VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/03/10 -- Silvercorp Metals Inc. ('Silvercorp' or the 'Company') (TSX: SVM)(NYSE: SVM) is pleased to report that it has submitted a mining permit application for the GC Silver-Lead-Zinc Project to the Ministry of Land and Resources (MOLAR) of China. MOLAR has accepted the application along with all supporting documents. The Company expects to receive the mining permit within 45 business days.
Once the GC mining permit is granted, Silvercorp plans to commence construction of a 1,500 tonne-per-day mine and mill operation as the full mine and mill designs for the GC project are close to completion. With the support of local government, Silvercorp is also in the process of purchasing and leasing land used for the project, having discussions with a utility company regarding power supply and related facilities, and reviewing contractors' proposals for mine and mill construction.
For more information on the GC project, please visit Silvercorp's website at www.silvercorp.ca.
About Silvercorp Metals Inc.
Silvercorp Metals Inc. is engaged in the acquisition, exploration, development and mining of high-grade silver-related mineral properties in China and Canada. Silvercorp is the largest primary silver producer in China through the operation and development of four silver-lead-zinc mines at the highly profitable Ying Mining Camp in the Henan Province of China. The company is also applying for a mining permit at the GC property in the Guangdong Province to establish a second base for production in China. Additionally, Silvercorp recently acquired the Silvertip project in northern British Columbia, Canada, as an additional platform for growth and geographic diversification. The Company's shares are traded on the New York Stock Exchange and Toronto Stock Exchange and 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 permitting, construction start times, and others are 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. 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.
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)
investor@silvercorp.ca
www.silvercorp.ca
