Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM
VANCOUVER, BC, July 13,
2023 /CNW/ - Silvercorp Metals Inc.
("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM)
reports production and sales figures for the first quarter of
fiscal year 2024 ended June 30, 2023
("Q1 Fiscal 2024"). The Company expects to release its Q1 Fiscal
2024 unaudited financial results on Thursday, August 3, 2023 after market close.
Production highlights
- Gold and silver production are on track to achieve Fiscal 2024
annual guidance;
- Silver equivalent (including silver and gold)1
production of approximately 1.9 million ounces, effectively the
same as Q1 Fiscal 2023;
- Gold production of 1,552 ounces; 41% increase over Q1 Fiscal
2023;
- Silver production of approximately 1.8 million ounces; 4%
decrease over Q1 Fiscal 2023; and
- Zinc and lead production of approximately 17.8 million pounds
and 6.8 million pounds; 7% and 2% decreases, respectively, over Q1
Fiscal 2023.
The lower silver and lead production is primarily due to a
decrease in head grades at the Ying Mining District in line with
the planned mining sequences and Mineral Reserves.
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.
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1 Silver
equivalent is calculated by converting the gold metal quantity to
its silver equivalent using the ratio of 1:84, and then adding the
converted amount expressed in silver ounces to the ounces of
silver.
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First Quarter Fiscal 2024 Consolidated Operating
Highlights
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First Quarter
Fiscal 2024
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First Quarter
Fiscal 2023
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Ying Mining
District
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GC
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Consolidated
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Ying Mining
District
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GC
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Consolidated
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Production
Data
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Ore Mined
(tonne)
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213,748
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89,472
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303,220
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214,038
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86,066
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300,104
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Ore Milled
(tonne)
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208,809
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86,286
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295,095
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212,055
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86,121
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298,176
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Head
Grades
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Silver
(gram/tonne)
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254
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80
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267
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71
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Lead
(%)
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3.6
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1.4
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3.9
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1.4
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Zinc
(%)
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0.7
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2.7
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0.7
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2.9
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Recovery
Rates
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Silver
(%)
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95.1
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82.7
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95.7
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83.4
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Lead
(%)
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95.5
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90.7
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95.4
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89.8
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Zinc
(%)
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69.6
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90.4
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58.1
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90.4
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Metal
production
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Gold
(ounces)
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1,552
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-
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1,552
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1,100
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1,100
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Silver (in
thousands of ounces)
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1,597
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183
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1,780
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1,696
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164
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1,860
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Lead (in
thousands of pounds)
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15,382
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2,434
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17,816
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16,718
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2,370
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19,088
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Zinc (in
thousands of pounds)
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2,113
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4,708
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6,821
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1,928
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4,998
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6,926
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Metals
sold
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Gold
(ounces)
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1,495
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-
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1,495
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1,100
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-
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1,100
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Silver (in
thousands of ounces)
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1,631
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184
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1,815
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1,759
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156
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1,915
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Lead (in
thousands of pounds)
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15,002
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2,328
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17,330
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16,760
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2,365
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19,125
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Zinc (in
thousands of pounds)
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2,132
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4,788
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6,920
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2,035
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4,893
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6,928
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At the Ying Mining District, 213,748 tonnes of ore were mined,
effectively the same as Q1 Fiscal 2023, and 208,809 tonnes of ore
were milled, down 2% over Q1 Fiscal 2023. Approximately 1.6 million
ounces of silver, 1,552 ounces of gold, 15.4 million pounds of
lead, and 2.1 million pounds of zinc were produced, representing
increases of 41% and 10%, respectively in gold and zinc, and
decreases of 6% and 8%, respectively, in silver and lead over Q1
Fiscal 2023.
At the GC Mine, 89,472 tonnes of ore were mined, up 4% over Q1
Fiscal 2023, and 86,286 tonnes of ore were milled, effectively the
same as Q1 Fiscal 2023. Approximately 183 thousand ounces of
silver, 2.4 million pounds of lead, and 4.7 million pounds of zinc
were produced, representing increases of 12% and 3%, respectively,
in silver and lead, and a decrease of 6% in zinc, over Q1 Fiscal
2023.
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 and US 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.
Actual results may vary from forward-looking statements.
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: global economic and social impact 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" and in the Company's Annual Report on
Form 40-F, and in the Company's other filings with Canadian and
U.S. securities regulators. 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.
Assumptions may prove to be incorrect and actual results may differ
materially from those anticipated. Consequently, guidance cannot be
guaranteed. 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.silvercorp.ca.
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SOURCE Silvercorp Metals Inc