Silvercorp Reports Net Income of $7.5 Million ($0.05 EPS) on Record Silver Sales in First Quarter

• Press Release
• Source: Silvercorp Metals Inc.
• On 5:24 pm EDT, Thursday August 13, 2009

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 08/13/09) - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM - News)(AMEX:SVM - News) reports its unaudited financial and operating results for the first quarter ended June 30, 2009. The financial results are expressed in US dollars (US$) unless stated otherwise.

FIRST QUARTER HIGHLIGHTS

- Net earnings of $7.5 million or $0.05 per share, compared to $1.2 million or $0.01 per share last quarter and $11.6 million or $0.08 per share in the same quarter last year;

- Produced a record 1.2 million ounces of silver and 16.0 million pounds of lead, representing 6% and 11% increases, compared to 1.1 million ounces of silver and 14.4 million pounds of lead produced, respectively, in the same quarter last year;

- The total production cost was negative $4.29 per ounce of silver and the cash cost was negative $5.09 per ounce of silver, making Silvercorp an industry leading low-cost producer;

- Generated $10.4 million cash from operating activities or $0.06 per share;

- Total cash, cash equivalents and short term investments increased by $10.3 million to $75.7 million;

- Silver head grade at the Ying Mine was 488 g/t, up 23% compared to the same quarter last year; and

- Completed a NI 43-101 mineral resource update from the GC project in Guangdong Province, China, increasing Measured and Indicated mineral resources by 250% to 28.5 million ounces of silver.

FINANCIALS

Silvercorp produced 6% more silver and 11% more lead in this quarter, compared to the same quarter last year. Sales revenue for this quarter was $22.6 million compared to $30.9 million in the same quarter last year. This 26.8% reduction was the result of substantially lower net smelter return (NSR) prices (quoted market metal prices less smelter charges and value added tax) for silver and base metals. Cost of sales for this quarter was $5.9 million, representing a 37.9% reduction compared to the same quarter last year despite the increase in the quantities of silver and lead produced. The cost reduction is a reflection of improved operations and cost controls. Even with lower NSR prices, gross profit margin this quarter improved to 74% from 69% in the same quarter last year. The consolidated net income for the first quarter was $7.5 million or $0.05 per share, representing a decrease of 35.4% compared to $11.6 million or $0.08 per share in the same quarter last year.

Cash and cash equivalents plus short-term investments increased by $10.3 million to $75.7 million (March 31, 2009 - $65.4 million). The 15.7% increase is mainly due to $10.4 million cash generated by operating activities and a $2.9 million line of credit drawn, offset by $3.0 million of capital expenditures and $2.8 million of cash dividend payments.

OPERATIONS

Silvercorp mined 103,923 tonnes of ore during the first quarter, 32,021 tonnes less than the same quarter last year, as operations at the TLP, LM and HPG mines were only partially resumed following the suspension of operations at the end of 2008.

During the quarter, mining production was primarily from the Ying Mine. Ores mined from the Ying Mine were 86,248 tonnes, 7% higher than the same quarter last year, with silver head grades improving to 488 g/t from 396 g/t in the prior year period. Cash cost per ounce of silver for the first quarter was negative $5.00, compared with negative $7.42 per ounce of silver in the same quarter last year, but an improvement from the prior quarter of negative $3.62 per ounce. The improvement in cash cost per ounce of silver was mainly driven by higher realized by-products prices.

The operating results for the past five quarters at the Ying Mine are summarized as follows:

�

---------------------------------------------------------------------------
                        Q1 2010    Q4 2009    Q3 2009    Q2 2009    Q1 2009
                      30-Jun-09  31-Mar-09  31-Dec-08  30-Sep-08  30-Jun-08
---------------------------------------------------------------------------
Ores Mined (tonne)
 Direct Smelting
  Ores (tonne)            3,773      2,610      3,114      2,387      3,071
 Ores to be
  milled (tonne)         82,475     55,232     77,968     71,456     77,567
                      -----------------------------------------------------
                         86,248     57,842     81,082     73,843     80,638
---------------------------------------------------------------------------
Run of Mine
 Ores (tonne)
 Direct Smelting
  Ores (tonne)            3,773      2,726      3,114      2,387      3,071
 Ores Milled (tonne)     77,330     60,167     70,854     69,493     74,691
                      -----------------------------------------------------
                         81,103     62,893     73,968     71,880     77,762
---------------------------------------------------------------------------
Head Grades of Run
 of Mine Ores
 Silver (gram/tonne)      488.1      486.7      420.2      331.2      396.0
 Lead (%)                   9.1        9.1        7.7        6.0        6.7
 Zinc (%)                   3.1        3.1        2.6        2.5        3.3
---------------------------------------------------------------------------
Recovery Rate of the
 Run of Mine Ores
 Silver (%)                93.3       93.1       92.9       91.3       90.7
 Lead (%)                  96.5       97.2       96.7       95.6       95.9
 Zinc (%)                  76.3       69.4       78.1       68.2       72.0
---------------------------------------------------------------------------
Cash Mining cost
 ($ per tonne)            42.27      45.44      45.10      55.71      55.61
Total Mining cost
 ($ per tonne)            52.70      58.71      61.60      72.86      69.44
Cash Milling cost
 ($ per tonne)            10.84      10.57      10.32      11.24      10.80
Total Milling cost
 ($ per tonne)            11.74      11.76      11.24      12.24      11.75
---------------------------------------------------------------------------
Production Cost per
 Ounce of Silver,
 adjusted for
 by-product credits       (4.19)     (3.24)      0.18      (3.44)     (7.28)
Cash Cost per Ounce
 of Silver, adjusted
 for by-product
 credits                  (5.00)     (3.62)     (1.39)     (5.14)     (7.42)
---------------------------------------------------------------------------

NSR PRICES

The NSR prices for the past five quarters are as follows:

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---------------------------------------------------------------------------
                                      For the quarter ended
                      June 30, March 31, December 31, September 30, June 30,
                         2009      2009         2008          2008     2008
---------------------------------------------------------------------------
Silver (US$/oz)          9.89      8.68         7.34         11.99    13.93
Gold (US$/oz)             573       648          449           621      661
Lead (US$/lb)            0.56      0.52         0.41          0.81     0.89
Zinc (US$/lb)            0.46      0.37         0.28          0.41     0.55
---------------------------------------------------------------------------

In the quarter, the NSR prices for silver, lead and zinc all increased as a result of improved quoted metal prices and reduced smelter chargers. In particular, the NSR prices of silver and lead improved to 85% of quoted metal prices (net of value added tax) from 80% in the previous quarter.

OUTLOOK

The Company's production outlook for fiscal 2010 is 410,000 tonnes, of which 260,000 tonnes will be mined from the Ying mine; 100,000 tonnes from TLP; 30,000 tonnes from HPG; and 20,000 tonnes from LM. Silver production is expected to be around 4.65 to 5.05 million ounces in fiscal 2010. Capital expenditures are budgeted at $16 million for the Ying camp, of which $11 million are for exploration drilling at the Ying mine and $5 million are for exploration drilling and mine development at the TLP, LM and HPG mines.

At the Ying camp, the Company is carrying out a regional IP geophysical program, aiming to define drill targets outside the current mining areas.

At the GC project in Guangdong Province, China, the Company has made the following progress in applying for a mining permit and advancing the project towards production:

- An Environmental Assessment Report was completed in March 2009 and has passed a review by an expert panel appointed by the Environmental Protection Bureau of Guangdong Province and by the local community. The panel has recommended that the Environmental Protection Bureau approve the GC project mining development. Pending receipt of the final approval from the Environmental Protection Bureau, a mining permit application can be submitted to the Ministry of Land and Resources of China in Beijing.

- In June 2009, the Company completed a NI 43-101 technical report update for the GC Ag-Pb-Zn project. Using a 150 g/t silver equivalent cutoff grade, the GC deposit contains 28.5 million ounces of silver, 96,000 tonnes of lead, and 214,000 tonnes of zinc in the Measured and Indicated categories and 30.8 million ounces of silver, 115,000 tonnes of lead and 213,000 tonnes of zinc in the Inferred category.

- The Company has engaged a Chinese engineering firm with Class A qualifications in mine and mill designs to provide a full mine and mill design for the GC project. This will be equivalent to a feasibility study in Canada.

- The Company has budgeted approximately $4 million for the GC project in fiscal 2010 for exploration reports, mine and mill designs, and for permitting. This brings the Company's overall capital expenditures budget for fiscal 2010 to $20 million.

Silvercorp continues to pursue future growth opportunities by carrying out an aggressive exploration program within the existing exploration and mining permit areas as well as acquiring projects in China and other jurisdictions.

CONFERENCE CALL AND WEBCAST INFORMATION

A conference call and live audio webcast to discuss these results have been scheduled as follows:

Date: Friday, August 14, 2009

Time: 7:00 am PT (10:00 am ET)

Dial-In Number: 1-612-332-0530

Live audio webcast: www.silvercorp.ca (click on the link on the home page)

Playback webcast can be accessed at: www.silvercorp.ca

About Silvercorp Metals Inc.

Silvercorp Metals Inc., China's largest primary silver producer, is engaged in the acquisition, exploration and development of silver related mineral properties located in the People's Republic of China ("China"). Silvercorp Metals Inc. is operating and developing four Silver-Lead-Zinc mines at the highly profitable Ying Mining Camp, Henan Province, China. Silvercorp is also applying for a mining permit at its 95% owned, GC&SMT property to profitably mine and produce silver, lead and zinc in Guangdong Province, China. The Company's common shares are included as a component of the S&P/TSX Composite and the S&P/TSX Global Mining Indexes.

CAUTIONARY DISCLAIMER -- FORWARD LOOKING STATEMENTS

Statements in this press release other than purely historical factual information, including statements relating to mineral resources and reserves, or the Company's future plans and objectives, or expected production levels, exploration, head grades, recovery rates, cash flows, acquisitions, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration, development, and mining. Production projections are based not on mineral reserves but on mineral resources which do not have demonstrated economic viability. There can be no assurance that such forward-looking statements, including those in the outlook section, will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein.

�

SILVERCORP METALS INC.
Unaudited Consolidated Balance Sheets
--------------------------------------------------------------------------

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

                                                   June 30,       March 31,
                                                      2009            2009
--------------------------------------------------------------------------
ASSETS

Current Assets
 Cash and cash equivalents                  $       53,744  $       41,470
 Short term investments                             21,933          23,962
 Restricted cash                                         -             732
 Accounts receivable, prepaids and deposits          2,285           2,933
 Inventories                                         2,550           1,529
 Current portion of future income tax assets             -             143
 Amounts due from related parties                      246             249
--------------------------------------------------------------------------
                                                    80,758          71,018

Long term prepaids                                   1,390           1,058
Long term investments                               12,562          12,186
Restricted cash                                        298             293
Property, plant and equipment                       29,224          29,072
Mineral rights and properties                       96,554          89,413
Future income tax assets                             2,485           2,162
--------------------------------------------------------------------------
                                            $      223,271  $      205,202
--------------------------------------------------------------------------
--------------------------------------------------------------------------

LIABILITIES

Current Liabilities
 Accounts payable and accrued liabilities   $        9,122  $        8,533
 Deposits received                                   2,577           1,290
 Bank loan and notes payable                         2,928             658
 Dividends payable                                   2,780           2,564
 Income tax payable                                    642           3,041
 Amounts due to related parties                      7,336           7,353
--------------------------------------------------------------------------
                                                    25,385          23,439

Future income tax liabilities                       19,681          19,678
Asset retirement obligations                         2,061           2,029
--------------------------------------------------------------------------
                                                    47,127          45,146

Non-controlling interests                           10,628           7,610

SHAREHOLDERS' EQUITY

Share capital                                      135,604         135,604
Contributed surplus                                  4,155           3,764
Reserves                                            31,893          31,893
Accumulated other comprehensive loss                (2,205)        (10,167)
Deficit                                             (3,931)         (8,648)
--------------------------------------------------------------------------
                                                   165,516         152,446
--------------------------------------------------------------------------

                                            $      223,271  $      205,202
--------------------------------------------------------------------------
--------------------------------------------------------------------------


Approved on behalf of the Board:

(Signed) Robert Gayton
---------------------------------------------
Director

(Signed) Rui Feng
---------------------------------------------
Director


SILVERCORP METALS INC.
Unaudited Consolidated Statement of Operations
--------------------------------------------------------------------------

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

                                                Three months ended June 30,
                                            ------------------------------
                                                      2009            2008
--------------------------------------------------------------------------

Sales                                       $       22,571  $       30,859
--------------------------------------------------------------------------

Cost of sales                                        4,972           7,939
Amortization and depletion                             929           1,568
--------------------------------------------------------------------------
                                                     5,901           9,507
--------------------------------------------------------------------------

Gross profit                                        16,670          21,352
--------------------------------------------------------------------------

Expenses
 Accretion of asset retirement obligations              30              19
 Amortization                                          202             293
 Foreign exchange loss (gain)                       (1,516)            120
 General exploration and property
 investigation expenses                              2,307             479
 Impairment charges and bad debt                       777               -
 Investor relations                                     71              95
 General and administrative                          2,725           2,948
 Professional fees                                     575             290
--------------------------------------------------------------------------
                                                     5,171           4,244
--------------------------------------------------------------------------
                                                    11,499          17,108

Other income and expenses
 Equity loss in investment                             (82)           (205)
 Loss on disposal of property, plant and
  equipment                                           (256)             (9)
 Interest income                                       238             777
 Other income                                          160              29
--------------------------------------------------------------------------
                                                        60             592

Income before income taxes and
 non-controlling interests                          11,559          17,700

Income tax expense (recovery)
 Current                                             1,578           2,040
 Future                                               (186)           (153)
--------------------------------------------------------------------------
                                                     1,392           1,887

Income before non-controlling interests             10,167          15,813

Non-controlling interests                           (2,680)         (4,212)
--------------------------------------------------------------------------

Net income                                  $        7,487  $       11,601
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Basic earnings per share                    $         0.05  $         0.08
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Diluted earnings per share                  $         0.05  $         0.08
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Weighted Average Number of Shares
 Outstanding - Basic                           161,587,001     151,655,320
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Weighted Average Number of Shares
 Outstanding - Diluted                         162,915,490     153,178,476
--------------------------------------------------------------------------
--------------------------------------------------------------------------


SILVERCORP METALS INC.
Unaudited Consolidated Statements of Comprehensive Income
--------------------------------------------------------------------------

(Expressed in thousands of U.S. dollars)

                                                Three months ended June 30,
                                            ------------------------------
                                                      2009            2008
--------------------------------------------------------------------------

Net income                                  $        7,487  $       11,601
Other comprehensive income (loss),
 net of taxes:
 Unrealized loss on available for
  sale securities                                        -             (69)
 Reclassification adjustments of unrealized
  loss due to impairment of
  available-for-sale securities                        195               -
 Unrealized exchange gain (loss) on
  translation of self-sustaining foreign
  operations                                        (7,151)          1,826
 Unrealized exchange gain on translation of
  functional currency to reporting currency         14,918           1,658
--------------------------------------------------------------------------
Other comprehensive income                           7,962           3,415
--------------------------------------------------------------------------
Comprehensive income                        $       15,449  $       15,016
--------------------------------------------------------------------------
--------------------------------------------------------------------------


SILVERCORP METALS INC.
Unaudited Consolidated Statements of Cash Flows
--------------------------------------------------------------------------

(Expressed in thousands of U.S. dollars)

                                                Three months ended June 30,
                                            ------------------------------
                                                      2009            2008
--------------------------------------------------------------------------
Cash provided by (used for)

Operating activities
 Net income for the period                  $        7,487  $       11,601
 Add (deduct) items not affecting cash:
  Accretion of asset retirement obligations             30              19
  Amortization                                       1,131           1,568
  Equity investment loss                                82             205
  Future income tax recovery                          (186)           (153)
  Impairment charges and bad debt                      777               -
  Loss on disposal of property, plant,
   and equipment                                       256              10
  Non-controlling interests                          2,680           4,211
  Stock-based compensation                             391             567
  Unrealized foreign exchange gain                  (1,516)              -
--------------------------------------------------------------------------
                                                    11,132          18,028

 Net change in non-cash working capital
  Accounts receivable and prepaids                     139          (5,656)
  Inventory                                           (950)         (2,025)
  Restricted cash                                      726               -
  Accounts payable and accrued liabilities             387          15,324
  Income tax payable                                (2,335)           (359)
  Deposits received                                  1,286            (241)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
 Cash provided by operating activities              10,385          25,071
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Investing activities
 Acquisition of mineral rights and
  properties                                        (2,173)        (31,477)
 Acquisition of property, plant, and
  equipment                                           (389)         (3,830)
 Decrease in short term investments                  4,053           5,063
 Decrease (increase) in long term prepaids            (420)          2,957
 Proceeds from disposal of property, plant,
  and equipment                                          -             157
--------------------------------------------------------------------------
 Cash provided by (used in) investing
  activities                                         1,071         (27,130)
--------------------------------------------------------------------------

Financing activities
 Repayment from (advance to) related
  parties                                              (21)            108
 Bank loans                                          2,928               -
 Repayment of bankers acceptance                      (658)              -
 Cash dividends distributed                         (2,770)              -
 Share subscriptions for cash, net of
  commission and expenses                                -              21
 Shares returned to treasury for
  cancellation                                           -          (4,655)
--------------------------------------------------------------------------
 Cash used in financing activities                    (521)         (4,526)
--------------------------------------------------------------------------

Effect of exchange rate changes on cash and
 cash equivalents                                    1,339           2,084

Increase (decrease) in cash and cash
 equivalents                                        12,274          (4,501)

Cash and cash equivalents, beginning of
 period                                             41,470          47,093
--------------------------------------------------------------------------

Cash and cash equivalents, end of period    $       53,744  $       42,592
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Supplemental information:
 Interest paid                              $            2  $            -
 Income tax paid                            $        3,977  $        2,040

Non-cash investing activities:
 Common shares issued for mineral rights
  and properties                            $            -  $       36,484


SILVERCORP METALS INC.
Unaudited Consolidated Statements of Shareholders' Equity

(Expressed in thousands of U.S. dollars, except for numbers of shares
 figures)

---------------------------------------------------------------------------
                                 Share capital
                            ----------------------
                              Number of             Contributed
                                 shares     Amount      surplus    Reserves
---------------------------------------------------------------------------
Balance, March 31, 2008     149,416,476  $  78,334  $     1,722  $    2,078
Options exercised                 4,482         22            -           -
Shares issued for property    4,532,543     36,485            -           -
Financing                    10,000,000     24,205
Net of shares
 issuance costs                             (1,570)           -           -
Cancellation of shares
 under normal course
 issuer bid                  (2,366,500)    (1,885)         (47)          -
Value of options
 transferred upon
 exercised                            -         13          (13)          -
Stock based compensation              -          -        2,102           -
Unrealized loss on
 available for sale
 securities                           -          -            -           -
Appropriation to reserves             -          -            -      29,815
Cash dividends declared
 and distributed                      -          -            -           -
Loss of the year                      -          -            -           -
Unrealized gain on
 translation of
 self-sustaining operation            -          -                        -
Unrealized loss on
 translation of
 functional currency to
 reporting currency                   -          -            -           -
---------------------------------------------------------------------------
Balance, March 31, 2009     161,587,001    135,604        3,764      31,893
Stock based compensation              -          -          391           -
Reclassification
 adjustments of
 unrealized loss due to
 impairment of available-
 for-sale securities
 (net of tax)                         -          -            -           -
Cash dividends declared
 and distributed                      -          -            -           -
Earnings of the period                -          -            -           -
Unrealized loss on
 translation of
 self-sustaining operation            -          -            -           -
Unrealized gain on
 translation of functional
 currency to reporting
 currency                             -          -            -           -
---------------------------------------------------------------------------
Balance, June 30, 2009      161,587,001  $ 135,604  $     4,155  $   31,893
---------------------------------------------------------------------------
---------------------------------------------------------------------------


---------------------------------------------------------------------------
                                       Accumulated                    Total
                                             other     Retained       share-
                                     comprehensive     earnings     holders'
                                      income (loss)    (deficit)     equity
---------------------------------------------------------------------------
Balance, March 31, 2008                     14,122  $    52,736  $  148,992
Options exercised                                -            -          22
Shares issued for property                       -            -      36,485
Financing                                                            24,205
Net of shares
 issuance costs                                  -            -      (1,570)
Cancellation of shares
 under normal course
 issuer bid                                      -       (7,542)     (9,474)
Value of options
 transferred upon
 exercised                                       -            -           -
Stock based compensation                         -            -       2,102
Unrealized loss on
 available for sale
 securities                                   (155)           -        (155)
Appropriation to reserves                        -      (29,815)          -
Cash dividends declared
 and distributed                                 -       (8,030)     (8,030)
Loss of the year                                 -      (15,997)    (15,997)
Unrealized gain on
 translation of
 self-sustaining operation                  11,270            -      11,270
Unrealized loss on
 translation of
 functional currency to
 reporting currency                        (35,404)           -     (35,404)
---------------------------------------------------------------------------
Balance, March 31, 2009                    (10,167)      (8,648)    152,446
Stock based compensation                         -            -         391
Reclassification
 adjustments of
 unrealized loss due to
 impairment of available-
 for-sale securities
 (net of tax)                                  195            -         195
Cash dividends declared
 and distributed                                 -       (2,770)     (2,770)
Earnings of the period                           -        7,487       7,487
Unrealized loss on
 translation of
 self-sustaining operation                  (7,151)           -      (7,151)
Unrealized gain on
 translation of functional
 currency to reporting
 currency                                   14,918            -      14,918
---------------------------------------------------------------------------
Balance, June 30, 2009                      (2,205) $    (3,931) $  165,516
---------------------------------------------------------------------------
---------------------------------------------------------------------------


SILVERCORP METALS INC.
Mining Data
---------------------------------------------------------------------------
The following table summarizes historical operating information for each
mine and consolidated totals for the quarter ended June 30, 2009:

Q1 Fiscal 2010                       Three months ended June 30, 2009
                             ----------------------------------------------
                                                                    Consoli-
                                  YING       HPG      TLP       LM   dation
                             ----------------------------------------------

Production Data
  Mine Data
    Ore Mined (tonne)
    Direct Smelting
     Ores (tonne)                3,773       107        5        -    3,885
    Stockpiled Ores (tonne)     82,475     9,463    4,184    3,916  100,038
                             ----------------------------------------------
                                86,248     9,570    4,189    3,916  103,923
                             ----------------------------------------------
  Run of Mine Ore (tonne)
    Direct Smelting
     Ores (tonne)                3,773       107        5        -    3,885
    Ores Milled (tonne)         77,330     7,407      645      473   85,855
                             ----------------------------------------------
                                81,103     7,514      650      473   89,740
                             ----------------------------------------------

  Mining cost per tonne of
   ore mined ($)                 52.70     35.67    61.50    91.50    52.95
    Cash mining cost per
     tonne of ore mined ($)      42.27     33.34    57.72    83.20    43.61
    Non cash mining cost per
     tonne of ore mined ($)      10.43      2.33     3.78     8.30     9.34

  Unit shipping costs             3.55      3.56     2.72     2.72     3.49

  Milling cost per tonne of
   ore milled ($)                11.74     14.31    15.11    14.25    12.01
    Cash milling cost per
     tonne of ore milled ($)     10.84     13.35    14.01    13.15    11.09
    Non cash milling cost per
     tonne of ore milled ($)      0.90      0.96     1.10     1.10     0.92

  Average Production Cost
    Silver ($ per ounce)          2.52      4.03     1.57     4.97     2.59
    Gold ($ per ounce)          114.46    273.17        -        -   149.67
    Lead ($ per pound)            0.14      0.22     0.10     0.30     0.15
    Zinc ($ per pound)            0.12      0.19        -        -     0.12

  Total production cost per
   ounce of Silver ($)           (4.19)    (9.79)   (4.86)    2.83    (4.29)
  Total cash cost per ounce
   of Silver ($)                 (5.00)   (10.04)   (5.24)    2.26    (5.09)

  Total Recovery of the Run
   of Mine Ores
    Silver (%)                    93.3      86.7     89.9     89.7     89.0
    Lead (%)                      96.5      95.9     94.5     66.7     93.5
    Zinc (%)                      76.3      75.4        -        -     71.0

  Head Grades of Run of
   Mine Ores
    Silver (gram/tonne)          488.1     141.2     78.7    432.1    455.8
    Lead (%)                       9.1       6.5      5.9      6.8      8.8
    Zinc (%)                       3.1       1.3        -        -      2.9

Sales Data
  Metal Sales
    Silver (in thousands
     of ounce)                   1,134        28        7         6   1,175
    Gold (in thousands
     of ounce)                     0.1       0.2        -         -     0.3
    Lead (in thousands
     of pound)                  15,017       883       97        46  16,043
    Zinc (in thousands
     of pound)                   3,579       156        -         -   3,736
  Metal Sales
    Silver ($)                  11,228       277       66        53  11,624
    Gold ($)                        58       113        -         -     171
    Lead ($)                     8,489       482       55        26   9,051
    Zinc ($)                     1,652        73        -         -   1,725
                             ----------------------------------------------
                                21,427       945      121        79  22,571
                             ----------------------------------------------
  Average Selling Price,
   Net of Value Added Tax
   and Smelter Charges
    Silver ($ per ounce)          9.90      9.83     9.04      9.20    9.89
    Gold ($ per ounce)          450.03    666.10        -         -  572.50
    Lead ($ per pound)            0.57      0.55     0.57      0.56    0.56
    Zinc ($ per pound)            0.46      0.47        -         -    0.46


SILVERCORP METALS INC.
Mining Data
---------------------------------------------------------------------------
The following table summarizes historical operating information for each
mine and consolidated totals for the quarter ended June 30, 2008:

Q1 Fiscal 2009                       Three months ended June 30, 2008
                             ----------------------------------------------
                                                                    Consoli-
                                  YING       HPG      TLP       LM   dation
                             ----------------------------------------------

Production Data
  Mine Data
    Ore Mined (tonne)
    Direct Smelting
     Ores (tonne)                 3,071      193       53       71    3,388
    Stockpiled Ores (tonne)      77,567   15,330   25,193   14,466  132,556
                             ----------------------------------------------
                                 80,638   15,523   25,246   14,537  135,944
                             ----------------------------------------------

  Run of Mine Ore (tonne)
    Direct Smelting
     Ores (tonne)                 3,071      193       53       71    3,388
    Ores Milled (tonne)          74,691   13,163   23,404   11,516  122,774
                             ----------------------------------------------
                                 77,762   13,356   23,457   11,587  126,162
                             ----------------------------------------------

  Mining cost per tonne of
   ore mined ($)                  63.91    76.94       65      138    73.45
    Cash mining cost per
     tonne of ore mined ($)       53.11     42.1       59       95    57.34
    Non cash mining cost
     per tonne of ore mined ($)   10.80    34.84        6       44    16.11

  Unit shipping costs              3.46     4.27     2.15     4.47     3.39

  Milling cost per tonne of
   ore milled ($)                 11.30    12.79    16.10    22.18    13.39
    Cash milling cost per
     tonne of ore milled ($)      10.41    10.55    14.97    22.18    12.39
    Non cash milling cost per
     tonne of ore milled ($)       0.89     2.24     1.14        -     1.00

  Average Production Cost
    Silver ($ per ounce)           3.28     7.72     9.48     7.22     4.29
    Gold ($ per ounce)            98.36   462.92   361.47   379.68   203.72
    Lead ($ per pound)             0.21     0.46     0.57     0.45     0.27
    Zinc ($ per pound)             0.13     0.28        -        -     0.17

  Total production cost per
   ounce of Silver ($)            (7.28)   (7.74)   (1.73)   10.90    (5.37)
  Total cash cost per ounce
   of Silver ($)                  (7.42)  (15.68)   (3.55)    7.53    (6.79)

  Total Recovery of the Run
   of Mine Ores
    Silver (%)                     90.7     83.8     82.3     87.6     89.0
    Lead (%)                       95.9     93.7        -     84.4     93.5
    Zinc (%)                       72.0     66.4     77.9        -     71.0

  Head Grades of Run of
   Mine Ores
    Silver (gram/tonne)           396.0    248.3    183.0    305.4    331.3
    Lead (%)                        6.7      9.7      2.7      2.0      5.7
    Zinc (%)                        3.3      0.6        -        -      2.0

Sales Data
  Metal Sales
    Silver (in thousands
     of ounce)                      889       72       79       66    1,106
    Gold (in thousands
     of ounce)                        -        1        -        -        1
    Lead (in thousands
     of pound)                   11,250    2,023      829      327   14,428
    Zinc (in thousands
     of pound)                    4,062      103        -        -    4,165
  Metal Sales
    Silver ($)                   12,405    1,012    1,073      916   15,407
    Gold ($)                         17      317       12        2      347
    Lead ($)                     10,039    1,824      681      281   12,825
    Zinc ($)                      2,233       47        -        -    2,280
                             ----------------------------------------------
                                 24,694    3,200    1,766    1,199   30,859
                             ----------------------------------------------
  Average Selling Price,
   Net of Value Added Tax
   and Smelter Charges
    Silver ($ per ounce)          13.95    14.09    13.52    13.90    13.93
    Gold ($ per ounce)           417.95   699.96   427.94   402.43   661.24
    Lead ($ per pound)             0.89     0.90     0.82     0.86     0.89
    Zinc ($ per pound)             0.55     0.46        -        -     0.55

 
Contacts:
Silvercorp Metals Inc.
Rui Feng
Chairman & CEO
(604) 669-9397 or Toll Free 1(888) 224-1881
Silvercorp Metals Inc.
Lorne Waldman
Corporate Secretary
(604) 669-9397 or Toll Free 1(888) 224-1881
(604) 669-9387 (FAX)
info@silvercorp.ca
www.silvercorp.ca