Precious Metals

Trading Symbol: TSX/NYSE AMERICAN: SVM

Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports production and sales figures for fiscal year 2021 ended March 31, 2021 ("Fiscal 2021"). The Company's Fiscal 2021 financial results are expected to be released on Thursday, May 20, 2021 after market close.

Silvercorp Metals Inc.logo (CNW Group/Silvercorp Metals Inc)

In Fiscal 2021, the Company produced approximately 6.3 million ounces of silver and 68.4 million pounds of lead, meeting the production guidance of between 6.2 – 6.5 million ounces of silver and 66.1 – 68.5 million pounds of lead. The Company also produced approximately 28.0 million pounds of zinc, beating the guidance to produce between 24.5 – 26.7 million pounds of zinc.

FISCAL 2021 OPERATING HIGHLIGHTS

  • At the Ying Mining District, ore mined was 650,025 tonnes, up 8.7% over Fiscal 2020, and ore milled was 651,402 tonnes, up 8.3% over Fiscal 2020. Approximately 5.6 million ounces of silver, 3,500 ounces of gold, 57.9 million pounds of lead, and 6.9 million pounds of zinc were produced, representing increases of 0.4% in silver production, 6.1% in gold production, and 2.6% in lead production, and a decrease of 5.7% in zinc production over Fiscal 2020.

  • At the GC Mine, ore mined was 314,900 tonnes, up 9.5% over Fiscal 2020, and ore milled was 316,179 tonnes, up 8.8% over Fiscal 2020. Approximately 716 thousand ounces of silver, 10.5 million pounds of lead, and 21.1 million pounds of zinc were produced, representing increases of 2.4% in silver production and 15.6% in zinc production, and a decrease of 3.6% in lead production over Fiscal 2020.

  • On a consolidated basis, ore mined was 964,925 tonnes, up 8.9% over Fiscal 2020, with ore milled of 967,582 tonnes, up 8.4% over Fiscal 2020. Approximately 6.3 million ounces of silver, 3,500 ounces of gold, 68.4 million pounds of lead, and 28.0 million pounds of zinc were produced, up 0.6%, 6.1%, 1.6%, and 9.5%, respectively, over Fiscal 2020.

  • On a consolidated basis, Silvercorp sold approximately 6.3 million ounces of silver, 4,700 ounces of gold, 67.1 million pounds of lead, and 27.9 million pounds of zinc, up 0.9%, 42.8%, 2.7%, and 9.9%, respectively, over Fiscal 2020.

The operational results for the full year Fiscal 2021 are summarized as follows:




Year ended March 31, 2021


Year ended March 31, 2020



Ying Mining
District

GC

BYP

Consolidated


Ying Mining
District

GC

Consolidated











Production Data










Ore Mined (tonne)

650,025

314,900

-

964,925


598,197

287,633

885,830


Ore Milled (tonne)

651,402

316,179

-

967,581


601,605

290,610

892,215





-







Head Grades



-







Silver (gram/tonne)

290

85

-

223


309

97

240


Lead  (%)

4.3

1.7

-

3.4


4.6

1.9

3.7


Zinc (%)

0.8

3.4

-

1.7


0.9

3.3

1.7












Recovery Rates










Silver  (%)

94.2

82.5

-

92.7


96.0

77.4

93.5


Lead  (%)

96.0

89.6

-

95.0


95.9

89.3

94.8


Zinc (%)

62.4

88.2

-

80.0


63.2

86.0

77.8











Sales Data










Silver (in thousands of ounces)

5,610

705

-

6,315


5,558

699

6,257


Gold  (in thousands of ounces)

3.5

-

1.2

4.7


3.3

-

3.3


Lead (in thousands of pounds)

56,708

10,410

-

67,118


54,459

10,885

65,344


Zinc  (in thousands of pounds)

6,968

20,946

-

27,914


7,264

18,137

25,401











Metal production










Silver (in thousands of ounces)

5,615

716

-

6,330


5,592

699

6,291


Gold  (in thousands of ounces)

3.5

-

-

3.5


3.3

-

3.3


Lead  (in thousands of pounds)

57,886

10,544

-

68,430


56,436

10,937

67,373


Zinc   (in thousands of pounds)

6,916

21,096

-

28,012


7,337

18,244

25,581

The operational results for the fourth quarter ended March 31, 2021 ("Q4 Fiscal 2021") are summarized as follows:



Three months ended March 31, 2021


Three months ended March 31, 2021



Ying Mining
District

GC

Consolidated


Ying Mining
District

GC

Consolidated










Production Data









Ore Mined (tonne)

112,561

50,511

163,072


69,379

37,216

106,595


Ore Milled (tonne)

131,725

48,949

180,674


69,188

33,243

102,431











Head Grades









Silver (gram/tonne)

280

87

228


297

94

231


Lead  (%)

3.9

1.7

3.3


4.6

1.8

3.7


Zinc (%)

0.8

3.3

1.5


1.0

3.5

1.8











Recovery Rates









Silver  (%)

93.7

81.9

92.5


95.3

80.7

93.4


Lead  (%)

95.1

89.7

94.4


95.7

90.4

94.8


Zinc (%)

65.0

88.2

79.0


67.7

87.7

80.3










Sales Data









Silver (in thousands of ounces)

936

120

1,056


711

89

800


Gold  (in thousands of ounces)

0.7

-

0.7


0.5

-

0.5


Lead (in thousands of pounds)

9,137

1,739

10,876


8,322

1,332

9,654


Zinc  (in thousands of pounds)

1,306

3,274

4,580


865

2,194

3,059










Metal production









Silver (in thousands of ounces)

1,083

112

1,195


614

82

696


Gold (in thousands of ounces)

0.3

-

0.3


0.2

-

0.2


Lead (in thousands of pounds)

10,504

1,652

12,156


6,573

1,199

7,772


Zinc (in thousands of pounds)

1,496

3,176

4,672


999

2,277

3,276

Ying Mining District

In Q4 Fiscal 2021, ore mined at the Ying Mining District was 112,561 tonnes, an increase of 62%, compared to 69,379 tonnes in the fourth quarter of Fiscal 2020 ("Q4 Fiscal 2020"). Ore milled was 131,725 tonnes, with average head grades of 280 grams per tonne ("g/t") for silver, 3.9% for lead, and 0.8% for zinc, compared to 69,188 tonnes of ore milled with average head grades of 297 g/t for silver, 4.6% for lead, and 1.0% for zinc in Q4 Fiscal 2020. The Company mined and processed increased ore during the quarter as result of an extra month shutdown due to Covid-19 in Q4 Fiscal 2020. Metals production at the Ying Mining District in Q4 Fiscal 2021 was approximately 1.1 million ounces of silver, 300 ounces of gold, 10.5 million pounds of lead, and 1.5 million pounds of zinc, compared to approximately 0.6 million ounces of silver, 200 ounces of gold, 6.6 million pounds of lead, and 1.0 million pounds of zinc in Q4 Fiscal 2020.

In Fiscal 2021, metals production at the Ying Mining District was approximately 5.6 million ounces of silver, 3,500 ounces of gold, 57.9 million pounds of lead and 6.9 million pounds of zinc, compared to approximately 5.6 million ounces of silver, 3,300 ounces of gold, 56.4 million pounds of lead and 7.3 million pounds of zinc in Fiscal 2020. The Ying Mining District met its guidance to produce between 5.6 – 5.8 million ounces of silver and 56.6 – 58.0 million pounds of lead, but was slightly below its guidance to produce between 7.0 – 8.0 million pounds of zinc in Fiscal 2021.

GC Mine

In Q4 Fiscal 2021, ore mined at the GC Mine was 50,511 tonnes, an increase of 36% compared to 37,216 tonnes in Q4 Fiscal 2020. Ore milled was 48,949 tonnes, with average head grades of 87 g/t for silver, 1.7% for lead, and 3.3% for zinc, compared to 33,243 tonnes of ore milled with average head grades of 94 g/t for silver, 1.8% for lead and 3.5% for zinc in Q4 Fiscal 2020. Metals production at the GC Mine in Q4 Fiscal 2021 was approximately 112 thousand ounces of silver, 1.7 million pounds of lead, and 3.2 million pounds of zinc, compared to approximately 82 thousand ounces of silver, 1.2 million pounds of lead, and 2.3 million pounds of zinc in Q4 Fiscal 2020.

In Fiscal 2021, metals production at the GC Mine was approximately 716 thousand ounces of silver, 10.5 million pounds of lead, and 21.1 million pounds of zinc, compared to approximately 699 thousand ounces of silver, 10.9 million pounds of lead, and 18.2 million pounds of zinc in Fiscal 2020. The GC Mine met or surpassed its guidance to produce between 600 – 700 thousand ounces of silver, 9.5 – 10.5 million pounds of lead, and 17.5 – 18.7 million pounds of zinc in Fiscal 2021.

About Silvercorp

Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China .  The Company's goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects.  Silvercorp balances profitability, social and environmental relationships, employees' wellbeing, and sustainable development. For more information, please visit our website at 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: social and economic impacts 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".  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.

Cision View original content to download multimedia: http://www.prnewswire.com/news-releases/silvercorp-reports-operational-results-and-the-financial-results-release-date-for-fiscal-2021-301270191.html

SOURCE Silvercorp Metals Inc

News Provided by PR Newswire via QuoteMedia

CMX Gold & Silver

CMX Gold & Silver: Restarting the Past-Producing Clayton Silver Mine in Idaho

CMX Gold & Silver (CSE:CXC,OTC:CXXMF) is an exploration and development mining company, focused on Idaho's historic gold and silver assets. The company’s flagship project is the Clayton Silver Mine, a past-producing asset that operated for 50 years and has historically mined over two million tonnes of ore. CMX Gold & Silver also has a stockpile of at least 500,000 tonnes of rock and plans to generate cash flow in 2023 by processing the stockpile. The company has a strong capital structure with no legacy or sweat equity debt.

investingnews.com

Keep reading...Show less

MAG Silver Reports First Quarter Financial Results

MAG Silver Corp. (TSX NYSE American: MAG) ("MAG," "MAG Silver" or the "Company") announces the Company's unaudited financial results for the three months ended March 31, 2022. For details of the unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the three months ended March 31, 2022, please see the Company's filings on SEDAR ( www.sedar.com ) or on EDGAR ( www.sec.gov ).

All amounts herein are reported in $000s of United States dollars ("US$") unless otherwise specified.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Silver Hammer President Morgan Lekstrom

Silver Hammer President Morgan Lekstrom: Modern Approaches to Historical Deposits

Silver Hammer President Morgan Lekstrom: Modern Approaches to Historical Silver Depositsyoutu.be

Keep reading...Show less
Galena Mining

Abra Construction 63% Complete At End of April

GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to announce that the construction progress at its Abra Base Metals Mine (“Abra” or the “Project”) has reached 63% complete on 30 April 2022. Construction achievements during the month include completion of the first 1,000m of decline development and the commencement of the mining the first underground diamond drill chamber. Both GR Engineering Services Ltd. (“GR Engineering”) and Contract Power Australia Pty. Ltd. have made excellent progress at the processing plant and the power station sites.

Keep reading...Show less

Endeavour Silver Announces 2022 Annual General Meeting Voting Results

Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to announce that at the Company's 2022 Annual General Meeting ("AGM") held on May 12, 2022 in Vancouver, shareholders voted in favour of all items of business. A total of 74,416,771 votes were cast or represented by proxy at the AGM, representing 43.57% of the outstanding common shares as of the record date. The following is a tabulation of the votes submitted by proxy:


DIRECTORS

NUMBER OF SHARES PERCENTAGE OF VOTES
CAST
FOR WITHHELD/
ABSTAIN
FOR WITHHELD
Margaret M. Beck 44,199,571 1,947,032 95.78% 4.22%
Ricardo M. Campoy 44,287,849 1,858,754 95.97% 4.03%
Bradford J. Cooke 42,952,074 3,194,529 93.08% 6.92%
Daniel Dickson 45,220,569 926,034 97.99% 2.01%
Amy Jacobsen 45,163,634 982,969 97.87% 2.13%
Rex J. McLennan 42,409,137 3,737,465 91.90% 8.10%
Kenneth Pickering 44,867,006 1,279,596 97.23% 2.77%
Mario D. Szotlender 44,085,535 2,061,067 95.53% 4.47%

All director nominees were re-elected.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Release - Endeavour Silver Announces 2022 Annual General Meeting Voting Results

Endeavour Silver Corp. ("Endeavour" or the "Company") (NYSE: EXK; TSX: EDR) is pleased to announce that at the Company's 2022 Annual General Meeting ("AGM") held on May 12, 2022 in Vancouver, shareholders voted in favour of all items of business. A total of 74,416,771 votes were cast or represented by proxy at the AGM, representing 43.57% of the outstanding common shares as of the record date. Read More >>

News Provided by Channelchek via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×