Mr. Lon Shaver reports

SILVERCORP ANNOUNCES CLOSING OF US$150 MILLION CONVERTIBLE SENIOR NOTES OFFERING

Silvercorp Metals Inc. has closed its previously announced private placement offering of $150-million (U.S.) aggregate principal amount of 4.75 per cent convertible senior notes due 2029, which includes the exercise in full of the initial purchasers' option to purchase up to an additional $20-million (U.S.) aggregate principal amount of notes. The company intends to use the net proceeds from the offering for the construction of copper-gold mining projects outside of China, for the exploration and development of other projects and for working capital.

The notes are being offered on a private placement basis and are not being offered by way of a prospectus in Canada. The notes and the distribution of common shares issuable upon conversion of the notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended.

About Silvercorp Metals Inc.

Silvercorp is a Canadian mining company producing silver, gold, lead and zinc from the Ying mining district and the GC mine in China. Silvercorp's additional assets include the development-stage Curipamba copper-gold project, containing the El Domo deposit, and the exploration-stage Condor project in Ecuador.

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