VANCOUVER, BC, Oct. 16,
2023 /CNW/ - Silvercorp Metals
Inc. ("Silvercorp" or the "Company") (TSX: SVM)
(NYSE American: SVM) reports production and sales figures
for the second quarter of fiscal year 2024 ended
September 30, 2023 ("Q2 Fiscal 2024"). The Company expects to
release its Q2 Fiscal 2024 unaudited financial results on Thursday,
November 9, 2023 after market close.
Q2 Fiscal 2024 Operational Results
- Gold production of 2,458 ounces, an increase of 105% over Q2
Fiscal 2023;
- Silver equivalent (only silver and gold)1 production
of approximately 1.8 million ounces; and
- Lead and zinc production of approximately 16.1 million pounds
and 4.6 million pounds, an 11% and 23% decrease over Q2 Fiscal
2023, respectively.
|
Second Quarter
Fiscal 2024
|
|
Second Quarter
Fiscal 2023
|
|
Ying Mining
District
|
GC
|
Consolidated
|
|
Ying Mining
District
|
GC
|
Consolidated
|
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
|
|
Ore Mined
(tonnes)
|
220,636
|
52,829
|
273,465
|
|
215,927
|
75,054
|
290,981
|
|
Ore Milled
(tonnes)
|
212,868
|
48,239
|
261,107
|
|
216,262
|
75,381
|
291,643
|
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
235
|
66
|
|
|
257
|
72
|
|
|
Lead (%)
|
3.5
|
1.1
|
|
|
3.7
|
1.2
|
|
|
Zinc
(%)
|
0.7
|
2.5
|
|
|
0.7
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
Recovery
Rates
|
|
|
|
|
|
|
|
|
Gold(%)
|
91.1
|
-
|
|
|
-
|
-
|
|
|
Silver (%)
|
95.0
|
82.7
|
|
|
95.5
|
81.0
|
|
|
Lead (%)
|
95.0
|
90.2
|
|
|
94.1
|
88.5
|
|
|
Zinc
(%)
|
71.1
|
89.8
|
|
|
62.5
|
89.6
|
|
|
|
|
|
|
|
|
|
|
Metal
production
|
|
|
|
|
|
|
|
|
Gold
(ounces)
|
2,458
|
-
|
2,458
|
|
1,200
|
-
|
1,200
|
|
Silver (in
thousands of ounces)
|
1,506
|
84
|
1,590
|
|
1,657
|
141
|
1,798
|
|
Silver
equivalent (in thousands of ounces)
|
1,731
|
84
|
1,815
|
|
1,757
|
141
|
1,898
|
|
Lead (in
thousands of pounds)
|
15,018
|
1,047
|
16,065
|
|
16,201
|
1,782
|
17,983
|
|
Zinc (in
thousands of pounds)
|
2,197
|
2,404
|
4,601
|
|
1,976
|
4,010
|
5,986
|
|
|
|
|
|
|
|
|
|
Metals
sold
|
|
|
|
|
|
|
|
|
Gold
(ounces)
|
2,515
|
-
|
2,515
|
|
1,200
|
-
|
1,200
|
|
Silver (in
thousands of ounces)
|
1,498
|
80
|
1,578
|
|
1,649
|
140
|
1,789
|
|
Lead (in
thousands of pounds)
|
14,275
|
900
|
15,175
|
|
15,587
|
1,681
|
17,268
|
|
Zinc (in
thousands of pounds)
|
2,163
|
2,415
|
4,578
|
|
1,882
|
4,058
|
5,940
|
At the Ying Mining District, 220,636 tonnes of ore were
mined, up 2% over Q2 Fiscal 2023, and 212,868 tonnes of ore were
milled, down 2% over Q2 Fiscal 2023. Approximately 1.5 million
ounces of silver, 2,458 ounces of gold (or 1.7 million ounces of
silver equivalent), 15.0 million pounds of lead, and 2.2 million
pounds of zinc were produced, representing increases of 105% and
11%, respectively in gold and zinc, relatively the same in silver
equivalent, and decreases of 9% and 7%, respectively, in silver and
lead over Q2 Fiscal 2023.
The decrease in silver and lead production was mainly due to
lower head grades achieved due to mining
sequences and 12,800 tonnes of gold ores were mined
and processed with grades of 1.9 grams per tonne ("g/t") gold, 82
g/t silver, 0.8% lead, and 0.3% zinc to produce gravity gold
concentrates, silver-gold-lead (copper) concentrate, and zinc
concentrate in Q2 Fiscal 2024. The gold recovery rate for gold ores
processed was 91.1%. As a result of processing gold gravity
concentrate, the Company has poured its first gold and
produced and sold 649 ounces of gold doré in the current
quarter.
At the GC Mine, 52,829 tonnes of ore were mined, down 30% over
Q2 Fiscal 2023, and 48,239 tonnes of ore were milled, down 36% over
Q2 Fiscal 2023. Approximately 84 thousand ounces of silver, 1.0
million pounds of lead, and 2.4 million pounds of zinc were
produced, representing decreases of 40%, 41% and 40%, respectively,
in silver, lead and zinc, over Q2 Fiscal 2023. The decrease was
mainly due to a production disruption of five weeks due to a series
of improvement measures and a district-wide cessation of industrial
activity associated with improvements made to the provincial power
grid at the GC Mine in Q2 Fiscal 2024 (refer to the Company's
September 5, 2023 news release).
Six Months Ended September 30,
2023 and 2022 Consolidated Operational Results
|
Six months
ended September 30, 2023
|
|
Six months ended
September 30, 2022
|
|
Ying Mining
District
|
GC
|
Consolidated
|
|
Ying Mining
District
|
GC
|
Consolidated
|
|
|
|
|
|
|
|
|
|
Production
Data
|
|
|
|
|
|
|
|
|
Ore Mined
(tonnes)
|
434,384
|
142,301
|
576,685
|
|
429,965
|
161,120
|
591,085
|
|
Ore Milled
(tonnes)
|
421,677
|
134,525
|
556,202
|
|
428,317
|
161,502
|
589,819
|
|
|
|
|
|
|
|
|
|
|
Head
Grades
|
|
|
|
|
|
|
|
|
Silver
(gram/tonne)
|
244
|
75
|
|
|
262
|
72
|
|
|
Lead (%)
|
3.5
|
1.3
|
|
|
3.8
|
1.3
|
|
|
Zinc
(%)
|
0.7
|
2.7
|
|
|
0.7
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
Recovery
Rates
|
|
|
|
|
|
|
|
|
Gold(%)
|
91.7
|
-
|
|
|
-
|
-
|
|
|
Silver (%)
|
95.0
|
82.7
|
|
|
95.6
|
82.3
|
|
|
Lead (%)
|
95.3
|
90.6
|
|
|
94.8
|
89.3
|
|
|
Zinc
(%)
|
70.3
|
90.2
|
|
|
60.3
|
90.0
|
|
|
|
|
|
|
|
|
|
|
Metal
production
|
|
|
|
|
|
|
|
|
Gold
(ounces)
|
4,010
|
-
|
4,010
|
|
2,300
|
-
|
2,300
|
|
Silver (in
thousands of ounces)
|
3,103
|
267
|
3,370
|
|
3,353
|
305
|
3,658
|
|
Silver
equivalent (in thousands of ounces)
|
3,458
|
267
|
3,725
|
|
3,548
|
305
|
3,853
|
|
Lead (in
thousands of pounds)
|
30,400
|
3,481
|
33,881
|
|
32,919
|
4,152
|
37,071
|
|
Zinc (in
thousands of pounds)
|
4,310
|
7,112
|
11,422
|
|
3,904
|
9,008
|
12,912
|
|
|
|
|
|
|
|
|
|
Metals
sold
|
|
|
|
|
|
|
|
|
Gold
(ounces)
|
4,010
|
-
|
4,010
|
|
2,300
|
-
|
2,300
|
|
Silver (in
thousands of ounces)
|
3,129
|
264
|
3,393
|
|
3,408
|
296
|
3,704
|
|
Lead (in
thousands of pounds)
|
29,277
|
3,228
|
32,505
|
|
32,347
|
4,046
|
36,393
|
|
Zinc (in
thousands of pounds)
|
4,295
|
7,203
|
11,498
|
|
3,917
|
8,951
|
12,868
|
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
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; 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.sedarplus.ca, on EDGAR at
www.sec.gov, and on the Company's website at
www.silvercorpmetals.com.
__________________________________
|
1 Silver
equivalent is calculated by converting the gold metal quantity to
its silver equivalent using the ratio between the net realized
selling prices of gold and silver achieved, and then adding the
converted amount expressed in silver ounces to the ounces of
silver.
|
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SOURCE Silvercorp Metals Inc