Trading
Symbol: TSX:
SVM
NYSE AMERICAN: SVM
VANCOUVER, BC, Jan. 13, 2022 /CNW/ - Silvercorp Metals
Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American:
SVM) reports production and sales figures for the third quarter
ended December 31, 2021 ("Q3 Fiscal
2022"). The Company expects to release its Q3 Fiscal 2022 unaudited
financial results along with the annual production guidance for the
fiscal year ended March 31, 2023 on
Tuesday, February 8, 2022 after
market close.
In Q3 Fiscal 2022, the Company increased production to
approximately 1.8 million ounces of silver, 1,100 ounces of gold,
19.0 million pounds of lead, and 8.0 million pounds of zinc,
representing increases of 8%, 38%, 8%, and 7%, respectively, in
silver, gold, lead and zinc over the second quarter ended
September 30, 2021 ("Q2 Fiscal
2022").
For the first nine months of Fiscal 2022, the Company produced
approximately 5.0 million ounces of silver, 2,900 ounces of gold,
52.5 million pounds of lead, and 22.7 million pounds of zinc.
Recently, strict Covid 19 quarantine policy imposed by local
governments where our mines are located has caused uncertainty for
workers travelling home and back during Chinese New Year holiday,
which may have some impact on production for the fourth
quarter.
Q3 FISCAL 2022 OPERATING HIGHLIGHTS
- At the Ying Mining District, 200,946 tonnes of ore were mined,
up 10% over the same prior year quarter ("Q3 Fiscal 2021"), and
214,982 tonnes of ore were milled, up 32% over Q3 Fiscal 2021.
Approximately 1.6 million ounces of silver, 1,100 ounces of gold,
16.4 million pounds of lead, and 2.3 million pounds of zinc were
produced, representing increases of 13%, 22%, 14% and 26%,
respectively, in silver, gold, lead and zinc over Q3 Fiscal 2021 as
the Company increased the milling tonnage, offset by lower head
grades experienced at the Ying Mining District. As reported in the
Company's news release dated November 4,
2021, the SGX Mine at the Ying Mining District suspended
production for ten days as a precautionary measure due to heavy
rainfall experienced in the Yellow River region, impacting ore
production and head grades in the current quarter.
- At the GC Mine, 91,126 tonnes of ore were mined, down 6% over
Q3 Fiscal 2021, and 89,790 tonnes of ore were milled, down 8% over
Q3 Fiscal 2021. Approximately 187 thousand ounces of silver, 2.6
million pounds of lead, and 5.7 million pounds of zinc were
produced, representing decreases of 12%, 6% and 17%, respectively,
in silver, lead, and zinc over Q3 Fiscal 2021.
- On a consolidated basis, 292,072 tonnes of ore were mined, up
5% over Q3 Fiscal 2021, and 304,772 tonnes of ore were milled, up
17% over Q3 Fiscal 2021. Approximately 1.8 million ounces of
silver, 1,100 ounces of gold, 19.0 million pounds of lead, and 8.0
million pounds of zinc were produced, representing increases of 9%,
22%, and 11%, respectively, in silver, gold and lead, and a
decrease of 7% in zinc over Q3 Fiscal 2021.
- On a consolidated basis, the Company sold approximately 1.7
million ounces of silver, 1,100 ounces of gold, 17.2 million pounds
of lead, and 7.6 million pounds of zinc, representing increases of
4%, 38%, and 2%, respectively, in silver, gold and lead sold, and a
decrease of 15% in zinc sold over Q3 Fiscal 2021.
The consolidated operational results for the past five quarters
are summarized as follows:
Consolidated
|
Q3
F2022
|
Q2
F2022
|
Q1
F2022
|
Q4
F2021
|
Q3
F2021
|
|
Nine months ended
December 31,
|
|
|
December 31,
2021
|
September
30, 2021
|
June 30,
2021
|
March 31,
2021
|
December 31,
2020
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
292,072
|
292,468
|
231,235
|
163,072
|
279,445
|
|
815,775
|
801,853
|
|
Ore Milled
(tonne)
|
304,772
|
271,816
|
243,077
|
180,674
|
260,648
|
|
819,665
|
786,907
|
|
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
205
|
214
|
207
|
228
|
216
|
|
208
|
222
|
|
Lead
(%)
|
3.1
|
3.2
|
3.2
|
3.3
|
3.2
|
|
3.2
|
3.5
|
|
Zinc
(%)
|
1.5
|
1.6
|
1.7
|
1.5
|
1.8
|
|
1.6
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
Recovery
Rates
|
|
|
|
|
|
|
|
|
|
Silver
(%)
|
93.8
|
94.1
|
93.2
|
92.5
|
92.3
|
|
93.7
|
92.9
|
|
Lead
(%)
|
94.4
|
94.5
|
94.6
|
94.3
|
95.3
|
|
94.5
|
95.1
|
|
Zinc
(%)
|
80.1
|
79.3
|
80.7
|
79.0
|
82.4
|
|
80.0
|
79.9
|
|
|
|
|
|
|
|
|
|
|
Metal
production
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,834
|
1,696
|
1,474
|
1,195
|
1,677
|
|
5,003
|
5,136
|
|
Gold (in
thousands of ounces)
|
1.1
|
0.8
|
1.0
|
0.3
|
0.9
|
|
2.9
|
3.2
|
|
Lead (in
thousands of pounds)
|
18,978
|
17,613
|
15,878
|
12,156
|
17,111
|
|
52,469
|
56,274
|
|
Zinc (in
thousands of pounds)
|
8,030
|
7,483
|
7,198
|
4,672
|
8,673
|
|
22,711
|
23,339
|
|
|
|
|
|
|
|
|
|
|
Metals
sold
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,721
|
1,729
|
1,642
|
1,056
|
1,647
|
|
5,092
|
5,259
|
|
Gold
(in thousands of ounces)
|
1.1
|
0.8
|
1.0
|
0.7
|
0.8
|
|
2.9
|
4.1
|
|
Lead (in
thousands of pounds)
|
17,155
|
17,319
|
16,810
|
10,876
|
16,806
|
|
51,284
|
56,242
|
|
Zinc
(in thousands of pounds)
|
7,588
|
7,626
|
7,255
|
4,580
|
8,965
|
|
22,469
|
23,334
|
The operational results at the Ying Mining District for the past
five quarters are summarized as follows:
Ying Mining
District
|
Q3
F2022
|
Q2
F2022
|
Q1
F2022
|
Q4
F2021
|
Q3
F2021
|
|
Nine months ended
December 31,
|
|
|
December 31,
2021
|
September
30, 2021
|
June 30,
2021
|
March 31,
2021
|
December 31,
2020
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
200,946
|
206,933
|
142,907
|
112,561
|
182,268
|
|
550,786
|
537,464
|
|
Ore Milled
(tonne)
|
214,982
|
182,173
|
155,407
|
131,725
|
162,905
|
|
552,562
|
519,677
|
|
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
258
|
283
|
279
|
280
|
297
|
|
272
|
293
|
|
Lead
(%)
|
3.7
|
4.0
|
4.2
|
3.9
|
4.3
|
|
3.9
|
4.4
|
|
Zinc
(%)
|
0.8
|
0.7
|
0.8
|
0.8
|
0.8
|
|
0.8
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
Recovery
Rates
|
|
|
|
|
|
|
|
|
|
Silver
(%)
|
95.1
|
95.4
|
94.7
|
93.7
|
93.9
|
|
95.1
|
94.4
|
|
Lead
(%)
|
95.2
|
95.5
|
95.7
|
95.1
|
96.4
|
|
95.5
|
96.2
|
|
Zinc
(%)
|
64.0
|
56.0
|
59.7
|
65.0
|
63.3
|
|
60.3
|
61.7
|
|
|
|
|
|
|
|
|
|
|
Metal
production
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,647
|
1,517
|
1,283
|
1,083
|
1,464
|
|
4,447
|
4,532
|
|
Gold (in
thousands of ounces)
|
1.1
|
0.8
|
1.0
|
0.3
|
0.9
|
|
2.9
|
3.2
|
|
Lead (in
thousands of pounds)
|
16,392
|
14,671
|
13,278
|
10,504
|
14,361
|
|
44,341
|
47,382
|
|
Zinc (in
thousands of pounds)
|
2,347
|
1,584
|
1,519
|
1,496
|
1,857
|
|
5,450
|
5,420
|
|
|
|
|
|
|
|
|
|
|
Metals
sold
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
1,561
|
1,553
|
1,447
|
936
|
1,446
|
|
4,561
|
4,674
|
|
Gold
(in thousands of ounces)
|
1.1
|
0.8
|
1.0
|
0.7
|
0.8
|
|
2.9
|
2.9
|
|
Lead (in
thousands of pounds)
|
15,003
|
14,436
|
14,175
|
9,137
|
14,207
|
|
43,614
|
47,571
|
|
Zinc
(in thousands of pounds)
|
1,947
|
1,617
|
1,521
|
1,306
|
2,241
|
|
5,085
|
5,662
|
The operational results at the GC Mine for the past five
quarters are summarized as follows:
GC
Mine
|
Q3
F2022
|
Q2
F2022
|
Q1
F2022
|
Q4
F2021
|
Q3
F2021
|
|
Nine months ended
December 31,
|
|
|
December 31,
2021
|
September
30, 2021
|
June 30,
2021
|
March 31,
2021
|
December 31,
2020
|
|
2021
|
2020
|
|
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
|
|
|
Ore Mined
(tonne)
|
91,126
|
85,535
|
88,328
|
50,511
|
97,177
|
|
264,989
|
264,389
|
|
Ore Milled
(tonne)
|
89,790
|
89,643
|
87,670
|
48,949
|
97,743
|
|
267,103
|
267,230
|
|
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
78
|
73
|
80
|
87
|
82
|
|
77
|
85
|
|
Lead
(%)
|
1.5
|
1.7
|
1.5
|
1.7
|
1.4
|
|
1.5
|
1.7
|
|
Zinc
(%)
|
3.2
|
3.3
|
3.3
|
3.3
|
3.5
|
|
3.3
|
3.4
|
|
|
|
|
|
|
|
|
|
|
|
Recovery
Rates
|
|
|
|
|
|
|
|
|
|
Silver
(%)
|
83.5
|
84.4
|
84.1
|
81.9
|
82.6
|
|
84.0
|
82.6
|
|
Lead
(%)
|
89.0
|
89.5
|
89.3
|
89.7
|
89.6
|
|
89.3
|
89.5
|
|
Zinc
(%)
|
89.8
|
89.6
|
89.3
|
88.2
|
89.7
|
|
89.6
|
88.2
|
|
|
|
|
|
|
|
|
|
|
Metal
production
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
187
|
179
|
190
|
112
|
213
|
|
556
|
604
|
|
Lead (in
thousands of pounds)
|
2,586
|
2,942
|
2,600
|
1,652
|
2,750
|
|
8,128
|
8,892
|
|
Zinc (in
thousands of pounds)
|
5,683
|
5,899
|
5,679
|
3,176
|
6,816
|
|
17,261
|
17,919
|
|
|
|
|
|
|
|
|
|
|
Metals
sold
|
|
|
|
|
|
|
|
|
|
Silver (in
thousands of ounces)
|
160
|
176
|
195
|
120
|
201
|
|
531
|
585
|
|
Lead (in
thousands of pounds)
|
2,152
|
2,883
|
2,635
|
1,739
|
2,599
|
|
7,670
|
8,671
|
|
Zinc
(in thousands of pounds)
|
5,641
|
6,009
|
5,734
|
3,274
|
6,724
|
|
17,384
|
17,672
|
About Silvercorp
Silvercorp is a profitable Canadian mining company producing
silver, lead and zinc metals in concentrates from mines in
China. The Company's goal is to continuously create healthy
returns to shareholders through efficient management, organic
growth and the acquisition of profitable projects. Silvercorp
balances profitability, social and environmental relationships,
employees' wellbeing, and sustainable development. For more
information, please visit our website at 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