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<SEC-DOCUMENT>0001176256-10-000417.txt : 20100513
<SEC-HEADER>0001176256-10-000417.hdr.sgml : 20100513
<ACCEPTANCE-DATETIME>20100513172457
ACCESSION NUMBER:		0001176256-10-000417
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20100513
FILED AS OF DATE:		20100513
DATE AS OF CHANGE:		20100513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SILVERCORP METALS INC
		CENTRAL INDEX KEY:			0001340677
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34184
		FILM NUMBER:		10829766

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1378
		STREET 2:		200 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1S4
		BUSINESS PHONE:		604-669-9397

	MAIL ADDRESS:	
		STREET 1:		SUITE 1378
		STREET 2:		200 GRANVILLE STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 1S4
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>silvercorp6k100513.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER FOR THE MONTH OF MAY, 2010
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   <TITLE>Filed by e3 Filing, Computershare 1-800-973-3274 - Silvercorp Metals Inc. - Form 6-K</TITLE>
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<P style="TEXT-ALIGN: center"><B><FONT size=4>UNITED STATES</FONT></B><BR>
<B><FONT size=4>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR>
<B>Washington, D.C. 20549</B><BR>
<BR>
<B><FONT size=5>FORM 6-K</FONT></B><BR>
<BR>
<B>REPORT OF FOREIGN PRIVATE ISSUER</B><BR>
<BR>
<B>PURSUANT TO RULE 13a-16 OR 15d-16 OF</B><BR>
<B>THE SECURITIES EXCHANGE ACT OF 1934</B><BR>
<BR>
May 13, 2010<BR>
<BR>
Commission File No. 0001340677<BR>
<BR>
<B><U><FONT size=6>SILVERCORP METALS INC.</FONT></U></B><BR>
(Translation of registrant's name into English)<BR>
<BR>
<B>Suite 1378 - 200 Granville Street</B><BR>
<B><U>Vancouver, BC Canada V6C 1S4</U></B><BR>
(Address of principal executive office)</P>
<P style="TEXT-ALIGN: center">[Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F]</P>
<P style="TEXT-ALIGN: center">Form 20-F [&nbsp;&nbsp; ] Form 40-F [ X ]</P>
<P style="TEXT-ALIGN: center">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) [&nbsp;&nbsp; ]</P>
<P style="TEXT-ALIGN: center"><B>Note: </B>Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</P>
<P style="TEXT-ALIGN: center">Indicate by check mark if the registrant is "submitting" the Form 6-K in paper as permitted by Regulation S-T "Rule" 101(b)(7) [&nbsp;&nbsp; ]</P>
<P style="TEXT-ALIGN: center"><B>Note: </B>Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</P>
<P style="TEXT-ALIGN: center">Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>
<P style="TEXT-ALIGN: center">Yes [&nbsp;&nbsp;&nbsp;] No [X]</P>
<P style="TEXT-ALIGN: center">If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):</P>
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<P style="TEXT-ALIGN: justify"><B>SIGNATURE</B></P>
<P style="TEXT-ALIGN: justify">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
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     <TD noWrap align=left>Dated: May 13, 2010&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left colSpan=2><STRONG>SILVERCORP METALS INC.</STRONG></TD></TR>
<TR>
     <TD></TD>
     <TD colSpan=4>&nbsp;</TD></TR>
<TR>
     <TD></TD>
     <TD colSpan=4>&nbsp;</TD></TR>
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     <TD></TD>
     <TD colSpan=4>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD style="TEXT-INDENT: 10px" noWrap align=left><I><U>&#147;</U><U>Lorne Waldman&#148;</U></I></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD style="TEXT-INDENT: 10px" noWrap align=left>Lorne Waldman&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD style="TEXT-INDENT: 10px" noWrap align=left>Corporate Secretary&nbsp;</TD></TR></TABLE></DIV><BR>
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<P style="TEXT-ALIGN: center">EXHIBIT INDEX</P>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>EXHIBIT</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>DESCRIPTION OF EXHIBIT</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD style="BACKGROUND-COLOR: #ececec" vAlign=top noWrap align=left><a href="exhibit99-1.htm"><B>99.1</B></a></TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=left><a href="exhibit99-1.htm"><B>News Release dated May 4, 2010 &#150; Silvercorp To Announce Fourth</B>&nbsp;<STRONG>Quarter Results &amp; Hold Analyst Conference Call</STRONG></a></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD style="BACKGROUND-COLOR: #ececec" vAlign=top noWrap align=left><a href="exhibit99-2.htm"><B>99.2</B></a></TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=left><a href="exhibit99-2.htm"><B>News Release dated May 12, 2010 &#150; Silvercorp Reports Net Income of</B>&nbsp;<STRONG>$9.8 Million And Cash Flow of $23.8 Million in Fourth Quarter;</STRONG>&nbsp;<STRONG>Provides Outlook For FY2011</STRONG></a></TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
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     <TD style="BACKGROUND-COLOR: #ececec" vAlign=top noWrap align=left><a href="exhibit99-3.htm"><B>99.3</B></a></TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=left><a href="exhibit99-3.htm"><B>News Release dated May 13, 2010 &#150; Silvercorp Announces Declaration</B>&nbsp;<STRONG>of Quarterly Dividends &#150; CAD$0.02</STRONG>&nbsp;</a></TD></TR></TABLE></DIV><BR>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>NEWS RELEASE DATED MAY 4, 2010
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    <TD width="90%" rowspan="7" align=left valign="center" noWrap><img src="silvercorplogo.jpg"></TD>
    <TD width="10%" align=left noWrap>Suite 1378 &#150; 200 Granville Street</TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap>Vancouver, BC, Canada V6C 1S4</TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap><FONT style="COLOR: #7F0000">Tel:</FONT> <FONT style="color:#000000">604-669-9397</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap><FONT style="COLOR: #7F0000">Fax:</FONT> <FONT style="color:#000000">604-669-9387</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap><FONT style="COLOR: #7F0000">Toll Free Tel:</FONT> <FONT style="color:#000000">1-888-224-1881</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap><FONT style="COLOR: #7F0000">Email:</FONT> <FONT style="color:#000000">info@silvercorp.ca</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap><FONT style="COLOR: #7F0000">Website:</FONT> <FONT style="color:#000000">www.silvercorp.ca</FONT></TD>
  </TR>
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<br>
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    <TD width="15%" align=left nowrap><B><FONT face=serif>Trading Symbol:</FONT></B></TD>
    <TD width="25%" align=left nowrap><B><FONT face=serif>NYSE: SVM</FONT></B></TD>
    <TD width="60%" align=right nowrap><B><FONT face=serif>May 4, 2010</FONT></B></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="15%" align=left nowrap>&nbsp;</TD>
    <TD width="25%" align=left nowrap><B><FONT face=serif>TSX: SVM</FONT></B></TD>
    <TD width="60%" align=right nowrap>&nbsp;</TD>
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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><BR>
  <P style="TEXT-ALIGN: center"><B>S</B><B>ILVERCORP TO </B><B>A</B><B>NNOUNCE </B><B>F</B><B>OURTH </B><B>Q</B><B>UARTER </B><B>R</B><B>ESULTS </B><B>&amp; H</B><B>OLD </B><B>A</B><B>NALYST </B><B>C</B><B>ONFERENCE </B><B>C</B><B>ALL</B></P>
  <P style="TEXT-ALIGN: justify"><B>VANCOUVER, British Columbia &#150; May 4, 2010 &#150; Silvercorp Metals Inc. </B>(&#147;Silvercorp&#148;) plans to release its unaudited fourth quarter and year end results for the period ended March 31, 2010, on Wednesday, May 12, 2010, after the close of the market.</P>
  <P style="TEXT-ALIGN: justify">Silvercorp&#146;s management will hold a conference call on Thursday, May 13, 2010, at 8:30 a.m. PT/11:30 a.m. ET to discuss the results with analysts. Shareholders, media and interested investors are invited to listen to the live conference call over the internet by going to www.silvercorp.ca and clicking on the conference call link on the home page or over the phone by dialing (612) 288-0329 just prior to the starting time. Analysts who wish to receive the toll-free dial-in number for this conference call are invited to contact Silvercorp at (604) 669-9397 or via email to investor@silvercorp.ca no later than 2:00 p.m. PST on Wednesday, May 12, 2010. All participants will be asked to register with the conference call operator.</P>
  <P style="TEXT-ALIGN: justify"><B>About Silvercorp Metals Inc.</B></P>
  <P style="TEXT-ALIGN: justify">Silvercorp Metals Inc. is engaged in the acquisition, exploration, development and mining of high-grade silver-related mineral properties in China and Canada. 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 GC property in the Guangdong Province to establish a second base for production in China. Additionally, Silvercorp recently acquired the Silvertip project in northern British Columbia, Canada, as an additional platform for growth and geographic diversification. The Company&#146;s shares are traded on the New York Stock Exchange and Toronto Stock Exchange and are included as a component of the S&amp;P/TSX Composite and the S&amp;P/TSX Global Mining Indexes.</P>
  <P style="TEXT-ALIGN: justify"><B>For further information:</B></P>
  <P style="TEXT-ALIGN: justify">SILVERCORP METALS INC. Rui Feng, Chairman/CEO &amp; Lorne Waldman, Corporate Secretary Phone:(604) 669-9397, Toll Free Phone: 1-888-224-1881 Fax: (604) 669-9387, Email: investor@silvercorp.ca, website: www.silvercorp.ca.</P>
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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>NEWS RELEASE DATED MAY 12, 2010
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    <TD width="90%" rowspan="7" align=left valign="center" noWrap><img src="silvercorplogo.jpg"></TD>
    <TD width="10%" align=left noWrap>Suite 1378 &#150; 200 Granville Street</TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap>Vancouver, BC, Canada V6C 1S4</TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap><FONT style="COLOR: #7F0000">Tel:</FONT> <FONT style="color:#000000">604-669-9397</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap><FONT style="COLOR: #7F0000">Fax:</FONT> <FONT style="color:#000000">604-669-9387</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap><FONT style="COLOR: #7F0000">Toll Free Tel:</FONT> <FONT style="color:#000000">1-888-224-1881</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap><FONT style="COLOR: #7F0000">Email:</FONT> <FONT style="color:#000000">info@silvercorp.ca</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap><FONT style="COLOR: #7F0000">Website:</FONT> <FONT style="color:#000000">www.silvercorp.ca</FONT></TD>
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<p><strong>PRESS RELEASE</strong><br>
</p>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 width="100%" border=0>
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    <TD width="15%" align=left nowrap><B><FONT face=serif>Trading Symbol:</FONT></B></TD>
    <TD width="25%" align=left nowrap><B><FONT face=serif>NYSE: SVM</FONT></B></TD>
    <TD width="60%" align=right nowrap><B><FONT face=serif>May 12, 2010</FONT></B></TD>
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  <TR vAlign=bottom>
    <TD width="15%" align=left nowrap>&nbsp;</TD>
    <TD width="25%" align=left nowrap><B><FONT face=serif>TSX: SVM</FONT></B></TD>
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<P style="TEXT-ALIGN: center"><B><U>SILVERCORP REPORTS NET INCOME OF $9.8 MILLION AND<BR>
</U></B><B><U>CASH FLOW OF $23.8 MILLION IN FOURTH QUARTER; PROVIDES OUTLOOK FOR FY2011</U></B></P>
<P style="TEXT-ALIGN: justify"><B>VANCOUVER, British Columbia &#150; May 12, 2010 &#150; Silvercorp Metals Inc. </B>(&#147;Silvercorp&#148; or the &#147;Company&#148;) reports today its unaudited financial and operating results for the fourth quarter and fiscal year that ended March 31, 2010, and provides an outlook for its fiscal 2011 year. The following financial results are expressed in US dollars (US$) unless stated otherwise.</P>
<P style="TEXT-ALIGN: justify"><B><U>FOURTH QUARTER HIGHLIGHTS</U></B></P>
<P style="TEXT-ALIGN: justify">During the quarter ended March 31, 2010, highlights included:</P>
<UL>
<LI>
<P align=justify>Net earnings of $9.8 million, or $0.06 per share, compared to earnings of $1.2 million, or $0.01 per share, in the same quarter last year;</P>
<LI>
<P align=justify>Quarterly cash flows from operations of $23.8 million, or $0.14 per share, up 123% from the same quarter last year of $10.6 million;</P>
<LI>
<P align=justify>Production of 1.08 million ounces of silver in the quarter, resulting in record annual production of 4.62 million ounces and the fourth consecutive year of silver production growth;</P>
<LI>
<P align=justify>Total production costs of negative $4.61 per ounce of silver and cash costs of negative $5.64 per ounce of silver;</P>
<LI>
<P align=justify>Proven and Probable reserves established for the first time at the Ying mining district of 63.4 million ounces of silver, 384,837 tonnes of lead and 117,559 tonnes of zinc -- giving the Ying mine over a10- year mine life after four years of production;</P>
<LI>
<P align=justify>Acquisition of the high-grade Silvertip silver-lead-zinc property in northern British Columbia, Canada;</P>
<LI>
<P align=justify>Payment of $3.1 million, or CAD$0.02 per share, in quarterly dividends to shareholders; and</P>
<LI>
<P align=justify>Increase in total cash and short term investments to $95.0 million from $65.0 million a year ago.</P>
</LI></UL>
<P style="TEXT-ALIGN: justify"><B><U>FINANCIALS</U></B></P>
<P style="TEXT-ALIGN: justify">For the fourth quarter, Silvercorp recorded net earnings of $9.8 million, or $0.06 per share, an increase of 688% over the recorded net earnings of $1.2 million, or $0.01 per share, in the same quarter last year. Net earnings improved primarily due to higher metal production and higher realized selling prices.</P>
<P style="TEXT-ALIGN: justify">For the year ended March 31, 2010, the Company recorded net earnings of $38.5 million, or $0.24 per share, compared to a net loss of $16.0 million, or $0.11 loss per share, in the last year which included a mineral property impairment charge of $45.7 million.</P>
<P style="TEXT-ALIGN: center">1</P>
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<P style="TEXT-ALIGN: justify">Sales in the fourth quarter rose to $28.2 million, a 62% increase from $17.4 million in the same quarter last year. For the year, Silvercorp reported sales of $107.2 million, an increase of $23.6 million or 28% from last year. This increase was due to higher quantities of metals sold combined with higher metal prices.</P>
<P style="TEXT-ALIGN: justify">Cost of sales for the quarter was $7.8 million, representing a 25% increase as the Company processed more ore compared to the same quarter last year. For the year, cost of sales was $24.0 million, a decrease of 18% compared to $29.3 million a year ago despite the greater quantity of metals sold in the current year.</P>
<P style="TEXT-ALIGN: justify">Gross profit margin during the quarter improved to 68% from 63% in the same quarter last year. For the year, gross profit margin was 74% compared to gross profit margin of 57% last year.</P>
<P style="TEXT-ALIGN: justify">Cash flow from operations for the fourth quarter was $23.8 million, or 0.14 per share, a 123% increase from $10.6 million in the same quarter last year. For the year, cash flow generated from operations was $66.0 million, or $0.40 per share, an increase of $19.0 million or 40% from $47.0 million last year. The cash flows achieved for the year also exceeded the 2010 Production Guidance ($35 - $40 million) by 65%. The Company ended the year with $95.0 million in cash and short investments, up from $65.0 million at the end of the prior year.</P>
<P style="TEXT-ALIGN: justify"><B><U>OPERATIONS</U></B></P>
<P style="TEXT-ALIGN: justify">Silvercorp mined 81,034 tonnes of ore in the fourth quarter, a 34% increase over 60,466 tonnes in the same period last year. Ore production during this quarter was lower than in the past three quarters, however, as the Company&#146;s operations were closed for 25 days for the Chinese New Year.</P>
<P style="TEXT-ALIGN: justify">A total of 131,436 tonnes of ores were milled in the quarter, representing an 82% increase compared to 72,175 tonnes of ore milled in the same quarter last year and a 51% increase compared to 87,032 tonnes of ore milled in the last quarter.</P>
<P style="TEXT-ALIGN: justify">A total of 1.08 million ounces of silver were mined during the quarter, an increase of 4.2% over the same quarter last year of 1.04 million ounces. Total silver production for the year was a record 4.62 million ounces compared with 4.19 million ounces in the previous year.</P>
<P style="TEXT-ALIGN: justify">Consolidated cash cost per ounce of silver for the quarter improved to negative $5.64 compared to negative $2.06 per ounce of silver in the same quarter last year, an increase driven by higher realized prices for byproduct credits. Consolidated cash cost per ounce of silver for the year improved to negative $6.22 compared with negative $2.77 in the prior year period.</P>
<P style="TEXT-ALIGN: justify">In its fiscal year 2010 Production Guidance outlined in May 2009, the Company planned to produce 410,000 tonnes of ore. Actual ore production for the year was 406,754 tonnes, which was approximately 3,246 tonnes or 0.8% below the 2010 Guidance. A mine-by-mine breakdown of actual mining capacity compared to the 2010 Production Guidance is as follows:</P>
<UL>
<LI>
<P align=justify>At the Ying mine, total mine production for the year of 312,171 tonnes was achieved, which is 52,171 tonnes or 20% more than 2010 Production Guidance of 260,000 tonnes and an 8% increase compared to 290,334 tonnes of ore mined in the prior year. Most significantly, silver production from the Ying mine reached a record 4.16 million ounces, 14% higher than the Guidance of 3.65 million ounces even though run of mine silver grade was 465 g/t, which is 15g/t or 3% lower than the Guidance of 480 g/t for silver.</P>
<LI>
<P align=justify>The HPG mine produced 30,430 tonnes of ore which yielded 148,000 ounces of silver, exceeding the planned 30,000 tonnes of ore and 112,000 ounces of silver production outlined in the 2010 Guidance as actual silver grade was higher than projected.</P>
<LI>
<P align=justify>2010 Production Guidance for the TLP and LM mines was for the production of 120,000 tonnes of ore, which would yield between 0.9 - 1.3 million ounces of silver. Actual production from the mines was 64,153 tonnes or approximately 53% of the Guidance, which yielded 313,000 ounces of silver. Lower ore production was due to mine development and production running behind schedule. The majority of the ore produced were by-product ores derived from development work rather than mining from stopes, which resulted in lower silver grades.</P>
</LI></UL>
<P style="TEXT-ALIGN: justify">For fiscal year 2010, 90% of the Company&#146;s silver production was from the Ying mine, which achieved an annual production record of 4.16 million ounces. Even with the better than expected performance from the Ying mine, the company&#146;s silver production of 4.62 million ounces for the year is marginally outside the 2010 Guidance of 4.65 - 5.05 million ounces resulting from the production shortfall at the TLP and LM mines.</P>
<P style="TEXT-ALIGN: center">2</P>
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<P style="TEXT-ALIGN: justify">Operational results for the past four quarters and the full fiscal 2010 year, along with a comparison to the 2010 Production Guidance, for the <B><U>Ying Mine</U> </B>are summarized as follows:</P>
<DIV align=left>
  <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center>Q4 2010</TD>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center>Q3 2010</TD>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center>Q2 2010</TD>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center>Q1 2010</TD>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>F2010</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center>F2010&nbsp;</TD></TR>
<TR height=20>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>31-Mar-10</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>31-Dec-09 </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>30-Sep-09 </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>30-Jun-09</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B>Total</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>Guidance&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left><B>Ores Mined </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left><B>Direct Smelting Ores </B><I>(tonne)</I>&nbsp;</TD>
     <TD noWrap align=center>2,418</TD>
     <TD noWrap align=center>3,357</TD>
     <TD noWrap align=center>3,550</TD>
     <TD noWrap align=center>3,773</TD>
     <TD noWrap align=center><B>13,098</B></TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #ececec" noWrap align=left><B>Ores to be milled </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=center>54,174</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=center>82,711</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=center>79,713</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=center>82,475</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=center><B>299,073</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>56,592</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>86,068</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>83,263</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>86,248</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B>312,171</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>260,000&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left><B>Run of Mine Ores </B><B><I>(</I></B><I>tonne)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left><B>Direct Smelting Ores </B><I>(tonne)</I>&nbsp;</TD>
     <TD noWrap align=center>2,418</TD>
     <TD noWrap align=center>3,357</TD>
     <TD noWrap align=center>3,550</TD>
     <TD noWrap align=center>3,773</TD>
     <TD noWrap align=center><B>13,098</B></TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #ececec" noWrap align=left><B>Ores Milled </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=center>70,214</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=center>70,776</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=center>80,657</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=center>77,330</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=center><B>298,977</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>72,632</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>74,133</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>84,207</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>81,103</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B>312,075</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>260,000&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left><B>Metal Production</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left><B>Silver </B><I>(in thousands of ounce)</I>&nbsp;</TD>
     <TD noWrap align=center>836</TD>
     <TD noWrap align=center>1,086</TD>
     <TD noWrap align=center>1,107</TD>
     <TD noWrap align=center>1,134</TD>
     <TD noWrap align=center><B>4,163</B></TD>
     <TD noWrap align=center>3,650&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #ececec" noWrap align=left><B>Lead </B><I>(in thousands of pound)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>11,097</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>14,327</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>14,084</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>15,017</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center><B>54,525</B></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>49,000&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Zinc </B><I>(in thousands of pound)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>2,747</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>4,038</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>3,707</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>3,579</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B>14,071</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>12,000&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left><B>Head Grades of Run of Mine Ores</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left><B>Silver </B><I>(gram/tonne)</I>&nbsp;</TD>
     <TD noWrap align=center>429.3</TD>
     <TD noWrap align=center>488.5</TD>
     <TD noWrap align=center>452.5</TD>
     <TD noWrap align=center>488.1</TD>
     <TD noWrap align=center><B>465.3</B></TD>
     <TD noWrap align=center>480&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #ececec" noWrap align=left><B>Lead </B><I>(%)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>7.6</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>9.0</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>8.1</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>9.1</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center><B>8.5</B></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>9.0&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Zinc </B><I>(%)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>2.8</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>3.4</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>3.0</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>3.1</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B>3.1</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>3.0&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left><B>Recovery Rate of the Run of Mine Ores</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left><B>Silver </B><I>(%)</I>&nbsp;</TD>
     <TD noWrap align=center>91.8</TD>
     <TD noWrap align=center>91.0</TD>
     <TD noWrap align=center>92.8</TD>
     <TD noWrap align=center>93.3</TD>
     <TD noWrap align=center><B>92.7</B></TD>
     <TD noWrap align=center>92&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #ececec" noWrap align=left><B>Lead </B><I>(%)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>96.3</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>95.8</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>96.6</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>96.5</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center><B>96.6</B></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>96&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Zinc </B><I>(%)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>67.5</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>76.0</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>71.2</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>76.3</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B>69.0</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>72&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left><B>Cash Mining cost </B><I>($ per tonne)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>45.66</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>45.75</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>46.16</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>42.27</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center><B>44.93</B></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Total Mining cost </B><I>($ per tonne)</I>&nbsp;</TD>
     <TD noWrap align=center>57.50</TD>
     <TD noWrap align=center>56.90</TD>
     <TD noWrap align=center>54.71</TD>
     <TD noWrap align=center>52.70</TD>
     <TD noWrap align=center><B>55.32</B></TD>
     <TD noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left><B>Cash Milling cost </B><I>($ per tonne)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>10.23</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>10.45</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>9.19</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>10.84</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center><B>10.23</B></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Total Milling cost </B><I>($ per tonne)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>11.63</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>11.48</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>10.16</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>11.74</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B>11.33</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" align=left><B><B>Production cost per ounce of silver,</B> adjusted for by-product credits</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>(6.14)</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>(7.47)</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>(5.51)</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>(4.19)</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center><B>(5.79<B>)</B></B></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=center>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><B>Cash cost per ounce of silver, adjusted</B> for by-product credits</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>(7.26)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>(8.36)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>(6.24)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>(5.00)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B>(6.66<B>)</B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B><U>OUTLOOK FOR FISCAL YEAR 2011</U></B></P>
<P style="TEXT-ALIGN: justify"><B><I>Ying Mining District, Henan Province, China</I></B></P>
<P style="TEXT-ALIGN: justify">For fiscal year 2011, Silvercorp expects a 13% increase in silver production to 5.3 million ounces with production from the TLP, HPG and LM mines continuing to grow as mine development progresses. The Company&#146;s production plan is to produce approximately 500,000 tonnes of ore at grades of 360 g/t silver, 8% lead and 1.2% zinc, yielding 5.3 million ounces of silver, 83.7 million pounds of lead and 10.3 million pounds of zinc.</P>
<P style="TEXT-ALIGN: center">3</P>
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<P style="TEXT-ALIGN: justify">Using the average metal prices during the fourth quarter and the above projected production figures, the Company&#146;s mining operations in fiscal 2011 are expected to generate revenues of $140 million, resulting in cash flows from mine operations of $95 million to $100 million. Capital expenditures for fiscal 2011 are budged at $13 million at the Ying Mining District -- including $7 million for the Ying mine, $4 million for the TLP mine and $2 million for the HPG and LM mines.</P>
<P style="TEXT-ALIGN: justify"><B><I>GC Project, Guangdong Province, China</I></B></P>
<P style="TEXT-ALIGN: justify">At the GC development project in Guangdong Province, China, the Company is engaged in environmental permitting and is continuing the process of compiling a feasibility study, which includes detailed mine and mill designs. Capital expenditure projections at the project for the current fiscal year will depend on the timing of receipt of the environmental permit.</P>
<P style="TEXT-ALIGN: justify"><B><I>Silvertip Project, British Columbia, Canada</I></B></P>
<P style="TEXT-ALIGN: justify">In February 2010, Silvercorp completed the acquisition of a 100% interest in the Silvertip silver-lead-zinc project covering 216 km<SUP>2 </SUP>in northern British Columbia. Further mineral claim staking by the Company has increased the land package to approximately 800 km<SUP>2</SUP>.</P>
<P style="TEXT-ALIGN: justify">Silvercorp plans to apply the same successful strategy used at the Ying mine in China to the Silvertip project. Within the next 12 months, the Company intends to complete the necessary studies required for the submission of a B.C. Small Mine Permit application for an operation with an annual capacity of up to 75,000 tonnes. The Small Mine Permit will allow Silvercorp to commence early production, focusing on higher grade (&gt;1,000 g/t silver equivalent) ore zones that can be accessed from existing tunnels. Expected cash flows from the small mining operation will then help finance further exploration to expand both the resource and future mine operations.</P>
<P style="TEXT-ALIGN: justify">The Company&#146;s first step will be to obtain the necessary permits to de-water the existing underground workings, which is expected to take approximately six months. Once obtained, an underground exploration program, which will include a bulk sample, exploration drilling and a geotechnical assessment, will be carried out.</P>
<P style="TEXT-ALIGN: justify">In addition, a surface drill program will be carried out this summer where previous dill holes have intercepted extensive mineralized zones that were not included in the 2010 resource estimation as the drill holes were too widely spaced. Furthermore, several geophysical and geochemical anomalies located within 5 kilometres of the existing resource areas along the same shale-limestone contact zone previously identified to host high-grade mineralization will also be drill tested. The total capital expenditure budget for calendar year 2010 at the Silvertip project will be approximately $4-5 million.</P>
<P style="TEXT-ALIGN: justify">Silvercorp continues to pursue future growth opportunities by carrying out aggressive exploration programs within existing exploration and mining permit areas at its projects in addition to continually seeking out acquisitions projects in China and other jurisdictions.</P>
<P style="TEXT-ALIGN: justify"><B><U>CONFERENCE CALL AND WEBCAST INFORMATION</U></B></P>
<P style="TEXT-ALIGN: justify">A conference call and live audio webcast to discuss these results is scheduled as follows:</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''Times New Roman'''" cellSpacing=0 border=0>
<TR>
     <TD width="25%"></TD>
     <TD width="75%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Date:&nbsp;</TD>
     <TD noWrap align=left><B>Thursday, May 13, 2010</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Time:&nbsp;</TD>
     <TD noWrap align=left><B>8:30 am PT (11:30 am ET)</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Dial-In Number:&nbsp;</TD>
     <TD noWrap align=left><B>1-612-288-0329</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Live audio webcast:&nbsp;</TD>
     <TD noWrap align=left><B>www.silvercorp.ca (click on the link on the home page)</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left colSpan=2>Playback webcast can be accessed at: <B>www.silvercorp.ca</B>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>About Silvercorp Metals Inc.</B></P>
<P style="TEXT-ALIGN: justify">Silvercorp Metals Inc. is engaged in the acquisition, exploration, development and mining of high-grade silver-related mineral properties in China and Canada. 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 GC property in the Guangdong Province to establish a second base for production in China. Additionally, Silvercorp recently acquired the Silvertip project in northern British Columbia, Canada, as an additional platform for growth and geographic diversification. The Company&#146;s shares are traded on the New York Stock Exchange and Toronto Stock Exchange and are included as a component of the S&amp;P/TSX Composite and the S&amp;P/TSX Global Mining Indexes.</P>
<P style="TEXT-ALIGN: center">4</P>
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<P style="TEXT-ALIGN: justify"><B>For further information: </B>SILVERCORP METALS INC., Rui Feng, Chairman &amp; CEO and Lorne Waldman, Corporate Secretary, Phone: (604) 669-9397, Fax: (604) 669-9387, Toll Free 1(888) 224-1881, Email: info@silvercorp.ca, Website: www.silvercorp.ca.</P>
<P style="TEXT-ALIGN: justify"><B><U>CAUTIONARY DISCLAIMER -- FORWARD LOOKING STATEMENTS</U></B></P>
<P style="TEXT-ALIGN: justify">Statements in this press release other than purely historical factual information, including statements relating to mineral resources and reserves, permitting, the Company&#146;s future plans and objectives, expected production levels, exploration, head grades, recovery rates, cash flows, acquisitions, 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&#146;s business, including risks inherent in mineral exploration, development, and mining. Some production projections may be 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, reader
s 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.</P>
<P style="TEXT-ALIGN: center">5</P>
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<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Consolidated Balance Sheets - Unaudited</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars)</I>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="72%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="4%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>March 31, 2010</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>March 31, 2009</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>ASSETS</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Current Assets</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Cash and cash equivalents&nbsp;</TD>
     <TD noWrap align=right><B>$</B>&nbsp;</TD>
     <TD noWrap align=right><B>50,618</B>&nbsp;</TD>
     <TD noWrap align=right>$&nbsp;</TD>
     <TD noWrap align=right>41,470</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Short term investments&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>44,041</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>23,962</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Restricted cash&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>-</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>732</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Accounts receivable, prepaids and deposits&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2,474</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>3,152</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Inventories&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>3,175</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>1,529</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Current portion of future income tax assets&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>112</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>143</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Amounts due from related parties&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>138</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>30</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>100,558</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>71,018</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Long term prepaids and deposits</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>505</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>1,058</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Reclamation deposits</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>78</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Long term investments</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>14,838</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>12,186</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Restricted cash</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>-</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>293</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Plant and equipment</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>29,024</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>29,072</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Mineral rights and properties</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>133,248</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>89,413</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Future income tax assets</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,203</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>2,162</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>279,454</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>205,202</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>LIABILITIES</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Current Liabilities</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Accounts payable and accrued liabilities&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7,504</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>8,533</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Deposits received&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>6,737</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>1,290</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Bank loan and notes payable&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,465</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>658</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Current portion of asset retirement obligations&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>292</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Dividends payable&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,238</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>2,564</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Income tax payable&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1,658</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>3,041</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Amounts due to related parties&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>7,353</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>20,894</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>23,439</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Future income tax liabilities</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>19,475</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>19,678</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Asset retirement obligations</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2,357</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>2,029</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>42,726</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>45,146</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Non-controlling interests</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>21,738</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>7,610</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SHAREHOLDERS' EQUITY</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Share capital</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>145,722</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>135,604</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Contributed surplus</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4,702</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>3,764</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Reserves</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>31,893</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>31,893</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Accumulated other comprehensive income (loss)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>14,910</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(10,167</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Retained earnings (Deficit)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>17,763</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(8,648</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>214,990</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>152,446</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=6>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>279,454</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>205,202</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">6</P>
</DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
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<A name="page_7"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''Times New Roman'''" cellSpacing=0 border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Consolidated Statements of Operations - Unaudited</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for per share figures)</I>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''Times New Roman'''" cellSpacing=0 border=0>
<TR>
     <TD width="44%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right colSpan=4><B>Three months ended March 31,</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right colSpan=4><B>Twelve months ended March 31,</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>2010</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>2009</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>2010</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>2009</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Sales</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>28,224</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>17,392</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>107,164</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>83,523</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Cost of sales</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7,839</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>6,276</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>23,996</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>29,322</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Amortization and depletion</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>1,108</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>106</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>3,904</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>6,365</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>8,947</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>6,382</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>27,900</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>35,687</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Gross profit</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>19,277</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>11,010</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>79,264</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>47,836</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Expenses</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Accretion of asset retirement obligations&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>32</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>35</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>125</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>123</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Amortization&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>156</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>24</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>932</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>817</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Foreign exchange loss (gain)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>211</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(673</TD>
     <TD noWrap align=left>)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(432</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(2,872</TD>
     <TD noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>General exploration and property investigation expenses&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>702</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>500</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4,909</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>2,325</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Impairment charges and bad debt&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>2,907</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>698</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>50,707</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Investor relations&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>126</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>109</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>438</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>550</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>General and administrative&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>2,365</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>2,023</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>9,491</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>9,312</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Professional fees&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>344</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>130</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,783</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>1,488</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>3,936</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>5,055</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>17,944</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>62,450</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>15,341</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>5,955</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>61,320</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(14,614</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Other income and expenses</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Equity loss on investment in NUX&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(99</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>12</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(424</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,455</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Loss on disposal of mineral rights and property&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(819</TD>
     <TD noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Loss on disposal of plant and equipment&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(198</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(308</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(1,569</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(328</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Interest expenses&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(27</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(122</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(7</TD>
     <TD noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Loss on held for trading securities&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>57</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>35</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Interest income&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>233</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>75</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>868</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>1,342</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Other income&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>52</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>-&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>3</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>337</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>478</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>18</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(224</TD>
     <TD noWrap align=left>)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(875</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(789</TD>
     <TD noWrap align=left>)&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Income (loss) before income taxes and non-controlling interests</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>15,359</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>5,731</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>60,445</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(15,403</TD>
     <TD noWrap align=left>)&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Income tax expense (recovery)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Current&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,722</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>2,805</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7,796</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>6,988</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Future&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>413</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(325</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>764</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(7,925</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2,135</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>2,480</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>8,560</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(937</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD></TR>
<TR>
     <TD colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Income (loss) before non-controlling interests</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>13,224</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>3,251</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>51,885</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(14,466</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD></TR>
<TR>
     <TD colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Non-controlling interests</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(3,464</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(2,013</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(13,338</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,531</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD></TR>
<TR>
     <TD colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Net income (loss)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>9,760</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>1,238</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>38,547</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(15,997</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD></TR>
<TR>
     <TD colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Basic earnings (loss) per share</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.06</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>0.01</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.24</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(0.11</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Diluted earnings (loss) per share</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>0.06</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>0.01</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>0.24</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>(0.11</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Weighted Average Number of Shares Outstanding - Basic</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>167,205,472</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>153,869,610</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>162,287,528</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>152,350,041</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Weighted Average Number of Shares Outstanding - Diluted</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>167,963,878</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>154,996,312</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>163,571,019</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>152,350,041</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">7</P>
</DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
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<A name="page_8"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''Times New Roman'''" cellSpacing=0 border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Consolidated Statements of Cash Flows - Unaudited</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars)</I>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''Times New Roman'''" cellSpacing=0 border=0>
<TR>
     <TD width="44%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right colSpan=4><B>Three months ended March 31,</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right colSpan=4><B>Twelve months ended March 31,</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>2010</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>2009</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>2010</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>2009</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Cash provided by (used in)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Operating activities</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Net income (loss) for the year&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>9,760</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>1,238</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>38,547</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(15,997</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Add (deduct) items not affecting cash :&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Accretion of asset retirement obligations&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>32</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>35</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>125</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>122</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left>Amortization and depletion&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1,264</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>130</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>4,836</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>7,182</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Equity Investment loss (gain)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>99</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(12</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>424</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>1,455</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left>Future income tax expenses (recovery)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>413</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(325</TD>
     <TD noWrap align=left>)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>764</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(7,925</TD>
     <TD noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Impairment charges and bad debt&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>2,907</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>698</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>50,707</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left>Gain on held-for-trading securities&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(57</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(35</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Loss on disposal of mineral property&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>819</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left>Loss on disposal of plant and equipment&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>198</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>309</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1,569</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>328</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Non-controlling interests&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,464</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>2,013</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>13,338</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>1,531</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left>Stock-based compensation&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>592</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>107</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1,914</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>2,103</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Unrealized foreign exchange loss (gain)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(148</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>883</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(1,118</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>4,378</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Change in non-cash operating working capital&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>8,142</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>3,340</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>4,921</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>2,283</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Cash provided by operating activities</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>23,759</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>10,625</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>65,983</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>46,986</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Investing activities</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Mineral rights and properties&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Acquisition and capital expenditures&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(10,187</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(713</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(21,218</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(37,115</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left>Proceeds on disposals&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>814</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Plant and equipment&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left>Acquisition&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(3,645</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(1,524</TD>
     <TD noWrap align=left>)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(5,027</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(12,697</TD>
     <TD noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Proceeds on disposals&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>140</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>2</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Equity investments&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Marketable securities&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(32</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(1,355</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left>Luoyang Yongning Gold and Lead Smelting Co. Ltd.&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(146</TD>
     <TD noWrap align=left>)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(291</TD>
     <TD noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Sales of (purchase of) short term investments&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(9,059</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(9,414</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(14,310</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>12,982</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Prepayments to acquire plant and equipment&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>153</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>1,499</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(485</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(354</TD>
     <TD noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Reclaimation deposit paid&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(75</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(75</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Cash used in investing activities</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(22,838</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(10,298</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(42,330</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(36,659</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Financing activities</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Advance to related parties, net of repayments received&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(45</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(225</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(101</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(37</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Bank loan and notes payable&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Proceeds&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>655</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2,927</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>656</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left>Repayments&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(1,465</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(2,123</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Non-controlling interest&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left>Contribution&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>215</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Distribution&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,974</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(7,191</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(13,173</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Cash dividends distributed&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(3,103</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(2,476</TD>
     <TD noWrap align=left>)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(12,001</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(5,466</TD>
     <TD noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Capital stock&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left>Proceeds from issuance of common share&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>482</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>22,634</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1,310</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>22,655</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Share cancellation&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(9,473</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Cash provided by (used in) financing activities</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(4,131</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>18,614</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(17,179</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(4,623</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Effect of exchange rate changes on cash and cash equivalents</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>325</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(6,279</TD>
     <TD noWrap align=left>)&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>2,674</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(11,327</TD>
     <TD noWrap align=left>)&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Increased (decrease) in cash and cash equivalents</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(2,885</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>12,662</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>9,148</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(5,623</TD>
     <TD noWrap align=left>)&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Cash and cash equivalents, beginning of period</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>53,503</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>28,808</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>41,470</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>47,093</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Cash and cash equivalents, end of period</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>50,618</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>41,470</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>50,618</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>41,470</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Supplemental information:</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Interest paid&nbsp;</TD>
     <TD noWrap align=right><B>$</B>&nbsp;</TD>
     <TD noWrap align=right><B>25</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>$&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>$</B>&nbsp;</TD>
     <TD noWrap align=right><B>119</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>$&nbsp;</TD>
     <TD noWrap align=right>30</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left>Income tax paid&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,952</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>554</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>9,127</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>4,703</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=13>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Non-cash investing activities:</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left>Common shares issued for mineral rights and properties&nbsp;</TD>
     <TD noWrap align=right><B>$</B>&nbsp;</TD>
     <TD noWrap align=right><B>7,832</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>$&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>$</B>&nbsp;</TD>
     <TD noWrap align=right><B>7,832</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>$&nbsp;</TD>
     <TD noWrap align=right>36,484</TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">8</P>
</DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
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<A name="page_9"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Mining Data</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="40%"></TD>
     <TD width="10%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="2%"></TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=center colSpan=5><B><FONT color=#ffffff>Three months ended March 31, 2010</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=center>&nbsp;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=left>&nbsp; </TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>YING</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>HPG</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>TLP</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>LM </FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>Consolidation</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B><FONT color=#ffffff></FONT></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Production Data</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left><B>Mine Data</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Ore Mined </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Direct Smelting Ores </B><I>(tonne)</I>&nbsp;</TD>
     <TD noWrap align=right><B>2,418</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>64</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>3</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>2,485</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Stockpiled Ores </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>54,174</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7,050</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>10,815</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>6,510</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>78,549</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>56,592</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>7,114</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>10,818</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>6,510</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>81,034</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Run of Mine Ore </B><I>(tonne)</I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Direct Smelting Ores </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2,418</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>64</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2,485</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Stockpiled Ores Milled </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>70,214</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>8,658</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>33,953</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>18,611</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>131,436</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>72,632</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>8,722</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>33,957</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>18,611</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>133,921</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Mining cost per tonne of ore mined </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>57.50</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>59.56</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>63.44</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>39.90</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>57.06</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Cash mining cost per tonne of ore mined </B>($)&nbsp;</TD>
     <TD noWrap align=right><B>45.66</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>52.19</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>59.24</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>37.10</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>47.36</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Non cash mining cost per tonne of ore mined </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11.84</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7.37</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4.20</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2.80</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>9.70</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Unit shipping costs ($)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3.72</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3.71</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2.82</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2.80</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3.52</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Milling cost per tonne of ore milled </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11.63</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>12.52</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>10.49</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>8.86</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11.00</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Cash milling cost per tonne of ore milled </B>($)&nbsp;</TD>
     <TD noWrap align=right><B>10.23</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>10.81</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>8.79</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>6.87</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>9.43</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Non cash milling cost per tonne of ore milled </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.39</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.72</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.70</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.99</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.57</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Average Production Cost</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Silver </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD noWrap align=right><B>3.37</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>5.54</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>7.62</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>7.48</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>4.20</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Gold </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>172.29</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>295.67</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>481.6&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>268.26</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Lead </B><I>($ per pound)</I>&nbsp;</TD>
     <TD noWrap align=right><B>0.20</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>0.28</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>0.45</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>0.49</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>0.25</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Zinc </B><I>($ per pound)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.17</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.21</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD align=right colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Total production cost per ounce of Silver </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(6.14</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(10.41</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.78</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5.30</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(4.61</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Total cash cost per ounce of Silver </B>($)&nbsp;</TD>
     <TD noWrap align=right><B>(7.26</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=right><B>(11.02</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=right><B>0.79</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>5.09</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>(5.64</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Total Recovery of the Run of Mine Ores</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Silver </B><I>(%)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>91.8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>84.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>85.8</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>84.4</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>90.2</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Lead </B><I>(%)</I>&nbsp;</TD>
     <TD noWrap align=right><B>96.3</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>94.8</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>87.1</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>89.7</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>94.5</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Zinc </B><B><I>( </I></B><I>%)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>67.5</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>68.6</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>67.5</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Head Grades of Run of Mine Ores</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Silver </B><I>(gram/tonne)</I>&nbsp;</TD>
     <TD noWrap align=right><B>429.3</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>165.9</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>95.1</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>255.9</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>303.8</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Lead </B><I>(%)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7.6</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3.4</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.6</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5.7</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Zinc </B><I>(%)</I>&nbsp;</TD>
     <TD noWrap align=right><B>2.8</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1.6</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>1.6</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Sales Data</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Metal Sales</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Silver </B><I>(in thousands of ounce)</I>&nbsp;</TD>
     <TD noWrap align=right><B>836</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>44</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>125</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>74</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>1,079</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Gold </B><I>(in thousands of ounce)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.2</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.5</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Lead </B><I>(in thousands of pound)</I>&nbsp;</TD>
     <TD noWrap align=right><B>11,097</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1,228</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>2,219</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>377</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>14,921</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Zinc </B><I>(in thousands of pound)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2,747</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2,747</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Metal Sales</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Silver </B><I>($)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11,024</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>651</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,616</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,011</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>14,302</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Gold </B><I>($)</I>&nbsp;</TD>
     <TD noWrap align=right><B>186</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>192</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>57</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>22</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>457</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Lead </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>8,645</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>927</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,704</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>339</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11,615</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Zinc </B><I>($)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>1,850</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>-</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>-&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>-&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>1,850</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>21,705</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,770</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,377</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,372</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>28,224</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Silver </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>13.19</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>14.80</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>12.97</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>13.66</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>13.25</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Gold </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD noWrap align=right><B>673.91</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>790.12</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>880.00</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>846.30</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Lead </B><I>($ per pound)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.78</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.75</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.77</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.90</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.78</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Zinc </B><I>($ per pound)</I>&nbsp;</TD>
     <TD noWrap align=right><B>0.67</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>0.67</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">9</P>
</DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<A name="page_10"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Mining Data</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="40%"></TD>
     <TD width="10%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="2%"></TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=center colSpan=5><B><FONT color=#ffffff>Three months ended March 31, 2009</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=center>&nbsp;&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=left>&nbsp; </TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>YING</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>HPG</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>TLP</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right>&nbsp;&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>LM </FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right>&nbsp;&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>Consolidation</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Production Data</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left><B>Mine Data</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Ore Mined </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Direct Smelting Ores </B><I>(tonne)</I>&nbsp;</TD>
     <TD noWrap align=right><B>2,610</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>14</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>-</B>&nbsp;</TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=right><B>0.3</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>2,624</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Stockpiled Ores </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>55,232</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,491</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>646</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>472</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>57,842</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>57,842</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>1,505</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>646</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>472</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>60,466</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Run of Mine Ore </B><I>(tonne)</I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Direct Smelting Ores </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2,726</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>14</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2,739</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Stockpiled Ores Milled </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>60,167</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>553</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>6,876</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>4,578</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>72,175</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>62,893</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>567</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>6,876</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4,578</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>74,914</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Mining cost per tonne of ore mined </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>58.71</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>36.34</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>263.91</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>153.20</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>61.48</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Cash mining cost per tonne of ore mined </B>($)&nbsp;</TD>
     <TD noWrap align=right><B>45.44</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>29.39</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>262.43</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>147.45</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>48.16</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Non cash mining cost per tonne of ore mined </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>13.27</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>6.95</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.48</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5.75</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>13.32</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Unit shipping costs ($)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3.55</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3.55</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Milling cost per tonne of ore milled </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11.76</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>88.17</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>10.50</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>13.32</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>12.30</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Cash milling cost per tonne of ore milled </B>($)&nbsp;</TD>
     <TD noWrap align=right><B>10.57</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>68.89</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>9.35</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>12.22</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>11.06</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Non cash milling cost per tonne of ore milled </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.18</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>19.28</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.15</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.10</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.24</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Average Production Cost</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Silver </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD noWrap align=right><B>2.48</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>10.28</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>5.20</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>11.91</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>3.19</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Gold </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>961.80</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>750.75</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>364.14</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Lead </B><I>($ per pound)</I>&nbsp;</TD>
     <TD noWrap align=right><B>0.15</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>0.50</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>0.27</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>0.69</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>0.19</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Zinc </B><I>($ per pound)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.11</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.36</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.13</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Total production cost per ounce of Silver </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(3.24</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>8.14</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3.31</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>12.84</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(1.95</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Total cash cost per ounce of Silver </B>($)&nbsp;</TD>
     <TD noWrap align=right><B>(3.62</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=right><B>(4.52</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=right><B>2.13</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>22.49</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>(2.06</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Total Recovery of the Run of Mine Ores</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Silver </B><I>(%)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>93.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>76.5</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>86.4</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>87.9</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>92.8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Lead </B><I>(%)</I>&nbsp;</TD>
     <TD noWrap align=right><B>97.2</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>92.6</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>85.8</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>86.8</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>96.4</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Zinc </B><B><I>( </I></B><I>%)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>69.4</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>74.2</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>69.4</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Head Grades of Run of Mine Ores</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Silver </B><I>(gram/tonne)</I>&nbsp;</TD>
     <TD noWrap align=right><B>486.7</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>108.8</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>95.1</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>307.3</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>408.5</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Lead </B><I>(%)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>9.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4.6</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3.4</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.9</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7.5</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Zinc </B><I>(%)</I>&nbsp;</TD>
     <TD noWrap align=right><B>3.1</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1.2</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>2.5</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 0px" noWrap align=left><B>Sales Data</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Metal Sales</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Silver </B><I>(in thousands of ounce)</I>&nbsp;</TD>
     <TD noWrap align=right><B>931</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>21</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>26</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>57</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>1,035</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Gold </B><I>(in thousands of ounce)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.2</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.0</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Lead </B><I>(in thousands of pound)</I>&nbsp;</TD>
     <TD noWrap align=right><B>12,150</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>561</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>233</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>238</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>13,182</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Zinc </B><I>(in thousands of pound)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,082</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>390</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,472</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left><B>Metal Sales</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Silver </B><I>($)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>8,037</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>232</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>243</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>476</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>8,988</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Gold </B><I>($)</I>&nbsp;</TD>
     <TD noWrap align=right><B>4</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>244</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>10</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>258</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Lead </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>6,341</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>300</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>113</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>115</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>6,869</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Zinc </B><I>($)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>1,126</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>151</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>-&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>-&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>1,277</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>15,508</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>927</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>356</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>601</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>17,392</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Silver </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>8.63</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11.05</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>9.35</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>8.35</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>8.68</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Gold </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1004.12</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>526.32</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>992.31</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Lead </B><I>($ per pound)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.52</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.53</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.49</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.48</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.52</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Zinc </B><I>($ per pound)</I>&nbsp;</TD>
     <TD noWrap align=right><B>0.37</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>0.39</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>0.37</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">10</P>
</DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<A name="page_11"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Mining Data</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="40%"></TD>
     <TD width="10%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="2%"></TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left><B><FONT color=#ffffff>Fiscal Year 2010</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=center colSpan=5><B><FONT color=#ffffff>Year ended March 31, 2010</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=center>&nbsp;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=left>&nbsp; </TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>YING</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>HPG</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>TLP</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>LM </FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>Consolidation</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Production Data</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left><B>Mine Data</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Ore Mined </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Direct Smelting Ores </B><I>(tonne)</I>&nbsp;</TD>
     <TD noWrap align=right><B>13,098</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>280</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>11</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>13,390</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Stockpiled Ores </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>299,073</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>30,150</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>38,538</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>25,603</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>393,364</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>312,171</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>30,430</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>38,550</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>25,603</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>406,754</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Run of Mine Ore </B><I>(tonne)</I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Direct Smelting Ores </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>13,098</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>281</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>13,390</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Ores Milled </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>298,977</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>32,833</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>36,797</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>25,897</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>394,505</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>312,075</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>33,113</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>36,808</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>25,897</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>407,895</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Mining cost per tonne of ore mined </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>55.32</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>55.81</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>64.15</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>54.60</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>56.14</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Cash mining cost per tonne of ore mined </B>($)&nbsp;</TD>
     <TD noWrap align=right><B>44.93</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>51.28</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>60.89</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>53.15</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>47.43</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Non cash mining cost per tonne of ore mined </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>10.39</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4.53</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3.26</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.45</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>8.71</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Unit shipping costs($)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3.57</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3.67</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2.86</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2.53</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3.44</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Milling cost per tonne of ore milled </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11.33</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>12.21</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>12.34</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>9.34</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11.37</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Cash milling cost per tonne of ore milled </B>($)&nbsp;</TD>
     <TD noWrap align=right><B>10.23</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>11.01</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>10.12</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>7.62</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>10.12</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Non cash milling cost per tonne of ore milled </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.09</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.21</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2.22</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.72</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.25</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Average Production Cost</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Silver </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD noWrap align=right><B>2.71</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>4.52</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>7.16</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>7.40</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>3.06</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Gold </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>134.33</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>269.05</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>183.14</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Lead </B><I>($ per pound)</I>&nbsp;</TD>
     <TD noWrap align=right><B>0.16</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>0.25</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>0.43</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>0.41</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>0.18</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Zinc </B><I>($ per pound)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.13</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.19</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.15</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Total production cost per ounce of Silver </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(5.79</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(12.75</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.27</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5.50</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(5.38</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Total cash cost per ounce of Silver </B>($)&nbsp;</TD>
     <TD noWrap align=right><B>(6.66</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=right><B>(13.47</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=right><B>0.34</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>5.28</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>(6.22</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Total Recovery of the Run of Mine Ores</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Silver </B><I>(%)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>92.7</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>85.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>87.3</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>84.9</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>92.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Lead </B><I>(%)</I>&nbsp;</TD>
     <TD noWrap align=right><B>96.6</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>94.3</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>85.8</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>87.5</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>95.9</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Zinc </B><B><I>( </I></B><I>%)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>69.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>70.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>69.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Head Grades of Run of Mine Ores</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Silver </B><I>(gram/tonne)</I>&nbsp;</TD>
     <TD noWrap align=right><B>465.3</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>160.3</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>94.9</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>271.8</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>394.8</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Lead </B><I>(%)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>8.5</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>6.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3.5</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.9</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7.5</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Zinc </B><I>(%)</I>&nbsp;</TD>
     <TD noWrap align=right><B>3.1</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1.3</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>2.5</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Sales Data</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Metal Sales</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Silver </B><I>(in thousands of ounce)</I>&nbsp;</TD>
     <TD noWrap align=right><B>4,163</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>148</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>140</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>173</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>4,624</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Gold </B><I>(in thousands of ounce)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.7</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.0</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.6</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Lead </B><I>(in thousands of pound)</I>&nbsp;</TD>
     <TD noWrap align=right><B>54,525</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>4,464</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>2,420</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>965</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>62,374</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Zinc </B><I>(in thousands of pound)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>14,071</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>669</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>14,740</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left><B>Metal Sales</B>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Silver </B><I>($)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>48,524</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,811</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,776</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2,294</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>54,405</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Gold </B><I>($)</I>&nbsp;</TD>
     <TD noWrap align=right><B>376</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>656</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>58</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>32</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>1,122</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Lead </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>37,597</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,057</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,838</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>713</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>43,205</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Zinc </B><I>($)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>8,094</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>338</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>-&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>-&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>8,432</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>94,591</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5,862</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,672</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,039</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>107,164</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left colSpan=2><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Silver </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11.66</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>12.24</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>12.69</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>13.26</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11.77</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Gold </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD noWrap align=right><B>578.46</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>728.89</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>711.11</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>703.45</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Lead </B><I>($ per pound)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.69</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.68</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.76</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.74</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.69</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Zinc </B><I>($ per pound)</I>&nbsp;</TD>
     <TD noWrap align=right><B>0.58</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>0.51</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>0.57</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">11</P>
</DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<A name="page_12"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Mining Data</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="40%"></TD>
     <TD width="10%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="4%"></TD>
     <TD width="8%"></TD>
     <TD width="2%"></TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left><B><FONT color=#ffffff>Fiscal Year 2009</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=center colSpan=5><B><FONT color=#ffffff>Year ended March 31, 2009</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=center>&nbsp;&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid; BACKGROUND-COLOR: #993300" noWrap align=left>&nbsp; </TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>YING</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>HPG</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>TLP</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>LM </FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=right><B><FONT color=#ffffff>Consolidation</FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #993300" noWrap align=left></TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Production Data</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left><B>Mine Data</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Ore Mined </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Direct Smelting Ores </B><I>(tonne)</I>&nbsp;</TD>
     <TD noWrap align=right><B>11,182</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>504</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>95</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>71</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>11,852</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Stockpiled Ores </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>279,152</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>54,361</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>59,118</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>35,316</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>427,947</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>290,334</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>54,865</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>59,213</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>35,387</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>439,799</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Run of Mine Ore </B><I>(tonne)</I>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Direct Smelting Ores </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11,298</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>504</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>95</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>71</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11,968</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Ores Milled </B><I>(tonne)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>275,204</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>59,887</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>69,375</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>34,653</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>439,119</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>286,502</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>60,391</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>69,470</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>34,724</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>451,087</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Mining cost per tonne of ore mined </B>($)&nbsp;</TD>
     <TD noWrap align=right><B>66.11</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>73.43</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>56.27</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>108.19</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>69.09</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Cash mining cost per tonne of ore mined </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>51.24</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>44.33</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>47.82</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>67.94</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>51.26</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Non cash mining cost per tonne of ore mined </B>($)&nbsp;</TD>
     <TD noWrap align=right><B>14.87</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>29.11</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>8.45</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>40.25</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>17.83</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Unit shipping costs</B>&nbsp;</TD>
     <TD noWrap align=right><B>3.60</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>4.04</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>2.11</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>4.76</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>3.54</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Milling cost per tonne of ore milled </B>($)&nbsp;</TD>
     <TD noWrap align=right><B>11.62</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>13.80</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>12.54</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>15.55</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>12.37</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Cash milling cost per tonne of ore milled </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>10.63</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>12.50</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11.44</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>15.55</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>11.39</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Non cash milling cost per tonne of ore milled </B>($)&nbsp;</TD>
     <TD noWrap align=right><B>0.99</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1.30</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1.10</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>0.98</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Average Production Cost</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Silver </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3.49</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7.72</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>9.48</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7.22</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4.34</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Gold </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD noWrap align=right><B>152.39</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>462.92</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>361.47</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>379.68</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>262.24</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Lead </B><I>($ per pound)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.22</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.46</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.57</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.45</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.28</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Zinc </B><I>($ per pound)</I>&nbsp;</TD>
     <TD noWrap align=right><B>0.14</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>0.28</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>0.18</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Total production cost per ounce of Silver </B>($)&nbsp;</TD>
     <TD noWrap align=right><B>(2.86</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD>
     <TD noWrap align=right><B>1.13</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>8.75</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>6.33</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>(1.25</B></TD>
     <TD noWrap align=left><B>)</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Total cash cost per ounce of Silver </B>($)&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(3.87</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(6.53</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5.15</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5.15</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(2.77</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Total Recovery of the Run of Mine Ores</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Silver </B><I>(%)</I>&nbsp;</TD>
     <TD noWrap align=right><B>92.0</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>81.6</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>84.1</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>88.1</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>89.9</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Lead </B><I>(%)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>96.5</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>93.2</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>78.8</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>86.8</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>94.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Zinc </B><B><I>( </I></B><I>%)</I>&nbsp;</TD>
     <TD noWrap align=right><B>69.3</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>71.4</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>76.1</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #e6efff" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Head Grades of Run of Mine Ores</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Silver </B><I>(gram/tonne)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>407.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>154.4</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>160.4</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>266.7</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>311.6</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%" noWrap align=left><B>Lead </B><I>(%)</I>&nbsp;</TD>
     <TD noWrap align=right><B>7.3</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>5.8</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>2.3</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>1.8</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>5.6</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 12%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Zinc </B><I>(%)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Sales Data</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%" noWrap align=left><B>Metal Sales</B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Silver </B><I>(ounce)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,408</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>209</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>271</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>301</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4,189</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Gold </B><I>(ounce)</I>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>2</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>2</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Lead </B><I>(pound)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>42,914</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5,899</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2,932</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,321</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>53,066</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Zinc </B><I>(pound)</I>&nbsp;</TD>
     <TD noWrap align=right><B>12,339</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>618</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>-&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>12,957</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Metal Sales</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Silver </B><I>($)</I>&nbsp;</TD>
     <TD noWrap align=right><B>34,416</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>2,214</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>2,872</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>3,082</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>42,584</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Gold </B><I>($)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>32</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,033</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>33</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>56</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,154</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Lead </B>($)&nbsp;</TD>
     <TD noWrap align=right><B>27,934</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>3,762</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1,875</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>853</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>34,424</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Zinc </B><I>($)</I>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5,121</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>240</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5,361</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>67,503</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>7,249</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>4,780</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>3,991</B>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>83,523</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 4%; BACKGROUND-COLOR: #e6efff" noWrap align=left colSpan=2><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Silver </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD noWrap align=right><B>10.10</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>10.59</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>10.60</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>10.24</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>10.17</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Gold </B><I>($ per ounce)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>441.01</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>636.67</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>403.70</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>538.98</B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>613.77</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%" noWrap align=left><B>Lead </B><I>($ per pound)</I>&nbsp;</TD>
     <TD noWrap align=right><B>0.65</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>0.64</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>0.64</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>0.65</B>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B>0.65</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="TEXT-INDENT: 8%; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Zinc </B><I>($ per pound)</I>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.42</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.39</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.41</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">12</P>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>NEWS RELEASE DATED MAY 13, 2010
<TEXT>
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   <TITLE>Exhibit 99.3</TITLE>
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<P style="line-height:11pt; margin:0px; font-size:10pt; font-family:Times New Roman;" align=right><b>Exhibit 99.3</b></p>
 <!--$$/page=--><BR>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 width="100%" border=0>
  <TR>
    <TD width="90%"></TD>
    <TD width="10%"></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="90%" rowspan="7" align=left valign="center" noWrap><img src="silvercorplogo.jpg"></TD>
    <TD width="10%" align=left noWrap>Suite 1378 &#150; 200 Granville Street</TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap>Vancouver, BC, Canada V6C 1S4</TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap><FONT style="COLOR: #7F0000">Tel:</FONT> <FONT style="color:#000000">604-669-9397</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap><FONT style="COLOR: #7F0000">Fax:</FONT> <FONT style="color:#000000">604-669-9387</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap><FONT style="COLOR: #7F0000">Toll Free Tel:</FONT> <FONT style="color:#000000">1-888-224-1881</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap><FONT style="COLOR: #7F0000">Email:</FONT> <FONT style="color:#000000">info@silvercorp.ca</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="10%" align=left noWrap><FONT style="COLOR: #7F0000">Website:</FONT> <FONT style="color:#000000">www.silvercorp.ca</FONT></TD>
  </TR>
</TABLE>
<p><FONT style="FONT-SIZE: 12pt"><b>PRESS RELEASE</b></FONT></p>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 width="100%" border=0>
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    <TD width="25%"></TD>
    <TD width="60%"></TD>
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  <TR vAlign=bottom>
    <TD width="15%" align=left nowrap><B><FONT face=serif>Trading Symbol:</FONT></B></TD>
    <TD width="25%" align=left nowrap><B><FONT face=serif>NYSE: SVM</FONT></B></TD>
    <TD width="60%" align=right nowrap><B><FONT face=serif>May 13, 2010</FONT></B></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="15%" align=left nowrap>&nbsp;</TD>
    <TD width="25%" align=left nowrap><B><FONT face=serif>TSX: SVM</FONT></B></TD>
    <TD width="60%" align=right nowrap>&nbsp;</TD>
  </TR>
</TABLE>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="TEXT-ALIGN: center"><B>S</B><B>ILVERCORP </B><B>A</B><B>NNOUNCES </B><B>D</B><B>ECLARATION OF </B><B>Q</B><B>UARTERLY </B><B>D</B><B>IVIDEND </B><B>- CAD$0.02</B></P>
<P style="TEXT-ALIGN: justify"><B>VANCOUVER, British Columbia &#150; May 13, 2010 &#150; Silvercorp Metals Inc. </B>(&#147;Silvercorp&#148;), the largest primary silver producer in China, is pleased to provide notice of its next dividend:</P>
<P style="TEXT-ALIGN: justify"><U>Quarterly Dividend of CAD$0.02</U></P>
<P style="TEXT-ALIGN: justify">Silvercorp will pay its FY2010 fourth quarter dividend of CAD$0.02 per share on July 21, 2010, to shareholders of record at the close of business on June 30, 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&#146;s cash flows. The dividends are considered eligible dividends for Canadian tax purposes.</P>
<P style="TEXT-ALIGN: justify"><B>About Silvercorp Metals Inc.</B></P>
<P style="TEXT-ALIGN: justify">Silvercorp Metals Inc. is engaged in the acquisition, exploration, development and mining of high-grade silver-related mineral properties in China and Canada. 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 GC property in the Guangdong Province to establish a second base for production in China. Additionally, Silvercorp recently acquired the Silvertip project in northern British Columbia, Canada, as an additional platform for growth and geographic diversification. The Company&#146;s shares are traded on the New York Stock Exchange and Toronto Stock Exchange and are included as a component of the S&amp;P/TSX Composite and the S&amp;P/TSX Global Mining Indexes.</P>
<P style="TEXT-ALIGN: justify"><B>For further information: </B>SILVERCORP METALS INC., Dr. Rui Feng, Chairman &amp; CEO and Lorne Waldman, Corporate Secretary, Phone: (604) 669-9397, Fax: (604) 669-9387, Toll Free 1(888) 224-1881, Email: info@silvercorp.ca, Website: www.silvercorp.ca.</P>
<P style="TEXT-ALIGN: justify"><B>CAUTIONARY DISCLAIMER -- FORWARD LOOKING STATEMENTS<BR>
</B>Statements in this press release other than purely historical factual information, including statements relating to future dividends 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&#146;s business, including risks inherent in mineral exploration, development, and mining. There can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. <I>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. </I>We seek safe harbour.</P>
</DIV><BR>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
