NYSE American:SVM $2.96 +0.05 TSX:SVM $3.63 +0.04

News & Media

2012

Silvercorp Continues to Intercept High Grade Silver-Lead-Zinc Zones With Extensive Width at the SGX Mine, Ying Mining District, Henan Province, China

November 26, 2012

VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 11/26/12 -- Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM)(NYSE:SVM) is pleased to report results of the underground infill diamond drilling program for vein S7-1 ("S7-1") which is the current main production vein at the SGX (Ying) mine ("SGX"), Ying Mining DistrictHenan ProvinceChina.

Highlights of selected intercepts:

--  Hole ZK7AS7-103 intercepted a zone averaging 9.22m true width, grading
    445 g/t Ag, 11.56% Pb and 2.80% Zn at the 445m elevation, including a
    massive galena zone, 1.57m true width grading 1,496 g/t Ag, 39.12% Pb,
    and 9.31% Zn; 

--  Hole ZK9S7-123 intercepted a zone averaging 10.03m true width, grading
    646 g/t Ag, 4,34% Pb and 1.32% Zn at the 477m elevation, including an
    interval 1.42m true width grading 2,056 g/t Ag, 0.88% Pb and 1.98% Zn,
    and a massive galena zone 1.32m true width grading 2,497 g/t Ag, 30.58%
    Pb, and 4.58% Zn; 

--  Cross cut tunnel CM101-S7-1-450-SYM-ECM intersected a zone 7.33m true
    width grading 681 g/t Ag, 2.20% Pb and 3.13% Zn at the 450m level,
    including an interval 1.30m true width, grading 3,137 g/t Ag, 0.14% Pb
    and 0.38% Zn, and; 

--  Hole ZK9S7-107 intercepted a zone averaging 4.40m true width, grading
    378 g/t Ag, 6.87% Pb and 1.47% Zn at the 467 elevation, including a
    massive galena zone, 0.62m true width grading 1,236 g/t Ag, 40.10% Pb,
    and 6.23% Zn. 

As recommended in the May 2012 NI 43-101 technical report prepared by AMC Consultants the cut-off grades in the mineral resource estimates for the Ying Mining District have been reduced (lowered to 150 grams per tonne ("g/t") silver equivalent ("AgEq") from 300 g/t AgEq at the SGX (Ying) mine, and 100 g/t AgEq from 150 g/t AgEq at HPG, LM and TLP mines). As a result, the more selective re-suing mining method, which follows narrow high grade sulfide (massive galena) zones, is gradually being phased out for the less selective, bulk shrinkage mining. This change will likely capture a greater proportion of the ore, lowering the cost of extraction per ounce, and increasing cost efficiency. To facilitate this change an intensive infill drilling program was initiated in July 2012, especially on S7-1 at the SGX mine to more clearly define the ore body boundary.

The infill drill program has systematically revealed the existence of alteration zones containing silver and low lead-zinc contents outside of higher grade silver-lead-zinc stringers (massive galena) within the vein structure of S7-1. One such example is cross-cut tunnel CM101-S7-1-450-SYM-ECM which cuts through S7-1 on the 450m level near Line 7+70 and intersected S7-1 averaging 7.33 metres ("m") true width, grading 681 g/t silver ("Ag"), 2.20% lead ("Pb"), 3.13% zinc ("Zn"). Channel samples SG0755 and SG0756 occur just outside the narrow high sulfide zone (sample SG0757) and contain high-grade silver (up to 6,514 g/t) but almost no visually identifiable lead and zinc sulfides (0.14% Pb and 0.25% Zn).

Through observations made during the mining process, ore body boundaries can no longer be visually identified by the occurrences of lead and zinc sulfide as practiced previously (since the elevated silver content occurring in alteration rocks do not contain visually identifiable galena) and as such need to be identified using assay results. Individual sample assays from different drill holes listed in Table 1 below show that high silver low lead and zinc intercepts exist in almost every drill hole. This renewed understanding of geology, alteration, and mineralization of S7-1 and other veins at the SGX mine introduces the need for denser infill drilling of 25m by 40m spacing (previously 80m by 100m) and may have a positive impact on the future resource estimates.

Previously, stopes were designed to use the more selective re-suing method to mine the high galena zones within the S7-1 structure. Denser infill drilling (15m by 20m) and cross cut tunnelling was completed for a mineralized block of S7-1 between the 490m to 450m levels and the exploration lines 7+40 to 9+20, resulting in a much wider ore body with separate high silver-lead-zinc and high silver zones. The average true width of the eight drill holes (ZK9S7-104, ZK9S7-107, ZK9S7-123, ZK9S7-111, ZK9S7-152, ZK9S7-153, ZK7AS7-150, and ZK07AS7-103) and two cross cut tunnels (CM101-450-S7-1-ECM3 and CM101-450-S7-1-ECM) of the block is 5.49m grading 357g/t Ag, 3.95% Pb, and 2.51% Zn. As a result of this dense infill drilling and cross cut tunnelling, a much wider ore body with lower grades was defined and therefore the shrinkage mining method will be used to mine the stopes.

Since August 1, 2012 (when the Company last reported exploration results for SGX), 5,966m of drilling in 33 drill holes has been completed for S7-1 using eight drill rigs. Assay results for 14 of the 20 holes intercepted significant high grade silver-lead-zinc mineralization with the results for the remaining holes pending. Currently, 33 underground and three surface drill rigs are completing infill drilling at the different mines in the Ying Mining District.

Table 1: Selected drill hole and cross cut tunnel assay results from the S7-1 vein at the SGX mine

----------------------------------------------------------------------------
               Drill Hole/                                        Horizontal
Exploration      Cross Cut   Sample     From       To Interval         Width
Line                Tunnel       No      (m)      (m)      (m)           (m)
----------------------------------------------------------------------------
1                   ZK0110  K588062   275.59   277.02     1.42          0.83
1                   ZK0110  K588063   277.02   278.11     1.09          0.63
1                   ZK0110  K588064   278.11   278.48     0.37          0.22
1                   ZK0110  K588065   278.48   280.40     1.92          1.12
1                   ZK0110  K588066   280.40   282.12     1.72          1.00
1                   ZK0110  K588067   282.12   282.79     0.67          0.39
1                   ZK0110  K588068   282.79   283.41     0.62          0.36
1                   ZK0110  K588069   283.41   284.69     1.28          0.75
----------------------------------------------------------------------------
Weighted                                                                    
 Average                              275.59   284.69     9.09          5.30
----------------------------------------------------------------------------
5               ZK05S7-102  M800544   246.87   247.63     0.76          0.49
5               ZK05S7-102  M800545   247.63   249.01     1.38          0.90
----------------------------------------------------------------------------
Weighted                                                                    
 Average                              246.87   249.01     2.14          1.39
----------------------------------------------------------------------------
7+50            ZK7AS7-150  M800721    37.10    38.20     1.10          0.95
7+50            ZK7AS7-150  M800722    38.20    39.80     1.60          1.29
7+50            ZK7AS7-150  M800723    39.80    41.30     1.60          1.30
7+50            ZK7AS7-150  M800724    41.30    42.80     1.50          1.26
----------------------------------------------------------------------------
Weighted                                                                    
 Average                               37.10    42.80     5.80          4.80
----------------------------------------------------------------------------
7+50           ZK07AS7-103  K590636   202.45   203.56     1.12          0.80
7+50           ZK07AS7-103  K590637   203.56   204.73     1.16          0.83
7+50           ZK07AS7-103  K590638   204.73   205.72     0.99          0.70
7+50           ZK07AS7-103  K590639   205.72   207.24     1.52          1.08
7+50           ZK07AS7-103  K590640   207.24   209.13     1.90          1.35
7+50           ZK07AS7-103  K590641   209.13   211.04     1.91          1.35
----------------------------------------------------------------------------
Weighted                                                                    
 Average                               37.10   209.13    12.49          9.56
                                   -----------------------------------------
including                             203.56   204.73     2.28          1.63
----------------------------------------------------------------------------
7+60             ZK9S7-151  M802720    67.15    67.88     0.73          0.67
7+60             ZK9S7-151  M802721    67.88    70.15     2.27          2.06
----------------------------------------------------------------------------
Weighted                                                                    
 Average                               67.15    70.15     3.00          2.73
----------------------------------------------------------------------------
7+60             ZK9S7-152  K590610    33.65    34.84     1.19          1.13
----------------------------------------------------------------------------

----------------------------------------------------------------------------
7+60             ZK9S7-153  M800657    31.87    34.09     2.23          1.69
7+60             ZK9S7-153  M800658    34.09    34.84     0.74          0.57
7+60             ZK9S7-153  M800659    34.84    36.08     1.25          0.95
7+60             ZK9S7-153  M800660    36.08    37.34     1.26          0.96
7+60             ZK9S7-153  M800661    37.34    39.29     1.94          1.48
7+60             ZK9S7-153  M800662    39.29    39.87     0.58          0.44
----------------------------------------------------------------------------
Weighted                                                                    
 Average                               31.87    39.87     8.00          6.09
----------------------------------------------------------------------------
7+60             ZK9S7-154  M800706    36.88    37.65     0.77          0.63
7+60             ZK9S7-154  M800707    37.65    39.44     1.79          1.47
7+60             ZK9S7-154  M800708    39.44    41.21     1.77          1.45
7+60             ZK9S7-154  M800709    41.21    42.03     0.82          0.67
7+60             ZK9S7-154  M800710    42.03    42.80     0.77          0.63
7+60             ZK9S7-154  M800711    42.80    44.32     1.52          1.25
----------------------------------------------------------------------------
Weighted                                                                    
 Average                               36.88    44.32     7.44          6.10
----------------------------------------------------------------------------
7+80             ZK9S7-123  K590115    23.24    23.75     0.51          0.47
7+80             ZK9S7-123  K590116    23.75    25.27     1.52          1.40
7+80             ZK9S7-123  K590117    25.27    26.87     1.60          1.47
7+80             ZK9S7-123  K590118    26.87    28.86     1.99          1.83
7+80             ZK9S7-123  K590119    28.86    30.31     1.45          1.34
7+80             ZK9S7-123  K590120    30.31    31.97     1.66          1.53
7+80             ZK9S7-123  K590121    31.97    33.46     1.49          1.37
7+80             ZK9S7-123  K590122    33.46    34.55     1.09          1.00
----------------------------------------------------------------------------
Weighted                                                                    
 Average                               23.24    34.55    11.31         10.41
                                   -----------------------------------------
including                              25.27    26.87     1.60          1.47
                                   -----------------------------------------
including                              31.97    33.46     1.49          1.37
----------------------------------------------------------------------------
7+80             ZK9S7-111  M846709    24.68    26.29     1.61          1.40
7+80             ZK9S7-111  M846710    26.29    27.78     1.49          1.30
7+80             ZK9S7-111  M846711    27.78    28.94     1.16          1.01
7+80             ZK9S7-111  M846712    28.94    30.04     1.10          0.96
7+80             ZK9S7-111  M846713    30.04    31.10     1.06          0.92
7+80             ZK9S7-111  M846714    31.10    32.36     1.26          1.10
7+80             ZK9S7-111  M846715    32.36    33.50     1.14          0.99
7+80             ZK9S7-111  M846716    33.50    34.71     1.21          1.05
7+80             ZK9S7-111  M846717    34.71    36.25     1.54          1.34
7+80             ZK9S7-111  M846718    36.25    37.73     1.48          1.29
----------------------------------------------------------------------------
Weighted                                                                    
 Average                               24.68    37.73    13.05         11.36
----------------------------------------------------------------------------
7+80             ZK9S7-124  K590327    36.90    37.60     0.70          0.71
7+80             ZK9S7-124  K590328    37.60    39.10     1.50          1.53
----------------------------------------------------------------------------
Weighted                                                                    
 Average                               36.90    39.10     2.20          2.24
----------------------------------------------------------------------------
7+80             ZK9S7-125  K590140    49.79    51.37     1.58          1.01
7+80             ZK9S7-125  K590141    51.37    52.81     1.44          0.92
----------------------------------------------------------------------------
Weighted                                                                    
 Average                               49.79    52.81     3.02          1.93
----------------------------------------------------------------------------
9                ZK9S7-104  K590284   198.57   199.59     1.02          0.95
----------------------------------------------------------------------------

----------------------------------------------------------------------------
9                ZK9S7-107  M802516    42.08    43.55     1.47          1.12
9                ZK9S7-107  M802517    43.55    44.51     0.96          0.73
9                ZK9S7-107  M802518    44.51    45.73     1.22          0.93
9                ZK9S7-107  M802519    45.73    46.57     0.84          0.64
9                ZK9S7-107  M802520    46.57    48.07     1.50          1.14
----------------------------------------------------------------------------
Weighted                                                                    
 Average                               42.08    48.07     5.99          4.56
                                   -----------------------------------------
including                              45.73    46.57     0.84          0.64
----------------------------------------------------------------------------
7+50           CM101-S7-1-                                                  
              450-SYM-ECM3   SG1224     1.10     1.60     0.50          0.50

7+50                         SG1223     0.70     1.10     1.10          0.40
7+50                         SG1222     0.00     0.70     0.70          0.70
7+50                         SG1205     0.00     0.50     0.50          0.50
7+50                         SG1206     0.50     1.50     1.50          1.00
7+50                         SG1207     1.50     2.50     2.50          1.00
----------------------------------------------------------------------------
Weighted                                                                    
 Average                                                 4.10           4.10
----------------------------------------------------------------------------
7+70           CM101-S7-1-                                                  
               450-SYM-ECM   SG0755     9.55    10.45     0.90          0.90

7+70                         SG0756    10.45    11.05     0.60          0.60
7+70                         SG0757    11.05    11.23     0.18          0.18
7+70                         SG0758    11.23    11.83     0.60          0.60
7+70                         SG0759    11.83    12.43     0.60          0.60
7+70                         SG0760    12.43    13.03     0.60          0.60
7+70                         SG0761    13.03    13.63     0.60          0.60
7+70                         SG0762    13.63    14.23     0.60          0.60
7+70                         SG0763    14.23    14.83     0.60          0.60
7+70                         SG0764    14.83    15.43     0.60          0.60
7+70                         SG0765    15.43    16.03     0.60          0.60
7+70                         SG0766    16.03    16.81     0.78          0.78
7+70                         SG0767    16.81    17.41     0.60          0.60
7+70                         SG0768    17.41    18.01     0.60          0.60
----------------------------------------------------------------------------
Weighted                                                                    
 Average                                9.55    18.01     8.46          8.46
                                   -----------------------------------------
including                               9.55    11.05     1.50          1.50
                                   -----------------------------------------
including                              11.05    11.23     0.18          0.18
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                True                                                        
Exploration    Width Elevation             Ag              Pb             Zn
Line             (m)       (m)          (g/t)             (%)            (%)
----------------------------------------------------------------------------
1               0.78       212            151            0.15           0.06
1               0.60       211              8            0.12           0.02
1               0.20       210            636           30.62           0.18
1               1.05       209             14            0.40           0.10
1               0.94       207             13            0.24           0.09
1               0.37       206           1186           59.86           0.87
1               0.34       206            583            6.16           0.65
1               0.70       205             56            0.93           0.25
----------------------------------------------------------------------------
Weighted                                                                    
 Average        4.98       207            191            6.39           0.20
----------------------------------------------------------------------------
5               0.47       504           1315            0.42           4.22
5               0.87       503            234            0.27           3.35
----------------------------------------------------------------------------
Weighted                                                                    
 Average        1.34       503            615            0.32           3.65
----------------------------------------------------------------------------
7+50            0.91       488             48            4.17           0.89
7+50            1.25       488              7            0.30           0.62
7+50            1.25       487            258            0.61           0.67
7+50            1.22       487             16            0.25           4.30
----------------------------------------------------------------------------
Weighted                                                                    
 Average        4.63       488             85            1.14           1.65
----------------------------------------------------------------------------
7+50            0.77       475            268            0.24           0.28
7+50            0.80       474           2166           59.29          11.75
7+50            0.68       473            906           20.56           7.68
7+50            1.04       472             47            4.48           0.75
7+50            1.30       470              4            0.16           0.24
7+50            1.31       468             12            1.32           0.47
----------------------------------------------------------------------------
Weighted                                                                    
 Average        9.22       475            445           11.56           2.80
             ---------------------------------------------------------------
including       1.57       474           1496           39.12           9.31
----------------------------------------------------------------------------
7+60            0.64       509            382            3.38          17.92
7+60            1.99       510            113            0.28           0.28
----------------------------------------------------------------------------
Weighted                                                                    
 Average        2.63       510            179            1.04           4.61
----------------------------------------------------------------------------
7+60            1.09       485            634            2.69           3.62
----------------------------------------------------------------------------

----------------------------------------------------------------------------
7+60            1.64       472            174            0.11           0.14
7+60            0.55       472            522           18.54          13.58
7+60            0.92       471             16            0.10           0.54
7+60            0.92       470              3            0.03           0.05
7+60            1.43       469              7            0.10           0.23
7+60            0.43       468             40            0.25          15.37
----------------------------------------------------------------------------
Weighted                                                                    
 Average        5.89       470            105            1.83           2.57
----------------------------------------------------------------------------
7+60            0.61       443            206            0.17           0.39
7+60            1.42       442              5            0.09           0.11
7+60            1.41       442             22            0.06           0.17
7+60            0.65       442             46            2.77           2.50
7+60            0.61       441           1377           56.31           7.76
7+60            1.21       441            262            1.44           1.98
----------------------------------------------------------------------------
Weighted                                                                    
 Average        5.91       442            229            6.47           1.59
----------------------------------------------------------------------------
7+80            0.45       480            240            0.14           2.08
7+80            1.35       480  less than 2.0 less than 0.005           0.01
7+80            1.42       479           2056            0.88           1.98
7+80            1.76       478             33            0.33           0.50
7+80            1.29       477             16            0.25           0.91
7+80            1.47       476             11            0.27           0.66
7+80            1.32       475           2497           30.58           4.58
7+80            0.97       474             71            0.55           0.43
----------------------------------------------------------------------------
Weighted                                                                    
 Average       10.03       477            646            4.34           1.32
             ---------------------------------------------------------------
including       1.42       479           2056            0.88           1.98
             ---------------------------------------------------------------
including       1.32       475           2497           30.58           4.58
----------------------------------------------------------------------------
7+80            1.35       473            135            1.96           7.50
7+80            1.25       472             33            0.32           0.50
7+80            0.97       472              8  less than 0.10 less than 0.10
7+80            0.92       472    less than 5  less than 0.10 less than 0.10
7+80            0.89       471              8  less than 0.10 less than 0.10
7+80            1.06       471             19            0.41           0.59
7+80            0.96       470    less than 5  less than 0.10 less than 0.10
7+80            1.02       470    less than 5  less than 0.10 less than 0.10
7+80            1.29       469             52            0.12 less than 0.10
7+80            1.24       469            667           21.16           7.77
----------------------------------------------------------------------------
Weighted                                                                    
 Average       10.95       471            105            2.73           1.92
----------------------------------------------------------------------------
7+80            0.69       442             35            0.35           0.41
7+80            1.48       441            783            5.18           8.88
----------------------------------------------------------------------------
Weighted                                                                    
 Average        2.17       442            546            3.65           6.20
----------------------------------------------------------------------------
7+80            0.98       408            204            2.33           5.79
7+80            0.89       406            222            5.83           2.33
----------------------------------------------------------------------------
Weighted                                                                    
 Average        1.87       407            212            4.00           4.14
----------------------------------------------------------------------------
9               0.87       478            177            2.93           2.30
----------------------------------------------------------------------------

----------------------------------------------------------------------------
9               1.08       468             18            0.37           0.27
9               0.70       467            383            3.70           0.45
9               0.90       467            500            2.60           1.88
9               0.62       466           1236           40.10           6.23
9               1.10       465            149            0.13           0.28
----------------------------------------------------------------------------
Weighted                                                                    
 Average        4.40       467            378            6.87           1.47
             ---------------------------------------------------------------
including       0.62       466           1236           40.10           6.23
----------------------------------------------------------------------------
7+50            0.43       450             12            0.26           1.08

7+50            0.35       450            480            1.68          12.67
7+50            0.61       450              5            0.29           0.59
7+50            0.43       450            153            3.41          29.08
7+50            0.87       450             50            2.12           6.75
7+50            0.87       450            153            5.95           6.83
----------------------------------------------------------------------------
Weighted                                                                    
 Average        3.55       450            117            2.63           8.33
----------------------------------------------------------------------------
7+70            0.78       450            885            0.14           0.47

7+70            0.52       450           6514            0.14           0.25
7+70            0.16       450           2743           34.43          16.23
7+70            0.52       450             97            2.20           3.05
7+70            0.52       450              9            0.00           0.21
7+70            0.52       450             63            0.00           0.59
7+70            0.52       450            108            0.00           0.78
7+70            0.52       450             80            2.78           1.16
7+70            0.52       450             10            0.36           0.67
7+70            0.52       450             95            3.35           3.95
7+70            0.52       450             56            2.49           6.83
7+70            0.68       450            275            6.22          14.56
7+70            0.52       450             23            0.60           1.06
7+70            0.52       450             46            0.41           1.14
----------------------------------------------------------------------------
Weighted                                                                    
 Average        7.33       450            681            2.20           3.13
             ---------------------------------------------------------------
including       1.30       450           3137            0.14           0.38
             ---------------------------------------------------------------
including       0.16       450           2743           34.43          16.23
----------------------------------------------------------------------------

Quality Control

Drill cores are in NQ size. Drill core samples, limited by apparent mineralization contact or shear/alteration contact, were split into halves by saw cutting. The half cores are stored in the Company's core shacks for future reference and checking with the remaining samples being shipped in security sealed bags to the Chengde Huakan 514 Geology and Minerals Testing and Research Institute in Chengde, China, 226km northeast of Beijing, an ISO 9000 certified analytical lab. The samples are dried and crushed to minus 1mm and then split to a 200-300g sub-sample which is further pulverized to minus 200 mesh. Two sub-samples are prepared from the pulverized sample; one is digested with aqua regia for gold analysis with AAS, and the other is digested with two-acids for analysis of silver, lead, zinc and copper.

Chip samples are collected along sample lines perpendicular to the mineralized vein structure in exploration tunnels. Spacing between sampling lines is typically 5m along strike. Both the mineralized vein and the altered wall rocks are cut with continuous chisel chipping. Sample length ranges from 0.2m to more than 1m, depending on the width of the mineralized vein and the mineralization type.

Chip samples are prepared and assayed with AAS at Silvercorp's mine lab located at the mill complex in Luoning County, China. Samples are dried at 100 degrees to 105 degrees C in an oven and are then crushed and pulverized through three procedures: preliminary crushing, intermediate crushing, and final pulverizing. Sample splitting is conducted at each procedure. A 200g sample of minus 150 mesh (0.1 mm) is prepared for assay. A duplicate sample of minus 1mm is made and kept at the lab for archives. A 0.5g pulp sample is treated with two-acid digestion and assayed for silver, lead, zinc and copper with AAS at the lab.

A routine quality assurance and quality control procedure is adopted at each lab to monitor the analytical quality at the lab. Certified reference materials (CRM), pulp duplicates and blanks are inserted into each lab batch of samples. QA/QC data at the lab are attached to the assay certificates for each batch of samples.

The Company maintains a comprehensive quality assurance and quality control program to ensure best practices are effected for drill core sample preparation and analysis. Project geologists regularly insert CRM field duplicates and blanks to each batch of core samples to monitor the sample preparation and analysis procedures at the labs. The analytical quality of the labs is further evaluated with external checks by sending approximately 3% of the pulp samples to higher level labs to check for lab bias.

Data from both the Company's and the labs' QA/QC programs are timely reviewed and evaluated by project geologists.

Myles Gao , P. Geo., is the Qualified Person on the project as defined under National Instrument 43-101. He has verified the information and has reviewed and approved the contents of this news release.

About Silvercorp

Silvercorp is a low-cost silver-producing Canadian mining company with multiple mines in China which has paid a cash dividend since 2007. The Company is currently developing the GC project in southern China which it expects will become its next operating mine in early 2013. The Company's vision is to deliver shareholder value by focusing on the acquisition of under developed small-scale projects with resource potential and self-fund the growth of those assets. For more information, please visit our website at 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 Camp; 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, 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 licences; title to properties; First Nations title claims and rights; 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 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 for the year ended March 31, 2012 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.

Contacts:
Silvercorp Metals Inc.
Jonathan Hackshaw
Director, Investor Relations
(604) 669-9397 or Toll Free: 1 (888) 224-1881
investor@silvercorp.ca
www.silvercorp.ca

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