Silvercorp Reports Record Silver Production for Q1 of Fiscal 2011:

Silvercorp Metals Inc. (TSX:SVM,NYSE:SVM) reported its unaudited financial and operating results for the first quarter ended June 30, 2010.

The press release is quoted as saying:

Silver production increased 18% to a record 1.4 million ounces, compared to the first quarter of fiscal year 2010 (“Q1 2010″), Net earnings increased 88% to $14.1 million, or $0.09 per share, Sales increased 63% to a record $36.7 million, driven by increased quantities of silver, lead and zinc sold combined with higher realized selling prices, Cash flow from operations increased 123% to $23.2 million, or $0.14 per share, Total production cost of negative $5.21 per ounce of silver and cash cost of negative $6.31 per ounce of silver positions Silvercorp as an industry leading low cost silver producer, Received the Environmental Permit for the GC Project from the Department of Environmental Protection of Guangdong Province, a key requirement for the mining permit application to the Ministry of Land and Resources of China, Dividend payment of $3.2 million, or CAD$0.02 per share, Total cash, cash equivalents and short term investments increased to $106.1 million.

Click here to access the entire press release

Click here to access Silvercorp Metals Inc. Corporate Site