Silvercorp forecasts 20% increase in silver production for fiscal year 2013
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 9, 2012) – Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX:SVM)(NYSE:SVM) today released production guidance for fiscal year ending March 31, 2013. The Company forecasts its silver production to increase by 20%, gold production to increase by 90%, and lead and zinc production to increase by 12% and 63% respectively, marking the 8th consecutive year of increases in the Company's silver production.
FORECAST FOR FISCAL YEAR 2013
From the four mines at the Ying Mining Camp, production is expected to increase to 695,000 tonnes of ore at a grade of 295g/t silver, 0.5g/t gold, 5.1% lead and 1.5% zinc, yielding 5.9 million ounces of silver, 3,350 ounces of gold, and 87 million pounds of lead and zinc. The cash and total production costs are expected to be approximately $68 and $85 per tonne of ore, respectively, representing approximately a 3% and 5% increase, respectively, compared to actual production costs incurred in the nine months ended December 31, 2011.
The GC mine in Guangdong Province is expected to commence initial production in the second quarter of fiscal 2013. It is expected to mine 160,000 tonnes and to mill 153,000 tonnes of ore, yielding approximately 630,000 ounces of silver and 12 million pounds of lead and zinc. The cash and total production costs are expected to be approximately $40 and $65 per tonne of ore, respectively.
The BYP mine in Hunan Province is expected to mine and mill 175,000 tonnes of ore, yielding approximately 13,590 ounces of gold at cash and total production costs of $35 and $60 per tonne of ore, respectively.
At the newly-acquired XHP mine and XBG mine, the Company will focus on exploration during fiscal 2013, with only a minimal amount of by-product ore expected to be produced.
The Company's Production Guidance for fiscal 2013 as well as the full press release can be found here.