SILVERCORP REPORTS MINERAL RESERVES AND RESOURCES AND EXTENDS LIFE OF MINE TO 2037 AT THE YING MINING DISTRICT
Based on Proven and Probable Mineral Reserves, annual production of silver is projected to average approximately 7.0 million ounces between fiscal 2023 and 2025
Trading Symbol: TSX/NYSE American: SVM
VANCOUVER, BC, Sept. 21, 2022 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) is pleased to report the results of an updated National Instrument ("NI") 43-101 Technical Report on Mineral Resources and Mineral Reserves for the Ying Property ("The Ying 2022 Technical Report") (Mineral Resources and Mineral Reserves effective December 31, 2021), prepared by AMC Mining Consultants (Canada) Ltd. ("AMC"). The Ying 2022 Technical Report covers all the mines in the Ying Property (also referenced as the "Ying Mining District") in Henan Province, China, namely the SGX, HZG, HPG, TLP, LME, LMW and DCG underground mines.
Six of the seven authors of the Ying 2022 Technical Report qualify as independent Qualified Persons ("QPs"). Three of the independent authors have visited the Ying Mining District (latest visit in July 2016), with a more recent planned visit postponed because of the COVID-19 pandemic. The non-independent author, Mr. Guoliang Ma of Silvercorp, has visited the Ying Mining District on numerous occasions, the most recent being June 24 to July 22, 2021. The QPs have examined all aspects of the project, including drill core, underground workings, processing plant and surface infrastructure. The Ying 2022 Technical Report will be made available for review on the SEDAR system and on the Company's website at www.silvercorpmetals.com within 45 days of this news release.
Based on Proven and Probable Mineral Reserves, annual production of silver is projected to average approximately 7.0 million ounces between fiscal 2023 and 2025, 8.0 million ounces between 2026 and 2029, 7.1 million ounces between 2030 and 2032, and 4.0 million ounces between 2033 and 2037, to have a life of mine (LOM) at 15 years. There is also the potential to extend the LOM beyond 2037 via further exploration and development, particularly in areas with identified Inferred Resources.Summary of the Ying 2022 Technical Report
