Silvercorp Update

Silvercorp Announces Declaration Of Quarterly Dividend - CAD$0.02

VANCOUVER, British Columbia � February 10, 2010 � Silvercorp Metals Inc. (�Silvercorp�), the largest primary silver producer in China, is pleased to provide notice of its next dividend:

Quarterly Dividend of CAD$0.02

Silvercorp will pay its FY2010 third quarter dividend of CAD$0.02 per share on April 21, 2010, to shareholders of record at the close of business on March 31, 2010.   The declaration and amount of any future dividends will remain at the discretion of the Board of Directors and may be adjusted in the future based on fluctuations in metal prices and the Company�s cash flows. The dividends are considered eligible dividends for Canadian tax purposes.

About Silvercorp Metals Inc.

Silvercorp Metals Inc. is engaged in the acquisition, exploration, development and production of silver-related mineral properties located in the People�s Republic of China. Silvercorp is the largest primary silver producer in China through the operation and development of four silver-lead-zinc mines at the highly profitable Ying Mining Camp in the Henan Province of China. The company is also applying for a mining permit at the Gaocheng property in the Guangdong Province of China to commence production of silver, lead and zinc.  Silvercorp�s shares are traded on the New York Stock Exchange and Toronto Stock Exchange and are included as a component of the S&P/TSX Composite and the S&P/TSX Global Mining Indexes.