Mr. Lon Shaver reports
SILVERCORP REPORTS PRODUCTION RESULTS AND THE FINANCIAL RESULTS RELEASE DATE FOR THE FIRST QUARTER OF FISCAL YEAR 2021
Silvercorp Metals Inc. has released production results for the first quarter of fiscal 2021 ended June 30, 2020. The company produced approximately 1.8 million ounces of silver, 20.1 million pounds of lead and 7.5 million pounds of zinc. The company is on track to produce between 6.2 million to 6.5 million ounces of silver, 66.1 million to 68.5 million pounds of lead and 24.5 million to 26.7 million pounds of zinc in fiscal 2021, in accordance with the annual production guidance previously reported in the company's news release dated Feb. 6, 2020. The company will release its sales volumes, along with its unaudited financial and operating results, for first quarter fiscal 2021, expected to be released on Aug. 6, 2020, after market close.
Q1 fiscal 2021 consolidated production highlights:
Ore mined of 254,555 tonnes, a 1-per-cent decrease over Q1 fiscal 2020;
Silver production of approximately 1.8 million ounces, a 10-per-cent decrease over Q1 fiscal 2020;
Lead production of approximately 20.1 million pounds, a 1-per-cent increase over Q1 fiscal 2020;
Zinc production of approximately 7.5 million pounds, a 4-per-cent increase over Q1 fiscal 2020.
CONSOLIDATED OPERATIONAL RESULTS
Three months ended June 30, 2020 Three months ended June 30, 2019
Ying mining GC Consolidated Ying mining GC Consolidated
Ore mined (tonne) 174,176 80,379 254,555 176,584 80,808 257,392
Ore milled (tonne) 177,689 84,637 262,326 177,681 81,861 259,542
Silver (gram/tonne) 293 93 330 95
Lead (%) 4.6 1.9 4.6 1.9
Zinc (%) 0.8 3.4 0.9 3.4
Silver (%) 94.7 82.8 95.8 76.8
Lead (%) 96.2 89.8 95.9 88.7
Zinc (%) 63.8 87.3 58.3 85.7
Silver (in thousands of ounces) 1,544 209 1,752 1,764 192 1,956
Lead (in thousands of pounds) 16,941 3,136 20,078 16,928 2,963 19,891
Zinc (in thousands of pounds) 1,920 5,613 7,533 2,048 5,216 7,264
Ying mining district
In Q1 fiscal 2021, metal production at the Ying mining district was approximately 1.5 million ounces of silver, 16.9 million pounds of lead and 1.9 million pounds of zinc. The Ying mining district is on track to achieve its annual production guidance.
Ore mined at the Ying mining district was 174,176 tonnes, a slight decrease compared with 176,584 tonnes in Q1 fiscal 2020. Ore milled was 177,689 tonnes, with average head grades of 293 grams per tonne for silver, 4.6 per cent for lead and 0.8 per cent for zinc, compared with 177,681 tonnes ore milled with head grades of 330 g/t for silver, 4.6 per cent for lead and 0.9 per cent for zinc. The variation in the Q1 fiscal 2021 silver head grade is mainly related to the company's planned mining sequence and is in line with the guidance previously provided for fiscal 2021.
In Q1 fiscal 2021, metal production at the GC mine was approximately 209,000 ounces of silver, 3.1 million pounds of lead and 5.6 million pounds of zinc, an increase of 9 per cent, 6 per cent and 8 per cent, respectively, compared with Q1 fiscal 2020.
Ore mined at the GC mine was 80,379 tonnes, a slight decrease compared with 80,808 tonnes in Q1 fiscal 2020. Ore milled was 84,637 tonnes with head grades of 93 g/t for silver, 1.9 per cent for lead and 3.4 per cent for zinc, compared with 81,861 tonnes with head grades of 95 g/t for silver, 1.9 per cent for lead and 3.4 per cent for zinc in Q1 fiscal 2020. Metallurgical recovery rates also improved to 82.8 per cent for silver, 89.8 per cent for lead and 87.3 per cent for zinc, compared with 76.8 per cent for silver, 88.7 per cent for lead and 85.7 per cent for zinc in Q1 fiscal 2020.
About Silvercorp Metals Inc.
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' well-being, and sustainable development.
We seek Safe Harbor.
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