|
Lead
(%)
|
3.0
|
3.3
|
3.1
|
3.1
|
3.2
|
|
3.1
|
3.2
|
|
Zinc
(%)
|
1.1
|
1.3
|
1.2
|
1.4
|
1.4
|
|
1.3
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
Recovery
Rates
|
|
|
|
|
|
|
|
|
|
Silver
(%)
|
93.3
|
94.4
|
94.2
|
94.5
|
94.2
|
|
94.2
|
93.8
|
|
Lead
(%)
|
94.7
|
94.7
|
93.6
|
94.7
|
95.2
|
|
94.4
|
94.6
|
|
Zinc
(%)
|
81.0
|
81.3
|
78.2
|
78.1
|
75.8
|
|
79.5
|
79.3
|
|
|
|
|
|
|
|
|
|
|
Metal
production
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,106
|
1,853
|
1,798
|
1,860
|
1,146
|
|
6,617
|
6,149
|
|
Gold (in
thousands of ounces)
|
1.0
|
1.1
|
1.2
|
1.1
|
0.5
|
|
4.4
|
3.4
|
|
Lead (in
thousands of pounds)
|
10,938
|
20,059
|
17,983
|
19,088
|
11,962
|
|
68,068
|
64,431
|
|
Zinc (in
thousands of pounds)
|
3,577
|
6,974
|
5,986
|
6,926
|
4,101
|
|
23,463
|
26,812
|
|
|
|
|
|
|
|
|
|
|
Metals
sold
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,073
|
1,860
|
1,789
|
1,915
|
1,173
|
|
6,637
|
6,265
|
|
Gold (in
thousands of ounces)
|
1.0
|
1.1
|
1.2
|
1.1
|
0.5
|
|
4.4
|
3.4
|
|
Lead (in
thousands of pounds)
|
10,021
|
19,273
|
17,268
|
19,125
|
12,279
|
|
65,687
|
63,563
|
|
Zinc (in
thousands of pounds)
|
3,451
|
7,119
|
5,940
|
6,928
|
4,340
|
|
23,438
|
26,809
|
The operational results at the Ying Mining District for the past
five quarters and for the years ended March
31, 2023 and 2022 are summarized as follows:
Ying Mining
District
|
Q4
F2023
|
Q3
F2023
|
Q2
F2023
|
Q1
F2023
|
Q4
F2022
|
|
Year ended March
31,
|
|
|
March 31,
2023
|
December 31,
2022
|
September 30,
2022
|
June 30,
2022
|
March 31,
2022
|
|
2023
|
2022
|
|
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
132,205
|
206,854
|
215,927
|
214,038
|
130,612
|
|
769,024
|
681,398
|
|
Ore Milled
(tonne)
|
130,910
|
213,830
|
216,262
|
212,055
|
131,731
|
|
773,057
|
684,293
|
|
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
255
|
262
|
257
|
267
|
271
|
|
261
|
272
|
|
Lead
(%)
|
3.6
|
4.0
|
3.7
|
3.9
|
3.9
|
|
3.8
|
3.9
|
|
Zinc
(%)
|
0.6
|
0.7
|
0.7
|
0.7
|
0.8
|
|
0.7
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
Recovery
Rates
|
|
|
|
|
|
|
|
|
|
Silver
(%)
|
95.2
|
95.7
|
95.5
|
95.7
|
95.2
|
|
95.6
|
95.1
|
|
Lead
(%)
|
95.3
|
95.4
|
94.1
|
95.4
|
96.1
|
|
95.0
|
95.6
|
|
Zinc
(%)
|
68.3
|
66.4
|
62.5
|
58.1
|
57.4
|
|
63.2
|
59.7
|
|
|
|
|
|
|
|
|
|
|
Metal
production
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
997
|
1,674
|
1,657
|
1,696
|
1,062
|
|
6,024
|
5,509
|
|
Gold (in
thousands of ounces)
|
1.0
|
1.1
|
1.2
|
1.1
|
0.5
|
|
4.4
|
3.4
|
|
Lead (in
thousands of pounds)
|
9,688
|
17,647
|
16,201
|
16,718
|
10,542
|
|
60,254
|
54,883
|
|
Zinc (in
thousands of pounds)
|
1,164
|
2,082
|
1,976
|
1,928
|
1,317
|
|
7,150
|
6,767
|
|
|
|
|
|
|
|
|
|
|
Metals
sold
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
966
|
1,675
|
1,649
|
1,759
|
1,058
|
|
6,049
|
5,619
|
|
Gold (in
thousands of ounces)
|
1.0
|
1.1
|
1.2
|
1.1
|
0.5
|
|
4.4
|
3.4
|
|
Lead (in
thousands of pounds)
|
8,924
|
16,969
|
15,587
|
16,760
|
10,278
|
|
58,240
|
53,892
|
|
Zinc (in
thousands of pounds)
|
1,115
|
2,143
|
1,882
|
2,035
|
1,524
|
|
7,175
|
6,609
|
The operational results at the GC Mine for the past five
quarters and for the years ended March 31,
2023 and 2022 are summarized as follows:
GC
Mine
|
Q4
F2023
|
Q3
F2023
|
Q2
F2023
|
Q1
F2023
|
Q4
F2022
|
|
Year ended March
31,
|
|
|
March 31,
2023
|
December 31,
2022
|
September 30,
2022
|
June 30,
2022
|
March 31,
2022
|
|
2023
|
2022
|
|
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
49,643
|
89,196
|
75,054
|
86,066
|
49,893
|
|
299,959
|
314,882
|
|
Ore Milled
(tonne)
|
48,483
|
89,612
|
75,381
|
86,121
|
50,939
|
|
299,597
|
318,042
|
|
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
88
|
75
|
72
|
71
|
62
|
|
75
|
75
|
|
Lead
(%)
|
1.3
|
1.4
|
1.2
|
1.4
|
1.4
|
|
1.3
|
1.5
|
|
Zinc
(%)
|
2.5
|
2.8
|
2.7
|
2.9
|
2.8
|
|
2.8
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
Recovery
Rates
|
|
|
|
|
|
|
|
|
|
Silver
(%)
|
78.9
|
83.0
|
81.0
|
83.4
|
82.4
|
|
81.9
|
83.8
|
|
Lead
(%)
|
90.9
|
90.3
|
88.5
|
89.8
|
88.7
|
|
89.8
|
89.2
|
|
Zinc
(%)
|
89.3
|
90.1
|
89.6
|
90.4
|
89.8
|
|
89.9
|
89.6
|
|
|
|
|
|
|
|
|
|
|
Metal
production
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
109
|
179
|
141
|
164
|
84
|
|
593
|
640
|
|
Lead (in
thousands of pounds)
|
1,250
|
2,412
|
1,782
|
2,370
|
1,420
|
|
7,814
|
9,548
|
|
Zinc (in
thousands of pounds)
|
2,413
|
4,892
|
4,010
|
4,998
|
2,784
|
|
16,313
|
20,045
|
|
|
|
|
|
|
|
|
|
|
Metals
sold
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
107
|
185
|
140
|
156
|
115
|
|
588
|
646
|
|
Lead (in
thousands of pounds)
|
1,097
|
2,304
|
1,681
|
2,365
|
2,001
|
|
7,447
|
9,671
|
|
Zinc (in
thousands of pounds)
|
2,336
|
4,976
|
4,058
|
4,893
|
2,816
|
|
16,263
|
20,200
|
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.silvercorpmetals.com.
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.silvercorpmetals.com
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: creating shareholder value; generating free cashflow from
long life mines; organic growth; mergers and acquisitions; and
estimated production from the Company's mines in the Ying Mining
District and the GC Mine.
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.
Additional information related 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.silvercorpmetals.com.
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SOURCE Silvercorp Metals Inc