Silvermet Announces Significantly Improved 2010 Operating Results

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DISSEMINATION IN THE UNITED STATES.


Silvermet Inc. ("Silvermet" or the "Company") (TSX VENTURE:SYI) is pleased to
announce significantly improved results for 2010 and a continuation of the third
quarter improvements into the fourth quarter:




- Production more than doubled to 11,605 DMT (dry metric tonnes zinc
  concentrate containing 68% zinc on average) in 2010 from 5,484 DMT in
  2009. 
- Q4 production improved to 3,709 DMT from 3,615 DMT in Q3, despite a 10 day
  planned shutdown in October for maintenance. 
- Sales volumes tripled to 12,580 DMT in 2010 from 3,903 DMT in 2009. 
- Revenues more than tripled to $16.0 million in 2010 from $4.5 million in
  2009 as a result of the combination of improved shipments and improved
  zinc prices. 



The foregoing results are detailed as follows:



          Production (DMT)           Sales (DMT)        Revenues ($ million)
       -----------------------  ----------------------  --------------------
          2009    2010  Change     2009   2010  Change    2009  2010  Change
                                                                            
Q1           0   2,195    100%        0  3,434    100%     0.0   4.3    100%
Q2       1,197   2,086     74%      979  2,372    142%     0.8   2.1    152%
Q3       1,850   3,615     95%    1,523  3,615    137%     1.6   4.8    199%
Q4       2,437   3,709     52%    1,401  3,159    125%     2.1   4.8    126%
       -----------------------  ----------------------  --------------------
Total    5,484  11,605    112%    3,903 12,580    222%     4.5  16.0    252%
       -----------------------  ----------------------  --------------------



On October 27, 2010, Silvermet closed the joint venture and strategic investment
transaction with an affiliate of Befesa Medio Ambiente, S.A. ("Befesa") of
Erandio, Spain. As a result, the Turkish operations are now held through the
newly established joint venture company, Befesa Silvermet Turkey, S.L. ("Befesa
Silvermet"), in which Silvermet has a 49% interest. The results shown above are
at 100% and do not reflect the impact of any changes to Silvermet's accounting
for the Turkish operations after October 27, 2010.


"We are very pleased with the improvements in our operating results experienced
throughout 2010. With the additional technical and operational expertise that
Befesa provides, we expect this improving trend to continue into the future as
we optimize the operations of our existing kiln and plan for expansion," said
Stephen G. Roman, Chairman, President and CEO of Silvermet.


The formation of Befesa Silvermet included a cash injection into this joint
venture company, of which approximately $5.3 million remains available to be
invested in major capital improvements to the existing kiln or investment in
additional kiln capacity.


About Silvermet:

The Waelz kiln operations in Iskenderun, Turkey were acquired by Silvermet in
February 2009 and have been in production since May 2009. Electric arc furnace
dust is a waste product of steel mills and is processed through a Waelz kiln to
recover zinc. Silvermet holds a 49% interest in a joint venture company, Befesa
Silvermet, which holds 100% of the Turkish operations.


Befesa is headquartered in Spain and operates a number of Waelz kilns throughout
Europe.


Caution concerning forward-looking statements: The information in this release
may contain forward-looking information under applicable securities laws. This
forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause actual results to differ materially from those
implied by the forward-looking information. Factors that may cause actual
results to vary include, but are not limited to, inaccurate assumptions
concerning the exploration for and development of mineral deposits, political
instability, currency fluctuations, unanticipated operational or technical
difficulties, changes in laws or regulations, the risks of obtaining necessary
licenses and permits, changes in general economic conditions or conditions in
the financial markets and the inability to raised additional financing. Readers
are cautioned not to place undue reliance on this forward-looking information.
The Company does not assume the obligation to revise or update this
forward-looking information after the date of this release or to revise such
information to reflect the occurrence of future unanticipated events except as
may be required under applicable securities laws. The TSX Venture Exchange does
not accept responsibility for the adequacy or accuracy of this release.
Silvermet Inc. (TSXV:SYI)
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