VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 2, 2006) - Silvercorp Metals Inc. ("Silvercorp") (TSX:SVM) is pleased to provide an update on the tunneling program, underway on the S16W and S16E veins since mid-September, 2005. Previously reported assay results for the two veins have mainly been derived from drift tunnels on the 570 metre (m) and 534m elevations, and reveal extremely high grade massive galena sheet mineralization. The newly developed drift tunnels along the two veins on the 640m and 610m elevations have extended the high grade massive galena sheets upward for both veins. The significant results from the new tunnels completed are:
- On the S16W vein, tunneling on the 640m elevation intercepted 5.94m true width of massive galena sheet, grading 1,940 grams per tonne (g/t) or 62.36 ounces per tonne (oz/t) silver (Ag), 27.24 % lead (Pb), and 2.81% zinc (Zn).
- On the S16E vein the best interception contains 6,546 g/t (210.47 oz/t) Ag, 9.77% Pb, and 23.64% Zn over 0.4m true width on the 640m elevation
The thick, high-grade interception on the S16W vein is believed to result from a merging of the S16W and S16W1 veins. As reported January 23, 2006, the newly discovered S16W1 vein runs nearly parallel to and between 1m - 8m to the west or footwall of the S16W vein, with the two veins merging in several locations where thick high grade galena lenses are found.
Tunneling work from four different levels (640m, 610m, 570m and 534m elevations) together with previously reported drill hole results on the S16W and S16E veins has now defined several large, high grade massive galena sheets which can be quickly converted into mining stopes through horizontal access tunnels CM101, CM102 and CM103 once the mining permit is received.
The near-term exploration program on the S16W and S16E veins will continue current drifting along vein on the 640m and 610m elevations while commencing development of new drift tunnels on the 680m elevation to further extend the mineralization in the veins upwards to surface. A surface and underground drill program will also be carried out to test vein extensions to depth.
Since mid-September 2005, a total of 1,325m of drifting tunnels were completed on three levels on the S16W and S16E veins, this brings drifting tunnels completed on the S16E and S16W veins to a total of 1,331m and 3,159m respectively.
Assay results for the new drifting tunnels developed during the
period are listed in the Table below:
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Mine- Eleva- Dis- True Ag Ag Pb Zn Ag Ag
ral- tion tance Width (g/t) (oz/t) (%) (%) Equi- Equi-
ized (m) to (m) valent valent
Veins South (g/t) (oz/t)
of (i) (i)
CM103(m)
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S16E 640 545.0 0.70 1883 60.55 1.68 20.53 2929 94.16
640 550.0 0.40 6546 210.47 9.77 23.46 8072 259.53
640 555.0 0.30 1391 44.71 14.37 4.51 2211 71.09
640 560.0 0.60 725 23.32 31.62 8.52 2464 79.22
640 635.0 0.50 2384 76.64 0.56 0.97 2453 78.88
617 730.4 0.70 1698 54.58 3.53 18.20 2710 87.14
616 729.7 0.40 3106 99.85 9.46 14.80 4207 135.27
614 728.4 0.50 989 31.80 1.71 4.84 1291 41.51
611 724.9 0.70 1491 47.94 4.02 4.21 1861 59.83
610 625.0 0.18 5966 191.82 42.43 21.86 8795 282.75
610 630.0 0.70 1178 37.87 11.80 22.25 2732 87.84
610 645.0 0.25 600 19.30 2.01 16.10 1449 46.59
610 655.0 1.36 1096 35.23 3.39 1.41 1306 41.98
610 665.8 0.65 1433 46.08 42.01 15.54 3944 126.79
610 670.0 1.30 808 25.97 8.58 15.02 1883 60.53
610 675.0 1.10 1057 33.98 16.51 10.09 2233 71.79
610 690.0 1.10 1115 35.84 6.37 19.06 2289 73.58
610 705.0 1.90 1080 34.72 16.67 5.13 2027 65.16
610 710.0 0.60 4459 143.38 12.18 4.95 5208 167.45
604 718.2 0.30 2109 67.81 10.83 9.01 2994 96.26
600 715.3 0.70 998 32.10 1.49 31.00 2533 81.44
598 505.0 0.58 916 29.45 28.10 10.60 2605 83.75
598 508.0 0.40 911 29.29 18.80 7.74 2072 66.62
598 521.0 0.40 1456 46.82 33.13 7.57 3214 103.32
598 525.0 0.55 725 23.32 23.10 1.42 1768 56.83
598 533.6 0.45 546 17.56 6.02 11.60 1351 43.44
596 519.0 0.40 1638 52.65 56.00 3.28 4156 133.63
596 712.2 0.50 461 14.82 0.66 25.60 1704 54.79
592 708.6 0.40 4244 136.45 12.58 15.29 5501 176.85
588 523.0 0.70 2828 90.92 60.64 3.78 5567 178.97
580 698.8 0.50 2080 66.88 17.20 2.18 2909 93.54
578 513.0 0.30 171 5.50 0.11 30.62 1629 52.38
578 515.0 1.10 488 15.69 8.14 11.26 1366 43.92
551 528.8 0.50 733 23.57 33.24 2.16 2238 71.97
547 525.8 0.30 1334 42.90 53.68 0.28 3613 116.15
542 523.3 0.40 1291 41.52 33.70 5.31 2966 95.35
534 740.0 0.50 369 11.86 5.38 17.62 1432 46.05
534 745.0 0.20 505 16.24 19.89 16.33 2120 68.15
534 841.5 0.50 230 7.40 5.05 19.39 1364 43.85
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S16W 640 27.0 0.60 347 11.16 9.92 11.31 1303 41.88
640 326.0 1.00 2119 68.12 48.90 3.88 4366 140.39
640 331.0 0.70 2247 72.25 23.91 5.77 3530 113.50
640 336.0 0.40 899 28.90 0.19 31.67 2410 77.49
640 351.0 0.20 1241 39.89 16.09 7.04 2254 72.46
640 365.0 0.50 534 17.16 25.38 5.20 1851 59.52
640 370.0 5.94 1940 62.36 27.24 2.81 3223 103.61
640 375.0 1.20 1452 46.68 25.38 1.21 2580 82.96
640 378.0 0.30 2681 86.20 68.76 1.19 5639 181.30
640 385.0 0.15 1149 36.93 39.11 1.12 2852 91.70
640 429.4 0.13 989 31.80 1.71 4.84 1291 41.51
628 343.4 0.25 616 19.81 11.00 5.00 1318 42.37
625 341.2 0.25 1592 51.18 17.54 6.30 2631 84.58
615 333.7 0.25 711 22.84 16.36 8.71 1815 58.34
610 -131.0 0.40 1402 45.07 14.45 12.38 2599 83.57
610 -126.0 0.80 683 21.95 20.79 11.23 2093 67.30
610 -121.0 1.40 410 13.17 5.06 45.86 2800 90.03
610 -116.0 1.40 1010 32.46 33.32 6.87 2742 88.14
610 -111.0 1.10 1695 54.50 56.11 11.51 4609 148.18
610 -106.0 1.40 2365 76.04 59.13 9.40 5307 170.61
610 -101.0 1.40 848 27.28 27.02 11.19 2520 81.01
610 -96.0 0.70 2309 74.23 59.91 3.24 4991 160.46
610 -91.0 0.70 2660 85.51 39.54 22.03 5374 172.78
610 -86.0 0.70 825 26.52 41.71 14.38 3268 105.06
610 -81.0 0.60 502 16.13 16.78 9.16 1645 52.87
610 -76.0 0.20 555 17.83 4.86 37.53 2541 81.71
610 -71.0 0.40 1239 39.83 25.09 25.74 3519 113.15
610 -66.0 0.20 268 8.63 27.24 20.09 2372 76.25
610 -61.0 0.30 6640 213.50 41.45 16.27 9162 294.57
610 420.0 0.30 978 31.44 23.77 2.46 2098 67.45
610 430.0 0.20 1888 60.70 62.52 1.03 4575 147.09
610 435.0 0.60 762 24.49 23.39 3.27 1904 61.21
610 435.0 0.42 935 30.05 13.92 11.17 2052 65.98
610 438.0 0.70 2290 73.63 57.46 3.23 4868 156.52
610 440.0 0.72 671 21.57 18.65 6.48 1766 56.77
610 330.0 0.70 554 17.82 12.56 20.00 2034 65.39
606 327.0 0.70 484 15.57 17.76 2.39 1347 43.31
602 324.1 1.10 1156 37.16 39.23 2.32 2921 93.92
600 322.6 0.50 1297 41.68 32.70 7.55 3035 97.57
595 56.5 0.25 1918 61.65 58.77 5.19 4644 149.32
591 53.1 0.20 1026 32.97 54.27 7.99 3695 118.79
590 315.1 0.50 924 29.72 6.24 5.81 1463 47.05
590 315.1 0.50 1228 39.47 25.45 10.00 2776 89.26
590 315.1 0.50 1228 39.47 25.45 10.00 2776 89.26
588 49.8 0.25 2652 85.27 55.53 5.87 5274 169.56
587 -40.8 0.70 268 8.61 21.74 4.11 1380 44.38
585 311.4 0.40 590 18.98 11.30 20.19 2025 65.12
585 311.4 0.40 590 18.98 11.30 20.19 2025 65.12
584 46.4 0.20 1459 46.89 50.49 5.17 3834 123.28
580 43.1 0.30 1132 36.39 45.14 4.72 3261 104.83
577 -33.9 0.80 1236 39.74 60.83 2.93 3942 126.74
577 39.7 0.70 693 22.30 32.22 8.34 2449 78.74
573 36.4 0.80 881 28.34 16.85 9.93 2064 66.35
573 -30.4 0.9 470 15.11 13.44 8.56 1443 46.40
569 33.0 0.20 413 13.29 20.85 13.32 1926 61.91
568 -26.9 0.60 217 6.97 9.76 13.99 1293 41.56
565 29.7 0.80 765 24.59 22.14 6.40 2003 64.38
534 307.0 1.20 1678 53.95 31.89 3.54 3192 102.61
534 311.0 0.50 922 29.63 25.53 21.12 3002 96.51
534 315.0 0.50 1571 50.52 49.02 4.57 3857 124.00
534 319.5 1.90 559 17.97 23.91 6.55 1879 60.40
534 337.5 0.65 632 20.32 27.17 5.34 2032 65.34
534 342.5 0.65 468 15.06 22.27 8.60 1816 58.39
534 347.5 0.70 1121 36.03 35.64 4.35 2831 91.02
534 352.5 0.85 1066 34.26 28.65 6.09 2564 82.43
534 357.5 0.20 442 14.22 48.81 3.78 2681 86.20
534 362.5 0.15 569 18.31 9.08 11.79 1512 48.61
534 367.5 1.00 564 18.14 19.62 4.57 1609 51.74
534 377.5 0.20 1724 55.44 35.12 9.57 3660 117.69
534 382.7 0.20 2062 66.30 39.95 6.76 4069 130.83
534 387.5 0.40 1797 57.78 40.18 7.08 3829 123.09
534 397.5 1.10 737 23.70 22.42 2.89 1820 58.51
534 412.5 0.60 1306 41.99 15.73 8.80 2387 76.76
534 417.5 0.60 2069 66.53 26.85 5.54 3465 111.41
534 427.5 0.45 208 6.69 13.45 10.89 1292 41.55
534 722.5 0.50 405 13.01 9.30 21.70 1827 58.75
534 732.5 0.40 473 15.21 9.63 39.40 2750 88.41
534 737.5 0.35 293 9.41 11.15 19.72 1699 54.64
534 742.5 0.30 808 25.97 20.74 14.42 2368 76.12
534 747.5 0.50 254 8.17 15.21 8.06 1279 41.11
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(i) Silver equivalent grade is calculated on the basis of
US$6.5/oz Ag, US$0.40/lb for Pb, and US$0.45/lb for Zn.
Tunnel plan and longitudinal maps of the vein are available on the Company's website: www.silvercorp.ca.
Exploration on the Ying Project is carried out through Silvercorp's 77.5% subsidiary, Henan Found Mining Co. Ltd., a Sino-foreign joint venture company which holds 100% of the Ying Project and operates under a 30-year business license. Myles Gao, P.Geo, is the Company's Qualified Person on the project under NI 43-101.
Quality Control
The Company's Quality Control/Quality Assurance Program is disclosed in the January 4, 2006 Press Release.
Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, 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 and development. As a result, actual results may vary materially from those described in the forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Silvercorp Metals Inc.
Rui Feng
Chairman & CEO
(604) 669-9397
Silvercorp Metals Inc.
Cathy Fong
VP Corporate Development
(604) 669-9397
(604) 669-9387 (FAX)
info@silvercorp.ca
www.silvercorp.ca
