VANCOUVER, British Columbia � November 9, 2009 � Silvercorp Metals Inc. (�Silvercorp� or the �Company�) reports its unaudited financial and operating results for the second quarter ended September 30, 2009. The financial results are expressed in thousands of US dollars (US$) unless stated otherwise.
SECOND QUARTER HIGHLIGHTS
During the quarter ended September 30, 2009 (�Q2 2010�), financial highlights included:
- Net earnings of $8.9 million, 83% higher compared to $4.9 million in the same quarter last year;
- Earnings per share of $0.06, double the earnings per share of $0.03 in the same quarter last year;
- Production of 1.2 million ounces of silver and 15.2 million pounds of lead, representing 35% and 43% increases, respectively, compared to 0.8 million ounces of silver and 10.7 million pounds of lead produced in the same quarter last year;
- Total production cost of negative $5.61 per ounce of silver and cash cost of negative $6.33 per ounce of silver, net credit of other metals, making Silvercorp an industry leading low-cost silver producer;
- Generated $15.9 million cash from operating activities or $0.10 per share; and,
- Total cash, cash equivalents and short term investments increased to $79.0 million.
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