Financial And Operating Results For The 4th Quarter And Fiscal Year Ended March 31, 2009
VANCOUVER, British Columbia � Silvercorp Metals Inc. (�Silvercorp� or the �Company�) reports its unaudited financial and operating results for the fourth quarter and fiscal year ended March 31, 2009 and provides an outlook for fiscal year 2010. The financial results in the following text are expressed in US dollars (US$) unless stated otherwise.
FOURTH QUARTER HIGHLIGHTS AND SIGNIFICANT ITEMS
- Net income was $1.2 million or $0.01 per share in the fourth quarter. Adjusted non-GAAP earnings for the quarter, after excluding three exceptional items, were $6.9 million or $0.05 per share, up 165% compared to $2.6 million or $ 0.02 in the last quarter.
- Cash flow from operations of $10.6 million in the quarter, up 25% from $8.5 million in the prior quarter. For the year, cash provided by operating activities was $47.0 million. Cash, cash equivalents and short term investments at the end of the year were in total $65 million, with no debt.
- 1.04 million ounces of silver produced in the quarter, resulting in an annual record of 4.2 million ounces, and the 3rd consecutive year of silver production growth.
- Silver head grade at the Ying Mine improved to 487 gram per tonne (g/t) in the quarter up from 420g/t in the previous quarter.
- Total production cost per ounce of silver adjusted for by-product credits at the Ying Mine improved to negative $3.24 per ounce, compared to $ 0.18 in the last quarter.
- The Net Smelter Return (NSR) for silver increased by 18% compared to the previous quarter.
- Silvercorp�s common shares commenced trading on NYSE Amex.
- Raised CAD$30 million in March 2009 through a 10 million common share equity financing.
- Paid quarterly dividend of CAD$0.02 per share.
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CONFERENCE CALL AND WEBCAST INFORMATION
A conference call and live audio webcast to discuss these results have been scheduled as follows:
Date: Friday , May 15, 2009
Time: 7 :00 am PT (1 0 :00 am ET)
Dial-In Number: 1 - 612-332-0107
Live audio webcast: www.silvercorp.ca (click on the link on the home page)
Playback webcast can be accessed at: www.silvercorp.ca
About Silvercorp Metals Inc.
Silvercorp Metals Inc., China �s largest primary silver producer, is engaged in the acquisition, exploration and development of silver related mineral properties located in the People's Republic of China (" China "). Silvercorp Metals Inc. is operating and developing four Silver-Lead-Zinc mines at the highly profitable Ying Mining Camp, Henan Province, China . Silvercorp is also applying for a mining permit at the newly acquired, 95% owned, GC&SMT property to profitably mine and produce silver, lead and zinc in Guangdong Province , China . The Company�s common shares are included as a component of the S&P/TSX Composite and the S&P/TSX Global Mining Indexes.
For further information: SILVERCORP METALS INC., Rui Feng, Chairman & CEO and Lorne Waldman, Corporate Secretary, Phone: (604) 669-9397, Fax: (604) 669-9387, Toll Free 1(888) 224-1881, Email: email@example.com , Website: www.silvercorp.ca .
CAUTIONARY DISCLAIMER -- FORWARD LOOKING STATEMENTS
Statements in this press release other than purely historical factual information, including statements relating to mineral resources and reserves, or the Company�s future plans and objectives, or expected production levels, exploration, head grades, recovery rates, cash flows, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company�s business, including risks inherent in mineral exploration, development, and mining. Production projections are based not on mineral reserves but on mineral resources which do not have demonstrated economic viability. There can be no assurance that such forward-looking statements, including those in the outlook section, will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein