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Silvercorp Reports Operational Results and the Financial Results Release Date for the Third Quarter of Fiscal 2021

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Silvercorp Reports Operational Results and the Financial Results Release Date for the Third Quarter of Fiscal 2021

 

 

 

 

 

Silvercorp Metals Inc. (TSX:SVM) (NYSE American: SVM) reports production and sales figures for the third quarter of Fiscal 2021 ended December 31, 2020.  The Company produced approximately 1.7 million ounces of silver, 900 ounces of gold, 17.1 million pounds of lead, and 8.7 million pounds of zinc, and sold approximately 1.6 million ounces of silver, 800 ounces of gold, 16.8 million pounds of lead, and 9.0 million pounds of zinc in Q3 Fiscal 2021.  For the first nine months of Fiscal 2021, the Company produced approximately 5.1 million ounces of silver, 3,200 ounces of gold, 56.3 million pounds of lead, and 23.3 million pounds of zinc.

 

The Company is on track to produce between 6.2 – 6.5 million ounces of silver, 66.1 – 68.5 million pounds of lead, and 24.5 – 26.7 million pounds of zinc in Fiscal 2021, in line with the annual production guidance previously reported in the Company’s news release dated February 6, 2020.  The Company will report its unaudited financial and operating results for Q3 Fiscal 2021, expected to be released on Thursday, February 4, 2021 after market close.

 

Q3 FISCAL 2021 OPERATING HIGHLIGHTS

 

  • At the Ying Mining District, the Company mined 182,268 tonnes of ore, a 3% increase compared to the third quarter of Fiscal 2020, and milled 162,905 tonnes of ore, down 7% over Q3 Fiscal 2020.  This decrease was caused by power rationing in December 2020 as the local government is subject to an annual environmental emissions KPI assessment.  Approximately 1.5 million ounces of silver, 900 ounces of gold, 14.4 million pounds of lead, and 1.9 million pounds of zinc were produced, representing a 7% increase in gold production, and decreases of 6% in silver, 13% in lead, and 25% in zinc production compared to Q3 Fiscal 2020.
  • At the GC Mine, the Company mined 97,177 tonnes of ore, a 12% increase over Q3 Fiscal 2020, and milled 97,743 tonnes of ore, a 9% increase over Q3 Fiscal 2020.  Approximately 212 thousand ounces of silver, 2.8 million pounds of lead, and 6.8 million pounds of zinc were produced, representing a 23% increase in zinc production, and decreases of 2% in silver and 21% in lead production compared to Q3 Fiscal 2020.
  • On a consolidated basis, the Company mined 279,445 tonnes of ore, a 6% increase over Q3 Fiscal 2020, and milled 260,648 tonnes of ore, a decrease of 2% compared to Q3 Fiscal 2020.  Approximately 1.7 million ounces of silver, 900 ounces of gold, 17.1 million pounds of lead, and 8.7 million pounds of zinc were produced, representing increases of 7% in gold and 8% in zinc production, and decreases of 6% in silver and 15% in lead production compared to Q3 Fiscal 2020.
  • On a consolidated basis, the Company sold approximately 1.6 million ounces of silver, 800 ounces of gold, 16.8 million pounds of lead, and 9.0 million pounds of zinc, representing increases of 14% in gold and 7% in zinc sold, and decreases of 4% in silver and 11% in lead sold compared to Q3 Fiscal 2020.

 

The operational results for Q3 Fiscal 2021 are summarized as follows:

 

 

     Three months ended December 31, 2020    Three months ended December 31, 2019
    Ying Mining
District
GC Consolidated   Ying Mining
District
GC Consolidated
                 
Production Data               
  Ore Mined (tonne)   182,268 97,177 279,445   176,149 86,437 262,586
  Ore Milled (tonne)  162,905 97,743 260,648   175,488 89,372 264,860
                 
  Head Grades               
  Silver (gram/tonne)  297 82 216   296 96 228
  Lead  (%)  4.3 1.4 3.2   4.6 2.0 3.7
  Zinc (%)  0.8 3.5 1.8   0.9 3.3 1.7
                 
  Recovery Rates               
  Silver  (%)   93.9 82.6     96.1 78.0  
  Lead  (%)  96.4 89.6     96.3 90.4  
  Zinc (%)  63.3 89.7     70.3 85.5  
                 
Sales Data               
  Silver (in thousands of ounces)  1,446 201 1,647   1,475 234 1,709
  Gold  (in thousands of ounces)  0.8 –   0.8   0.7 0.7
  Lead (in thousands of pounds)  14,207 2,599 16,806   14,912 3,867 18,779
  Zinc  (in thousands of pounds)  2,241 6,724 8,965   2,882 5,471 8,353
                 
Metal production               
  Silver (in thousands of ounces)  1,464 212 1,676   1,563 216 1,779
  Gold (in thousands of ounces)  0.9 0.9   0.9   0.9
  Lead (in thousands of pounds)  14,361 2,750 17,111   16,548 3,496 20,044
  Zinc (in thousands of pounds)  1,857 6,816 8,673   2,483 5,552 8,035

 

 

The operational results for the first nine months of Fiscal 2021 are summarized as follows:

 

    Nine months ended December 31, 2020    Nine months ended December 31, 2019
    Ying Mining
District
GC BYP  Consolidated    Ying Mining
District
GC Consolidated
                   
Production Data                 
  Ore Mined (tonne)   537,464 264,389 801,853   528,818 250,417 779,235
  Ore Milled (tonne)  519,677 267,230 786,908   532,317 257,367 789,684
                 
  Head Grades               
  Silver (gram/tonne)  293 85 222   311 97 241
  Lead  (%)  4.4 1.7 3.5   4.6 1.9 3.7
  Zinc (%)  0.8 3.4 1.7   0.9 3.3 1.7
                   
  Recovery Rates                 
  Silver  (%)   94.4 82.6     96.1 76.9  
  Lead  (%)  96.2 89.5     95.9 89.2  
  Zinc (%)  61.7 88.2     62.6 85.8  
                   
Sales Data                 
  Silver (in thousands of ounces)  4,674 585 5,259   4,848 610 5,458
  Gold  (in thousands of ounces)  2.9 1.2 4.1   2.8 2.8
  Lead (in thousands of pounds)  47,571 8,671 56,242   46,137 9,553 55,690
  Zinc  (in thousands of pounds)  5,662 17,672 23,334   6,400 15,942 22,342
                   
Metal production                 
  Silver (in thousands of ounces)  4,532 604 5,135   4,978 617 5,595
  Gold  (in thousands of ounces)  3.2 3.2   3.1 3.1
  Lead  (in thousands of pounds)  47,382 8,892 56,274   49,863 9,738 59,601
  Zinc   (in thousands of pounds)  5,420 17,919 23,340   6,338 15,967 22,304

 

 

Ying Mining District

 

In Q3 Fiscal 2021, ore mined at the Ying Mining District was 182,268 tonnes, an increase of 3% compared to 176,149 tonnes in Q3 Fiscal 2020.  Ore milled was 162,905 tonnes, with average head grades of 297 grams per tonne for silver, 4.3% for lead, and 0.8% for zinc, compared to 175,488 tonnes of ore milled with average head grades of 296 g/t for silver, 4.6% for lead, and 0.9% for zinc in Q3 Fiscal 2020.  The decrease in ore milled during the quarter was caused by the milling operations being temporarily suspended for seven days due to power rationing.  The Company expects to process the unmilled ores in Q4 Fiscal 2021.  Metals production at the Ying Mining District in Q3 Fiscal 2021 was approximately 1.5 million ounces of silver, 14.4 million pounds of lead, and 1.9 million pounds of zinc, compared to approximately 1.6 million ounces of silver, 16.5 million pounds of lead, and 2.5 million pounds of zinc produced in Q3 Fiscal 2020.

 

For the first nine months of Fiscal 2021, metals production at the Ying Mining District was approximately 4.5 million ounces of silver, 47.4 million pounds of lead, and 5.4 million pounds of zinc, compared to approximately 4.9 million ounces of silver, 49.9 million pounds of lead, and 6.3 million pounds of zinc during the same prior year period.  The Ying Mining District is on track to achieve its annual guidance to produce 5.6 – 5.8 million ounces of silver, 56.6 – 58.0 million pounds of lead, and 7.0 – 8.0 million pounds of zinc in Fiscal 2021.

 

GC Mine

 

In Q3 Fiscal 2021, ore mined at the GC Mine was 97,177 tonnes, an increase of 12% compared to 86,437 tonnes in Q3 Fiscal 2020.  Ore milled was 97,743 tonnes, with average head grades of 82 g/t for silver, 1.4% for lead, and 3.5% for zinc, compared to 89,372 tonnes of ore milled with average head grades of 96 g/t for silver, 2.0% for lead, and 3.3% for zinc in Q3 Fiscal 2020.  Metals production at the GC Mine in Q3 Fiscal 2021 was approximately 212 thousand ounces of silver, 2.8 million pounds of lead, and 6.8 million pounds of zinc, compared to approximately 216 thousand ounces of silver, 3.5 million pounds of lead, and 5.6 million pounds of zinc produced in Q3 Fiscal 2020.

 

For the first nine months of Fiscal 2021, metals production at the GC Mine was approximately 604 thousand ounces of silver, 8.9 million pounds of lead, and 17.9 million pounds of zinc, compared to approximately 617 thousand ounces of silver, 9.7 million pounds of lead, and 16.0 million pounds of zinc in the same prior year period.  The GC Mine is on track to achieve its annual guidance to produce 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.

 

Posted January 15, 2021

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