Exhibit 99.1

NEWS RELEASE
Trading Symbol:	TSX: SVM
	NYSE AMERICAN: SVM

SILVERCORP REPORTS NET INCOME OF $39.7 MILLION, $0.23 PER SHARE, AND CASH FLOW FROM OPERATIONS OF $67.8 MILLION, FOR FISCAL 2019

VANCOUVER, British Columbia – May 23, 2019 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) (TSX: SVM) (NYSE American: SVM) reported its financial and operating results for the fourth quarter and twelve months ended March 31, 2019. All amounts are expressed in US Dollars.

FISCAL YEAR 2019 HIGHLIGHTS

• Ore mined up 5% to 906,794 tonnes compared to the prior year;

• Metals sold amounted to approximately 6.4 million ounces of silver, 3,500 ounces of gold, 64.8 million pounds of lead, and 22.7 million pounds of zinc, up 6%, 13%, 5% and 16%, respectively, compared to the prior year;

• Sales of $170.5 million, compared to $170.0 million in the prior year;

• Gross profit margin of 49% compared to 52% in the prior year, with the decrease mainly due to lower metal prices;

• Net income attributable to equity shareholders of $39.7 million, or $0.23 per share compared to $47.0 million, or $0.27 per share in the prior year. The adjusted net income attributable to equity shareholders¹ of $32.2 million, or $0.19 per share, compared to $41.5 million, or $0.24 per share, in the prior year;

• Cash cost per ounce of silver¹, net of by-product credits, of negative $4.29 compared to negative $4.73 in the prior year;

• All-in sustaining cost per ounce of silver¹, net of by-product credits, of $3.52, compared to $3.27 in the prior year;

• Cash flow from operations of $67.8 million, compared to $67.9 million in the prior year;

• Paid $18.2 million of income tax, including $5.2 million of withholding tax, compared to $19.7 million of income tax, including $1.0 million of withholding tax in the prior year;

• Paid $4.2 million of dividends to the Company’s shareholders, compared to $3.4 million in the prior year; and

• Ended the fiscal year with $115.3 million in cash and cash equivalents and short-term investments, an increase of $9.2 million or 9%, compared to $106.1 million as at March 31, 2018.

HIGHLIGHTS FOR THE FOURTH QUARTER FISCAL 2019 (“Q4 FISCAL 2019”)

• Ore mined up 13% to 161,400 tonnes compared to the prior year quarter;

• Metals sold amounted to approximately 1.3 million ounces of silver, 700 ounces of gold, 12.7 million pounds of lead, and 7.3 million pounds of zinc, compared to approximately 1.4 million ounces of silver,

1 Non-IFRS measure. Please refer to section 13 of the corresponding MD&A for reconciliation.

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700 ounces of gold, 13.3 million pounds of lead, and 2.6 million pounds of zinc sold in the prior year quarter.



• Sales of $35.0 million, down 9% compared to $38.4 million in the prior year quarter;

• Gross profit margin of 47% compared to 50% in the prior year quarter;

• Net income attributable to equity shareholders of $12.1 million, or $0.07 per share compared to $12.2 million or $0.07 per share in the prior year quarter. The adjusted net income attributable to equity shareholders of $4.6 million, or $0.03 per share, compared to $7.5 million, or $0.04 per share, in the prior year quarter;

• Cash cost per ounce of silver, net of by-product credits, of negative $3.97 compared to negative $3.89 in the prior year quarter;

• All-in sustaining cost per ounce of silver, net of by-product credits, of $4.49, compared to $3.04 in the prior year quarter; and

• Cash flow from operations of $6.0 million, compared to $2.9 million in the prior year quarter.

FINANCIALS

1. Fiscal 2019 vs. Fiscal 2018

Net income attributable to equity shareholders of the Company in Fiscal 2019 was $39.7 million or $0.23 per share, compared to $47.0 million or $0.27 per share in Fiscal 2018. The adjusted net income attributable to equity shareholders was $32.2 million or $0.19 per share after the adjustment of impairment reversal, compared to the adjusted net income of $41.5 million or $0.24 per share in Fiscal 2018.

Compared to the prior year, the Company’s consolidated financial results in Fiscal 2019 were mainly impacted by i) an increase of 6%, 5% and 16% in silver, lead and zinc sold, respectively; ii) a decrease of 7%, 2% and 17% in the realized selling prices for silver, lead and zinc, respectively; and iii) a 2% increase in total production cost.

Sales in Fiscal 2019 were $170.5 million, up $0.5 million compared to $170.0 million in Fiscal 2018. Silver and gold sales represented $80.7 million and $3.6 million, respectively, while base metals represented $86.2 million of the total sales, compared to silver, gold and base metals sales of $82.4 million, $3.2 million, and $84.5 million, respectively, in Fiscal 2018.

Cost of sales in Fiscal 2019 was $87.3 million compared to $82.2 million in Fiscal 2018. The cost of sales included $62.5 million of cash production costs (Fiscal 2018 - $59.1 million), $4.9 million of mineral resources tax (Fiscal 2018 - $4.8 million), and $20.0 million of depreciation, amortization and depletion charges (Fiscal 2018 - $18.2 million). The increase in the cash production costs expensed and amortization charges were mainly due to a 2% increase in production costs and more metals sold. The increase in mineral resources tax was associated with the increase in revenue. The cash production costs expensed in cost of sales represents approximately 893,000 tonnes of ore processed and expensed at a cost of $69.92 per tonne (Fiscal 2018 – approximately 861,000 tonnes at $68.72 per tonne).

Gross profit margin in Fiscal 2019 was 49%, compared to 52% in Fiscal 2018. The decrease was mainly due to the decrease in the realized metal selling prices. Ying Mining District’s gross profit margin was 52% compared to 55% in Fiscal 2018. GC Mine’s gross profit margin was 35% compared to 36% in Fiscal 2018.

General and administrative expenses were $19.4 million in Fiscal 2019, and increase of 4% compared to $18.7 million in Fiscal 2018. The increase was mainly due to a $0.3 million increase in non-cash stock based compensation expenses and a $1.0 million increase in labour costs, arising primarily from the increase of employees’ pay rate as well as an increase in social insurance premiums in China, offset by a $0.7 million decrease in discretionary office and administrative expenses.

Income tax expenses in Fiscal 2019 were $20.9 million, compared to $18.9 million in Fiscal 2018. The income tax expense recorded in Fiscal 2019 included a current income tax expense of $17.8 million (Fiscal 2018 - $16.1 million) and a deferred income tax expense of $3.1 million (Fiscal 2017 - $2.8 million). The

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current income tax included $5.2 million of withholding tax (Fiscal 2018 - $1.0 million), which was paid at a rate of 10% of dividends and interest distributed out of China.

Cash flows provided by operating activities in Fiscal 2019 were $67.8 million, slightly lower than the $67.9 million in the prior year. The decrease was mainly due to less operating income arising from lower metal prices and the increase in the withholding tax payment.

The Company ended the fiscal year with $115.3 million cash and short-term investments, an increase of $9.2 million or 9%, compared to $106.1 million as at March 31, 2018.

Working capital as at March 31, 2019 was $96.9 million, an increase of $6.4 million or 7%, compared to $90.5 million as at March 31, 2018.

2. Q4 Fiscal 2019 vs. Q4 Fiscal 2018

Net income attributable to equity shareholders of the Company in Q4 Fiscal 2019 was $12.1 million, or $0.07 per share, compared to $12.2 million, or $0.07 per share in Q4 Fiscal 2018. The adjusted net income attributable to equity shareholders was $4.6 million, or $0.03 per share in Q4 Fiscal 2019 after adjustments of impairment reversal of $9.2 million (Q4 Fiscal 2018 - $4.7 million) compared to $7.5 million or $0.04 per share in Q4 Fiscal 2018.

Compared to the prior year quarter, the Company’s consolidated financial results in Q4 Fiscal 2019 were mainly impacted by the following: i) a decrease of 11%, 3%, 18%, and 41% in the net realized selling prices for silver, gold, lead, and zinc, respectively; ii) a 5% decrease in silver and lead sold; iii) a 184% increase in zinc sold; and iii) a 7% decrease in per tonne production costs.

Sales were $35.0 million, down 9%, in Q4 Fiscal 2019, compared to $38.4 million in Q4 Fiscal 2018. The decrease was mainly due to the decrease in net realized selling prices and less silver and lead sold. Silver and gold sales represented $16.7 million and $0.8 million, respectively, while base metals represented $17.5 million of total sales, compared to silver, gold and base metals of $19.8 million, $0.8 million, and $17.9 million, respectively, in the prior year quarter.

Cost of sales was $18.6 million in Q4 Fiscal 2019, compared to $19.3 million in Q4 Fiscal 2018. The cost of sales included $13.0 million of cash production cost (Q4 Fiscal 2018 - $13.3 million), $1.0 million of mineral resource taxes (Q4 Fiscal 2018 - $1.1 million), and $4.6 million of depreciation, amortization and depletion charges (Q4 Fiscal 2018 - $5.0 million).

Gross profit margin decreased to 47% in Q4 Fiscal 2019, compared to 50% in Q4 Fiscal 2018.

Cash flows provided by operating activities in Q4 Fiscal 2019 were $6.0 million, an increase of $3.1 million, compared to $2.9 million in Q4 Fiscal 2018.

OPERATIONS AND DEVELOPMENT

1. Fiscal 2019 vs. Fiscal 2018

In Fiscal 2019, on a consolidated basis, the Company mined 906,794 tonnes of ore, an increase of 5% or 46,870 tonnes, compared to 859,924 tonnes in Fiscal 2018. Ore mined at the Ying Mining District increased by 1% or 8,435 tonnes, and ore mined at the GC Mine increased by 16% or 38,435 tonnes. Ore milled in Fiscal 2019 was 908,846 tonnes, an increase of 5% compared to 863,070 tonnes in Fiscal 2018.

In Fiscal 2019, the Company sold approximately 6.4 million ounces of silver, 3,500 ounces of gold, 64.8 million pounds of lead, and 22.7 million pounds of zinc, up 6%, 13%, 5%, and 16%, respectively, compared to 6.0 million ounces of silver, 3,100 ounces of gold, 61.9 million pounds of lead, and 19.6 million pounds of zinc in Fiscal 2018.

The consolidated total mining cost and cash mining cost were $74.98 and $55.35 per tonne, up 2% and 1%, respectively, compared to $73.48 and $54.60 per tonne, respectively, in Fiscal 2018. The increase in cash mining cost was mainly due to inflation resulting in an increase of i) $1.1 million in mining contractor’s costs; ii) $0.6 million in raw material costs; and iii) $0.6 million in utility costs.

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The consolidated total milling cost and cash milling cost were $13.99 and $11.69 per tonne, up 1% and 4%, respectively, compared to $13.82 and $11.25 per tonne, respectively, in Fiscal 2018. The increase in the cash milling cost was mainly due to a $0.4 million increase in raw material costs.

The consolidated cash production cost per tonne of ore processed in Fiscal 2019 was $69.92, a 2% increase compared to $68.72 in Fiscal 2018, but below the Company’s annual guidance.

The consolidated total production cost and cash production cost per ounce of silver, net of by-product credits, were negative $1.16 and negative $4.29, respectively, compared to negative $1.70 and negative $4.73, respectively, in the prior year. The increase was mainly due to a $3.3 million increase in cash production cost expensed offset by a $2.2 million increase in by-product credits.

The consolidated all-in sustaining cost per ounce of silver, net of by-product credits, was $3.52 compared to $3.27 in Fiscal 2018. The increase was mainly due to i) a $3.4 million increase in cash production cost expensed; ii) a $0.7 million increase in general and administrative expenses; and iii) a $1.0 million increase in sustaining capital expenditures, offset by a $2.2 million increase in by-product credits.

2. Q4 Fiscal 2019 vs. Q4 Fiscal 2018

In Q4 Fiscal 2019, the Company mined 161,400 tonnes of ore, and increase of 13%, compared to 143,262 tonnes in Q4 Fiscal 2018. Correspondingly, ore milled in Q4 Fiscal 2019 was 159,904 tonnes, an increase of 15% compared to 138,537 tonnes in Q4 Fiscal 2018.

In Q4 Fiscal 2019, the Company sold approximately 1.3 million ounces of silver, 700 ounces of gold, 12.7 million pounds of lead, and 7.3 million pounds of zinc compared to 1.4 million ounces of silver, 700 ounces of gold, 13.3 million pounds of lead, and 2.6 million pounds of zinc in Q4 Fiscal 2018.

The consolidated total mining cost and cash mining cost were $80.22 and $57.55 per tonne, down 6% and 7%, respectively, compared to $85.55 and $61.78 per tonne in Q4 Fiscal 2018. The consolidated total milling cost and cash milling cost in Q4 Fiscal 2019 were $17.58 and $14.53 per tonne, down 8% and 3%, respectively, compared to $19.14 and $14.96 per tonne in Q4 Fiscal 2018.

The consolidated total production cost and cash production cost per ounce of silver, net of by-product credits, were negative $0.47 and negative $3.97, respectively, compared to negative $0.30 and negative $3.89 in Q4 Fiscal 2018. The improvement was mainly due to the decrease in per tonne mining and milling cost as discussed above.

The consolidated all-in sustaining cost per ounce of silver, net of by-product credits, was $4.49 compared to $3.04 in Q4 Fiscal 2018. The increase was mainly due to an increase of $1.4 million in sustaining capital expenditures.

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3. Ying Mining District, Henan Province, China

Ying Mining District	Q4 2019		Q3 2019		Q2 2019		Q1 2019		Q4 2018		Fiscal year ended March 31
	March 31, 2019		December 31, 2018		September 30, 2018		June 30, 2018		March 31, 2018		2019		2018
Ore Mined (tonne)	111,032		174,152		180,662		156,730		113,820		622,576		614,141
Ore Milled (tonne)	107,039		184,684		172,200		155,929		112,285		619,851		618,732
Head Grades
Silver (gram/tonne)	324		296		308		323		309		311		305
Lead (%)	4.5		4.1		4.6		4.5		4.3		4.4		4.4
Zinc (%)	0.9		0.8		0.9		1.1		1.0		0.9		0.9
Recoveries
Silver (%)	95.5		95.6		96.1		96.0		95.9		95.8		95.7
Lead (%)	96.1		95.2		95.6		96.3		96.5		95.7		96.3
Zinc (%)	63.7		50.2		51.2		54.5		54.5		54.1		52.3
Metal Sales
Silver (in thousands of ounce)	1,141		1,545		1,765		1,313		1,319		5,764		5,437
Gold (in thousands of ounce)	0.7		1.1		1.0		0.7		0.7		3.5		3.1
Lead (in thousands of pound)	10,310		15,156		17,359		13,313		12,649		56,138		55,180
Zinc (in thousands of pound)	2,464		381		1,648		2,133		1,106		6,626		6,136
Cash mining costs ($ per tonne)	65.24		63.04		58.65		63.49		65.88		63.39		61.46
Total mining costs ($ per tonne)	93.86		86.27		81.50		89.57		92.81		88.19		84.59
Cash milling costs ($ per tonne)	12.57		10.49		8.54		10.30		12.59		10.43		9.49
Total milling costs ($ per tonne)	15.55		12.24		10.47		12.60		15.80		12.58		11.71
Cash production costs ($ per tonne)	81.78		77.80		71.45		78.10		82.84		78.04		74.96
Cash costs per ounce of silver ($)	(3.02	)	(1.74	)	(2.80	)	(6.25	)	(3.41	)	(3.35	)	(3.88	)
All-in sustaining costs per ounce of silver ($)	3.28		5.80		1.52		(0.28	)	1.39		2.60		2.04

Fiscal 2019 vs. Fiscal 2018

In Fiscal 2019, the total ore mined at the Ying Mining District was 622,576 tonnes, an increase of 1% or 8,435 tonnes, compared to 614,141 tonnes mined in Fiscal 2018. Ore milled was 619,851 tonnes, an increase of 1,119 tonnes compared to 618,732 tonnes in Fiscal 2018.

Head grades of ore milled at the Ying Mining District in Fiscal 2019 were 311 grams per tonne (“g/t”) for silver, 4.4% for lead, and 0.9% for zinc, compared to 305 g/t for silver, 4.4% for lead, and 0.9% for zinc in Fiscal 2018. The Company continues to achieve positive dilution control using its “Enterprise Blog” to assist and manage daily operations.

In Fiscal 2019, the Ying Mining District sold approximately 5.8 million ounces of silver, 3,500 ounces of gold, 56.1 million pounds of lead, and 6.6 million pounds of zinc, up 6%, 13%, 2% and 8%, respectively, compared to 5.4 million ounces of silver, 3,100 ounces of gold, 55.2 million pounds of lead, and 6.1 million pounds of zinc in Fiscal 2018. As at March 31, 2019, the Ying Mining District has inventories of 3,150 tonnes of silver-lead concentrate and 250 tonnes of zinc concentrate, compared to 4,050 tonnes of silver-lead concentrate and 350 tonnes of zinc concentrate as at March 31, 2018.

Total mining cost and cash mining cost per tonne at the Ying Mining District in Fiscal 2019 were $88.19 and $63.39 per tonne, respectively, compared to $84.59 and $61.46 per tonne, respectively, in Fiscal 2018. The increase was mainly due to inflation resulting in an increase of i) $0.6 million in mining contractor’s costs, ii) $0.4 million in raw material costs, and iii) $0.7 million in utility costs. Total milling cost and cash milling cost per tonne at the Ying Mining District in Fiscal 2019 were $12.58 and $10.43, respectively, compared to $11.71 and $9.49, respectively, in Fiscal 2018.

Correspondingly, the total production cost and cash production cost per tonne of ore processed in Fiscal 2019 at the Ying Mining District were $104.99 and $78.04, respectively, compared to $100.31 and $74.96 in Fiscal 2018.

Cash cost per ounce of silver, net of by-product credits, at the Ying Mining District in Fiscal 2019, was negative $3.35 compared to negative $3.88 in the prior year. The increase in the cash cost per ounce of silver, net of by-product credits, was mainly due to a $2.4 million increase in cash production cost expensed offset by a $0.6 million increase in by-product credits.

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All-in sustaining cost per ounce of silver, net of by-product credits, at the Ying Mining District in Fiscal 2019, was $2.60 compared to $2.04 in the prior year. The increase was mainly due to increases of $2.4 million in cash production costs expensed and $2.2 million in sustaining capital expenditures.

In Fiscal 2019, approximately 75,955 metres or $1.8 million worth of underground diamond drilling (Fiscal 2018 – 104,798 metres or $2.3 million) and 18,656 metres or $5.4 million worth of preparation tunnelling (Fiscal 2018 – 19,723 metres or $5.8 million) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 65,653 metres or $23.2 million worth of horizontal tunnels, raises, ramps and declines (Fiscal 2018 – 61,827 metres or $20.1 million) were completed and capitalized.

Q4 Fiscal 2019 vs. Q4 Fiscal 2018

In Q4 Fiscal 2019, a total of 111,032 tonnes of ore were mined at the Ying Mining District, a decrease of 2% or 2,788 tonnes, compared to 113,820 tonnes in Q4 Fiscal 2018. Ore milled was 107,039 tonnes, a decrease of 3% or 5,246 tonnes, compared to 112,285 tonnes in Q4 Fiscal 2018.

Average head grades of ore processed were 324 g/t for silver, 4.5% for lead, and 0.9% for zinc compared to 309 g/t for silver, 4.3% for lead, and 1.0% for zinc in Q4 Fiscal 2018.

Metals sold were approximately 1.1 million ounces of silver, 700 ounces of gold, 10.3 million pounds of lead, and 2.5 million pounds of zinc, compared to 1.3 million ounces of silver, 700 ounces of gold, 12.6 million pounds of lead, and 1.1 million pounds of zinc in Q4 Fiscal 2018.

In Q4 Fiscal 2019, the cash mining cost at the Ying Mining District was $65.24 per tonne, down 1% compared to $65.88 in Q4 Fiscal 2018. The cash milling cost was $12.57 per tonne compared to $12.59 in Q4 Fiscal 2018.

In Q4 Fiscal 2019, cash cost per ounce of silver and all in sustaining cost per ounce of silver, net of byproduct credits, at the Ying Mining District were negative $3.02 and $3.28, respectively, compared to negative $3.41 and $1.39 in Q4 Fiscal 2018.

In Q4 Fiscal 2019, approximately 6,083 metres or $0.3 million worth of underground diamond drilling (Q4 Fiscal 2018 – 18,791 metres or $0.6 million) and 3,061 metres or $1.0 million worth of preparation tunnelling (Q4 Fiscal 2018 – 2,809 metres or $0.9 million) were completed and expensed as mining preparation costs at the Ying Mining District. In addition, approximately 10,730 metres or $4.0 million worth of horizontal tunnels, raises, and declines (Q4 Fiscal 2018 – 9,653 metres or $3.9 million) were completed and capitalized.

4. GC Mine, Guangdong Province, China

GC Mine	Q4 2019		Q3 2019		Q2 2019		Q1 2019		Q4 2018		Fiscal year ended March 31
	March 31, 2019		December 31, 2018		September 30, 2018		June 30, 2018		March 31, 2018		2019		2018
Ore Mined (tonne)	50,368		86,126		67,757		79,967		29,442		284,218		245,783
Ore Milled (tonne)	52,865		86,792		67,528		81,811		26,252		288,995		244,338
Head Grades
Silver (gram/tonne)	101		84		78		87		96		86		98
Lead (%)	1.8		1.6		1.4		1.3		1.3		1.5		1.5
Zinc (%)	3.3		3.1		2.8		2.9		2.9		3.0		2.8
Recovery Rates
Silver (%)	81.3		80.5		76.7		75.3		76.3		78.4		76.2
Lead (%)	91.5		916.0		91.2		87.1		87.5		90.4		85.4
Zinc (%)	85.7		85.5		83.3		84.8		85.7		84.9		81.8
Metal Sales
Silver (in thousands of ounce)	173		167		136		150		63		626		603
Lead (in thousands of pound)	2,360		2,644		2,063		1,583		688		8,650		6,754
Zinc (in thousands of pound)	4,874		3,730		3,240		4,244		1,479		16,090		13,433
Cash mining cost ($ per tonne)	40.58		34.17		41.25		36.78		45.92		37.73		37.48
Total mining cost ($ per tonne)	50.13		42.40		49.29		44.62		57.47		46.04		45.73
Cash milling cost ($ per tonne)	18.52		14.08		11.45		14.46		25.07		14.39		15.72
Total milling cost ($ per tonne)	21.70		15.98		14.47		17.14		33.41		17.01		19.17
Cash production cost ($ per tonne)	59.10		48.25		52.70		51.24		70.99		52.12		53.20
Cash cost per ounce of silver ($)	(10.23	)	(12.32	)	(10.81	)	(18.81	)	(13.95	)	(12.97	)	(12.37	)
All-in sustaining cost per ounce of silver ($)	(4.97	)	(6.54	)	(2.03	)	(11.36	)	(4.57	)	(6.28	)	(3.69	)

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Fiscal 2019 vs. Fiscal 2018

In Fiscal 2019, the total ore mined at the GC Mine was 284,218 tonnes, an increase of 16% or 38,435 tonnes, compared to 245,783 tonnes in Fiscal 2018, while ore milled was 288,995 tonnes, an increase of 18% or 44,657 tonnes, compared to 244,338 tonnes in Fiscal 2018.

Average head grades of ore processed at the GC Mine were 86 g/t for silver, 1.5% for lead, and 3.0% for zinc compared to 98 g/t for silver, 1.5% for lead, and 2.8% for zinc in the prior year. Recovery rates of ore processed at the GC Mine were78.4% for silver, 90.4% for lead, and 84.9% for zinc, compared to 76.2% for silver, 85.4% for lead, and 81.8% for zinc in Fiscal 2018.

In Fiscal 2019, the GC Mine sold 626,000 ounces of silver, 8.7 million pounds of lead, and 16.1 million pounds of zinc, compared to 603,000 ounces of silver, 6.8 million pounds of lead, and 13.4 million pounds of zinc in Fiscal 2018.

Total mining cost and cash mining cost at the GC Mine in Fiscal 2019 were $46.04 and $37.73 per tonne, respectively, a slight increase of 1% compared to $45.73 and $37.48 per tonne, respectively, in Fiscal 2018. Total milling cost and cash milling cost per tonne at the GC Mine were $17.01 and $14.39, respectively, down 11% and 8%, compared to $19.17 and $15.72, respectively, in Fiscal 2018.

Correspondingly, total production cost and cash production cost per tonne of ore processed in Fiscal 2019 at the GC Mine were $63.05 and $52.12, respectively, a decrease of 3% and 2%, compared to $64.90 and $53.20, respectively, in Fiscal 2018.

Cash cost per ounce of silver, net of by-product credits, at the GC Mine, was negative $12.97 compared to negative $12.37 in the prior year. The decrease was mainly due to a 4% increase in by-product credits resulting from increases of 28% in lead and 20% in zinc sold offset by a decrease of 3% and 17% in net realized lead and zinc selling prices at the GC Mine.

All-in sustaining cost per ounce of silver, net of by-product credits, in Fiscal 2019 at the GC Mine was negative $6.28 compared to negative $3.69 in the prior year. The improvement was mainly due to an increase of $1.6 million in by-product credits and a decrease of $0.9 million in sustaining capital expenditures.

In Fiscal 2019, approximately 24,727 metres or $1.3 million worth of underground diamond drilling (Fiscal 2018 – 21,717 metres or $1.1 million) and 19,844 metres or $5.2 million worth of tunnelling (Fiscal 2018 –15,811 metres or $4.5 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 1,374 metres or $1.0 million of horizontal tunnels, raises and declines (Fiscal 2018 – 320 metres or $0.3 million) were completed and capitalized.

Q4 Fiscal 2019 vs. Q4 Fiscal 2018

In Q4 Fiscal 2019, a total of 50,368 tonnes of ore were mined and 52,865 tonnes were milled at the GC Mine, up 71% and 101%, respectively, compared to 29,442 tonnes mined and 26,252 tonnes milled in Q4 Fiscal 2018.

Average head grades of ore milled were 101 g/t for silver, 1.8% for lead, and 3.3% for zinc compared to 96 g/t for silver, 1.3% for lead, and 2.9% for zinc in the same prior year quarter.

Metals sold were approximately 173,000 ounces of silver, 2.4 million pounds of lead, and 4.9 million pounds of zinc, compared to 63,000 ounces of silver, 0.7 million pounds of lead, and 1.5 million pounds of zinc in the same prior year quarter.

The cash mining cost at the GC Mine was $40.58 per tonne, a decrease of 12% compared to $45.92 per tonne in the same prior year quarter. The cash milling cost was $18.52 per tonne, a decrease of 26% compared to $25.07 in the same prior year quarter. Correspondingly, the cash production cost per tonne decreased by 17% to $59.10 from $70.99 in the same prior year quarter. The improvement in production cost was mainly due to higher production output resulting in lower fixed cost allocation.

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Cash cost per ounce of silver and all-in sustaining cost per ounce of silver, net of by product credits, at the GC Mine, for Q4 Fiscal 2019, were negative $10.23 and negative $4.97, respectively, compared to negative $13.95 and negative $4.57 in the same prior year quarter.

In Q4 Fiscal 2019, approximately 2,864 metres or $0.3 million worth of underground diamond drilling (Q4 Fiscal 2018 – 3,464 metres or $0.2 million) and 3,366 metres or $0.9 million of tunnelling (Q4 Fiscal 2018 –1,526 metres or $0.7 million) were completed and expensed as mining preparation costs at the GC Mine. In addition, approximately 262 metres or $0.2 million of horizontal tunnels, raise, and declines (Q4 Fiscal 2018 – 40 metres or $0.1 million) were completed and capitalized.

Mr. Guoliang Ma, P.Geo., Manager of Exploration and Resources of the Company, is the Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed and given consent to the technical information contained in this news release.

This earnings release should be read in conjunction with the Company's Management Discussion & Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on SEDAR under the Company’s profile at www.sedar.com and are also available on the Company's website at www.silvercorp.ca.

About Silvercorp

Silvercorp is a Canadian low-cost silver-producer of silver, lead and zinc from mines in China. We deliver shareholder value through efficient management, organic growth, and the acquisition of projects we can build and operate profitably. Silvercorp’s goal is to achieve lasting and sustainable development for all our stakeholders. For more information, please visit our website at www.silvercorp.ca.

For further information
Silvercorp Metals Inc.
Lon Shaver
Vice President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: 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: 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;

8

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”. 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.

9

SILVERCORP METALS INC.

Consolidated Statements of Financial Position

(Unaudited - Expressed in thousands of U.S. dollars)

		As at March 31,			As at March 31,
		2019			2018
ASSETS
Current Assets
Cash and cash equivalents	$	67,441		$	49,199
Short-term investments		47,836			56,910
Trade and other receivables		467			676
Inventories		10,836			11,018
Due from a related party		3,022			11
Income tax receivable		1,301			534
Prepaids and deposits		3,958			4,456
		134,861			122,804
Non-current Assets
Long-term prepaids and deposits		769			954
Reclamation deposits		7,953			5,712
Investment in an associate		38,703			38,001
Other investments		9,253			6,132
Plant and equipment		68,617			71,211
Mineral rights and properties		238,920			232,080
TOTAL ASSETS	$	499,076		$	476,894
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued liabilities	$	29,856		$	25,198
Bank Loan		4,475			-
Deposits received		3,040			6,806
Income tax payable		502			303
		37,873			32,307
Non-current Liabilities
Deferred income tax liabilities		34,334			33,310
Environmental rehabilitation		13,688			13,098
Total Liabilities		85,895			78,715
Equity
Share capital		231,269			228,729
Share option reserve		15,898			14,690
Reserves		25,409			25,409
Accumulated other comprehensive loss		(41,864	)		(25,875	)
Retained earnings		116,734			86,283
Total equity attributable to the equity holders of the Company		347,446			329,236
Non-controlling interests		65,735			68,943
Total Equity		413,181			398,179
TOTAL LIABILITIES AND EQUITY	$	499,076		$	476,894

10

SILVERCORP METALS INC.

Consolidated Statements of Income

(Unaudited - Expressed in thousands of U.S. dollars, except for per share figures)

		Three Months Ended March 31,						Year Ended March 31,
		2019			2018			2019			2018
Sales	$	34,952		$	38,449		$	170,519		$	170,039
Cost of sales
Production costs		13,005			13,305			62,461			59,144
Mineral resource taxes		1,002			1,081			4,864			4,764
Depreciation and amortization		4,601			4,956			19,997			18,247
		18,608			19,342			87,322			82,155
Gross profit		16,344			19,107			83,197			87,884
General and administrative		5,011			4,727			19,427			18,685
Government fees and other taxes		505			538			2,699			2,971
Foreign exchange loss (gain)		1,034			(862	)		(1,361	)		1,628
Loss on disposal of plant and equipment		13			5			401			329
Gain on disposal of NSR		-			-			-			(4,320	)
Share of (income) loss in associate		118			189			330			700
Dilution gain on investment in associate		-			-			-			(822	)
Reclassification of other comprehensive loss upon
ownership dilution of investment in associate		-			-			-			18
Impairment reversal of investment in associate		(1,899	)		(4,714	)		(1,899	)		(4,714	)
Impairment reversal of mineral rights and properties		(7,279	)		-			(7,279	)		-
Other expense (income)		130			(149	)		806			(2,016	)
Income from operations		18,711			19,373			70,073			75,425
Finance income		874			793			3,476			2,839
Finance costs		(168	)		(120	)		(631	)		(449	)
Income before income taxes		19,417			20,046			72,918			77,815
Income tax expense		3,477			5,333			20,871			18,919
Net income	$	15,940		$	14,713		$	52,047		$	58,896
Attributable to:
Equity holders of the Company	$	12,107		$	12,194		$	39,724		$	46,994
Non-controlling interests		3,833			2,519			12,323			11,902
	$	15,940		$	14,713		$	52,047		$	58,896
Earnings per share attributable to the equity holders of the Company
Basic earnings per share	$	0.07		$	0.07		$	0.24		$	0.28
Diluted earnings per share	$	0.07		$	0.07		$	0.23		$	0.27
Weighted Average Number of Shares Outstanding - Basic		169,705,269			167,374,757			168,483,412			167,848,117
Weighted Average Number of Shares Outstanding - Diluted		170,645,002			171,756,605			170,386,993			171,405,904

11

SILVERCORP METALS INC.

Consolidated Statements of Cash Flow

(Unaudited - Expressed in thousands of U.S. dollars)

		Three Months Ended March 31,						Year Ended March 31,
		2019			2018			2019			2018
Cash provided by
Operating activities
Net income	$	15,940		$	14,713		$	52,047		$	58,896
Add (deduct) items not affecting cash:
Finance costs		168			120			631			449
Depreciation, amortization and depletion		4,942			5,266			21,250			19,442
Share of (income) loss in associate		118			189			330			700
Dilution gain on investment in associate		-			-			-			(822	)
Reclassification of other comprehensive loss upon ownership
dilution of investment in associate		-			-			-			18
Gain on disposal of NSR		-			-			-			(4,320	)
Impairment reversal of investment in associate		(1,899	)		(4,714	)		(1,899	)		(4,714	)
Impairment reversal of mineral rights and properties		(7,279	)		-			(7,279	)		-
Income tax expense		3,476			5,333			20,871			18,919
Finance income		(874	)		(793	)		(3,476	)		(2,839	)
Loss on disposal of plant and equipment		13			5			401			329
Share-based compensation		479			422			1,896			1,566
Reclamation		(2,455	)		(158	)		(2,788	)		(194	)
Income taxes paid		(5,745	)		(10,096	)		(18,225	)		(19,743	)
Interest received		874			793			3,476			2,839
Interest paid		(48	)		-			(144	)		-
Changes in non-cash operating working capital		(1,700	)		(8,223	)		659			(2,625	)
Net cash provided by operating activities		6,010			2,857			67,750			67,901
Investing activities
Mineral rights and properties
Capital expenditures		(8,639	)		(4,310	)		(28,049	)		(20,948	)
Plant and equipment
Additions		(1,934	)		(1,697	)		(6,258	)		(6,152	)
Proceeds on disposals		2			14			31			33
Other investments
Acquisition		(1,018	)					(1,018	)		-
Investment in associate		(107	)		-			(107	)		(23,861	)
Net redemption (purchases) of short-term investments		10,574			(9,458	)		5,969			(30,803	)
Net cash provided by (used in) investing activities		(1,122	)		(15,451	)		(29,432	)		(81,731	)
Financing activities
Related parties
Payments made		(2,989	)		-			(2,989	)		-
Bank loan
Proceeds		-			-			4,527			-
Non-controlling interests
Distribution		(3,333	)		(2,894	)		(13,259	)		(7,785	)
Acquisition		-			-			(1,121	)		-
Cash dividends distributed		-			-			(4,208	)		(3,362	)
Proceeds from issuance of common shares		209			208			1,852			550
Common shares repurchased as part of normal course issuer bid		-			(2,398	)		-			(4,177	)
Net cash used in financing activities		(6,113	)		(5,084	)		(15,198	)		(14,774	)
Effect of exchange rate changes on cash and cash equivalents		528			603			(4,878	)		4,800
Increase in cash and cash equivalents		(697	)		(17,075	)		18,242			(23,804	)
Cash and cash equivalents, beginning of the period		68,138			66,274			49,199			73,003
Cash and cash equivalents, end of the period	$	67,441		$	49,199		$	67,441		$	49,199

12

SILVERCORP METALS INC.

Mining Data

(Expressed in thousands of U.S. dollars, except for mining data figures)

				Year ended March 31, 2019
				Ying Mining
				District1		GC2		Total
Production Data
	Mine Data
		Ore Mined (tonne)		622,576		284,218		906,794
		Ore Milled (tonne)		619,851		288,995		908,846
	+	Mining cost per tonne of ore mined ($)		88.19		46.04		74.98
			Cash mining cost per tonne of ore mined ($)	63.39		37.73		55.35
			Non cash mining cost per tonne of ore mined ($)	24.80		8.31		19.63
	+	Unit shipping costs($)		4.22		-		2.88
	+	Milling cost per tonne of ore milled ($)		12.58		17.01		13.99
			Cash milling cost per tonne of ore milled ($)	10.43		14.39		11.69
			Non cash milling cost per tonne of ore milled ($)	2.15		2.62		2.30
	+	Average Production Cost
			Silver ($ per ounce)	5.89		5.93		6.10
			Gold ($ per ounce)	473		-		503
			Lead ($ per pound)	0.45		0.60		0.48
			Zinc ($ per pound)	0.43		0.56		0.44
			Other ($ per pound)	0.44		0.03		0.08
	+	Total production cost per ounce of Silver, net of by-product credits ($)		(0.42	)	(7.95	)	(1.16	)
	+	Total cash cost per ounce of Silver, net of by-product credits ($)		(3.35	)	(12.97	)	(4.29	)
	+	All-in sustaining cost per ounce of Silver, net of by-product credits ($)		2.60		(6.28	)	3.52
	+	All-in cost per ounce of Silver, net of by-product credits ($)		4.30		(5.49	)	5.22
		Recovery Rates
			Silver (%)	95.8		78.4		93.8
			Lead (%)	95.7		90.4		94.9
			Zinc (%)	54.1		84.9		72.8
		Head Grades
			Silver (gram/tonne)	311		86		240
			Lead (%)	4.4		1.5		3.5
			Zinc (%)	0.9		3.0		1.6
	Concentrate in stock
			Lead concentrate (tonne)	3,150		98		3,248
			Zinc concentrate (tonne)	250		118		368
	Sales Data
		Metal Sales
			Silver (in thousands of ounces)	5,764		626		6,390
			Gold (in thousands of ounces)	3.5		-		3.5
			Lead (in thousands of pounds)	56,138		8,650		64,788
			Zinc (in thousands of pounds)	6,626		16,090		22,716
		Metal Sales
			Silver (in thousands of $)	74,702		5,952		80,654
			Gold (in thousands of $)	3,642		-		3,642
			Lead (in thousands of $)	55,739		8,372		64,111
			Zinc (in thousands of $)	6,305		14,349		20,654
			Other (in thousands of $)	1,095		363		1,458
				141,483		29,036		170,519
	Average Selling Price, Net of Value Added Tax and Smelter Charges
			Silver ($ per ounce)	12.96		9.51		12.62
			Gold ($ per ounce)	1,041		-		1,041
			Lead ($ per pound)	0.99		0.97		0.99
			Zinc ($ per pound)	0.95		0.89		0.91

1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.

2 GC Silver recovery rate consists of 53.19% from lead concentrates and 25.18% from zinc concentrates.

2 GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lowers the net silver selling price.

13

SILVERCORP METALS INC.

Mining Data

(Expressed in thousands of U.S. dollars, except for mining data figures)

				Year ended March 31, 2018
				Ying Mining
				District1		GC2		Total
Production Data
	Mine Data
		Ore Mined (tonne)		614,141		245,783		859,924
		Ore Milled (tonne)		618,732		244,338		863,070
	+	Mining cost per tonne of ore mined ($)		84.59		45.73		73.48
			Cash mining cost per tonne of ore mined ($)	61.46		37.48		54.60
			Non cash mining cost per tonne of ore mined ($)	23.13		8.25		18.88
	+	Unit shipping costs($)		4.01		-		2.87
	+	Milling cost per tonne of ore milled ($)		11.71		19.17		13.82
			Cash milling cost per tonne of ore milled ($)	9.49		15.72		11.25
			Non cash milling cost per tonne of ore milled ($)	2.22		3.45		2.57
	+	Average Production Cost
			Silver ($ per ounce)	5.93		6.52		6.21
			Gold ($ per ounce)	443				475
			Lead ($ per pound)	0.43		0.61		0.46
			Zinc ($ per pound)	0.48		0.66		0.50
			Other ($ per pound)	0.41		0.01		0.02
	+	Total production cost per ounce of Silver, net of by-product credits ($		(1.07	)	(7.41	)	(1.70	)
	+	Total cash cost per ounce of Silver, net of by-product credits ($)		(3.88	)	(12.37	)	(4.73	)
	+	All-in sustaining cost per ounce of Silver, net of by-product credits ($)		2.04		(3.69	)	3.27
	+	All-in cost per ounce of Silver, net of by-product credits ($)		2.72		(2.88	)	4.01
		Recovery Rates
			Silver (%)	95.7		76.2		93.5
			Lead (%)	96.3		85.4		95.1
			Zinc (%)	52.3		81.8		68.7
		Head Grades
			Silver (gram/tonne)	305		98		246
			Lead (%)	4.4		1.5		3.6
			Zinc (%)	0.9		2.8		1.4
	Concentrate in stock
			Lead concentrate (tonne)	4,050		20		4,070
			Zinc concentrate (tonne)	350		20		370
	Sales Data
		Metal Sales
			Silver (in thousands of ounces)	5,437		603		6,040
			Gold (in thousands of ounces)	3.1		-		3.1
			Lead (in thousands of pounds)	55,180		6,754		61,934
			Zinc (in thousands of pounds)	6,136		13,433		19,569
			Other (in thousands of pound)	524		16,276		16,800
		Metal Sales
			Silver (in thousands of $)	75,891		6,463		82,354
			Gold (in thousands of $)	3,232		-		3,232
			Lead (in thousands of $)	55,488		6,763		62,251
			Zinc (in thousands of $)	7,000		14,462		21,462
			Other (in thousands of $)	502		238		740
				142,113		27,926		170,039
	Average Selling Price,Net of Value Added Tax and Smelter Charges
			Silver ($ per ounce)	13.96		10.72		13.63
			Gold ($ per ounce)	1,043		-		1,043
			Lead ($ per pound)	1.01		1.00		1.01
			Zinc ($ per pound)	1.14		1.08		1.10

1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.

2 GC Silver recovery rate consists of 55.2% from lead concentrates and 21.0% from zinc concentrates.

2 GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lower the net silver selling price.

14

SILVERCORP METALS INC.

Mining Data

(Expressed in thousands of U.S. dollars, except for mining data figures)

				Three months ended March 31, 2019
				Ying Mining District1		GC2		Total
Production Data
	Mine Data
		Ore Mined (tonne)		111,032		50,368		161,400
		Ore Milled (tonne)		107,039		52,865		159,904
	+	Mining cost per tonne of ore mined ($)		93.86		50.13		80.22
			Cash mining cost per tonne of ore mined ($)	65.24		40.58		57.55
			Non cash mining cost per tonne of ore mined ($)	28.62		9.55		22.67
	+	Unit shipping costs($)		3.97		-		2.72
	+	Milling cost per tonne of ore milled ($)		15.55		21.70		17.58
			Cash milling cost per tonne of ore milled ($)	12.57		18.52		14.53
			Non cash milling cost per tonne of ore milled ($)	2.98		3.18		3.05
	+	Average Production Cost
			Silver ($ per ounce)	6.13		6.08		6.41
			Gold ($ per ounce)	501		-		546
			Lead ($ per pound)	0.42		0.59		0.45
			Zinc ($ per pound)	0.38		0.47		0.38
			Other ($ per pound)	0.42		0.06		0.11
	+	Total production cost per ounce of Silver, net of by-product credits ($)		0.27		(5.30	)	(0.47	)
	+	Total cash cost per ounce of Silver, net of by-product credits ($)		(3.02	)	(10.23	)	(3.97	)
	+	All-in sustaining cost per ounce of Silver, net of by-product credits ($)		3.28		(4.97	)	4.49
	+	All-in cost per ounce of Silver, net of by-product credits ($)		8.39		(4.45	)	9.09
		Recovery Rates
			Silver (%)	95.5		81.3		93.6
			Lead (%)	96.1		91.5		95.3
			Zinc (%)	63.7		85.7		77.7
		Head Grades
			Silver (gram/tonne)	324		101		250
			Lead (%)	4.5		1.8		3.6
			Zinc (%)	0.9		3.3		1.7
	Concentrate in stock
			Lead concentrate (tonne)	3,150		98		3,248
			Zinc concentrate (tonne)	250		118		368
	Sales Data
		Metal Sales
			Silver (in thousands of ounces)	1,141		173		1,314
			Gold (in thousands of ounces)	0.7		-		0.7
			Lead (in thousands of pounds)	10,310		2,360		12,670
			Zinc (in thousands of pounds)	2,464		4,874		7,338
		Metal Sales
			Silver (in thousands of $)	15,137		1,595		16,732
			Gold (in thousands of $)	759		-		759
			Lead (in thousands of $)	9,318		2,102		11,420
			Zinc (in thousands of $)	2,028		3,501		5,529
			Other (in thousands of $)	344		168		512
				27,586		7,366		34,952
	Average Selling Price, Net of Value Added Tax and Smelter Charges
			Silver ($ per ounce)	13.27		9.22		12.73
			Gold ($ per ounce)	1,084		-		1,084
			Lead ($ per pound)	0.90		0.89		0.90
			Zinc ($ per pound)	0.82		0.72		0.75

1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.
2 GC Silver recovery rate consists of 56.37% from lead concentrates and 24.92% from zinc concentrates.
2 GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lowers the net silver selling price.

15

SILVERCORP METALS INC.

Mining Data

(Expressed in thousands of U.S. dollars, except for mining data figures)

				Three months ended March 31, 2018
				Ying Mining
				District1		GC2		Total
Production Data
	Mine Data
		Ore Mined (tonne)		113,820		29,442		143,262
		Ore Milled (tonne)		112,285		26,252		138,537
	+	Mining cost per tonne of ore mined ($)		92.81		57.47		85.55
			Cash mining cost per tonne of ore mined ($)	65.88		45.92		61.78
			Non cash mining cost per tonne of ore mined ($)	26.93		11.55		23.77
	+	Unit shipping costs($)		4.37		-		3.46
	+	Milling cost per tonne of ore milled ($)		15.80		33.41		19.14
			Cash milling cost per tonne of ore milled ($)	12.59		25.07		14.96
			Non cash milling cost per tonne of ore milled ($)	3.21		8.34		4.18
	+	Average Production Cost
			Silver ($ per ounce)	6.56		7.92		6.79
			Gold ($ per ounce)	509		-		532
			Lead ($ per pound)	0.49		0.81		0.52
			Zinc ($ per pound)	0.57		0.89		0.61
			Other ($ per pound)	0.03		-		-
	+	Total production cost per ounce of Silver, net of by-product credits ($)		(0.04	)	(5.73	)	(0.30	)
	+	Total cash cost per ounce of Silver, net of by-product credits ($)		(3.41	)	(13.95	)	(3.89	)
	+	All-in sustaining cost per ounce of Silver, net of by-product credits ($)		1.39		(4.57	)	3.04
	+	All-in cost per ounce of Silver, net of by-product credits ($)		2.81		2.62		4.91
		Recovery Rates
			Silver (%)	95.9		76.3		94.6
			Lead (%)	96.5		87.5		95.9
			Zinc (%)	54.5		85.7		67.6
		Head Grades
			Silver (gram/tonne)	309		96		269
			Lead (%)	4.3		1.3		3.8
			Zinc (%)	1.0		2.9		1.3
	Concentrate in stock
			Lead concentrate (tonne)	4,050		20		4,070
			Zinc concentrate (tonne)	350		20		370
	Sales Data
		Metal Sales
			Silver (in thousands of ounces)	1,319		63		1,382
			Gold (in thousands of ounces)	0.7		-		0.7
			Lead (in thousands of pounds)	12,649		688		13,337
			Zinc (in thousands of pounds)	1,106		1,479		2,585
		Metal Sales
			Silver (in thousands of $)	19,041		728		19,769
			Gold (in thousands of $)	784		-		784
			Lead (in thousands of $)	13,760		815		14,575
			Zinc (in thousands of $)	1,396		1,914		3,310
			Other (in thousands of $)	7		4		11
				34,988		3,461		38,449
	Average Selling Price,Net of Value Added Tax and Smelter Charges
			Silver ($ per ounce)	14.44		11.56		14.30
			Gold ($ per ounce)	1,120		-		1,120
			Lead ($ per pound)	1.09		1.18		1.09
			Zinc ($ per pound)	1.26		1.29		1.28

1 Ying Mining District includes mines: SGX, TLP, HPG,LM, BCG and HZG.

2 GC Silver recovery rate consists of 53.1% from lead concentrates and 23.2% from zinc concentrates.

2 GC Silver sold in zinc concentrates is subjected to higher smelter and refining charges which lower the net silver selling price.

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