Mr. Lorne Waldman reports

SILVERCORP ANNOUNCES SHARE REPURCHASE PROGRAM

Silvercorp Metals Inc. has arranged a normal course issuer bid, pending Toronto Stock Exchange approval, to acquire up to 16.5 million common shares (approximately 10 per cent of the public float) from Dec. 23, 2014, to Dec. 22, 2015, from the 170,883,808 common shares currently issued and outstanding. The company is taking this action because it believes that prevailing market conditions have resulted in Silvercorp's shares being undervalued relative to the immediate and long-term value of Silvercorp's portfolio of producing and development properties in China.

Purchases will be made at the discretion of the directors at prevailing market prices, through the facilities of the TSX and other Canadian trading platforms, and the New York Stock Exchange in compliance with regulatory requirements. There can be no assurance as to the precise number of shares that will be repurchased under the share repurchase program. Silvercorp may discontinue its purchases at any time, subject to compliance with applicable regulatory requirements. The company intends to hold all shares acquired under the issuer bid for cancellation.

Directors and senior officers of the company are not aware of any previously undisclosed material changes or plans or proposals for material changes in the affairs of the company, nor do any of them have the present intention to sell shares of the company during the normal course issuer bid. The company has not purchased any of its securities in the last 12-month period.

The maximum number of shares that may be purchased on the TSX during any trading day may not exceed 25 per cent of the average daily trading volume on the TSX based on the previous six completed calendar months, excluding purchases made by Silvercorp under its normal course issuer bid, for a daily total of 58,872 common shares. This limit, for which there are permitted exceptions, is determined in accordance with TSX regulatory requirements and does not apply to purchases made by the company on the NYSE.

We seek Safe Harbor.