Trading Symbol TSX: SVM
NYSE
AMERICAN: SVM
VANCOUVER, BC, Oct. 8, 2024
/PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the
"Company") (TSX: SVM) (NYSE American: SVM) is pleased
to announce that the SGX Mine permit has been renewed for
another 11 years with an increased capacity of 500,000 tonnes per
year, based on the information posted on the website of
the Mineral Rights Administration of the Department of Natural
Resources of Henan
Province. The Yuelianggou Mining License (the
"License") containing the SGX and HZG silver-lead-zinc mines,
located in the western part of the Ying Mining District, has
been renewed until September 24,
2035 with an increase in production capacity
to 500,000 tonnes per year.
To renew a mining permit, the Company is required to complete a
series of studies and reports, including a Mineral Resource
estimate to Chinese standards, a mine development plan, a mine
reclamation plan, an environment and soil preservation plan, an
Environment Impact Study update, and a safety production facility
construction design. All these studies are required to be
reviewed by independent panels and then filed with government
authorities.
Subject to a final assessment of historical government
investment in the License area which may result in certain
payments, the License in paper certificate will be issued to
Silvercorp. Currently, the SGX and HZG mines are operating
normally and is also working on the mine optimization plan to
achieve allowed production capacity of 500,000 tonnes per year.
Guoliang Ma, P. Geo., Manager of
Exploration and Resource of the Company, is the Qualified Person
for Silvercorp under NI 43-101 and has reviewed and given consent
to the technical information contained in this news release.
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) a 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, 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 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; foreign exchange
rates; 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 operation costs,
and capital expenditures; estimated production from the Company's;
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: 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 all necessary permits,
licenses and regulatory approvals for our operations are received
in a timely manner; 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, Canada
and Ecuador; environmental risks;
regulatory investigations, claims and legal proceeding, foreign
exchange rate fluctuations; insurance; risks and hazards of mining
operations; key personnel; conflicts of interest; dependence on
management; global economic and social impact of COVID-19; 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.
A comprehensive discussion of risks that impact Silvercorp,
and additional information relating to the Company including
Silvercorp's Annual Information Form can be obtained under the
Company's profile on SEDAR+ at www.sedarplus.ca, on EDGAR at
www.sec.gov, and on the Company's website at
www.silvercorpmetals.com.
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SOURCE Silvercorp Metals Inc