Silvercorp Receives Mining Permit for GC Silver-Lead-Zinc Project, Guangdong Province, China

Silvercorp Metals Inc.(TSX:SVM,NYSE:SVM) announced that it has been given a mining permit for  the lead-silver-zinc project in the Guangdong Province by the Ministry of Land and Resources of China.

The press release is quoted as saying:

A qualified Chinese engineering firm is close to finalizing the design of a 1,500 tonne per day mechanized underground mine, a flotation mill, and a dry stack tailing facility. The estimated capital cost is about US$30 million. Following its completion, Silvercorp expects to convert the design report into a NI 43-101 qualified report. With the strong support of the local County government, Silvercorp has completed the acquisition of surface rights required for the construction of the mine and mill and is preparing the site and hiring contractors for the construction. Initial production of 700 tonnes per day mining capacity is expected to be achieved in 12 months with full capacity of 1,500 tonnes per day to be achieved in 18 months. The GC Project is held though a 95% owned Chinese subsidiary.

To access the full press release, click here.