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<SEC-DOCUMENT>0001176256-11-000118.txt : 20110210
<SEC-HEADER>0001176256-11-000118.hdr.sgml : 20110210
<ACCEPTANCE-DATETIME>20110210132953
ACCESSION NUMBER:		0001176256-11-000118
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20110209
FILED AS OF DATE:		20110210
DATE AS OF CHANGE:		20110210

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:		11591133

	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>silvercorp6kq3110208.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER FOR FEBRUARY 9, 2011
<TEXT>

<HTML>
<HEAD>
<TITLE>Filed by e3 Filing, Computershare 1-800-973-3274 - Silvercorp Metals Inc. - Form 6-K</TITLE>
</HEAD>
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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>
    February 9, 2011<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; ] 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>
</DIV>
<BR>
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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
  <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>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''Times New Roman'''" cellSpacing=0 border=0>
      <TR>
        <TD width="20%"></TD>
        <TD width="24%"></TD>
        <TD width="12%"></TD>
        <TD width="4%"></TD>
        <TD width="40%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left></TD>
        <TD noWrap align=left>Dated: February 9, 2011</TD>
        <TD noWrap align=left></TD>
        <TD noWrap align=left colSpan=2><B>SILVERCORP METALS INC.</B>&nbsp;</TD>
      </TR>
      <TR>
        <TD></TD>
        <TD colSpan=4>&nbsp;</TD>
      </TR>
      <TR>
        <TD></TD>
        <TD colSpan=4>&nbsp;</TD>
      </TR>
      <TR>
        <TD></TD>
        <TD colSpan=4>&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><I><U>&#147;Lorne Waldman&#148;</U></I>&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>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>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
<A name="page_3"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
  <P style="TEXT-ALIGN: center"><B>EXHIBIT INDEX</B></P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
      <TR>
        <TD width="8%"></TD>
        <TD width="92%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B><U>EXHIBIT</U></B></TD>
        <TD noWrap align=center><B><U>DESCRIPTION OF EXHIBIT</U></B></TD>
      </TR>
      <TR>
        <TD colSpan=2>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #ececec" vAlign=top noWrap align=left><a href="exhibit99-1.htm"><B>99.1</B>&nbsp;</a></TD>
        <TD style="BACKGROUND-COLOR: #ececec" align=left><a href="exhibit99-1.htm"><B>Silvercorp Metals Inc. Financial Statements for the third quarter ended December 31, 2010</B></a></TD>
      </TR>
      <TR vAlign=bottom>
        <TD vAlign=top noWrap align=left><a href="exhibit99-2.htm"><B>99.2</B></a></TD>
        <TD align=left><a href="exhibit99-2.htm"><B>Silvercorp Metals Inc. MDA for the third quarter ended December 31, 2010</B></a></TD>
      </TR>
      <TR vAlign=bottom>
        <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> Silvercorp Metals Inc. CEO Certification for the third quarter ended December 31, 2010</B></a></TD>
      </TR>
      <TR vAlign=bottom>
        <TD vAlign=top noWrap align=left><a href="exhibit99-4.htm"><B>99.4</B></a></TD>
        <TD align=left><a href="exhibit99-4.htm"><B>Silvercorp Metals Inc. CFO Certification for the third quarter ended December 31, 2010</B></a></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #ececec" vAlign=top noWrap align=left><a href="exhibit99-5.htm"><B>99.5</B></a></TD>
        <TD style="BACKGROUND-COLOR: #ececec" Wrap align=left><a href="exhibit99-5.htm"><B>News Release&#150; SILVERCORP REPORTS RECORD SILVER PRODUCTION, SALES AND CASH FLOWS FOR FISCAL 2011 Q3: NET INCOME UP 140% TO $29.7 MILLION OR $0.18 PER SHARE</B></a></TD>
      </TR>
    </TABLE>
  </DIV>
  <BR>
</DIV>
<BR>
<HR align=center width="100%" noShade SIZE=3>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED DECEMBER 31, 2010
<TEXT>

<HTML>
<HEAD>
   <TITLE>Exhibit 99.1</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">

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<HR align=center width="100%" noShade SIZE=3>
<p align="right" style="margin:0px"><strong>Exhibit 99.1</strong></p>
<A name="page_1"></A><BR>
<a name="_bclPageBorder1"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<IMG src="exhibit99-1x1x1.jpg" border=0>
<BR>
<P style="TEXT-ALIGN: left"><B>SILVERCORP METALS INC.</B></P>
<P style="TEXT-ALIGN: justify"><B>UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS <BR>
December 31, 2010</B></P>
<P style="TEXT-ALIGN: justify"><B>(Expressed in thousands of US dollars, unless otherwise stated)</B></P>
</DIV><BR> <br>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>


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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></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Unaudited Consolidated Balance Sheets</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars)</I></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="62%"></TD>
     <TD width="10%"></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=center><B>Notes</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>December 31, 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>March 31, 2010</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>ASSETS</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>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(Note 18)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</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></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Current Assets</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>&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>
<P style="MARGIN-LEFT: 4%">Cash and cash equivalents</P>
</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=right><B>$</B></TD>
     <TD noWrap align=right><B>196,428</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>$</TD>
     <TD noWrap align=right>50,618</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Short term investments</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>27,317</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>43,773</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Accounts receivable, prepaids and deposits</P>
</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>8,153</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>2,474</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Inventories</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>3</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4,105</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>3,175</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Current portion of future income tax assets</P>
</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>359</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>112</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Amounts due from related parties</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center>11</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>49</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>138</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>236,411</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>100,290</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Long term prepaids and deposits</B></TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>2,272</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>505</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Long term investments</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>4</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>43,530</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>15,106</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Restricted cash</B></TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>79</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>78</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Plant and equipment</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>5</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>33,744</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>29,024</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Mineral rights and properties</B></TD>
     <TD noWrap align=center>6</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>158,155</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>133,248</TD>
     <TD noWrap align=right>&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></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center>&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>1,125</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>1,203</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&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=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>475,316</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>279,454</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>LIABILITIES</B></TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Current Liabilities</B></TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>15,459</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>7,504</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Deposits received</P>
</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>2,873</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>6,737</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Bank loan and notes payable</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>7</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>1,465</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Current portion of asset retirement obligations</P>
</TD>
     <TD noWrap align=center>8</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>316</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>292</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Dividends payable</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>10(d)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,511</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>3,238</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Income tax payable</P>
</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>4,901</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,658</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Current portion of future income tax liabilities</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center>&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>82</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>-</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>27,142</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>20,894</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Future income tax liabilities</B></TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>20,879</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>19,475</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Asset retirement obligations</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center>8</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>2,552</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>2,357</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>50,573</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>42,726</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Non-controlling interests</B></TD>
     <TD noWrap align=center>9</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>29,308</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>21,738</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>SHAREHOLDERS' EQUITY</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>&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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Share capital</B></TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>263,181</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>145,722</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Contributed surplus</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4,587</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>4,702</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Reserves</B></TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>31,893</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>31,893</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Accumulated other comprehensive income</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>31,552</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>14,910</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Retained earnings</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>&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>64,222</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>17,763</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&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=center>&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>395,435</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>214,990</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>475,316</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>279,454</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''Times New Roman''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="62%"></TD>
     <TD width="10%"></TD>
     <TD width="28%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Commitments</B></TD>
     <TD noWrap align=center>15</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Subsequent events</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>17</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify">Approved on behalf of the Board:</P>
<P style="TEXT-ALIGN: justify"><B><I><U>(Signed) Robert Gayton<BR>
</U></I></B>Director</P>
<P style="TEXT-ALIGN: justify"><B><I><U>(Signed) Rui Feng<BR>
</U></I></B>Director</P>
<P style="TEXT-ALIGN: center">See accompanying notes to unaudited interim consolidated financial statements </P>
<P style="TEXT-ALIGN: right">1</P>
</DIV><BR>
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<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Unaudited Consolidated Statements of Operations</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for share and per share figures)</I></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="32%"></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <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 December 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>Nine months ended December 31,</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=center><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
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<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center><B>Notes</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><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 height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Sales</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><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>51,838</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>31,283</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>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>124,905</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>78,940</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Cost of sales</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=right><B>9,983</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>6,010</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>26,882</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>16,157</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>Depreciation, amortization and depletion</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>1,820</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>1,043</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>4,869</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>2,796</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=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>11,803</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>7,053</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>31,751</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>18,953</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Gross profit</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>40,035</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>24,230</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>93,154</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>59,987</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</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>
     <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>Expenses</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>&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>
<P style="MARGIN-LEFT: 4%">Accretion of asset retirement obligations</P>
</TD>
     <TD noWrap align=center>8</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>42</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>32</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>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>93</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Amortization</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>&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><B>157</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>407</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>460</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>776</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Foreign exchange loss (gain)</P>
</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1,342</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>791</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1,174</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(643</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">General exploration and property investigation expenses</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>&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><B>58</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>941</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>2,493</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>4,207</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Impairment charges and bad debt</P>
</TD>
     <TD noWrap align=center>&nbsp;</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>-</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>698</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Investor relations</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>&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><B>174</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>131</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>345</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>312</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">General and administrative</P>
</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>3,647</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>2,688</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>11,145</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>7,221</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Professional fees</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center>&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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>185</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>201</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>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>1,439</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=center>&nbsp;</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>5,605</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>5,191</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>16,498</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>14,103</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=center>&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><B>34,430</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>19,039</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>76,656</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>45,884</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></TD>
     <TD noWrap align=center>&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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Equity loss on investment in NUX</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>4(a)</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=right><B>(131</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(107</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=right><B>(227</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(325</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Dilution gain on investment in NUX</P>
</TD>
     <TD noWrap align=center>4(a)</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>3,332</B></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><B>4,726</B></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></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Gain on disposal of mineral rights and properties</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>6</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>-</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>537</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Loss on disposal of plant and equipment</P>
</TD>
     <TD noWrap align=center>5</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(201</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(244</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(650</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(1,371</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Unrealized gain (loss) on held-for-trading securities</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>&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><B>3,668</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>(10</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=right><B>3,745</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>(22</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Gain on disposal of long term investments</P>
</TD>
     <TD noWrap align=center>4(b)</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>366</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>366</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></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Interest expenses</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>&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><B>(10</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(40</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Interest income</P>
</TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>394</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>237</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>985</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>635</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Other income</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center>&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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>135</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>72</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>331</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>285</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=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>7,553</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(52</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>9,773</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(798</TD>
     <TD noWrap align=left>)</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Income before income taxes and non-controlling interests</B></TD>
     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>41,983</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>18,987</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>86,429</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>45,086</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Income tax expense (recovery)</B></TD>
     <TD noWrap align=center>&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>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Current</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>&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><B>5,835</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>2,556</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>13,359</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>6,074</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>Future</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>&nbsp;</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>(735</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>125</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>606</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>351</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=center>&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><B>5,100</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>2,681</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>13,965</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>6,425</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Income before non-controlling interests</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>&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><B>36,883</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>16,306</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>72,464</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>38,661</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Non-controlling interests</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center>9</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>(7,148</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><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=right>(3,897</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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>(16,177</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><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=right>(9,874</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Net income</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center>&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>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>29,735</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>12,409</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>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>56,287</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>28,787</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Basic earnings per share</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center>&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>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.18</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>0.08</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>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.34</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>0.18</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 per share</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center>&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>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>0.18</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>0.08</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>0.34</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>0.18</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></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center>&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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>166,965,680</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>162,379,441</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>165,541,533</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>161,853,198</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></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center>&nbsp;</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" align=right><B>168,535,816</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>163,912,759</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>166,800,884</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>163,487,318</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">See accompanying notes to unaudited interim consolidated financial statements </P>
<P style="TEXT-ALIGN: right">2</P>
</DIV><BR>
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<A name="page_4"></A><BR>
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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></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Unaudited Consolidated Statements of Comprehensive Income</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars)</I></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 December 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>Nine months ended December 31,</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&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=right>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Net income for the period</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>29,735</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>12,409</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>56,287</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>28,787</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Other comprehensive income</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Unrealized gain on available for sale securities, net of taxes</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>8,206</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>101</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>9,355</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>135</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Reclassification adjustment for loss included in income, net of taxes</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>195</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Foreign exchange impact</P>
</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>8,210</B></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>3,019</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>7,287</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>20,021</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Other comprehensive income</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>16,416</B></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>3,120</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>16,642</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>20,351</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Comprehensive income</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>46,151</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>15,529</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><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>72,929</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>49,138</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">See accompanying notes to unaudited interim consolidated financial statements</P>
<P style="TEXT-ALIGN: right">3</P>
</DIV><BR>
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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></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Unaudited Consolidated Statements of Cash Flows</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars)</I></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="34%"></TD>
     <TD width="10%"></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 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 December 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>Nine months ended December 31,</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" 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=center><B>Notes</B></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></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>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Operating activities</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>&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="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Net income for the period</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>29,735</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>12,409</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>56,287</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>28,787</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Add (deduct) items not affecting cash :</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 8%">Accretion of asset retirement obligations</P>
</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><B>42</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>32</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><B>122</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>93</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 8%">Depreciation, amortization and depletion</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>1,977</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,450</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>5,329</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>3,572</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 8%">Equity loss on investment in NUX</P>
</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><B>131</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>107</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><B>227</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>325</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 8%">Dilution gain on investment in NUX</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(3,332</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(4,726</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 8%">Future income tax expenses (recovery)</P>
</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><B>(735</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>125</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><B>606</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>351</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 8%">Impairment charges and bad debt</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</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>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>698</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 8%">Unrealized loss (gain) on held-for-trading securities</P>
</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><B>(3,668</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>10</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><B>(3,745</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>22</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 8%">Gain on disposal of long term investments</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(366</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(366</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 8%">Gain on disposal of mineral rights and properties</P>
</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><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><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><B>(537</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></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=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 8%">Loss on disposal of plant and equipment</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>201</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>244</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>650</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,371</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 8%">Non-controlling interests</P>
</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><B>7,148</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>3,897</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><B>16,177</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>9,874</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 8%">Stock-based compensation</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>522</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>423</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>1,749</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,322</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 8%">Unrealized foreign exchange loss (gain)</P>
</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><B>(77</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>48</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><B>117</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>(970</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Changes in non-cash working capital</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>16</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>469</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>(2,819</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(1,966</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(3,221</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"><B>Cash provided by operating activities</B></P>
</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><B>32,047</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>15,926</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><B>69,924</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>42,224</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Investing activities</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=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=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=right>&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>
<P style="MARGIN-LEFT: 4%">Mineral rights and properties</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 8%">Acquisition and capital expenditures</P>
</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><B>(8,460</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(3,290</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(20,378</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(11,031</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 8%">Proceeds on disposals</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</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>&nbsp;</TD>
     <TD noWrap align=right><B>537</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></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Plant and equipment</P>
</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=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=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=right>&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>
<P style="MARGIN-LEFT: 8%">Acquisition</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(2,804</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(574</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(6,210</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(1,382</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 8%">Proceeds on disposals</P>
</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><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>14</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><B>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>133</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Long-term investments</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 8%">Acquisition</P>
</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><B>(8,319</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(10,338</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,323</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 8%">Proceeds on disposals</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>1,113</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>&nbsp;</TD>
     <TD noWrap align=right><B>1,113</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></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Net redemption (purchase) of short term investments</P>
</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><B>16,900</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>(4,532</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>17,109</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>(5,251</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Prepayments to acquire plant and equipment</P>
</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><B>(955</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>1,360</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><B>(2,187</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(638</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"><B>Cash used in investing activities</B></P>
</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><B>(2,525</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></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>(7,022</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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>(20,353</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></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>(19,492</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Financing activities</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=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=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=right>&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>
<P style="MARGIN-LEFT: 4%">Advances to related parties, net of repayments received</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>8</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>49</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>313</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(56</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Bank loan and notes payable</P>
</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=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=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=right>&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>
<P style="MARGIN-LEFT: 8%">Proceeds</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</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>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>2,927</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 8%">Repayments</P>
</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><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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(1,473</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(658</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Non-controlling interests</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 8%">Distribution</P>
</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><B>(10,582</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(3,898</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(10,582</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(7,191</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Cash dividends distributed</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(3,233</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(3,366</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(9,607</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(8,898</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Capital stock</P>
</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=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=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=right>&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="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>
<P style="MARGIN-LEFT: 8%">Proceeds from issuance of common shares</P>
</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><B>111,934</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>770</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><B>113,951</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>828</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>
<P style="MARGIN-LEFT: 4%"><B>Cash provided by (used in) financing activities</B></P>
</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><B>98,127</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>(6,445</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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>92,602</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>(13,048</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Effect of exchange rate changes on cash and cash equivalents</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><B>2,516</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>1,228</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><B>3,637</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>2,349</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Increase in cash and cash equivalents</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><B>130,165</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>3,687</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><B>145,810</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>12,033</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Cash and cash equivalents, beginning of period</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><B>66,263</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>49,816</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><B>50,618</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>41,470</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Cash and cash equivalents, end of period</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><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>196,428</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>53,503</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>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>196,428</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>53,503</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=center></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></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>Supplementary cash flow information</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>16</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=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></TABLE></DIV>
<P style="TEXT-ALIGN: center">See accompanying notes to unaudited interim consolidated financial statements </P>
<P style="TEXT-ALIGN: right">4</P>
</DIV><BR>
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<A name="page_6"></A><BR>
<a name="_bclPageBorder6"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<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></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Unaudited Consolidated Statements of Equity</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except numbers for share figures)</I></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="30%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center colSpan=4>Share capital</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" 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>
     <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 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>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>Accumulated</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 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>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>other</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>Retained</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 noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>Number of</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=right>Contributed</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=right>comprehensive</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>earnings</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="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>shares</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>Amount</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>surplus</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>Reserves</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>income (loss)</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>(deficit)</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>Total equity</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>Balance, March 31, 2009</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>161,587,001</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>135,604</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>3,764</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>31,893</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(10,167</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(8,648</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>152,446</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Options exercised</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,643,416</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>2,286</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(976</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,310</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Shares issued for property</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>1,200,000</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>7,832</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=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=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=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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>7,832</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Stock-based compensation</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,914</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>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,914</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Unrealized gain on available for sale securities, net of taxes</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=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=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=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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>328</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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&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 noWrap align=left>Reclassification adjustment for losses included in income, net of taxes</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>195</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>&nbsp;</TD>
     <TD noWrap align=right>195</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Cash dividends declared and distributed</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=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=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=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=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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(12,136</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(12,136</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Net income for the year</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>38,547</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>38,547</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Foreign exchange impact</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>-</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>-</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>-</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>-</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>24,554</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>-</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>24,554</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Balance, March 31, 2010</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>164,430,417</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>145,722</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>4,702</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>31,893</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>14,910</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>17,763</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>214,990</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Options exercised</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>768,059</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>5,481</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>(2,029</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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=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=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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>3,452</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Shares issued for 10% interest of Henan Huawei (note 9)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>163,916</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,142</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(155</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>987</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Shares issued for property (note 10e)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>50,000</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>328</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=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=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=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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&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 noWrap align=left>Warrants issued for property (note 10e)</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>181</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>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>181</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Financing (note 10b)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>9,200,000</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>116,840</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=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=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=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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>116,840</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Share issuance costs (note 10b)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(6,332</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(6,332</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Stock-based compensation</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=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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>1,888</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=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=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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>1,888</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Unrealized gain on available for sale securities, net of taxes</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>9,355</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>&nbsp;</TD>
     <TD noWrap align=right>9,355</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Cash dividends declared and distributed</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=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=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=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=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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(9,828</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(9,828</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Net income for the period</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>56,287</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>56,287</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Foreign exchange impact</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>-</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>-</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>-</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>-</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>7,287</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>-</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>7,287</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><B>Balance, December 31, 2010</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>174,612,392</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>263,181</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>4,587</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>31,893</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>31,552</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>64,222</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>395,435</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">See accompanying notes to unaudited interim consolidated financial statements</P>
<P style="TEXT-ALIGN: right">5</P>
</DIV><BR>
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<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''Times New Roman'''" cellSpacing=0 border=0>
<TR>
     <TD width="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>1. NATURE OF OPERATIONS</B></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Silvercorp Metals Inc., along with its subsidiary companies (collectively the &#147;Company&#148;), is engaged in the acquisition, exploration, development, and mining of precious and base metal mineral properties.</P>
<P style="TEXT-ALIGN: justify"><B>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(a) Basis of Presentation and Principles of Consolidation</I></P>
<P style="MARGIN-LEFT: 8%; TEXT-ALIGN: justify">The Company&#146;s consolidated financial statements have been prepared in accordance with Canadian generally accepted accounting principles (&#147;GAAP&#148;) for interim financial information and follow the same accounting policies and methods set out in note 2 to the audited consolidated financial statements for the year ended March 31, 2010. Accordingly, they do not include all the information and footnotes required by Canadian GAAP for complete financial statements. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended March 31, 2010. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows have been included. Operating results for the nine months ended December 31, 2010 are not necessarily indicative of the results that may be expected for the year ending Mar
ch 31, 2011.</P>
<P style="MARGIN-LEFT: 8%; TEXT-ALIGN: justify">These unaudited consolidated financial statements include the accounts of Silvercorp Metals Inc. and its wholly owned subsidiaries: Silvercorp Metals China Inc., Fortune Mining Limited, Fortune Copper Limited, Fortress Mining Inc., Fortune Gold Mining Limited, Victor Resources Ltd., Victor Mining Ltd., Yangtze Mining Ltd., Yangtze Mining (H.K.) Ltd., 0875786 B.C. Ltd., Wonder Success Ltd., 82% owned subsidiary, Qinghai Found Mining Company Ltd. (&#147;Qinghai Found&#148;), 80% owned subsidiary, Henan Huawei Mining Co. Ltd. (&#147;Henan Huawei&#148;, also see notes 6&amp;9), 77.5% owned subsidiary, Henan Found Mining Co. Ltd. (&#147;Henan Found&#148;), and 95% owned subsidiaries, Anhui Yangtze Mining Co. Ltd. and Guangdong Found Mining Co. Ltd.</P>
<P style="MARGIN-LEFT: 8%; TEXT-ALIGN: justify">All significant inter-company transactions and accounts have been eliminated upon consolidation.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) New Canadian Accounting Pronouncements</I></P>
<P style="MARGIN-LEFT: 8%; TEXT-ALIGN: justify"><I>(i) Convergence with IFRS</I></P>
<P style="MARGIN-LEFT: 8%; TEXT-ALIGN: justify">In February 2008, the Canadian Accounting Standards Board confirmed that publicly accountable enterprises will be required to adopt International Financial Reporting Standards (&#147;IFRS&#148;) for fiscal years beginning on or after January 1, 2011, with early adoptions permitted. Accordingly, the Company plans to adopt IFRS for fiscal year beginning April 1, 2011. The Company&#146;s first IFRS financial statements will be its interim financial statements for the first quarter of 2012 with an opening balance sheet date of April 1, 2011, which will require restatement of comparative information presented.</P>
<P style="TEXT-ALIGN: right">Page 6</P>
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<TR>
     <TD width="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The conversion to IFRS will impact the Company&#146;s accounting policies, information technology and data systems, internal control over financial reporting, and disclosure controls and procedures. The transition may also impact business activities, such as certain contractual arrangements, debt covenants, capital requirements and compensation arrangements.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(ii) Business combinations and related sections</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">In January 2009, the CICA issued Section 1582 &#147;Business Combinations&#148; to replace Section 1581. The new standard effectively harmonizes the business combinations standard under Canadian GAAP with IFRS. The new standard revises guidance on the determination of the carrying amount of the assets acquired and liabilities assumed, goodwill and accounting for non-controlling interests at the time of a business combination.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The CICA concurrently issued Section 1601 &#147;Consolidated Financial Statements&#148; and Section 1602 &#147;Non-controlling Interests&#148;, which replace Section 1600 &#147;Consolidated Financial Statements&#148;. Section 1601 provides revised guidance on the preparation of consolidated financial statements and Section 1602 addresses accounting for non-controlling interests in consolidated financial statements subsequent to a business combination.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The new standards will become effective prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period on January 1, 2011 with early adoption available. The Company did not early adopt these new standards but continues to evaluate the attributes of early adoption of these standards and their potential effects.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(iii) Multiple deliverable revenue arrangements</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">In December 2009, the EIC issued EIC Abstract 175, &#147;Multiple Deliverable Revenue Arrangements&#148;. This EIC addresses how to determine whether an arrangement involving multiple deliverables contains more than one unit of accounting and how such a multiple deliverable revenue arrangement consideration should be measured and allocated to the separate units of accounting. This EIC should be applied prospectively and should be applied to revenue arrangements with multiple deliverables entered into or materially modified in the first annual fiscal period beginning on or after January 1, 2011. Early adoption is permitted. The Company did not early adopt this EIC and upon adoption does not expect it to have a material impact on the Company&#146;s consolidated financial statements.</P>
<P style="TEXT-ALIGN: right">Page 7</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="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>3. INVENTORIES</B></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Inventories consist of the following:</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="68%"></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></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>December 31, 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>March 31, 2010</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Direct smelting ore and stockpile ore</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>992</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>585</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Concentrate inventory</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>755</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>855</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Total stockpile</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,747</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>1,440</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Material and supplies</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>2,358</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>1,735</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4,105</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>3,175</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The amounts of inventory recognized as expenses during the three and nine months ended December 31, 2010 and 2009 were equivalent to the sum of cost of sales and depreciation, amortization and depletion in the respective periods.</P>
<P style="TEXT-ALIGN: justify"><B>4. LONG TERM INVESTMENTS</B></P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="58%"></TD>
     <TD width="10%"></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></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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>December 31, 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>March 31, 2010</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Common shares of New Pacific Metals Corp.</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>(a)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>13,155</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>6,103</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Common shares of publicly-traded companies, with no significant influence</TD>
     <TD noWrap align=center>(b)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>15,903</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,849</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Warrants</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center>(a)&amp;(b)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5,369</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>268</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Yongning Smelting Co. Ltd.</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>(c)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>9,103</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>6,886</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>43,530</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>15,106</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(a) New Pacific Metals Corp. (&#147;NUX&#148;), with significant influence</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">New Pacific Metals Corp. is a Canadian public company listed on the TSX Venture Exchange with a trading symbol &#147;NUX&#148;. NUX is a related party of the Company by way of a common director and officers.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">During the three months ended December 31, 2010, NUX completed a private placement by issuing 18,000,000 units at CAD$1.35 per unit. Each unit consisted of one common share and one-half share purchase warrant. Each warrant allows the holder to purchase one NUX common share at CAD$2.00 until June 22, 2012. The Company acquired, through this private placement, 2,000,000 units of NUX for a cash consideration of $2.7 million (CAD$2.7 million). The Company used the relative fair value method to allocate the total consideration to the two million common shares and one million warrants. The fair value of warrants was included in &#147;Warrants&#148; as at December 31, 2010.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">As at December 31, 2010, the Company owned 9,402,100 common shares (March 31, 2010 - 7,400,000 common shares) of NUX, representing an ownership interest of 14.3% (March 31, 2010 - 23.4%). In addition to the above-mentioned private placement, the dilution of the Company&#146;s ownership in NUX was also a result of NUX issuing 15,613,122 common shares to acquire a mining company during this current fiscal year. For the three and nine months ended December 31, 2010, Silvercorp recognized dilution gain of $3,332 and $4,726, respectively.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: right">Page 8</P>
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<A name="page_10"></A><BR>
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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="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px 0px 0px 4%">The Company accounts for its investment in NUX common shares using the equity method since it is able to exercise significant influence over NUX. The summary of the investment in NUX common shares and its market value as at respective balance sheet dates are 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="4%"></TD>
     <TD width="54%"></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></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=right>Value of NUX's</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>Number of</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=right>common shares per</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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>shares</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=center>Amount</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>quoted market price</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Balance, March 31, 2009</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>7,400,000</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=right>5,285</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=right>5,285</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Equity in loss of investee company</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(424</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Impact of foreign currency translation</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=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>1,242</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Balance, March 31, 2010</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>7,400,000</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>6,103</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>5,028</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Bought from open market</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>2,100</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>2</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Private placement participation</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>2,000,000</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>2,271</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Equity in loss of investee company</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=right>(227</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Dilution gain from investee company</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>4,726</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Impact of foreign currency translation</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=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>280</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; 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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Balance, December 31, 2010</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>9,402,100</B></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></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>13,155</B></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></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>21,837</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) Common shares and warrants in publicly-traded companies with the Company having no significant influence</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The Company has been acquiring, on open market or by participating in private placements, equity interests of other publicly-traded mining companies. These equity interests, including common shares and warrants, are for long-term investment purposes. However, due to their nature, warrants meet the definition of derivatives and are accounted for as held-for-trading securities. The fair value of warrants was determined using the Black-Scholes pricing model as at the acquisition date as well as at each period end. Gains and losses arising from changes in the fair value of the warrants are included in net income for the period in which they arise.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Investments in publicly traded common shares are classified as available for sale and are measured at fair value at initial recognition and subsequent measurement. Unrealized gains and losses arising from changes in the fair value of the common shares are excluded from net income and are included in other comprehensive income (loss) (&#147;OCI&#148;) until such gains or losses are realized or an other-than-temporary impairment has been determined to have occurred. As of December 31, 2010, none of the shares held by the Company was over 10% of the respective outstanding shares of investees.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">During the three and nine months ended December 31, 2010 (for three and nine months ended December 31, 2009 - $nil), the Company disposed of certain investments in common shares for $1,113 with a gain of $366 recorded.</P>
<P style="TEXT-ALIGN: right">Page 9</P>
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<A name="page_11"></A><BR>
<a name="_bclPageBorder11"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></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="4%"></TD>
     <TD width="54%"></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><B></B></TD>
     <TD noWrap align=left><B>December 31, 2010:</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>&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 noWrap align=left></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=right><B>Accumulated mark</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>Accumulated</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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=right><B>to-market gains</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>impairment</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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>Fair value</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><B>included in OCI</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><B>charges</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><B></B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B><B>Common shares of publicly-traded</B> companies, with no significant influence</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>15,903</B></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><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>9,675</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(195</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></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="4%"></TD>
     <TD width="54%"></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></TD>
     <TD noWrap align=left>March 31, 2010:</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 noWrap align=left></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=right>Accumulated mark-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>Accumulated</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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=right>to-market gains</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>impairment</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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>Fair value</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>included in OCI</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>charges</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Common shares of publicly-traded companies, with no significant influence</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>1,849</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>320</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>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(195</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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="4%"></TD>
     <TD width="68%"></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><B></B></TD>
     <TD noWrap align=left><B>December 31, 2010:</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=right><B>Accumulated</B></TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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=right><B>mark-to-market gains</B></TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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>Fair value</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><B>included in net income</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Warrants</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5,369</B></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><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,745</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&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="4%"></TD>
     <TD width="68%"></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></TD>
     <TD noWrap align=left>March 31, 2010:</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=right>&nbsp;Accumulated </TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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=right>mark-to-market gains </TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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>Fair value</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>included in net income</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Warrant</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>268</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>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>35</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(c) Luoyang Yongning Smelting Co. Ltd.</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Luoyang Yongning Smelting Co. Ltd. (&#147;Yongning Smelting&#148;) is a private Chinese company. The Company invested in Yongning Smelting through its 77.5% owned subsidiary Henan Found. As at December 31, 2010, the Company&#146;s total investment in Yongning Smelting is $9,103 (RMB&#165;60.0 million), representing 15% of Yongning Smelting&#146;s equity interest, among which $2,036 (RMB&#165;13.0 million) was invested during the current fiscal year. The investment was accounted for as available-for-sale financial asset and measured at cost.</P>
<P style="TEXT-ALIGN: right">Page 10</P>
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<A name="page_12"></A><BR>
<a name="_bclPageBorder12"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>5. PLANT AND EQUIPMENT</B></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Plant and equipment consist of:</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="24%"></TD>
     <TD width="2%"></TD>
     <TD width="8%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="8%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="8%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="8%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="8%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="8%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <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=left>&nbsp;</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" align=right><B>December 31, 2010</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=left>&nbsp;</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=left>&nbsp;</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" align=right>March 31, 2010</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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 align=right><B>Accumulated</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>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD align=right>Accumulated</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 noWrap align=left></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 align=right><B>Depreciation,</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>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD align=right>Depreciation,</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 noWrap align=left></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 align=right><B>Amortization and</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>Net Book</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>&nbsp;</TD>
     <TD align=right>Amortization and</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 noWrap align=left></TD>
     <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><B>Cost</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><B>Depletion</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><B>Value</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>Cost</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>Depletion </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>Net Book Value</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Building</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>22,498</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(2,240</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>20,258</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>19,776</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,510</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>18,266</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Office equipment and furniture</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>1,837</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(814</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>1,023</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>1,421</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(652</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>769</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Machinery</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>10,094</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(2,337</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7,757</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>8,759</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,525</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>7,234</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Motor vehicle</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>3,057</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(1,139</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>1,918</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>1,979</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(843</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,136</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Land use right</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,365</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(10</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,355</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>949</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(22</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>927</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Leasehold improvement</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>374</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(167</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>207</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>335</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(112</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>223</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Construction in process</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>1,226</B></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>-</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><B>1,226</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>469</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>-</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>469</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>40,451</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>(6,707</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>33,744</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>33,688</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>(4,664</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>29,024</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">In July 2010, the Company&#146;s Ying mining district was hit by a heavy storm. The total damage to plant and equipment was $650, which was recorded as loss on disposal of plant and equipment for the nine months ended December 31, 2010.</P>
<P style="TEXT-ALIGN: justify"><B>6. MINERAL RIGHTS AND PROPERTIES</B></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Mineral rights and properties consist of:</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="26%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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><B>Ying</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><B>HPG</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><B>TLP</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><B>LM</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><B>GC &amp; SMT </B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Silvertip</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Total</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Balance, March 31, 2009</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>23,457</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>65,956</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>89,413</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Acquisition</P>
</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>15,217</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>15,217</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Capitalized expenditures</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>6,687</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>1,195</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>4,466</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>1,200</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>1,093</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&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>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>14,641</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Depletion</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(2,508</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(45</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(33</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(23</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(2,609</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P>
</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>32</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>-</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>-</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>-</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>16,000</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>554</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>16,586</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Balance, March 31, 2010</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>27,668</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,150</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>4,433</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,177</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>83,049</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>15,771</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>133,248</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Acquisition</P>
</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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>404</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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>573</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>&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>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>977</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Capitalized expenditures</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>9,878</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,548</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>3,279</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>2,025</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>420</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>6,308</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>23,459</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Depletion</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(2,918</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(151</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(182</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(146</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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>&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>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(3,397</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>1,149</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>84</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>232</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>100</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>1,767</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>535</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>3,868</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Balance, December 31, 2010</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>35,777</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,035</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><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7,762</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,730</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><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>85,237</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>22,614</B></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><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>158,155</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Although the Company has taken steps to verify title to the mineral properties in which it, through its subsidiaries, has an interest, in accordance with industry standards for the stage of exploration of such properties, those procedures do not guarantee the Company&#146;s title. Property title may be subject to unregistered prior agreements and non-compliance with regulatory requirements.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">HPG and LM properties are held through the Company&#146;s subsidiary Henan Huawei. In May 2010, the Company acquired an additional 10% beneficial interest of Henan Huawei (also see note 9). The transaction increased the Company&#146;s interest in Henan Huawei from 70% to 80%.</P>
<P style="TEXT-ALIGN: right">Page 11</P>
</DIV><BR>
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<A name="page_13"></A><BR>
<a name="_bclPageBorder13"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">During the year ended March 31, 2009, the Nabao project of Qinghai Found, originally acquired in June 2007, was written off as a result of unfavourable exploration results. During the year ended March 31, 2010, the Company entered into an agreement to dispose of the Nabao project, consisting of three exploration permits, for $732 (RMB&#165;5.0 million) to a third party. In May 2010, two of the three exploration permits were transferred to the buyer. Cash payments of $586 (RMB&#165;4.0 million) were received as of December 31, 2010. A total gain of $537 was recognized on the disposition of these two exploration permits. The transfer of the third exploration permit was still in progress as at December 31, 2010.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">On November 24, 2010, the Company obtained a mining permit from the Ministry of Land and Resources of the People&#146;s Republic of China that allows the Company to start commercial production on its GC-SMT property. The permit is valid for 30 years.</P>
<P style="TEXT-ALIGN: justify"><B>7. BANK LOAN AND NOTES PAYABLE</B></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">On June 16, 2010, the bank loan balance of $1,465 plus accrued interest was fully repaid. As at December 31, 2010, the Company did not have any outstanding bank loan and notes payable balance.</P>
<P style="TEXT-ALIGN: justify"><B>8. ASSET RETIREMENT OBLIGATIONS</B></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The following table presents the reconciliation of the beginning and ending obligations associated with the site restoration of the mineral properties:</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="54%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Current portion</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Long term portion</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Total</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Balance, March 31, 2009</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</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>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>2,029</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>2,029</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">ARO revision</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>292</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>200</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>492</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Accretion on ARO</P>
</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>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>125</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>125</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Foreign exchange impact</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>-</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>3</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>3</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Balance, March 31, 2010</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>292</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>2,357</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>2,649</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Accretion on ARO</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>14</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>108</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>122</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Foreign exchange impact</P>
</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>10</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>87</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>97</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Balance, December 31, 2010</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>316</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>2,552</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>2,868</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: right">Page 12</P>
</DIV><BR>
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<A name="page_14"></A><BR>
<a name="_bclPageBorder14"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''Times New Roman'''" cellSpacing=0 border=0>
<TR>
     <TD width="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>9. NON-CONTROLLING INTERESTS</B></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The continuity of non-controlling interests is 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="4%"></TD>
     <TD width="54%"></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></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=right>Guangdong</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 noWrap align=left></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>Henan Found</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>Found</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>Total</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Balance, March 31, 2009</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>7,225</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>385</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>7,610</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Operation sharing for the year</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>13,189</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>149</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>13,338</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Foreign exchange impact</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>128</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>662</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>790</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Balance, March 31, 2010</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>20,542</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,196</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>21,738</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Operation sharing for the period</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>16,213</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>(36</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>16,177</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Dividend declared to non-controlling interest holder</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(10,582</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(10,582</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Foreign exchange impact</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>1,763</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>212</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>1,975</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Balance, December 31, 2010</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>27,936</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>1,372</B></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></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>29,308</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">In May 2010, the Company acquired an additional 10% beneficial interest in Henan Huawei from the non-controlling interest shareholder for consideration of $1,127 which was paid by the Company through the issuance of 163,916 common shares of the Company. The common shares were valued at $6.876 per share, using the average closing price on the New York Stock Exchange for the two trading days before and two trading days after.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The increase of the Company&#146;s ownership in Henan Huawei from 70% to 80% has been accounted for using the purchase method. The allocation of the purchase cost to the assets acquired and liabilities assumed is based upon estimated fair values at the time of acquisition. As a result, the purchase price allocation may be subject to change in the future periods. The preliminary assessment of the fair value of the assets acquired and liabilities assumed as a result of the Company&#146;s 10% increase in the ownership of Henan Huawei are 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="4%"></TD>
     <TD width="82%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left><B>Purchase price is comprised of:</B></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="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>163,916 shares issued at $6.876 per share</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>1,127</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Net working capital</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(151</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD noWrap align=left>Plant and equipment</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>144</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Mineral rights and properties</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>1,229</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Asset retirement obligations</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(95</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>1,127</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">As at December 31, 2010, the non-controlling interests in Henan Found, Henan Huawei, Qinghai Found and Guangdong Found were 22.5%, 20%, 18% and 5%, respectively (March 31, 2010 &#150; 22.5%, 30%, 18% and 5%, respectively). The non-controlling interests balance in Henan Huawei and Qinghai Found were nil because they would otherwise be in a negative position.</P>
<P style="TEXT-ALIGN: right">Page 13</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="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>10. SHARE CAPITAL</B></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(a) Authorized</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Unlimited number of common shares without par value.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) Equity Financing</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">On December 14, 2010, the Company completed a financing to raise proceeds of $116,840 through the sale of 9.2 million common shares of the Company, at a price of $12.70 per share. Share issuance cost in connection with the financing was $6,332.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(c) Stock Options</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The Company has a stock option plan which allows for the maximum number of common shares to be reserved for issuance on the exercise of options granted under the stock option plan to be a rolling 10% of the issued and outstanding common shares from time to time. The maximum exercise period may not exceed 10 years from the date of the grant of the options to employees, officers, and consultants. The following is a summary of option transactions:</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="68%"></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></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=right>Weighted average</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>Number of</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>exercise price per</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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>shares</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>share CAD$</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>Balance, March 31, 2009</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>3,524,703</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>3.65</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Options granted</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,546,500</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>3.95</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>Options exercised</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>(1,643,416</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>0.83</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Options forfeited</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(223,104</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>5.97</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>Balance, March 31, 2010</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>3,204,683</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>5.10</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Options granted</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>708,500</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>7.92</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>Options exercised</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>(768,059</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>4.60</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Options forfeited</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(140,295</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>4.84</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=left>Options expired</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=right>(10,000</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=right>5.99</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Balance, December 31, 2010</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>2,994,829</B></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></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>5.91</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">On April 21, 2010, a total of 262,000 options were granted with a life of five years to directors, officers, and employees at an exercise price of CAD$7.40 per share subject to a vesting schedule over a three-year term with 8.333% of the options vesting every three months.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">On October 4, 2010, a total of 446,500 options were granted with a life of five years to directors, officers, and employees at an exercise price of CAD$8.23 per share subject to a vesting schedule over a four-year term with 6.25% of the options vesting every three months.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">On January 5, 2011, a total of 268,000 options were granted with a life of five years to directors, officers, and employees at an exercise price of CAD$12.16 per share subject to a vesting schedule over a four-year term with 6.25% of the options vesting every three months.</P>
<P style="TEXT-ALIGN: right">Page 14</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="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="MARGIN: 0px 0px 0px 4%">The following is the summary of assumptions used to estimate the fair value of each option granted using the Black-Scholes option pricing model.</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="68%"></TD>
     <TD width="14%"></TD>
     <TD width="14%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right colSpan=2><B>Nine months ended December 31,</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>2010</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>2009</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>Risk free interest rate</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right><B>1.36% to 3.20%</B></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>1.18% to 1.86%</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Expected life of options in years</TD>
     <TD noWrap align=right><B>1 to 5 years</B></TD>
     <TD noWrap align=right>2 to 5 years</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>Expected volatility</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right><B>56% to 85%</B></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>73% to 84%</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>Expected dividend yield</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>1%</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>3%</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The weighted average grant date fair value of options granted during the nine months ended December 31, 2010 was CAD$3.80 (nine months ended December 31, 2009 - CAD$1.23). For the three and nine months ended December 31, 2010, a total of $522 and $1,749, respectively (three and nine months ended December 31, 2009 - $423 and $1,322, respectively) in stock-based compensation expenses was recorded and included in general and administrative expenses on the consolidated statements of operations.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">For the three and nine months ended December 31, 2010, a total of $139 and $139, respectively (three and nine months ended December 31, 2009 - $nil) options granted to Silvertip employees was capitalized under mineral rights and properties.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The following table summarizes information about stock options outstanding as at December 31, 2010:</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>Exercise</TD>
     <TD noWrap align=right>Number of options</TD>
     <TD noWrap align=right>Weighted average</TD>
     <TD noWrap align=right>Weighted average</TD>
     <TD noWrap align=right>Number of options</TD>
     <TD noWrap align=right>Weighted average</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>price in</TD>
     <TD noWrap align=right>outstanding at</TD>
     <TD noWrap align=right>remaining contractual</TD>
     <TD noWrap align=right>exercise price in</TD>
     <TD noWrap align=right>exercisable at</TD>
     <TD noWrap align=right>exercise price in</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>CAD$</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>December 31, 2010</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>life (YRS)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>CAD$</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>December 31, 2010</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>CAD$</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>76,999</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>0.56</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>76,999</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.32</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>6.74</TD>
     <TD noWrap align=right>495,004</TD>
     <TD noWrap align=right>1.28</TD>
     <TD noWrap align=right>6.74</TD>
     <TD noWrap align=right>495,004</TD>
     <TD noWrap align=right>6.74</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>6.95</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>70,000</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>1.75</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>6.95</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>70,000</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>6.95</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>9.05</TD>
     <TD noWrap align=right>97,534</TD>
     <TD noWrap align=right>2.05</TD>
     <TD noWrap align=right>9.05</TD>
     <TD noWrap align=right>89,060</TD>
     <TD noWrap align=right>9.05</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>7.54</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>50,000</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>2.37</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>7.54</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>41,667</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>7.54</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>5.99</TD>
     <TD noWrap align=right>280,500</TD>
     <TD noWrap align=right>2.50</TD>
     <TD noWrap align=right>5.99</TD>
     <TD noWrap align=right>183,000</TD>
     <TD noWrap align=right>5.99</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>3.05</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>68,000</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>2.75</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>3.05</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>38,000</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>3.05</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>2.65</TD>
     <TD noWrap align=right>747,167</TD>
     <TD noWrap align=right>3.30</TD>
     <TD noWrap align=right>2.65</TD>
     <TD noWrap align=right>269,167</TD>
     <TD noWrap align=right>2.65</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>7.00</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>423,833</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>4.01</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>7.00</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>102,833</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right>7.00</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>7.40</TD>
     <TD noWrap align=right>239,292</TD>
     <TD noWrap align=right>4.30</TD>
     <TD noWrap align=right>7.40</TD>
     <TD noWrap align=right>33,460</TD>
     <TD noWrap align=right>7.40</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=right>8.23</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=right>446,500</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=right>4.76</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=right>8.23</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=right>-</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" noWrap align=right>-</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>2.65-9.05</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>2,994,829</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>3.11</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>5.91</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>1,399,190</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>5.84</B></TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(d) Cash Dividends Declared and Distributed</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The Company pays quarterly cash dividends of CAD$0.02 per share to its shareholders. During the three and nine months ended December 31, 2010, dividends of $3,511 and $9,828, respectively (three and nine months ended December 31, 2009 - $3,109 and&nbsp;$8,898, respectively) were declared. The three quarterly dividends declared were distributed on July 21, 2010, October 21, 2010 and January 21, 2011, respectively.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: right">Page 15</P>
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<A name="page_17"></A><BR>
<a name="_bclPageBorder17"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE><I></I></DIV>
<P style="MARGIN-LEFT: 4%"><I>(e) Shares and Warrants Issued to Acquire Property</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">During the nine months ended December 31, 2010, the Company issued 50,000 common shares and granted 50,000 warrants to a third party in connection with Silvertip project&#146;s exploration and development activities. The shares were valued at market price of CAD $6.76 per share as at the settlement date, totaling $328. The warrants were valued at $181 using the Black-Scholes pricing model.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The Company capitalized the total value of these shares and warrants into mineral rights and properties, with corresponding amounts to share capital and contributed surplus.</P>
<P style="TEXT-ALIGN: justify"><B>11. RELATED PARTY TRANSACTIONS</B></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Related party transactions not disclosed elsewhere in the financial statements are as follows:</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="68%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Amounts due from related parties</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>December 31, 2010</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>March 31, 2010</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>New Pacific Metals Corp. (a)</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>49</B></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>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>138</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&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="4%"></TD>
     <TD width="40%"></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></TD>
     <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 December 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>Nine months ended December 31,</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Transactions with related parties</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>2010</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>2009</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>2010</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>2009</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>New Pacific Metals Corp. (a)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>162</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>57</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>315</B></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>145</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Quanfa Exploration Consulting Services Ltd. (b)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>88</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>McBrighton Consulting Ltd.(c)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>86</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>52</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>195</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>144</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>R. Feng Consulting Ltd. (d)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>99</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>80</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>295</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>243</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Henan Non-ferrous Geology Bureau (e)</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>5,107</B></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>3,895</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>10,487</B></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>7,187</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>5,454</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>4,084</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>11,292</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>7,807</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 width="100%" border=0>
<TR>
     <TD vAlign=top noWrap width="4%"></TD>
     <TD vAlign=top noWrap width="4%">(a)&nbsp; &nbsp; &nbsp; </TD>
     <TD width="92%">
<P align=justify>New Pacific Metals Corp. is a publicly traded company with director and officers in common with the Company. Further to a services and administrative costs reallocation agreement between the Company and NUX, the Company will recover costs for services rendered to NUX and expenses incurred on behalf of NUX. During the three and nine months ended December 31, 2010, the Company recovered $86 and $238, respectively (three and nine months ended December 31, 2009 - $57 and $145, respectively) from NUX for services rendered and expenses incurred on behalf of NUX. The costs recovered from NUX were recorded as a direct reduction of general and administrative expenses on the consolidated statements of operations.</P>
</TD></TR>
<TR height=20>
     <TD noWrap width="4%"></TD>
     <TD noWrap width="4%">&nbsp;</TD>
     <TD width="92%">
<P align=justify>&nbsp;</P>
</TD></TR>
<TR>
     <TD noWrap width="4%"></TD>
     <TD noWrap width="4%">&nbsp;</TD>
     <TD width="92%">
<P align=justify>The Company entered into a credit agreement with NUX (the &#147;Agreement&#148;) on July 2, 2010, subsequently amended on August 24, 2010. Pursuant to the Agreement, NUX is granted a line of credit with aggregated principal amount up to CAD $15 million. The line of credit bears an interest rate at prime plus 7%, payable on the 1<SUP>st </SUP>day of each month and is secured by a first fixed charge on NUX&#146;s assets. On October 21, 2010, NUX used the line of credit to draw CAD $2.35 million. On December 20, 2010, the line of credit was cancelled with all outstanding balances and interest receivables being fully paid.</P>
</TD></TR></TABLE>
<P style="TEXT-ALIGN: right">Page 16</P>
</DIV><BR>
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<A name="page_18"></A><BR>
<a name="_bclPageBorder18"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 width="100%" border=0>
<TR>
     <TD vAlign=top noWrap width="4%"></TD>
     <TD vAlign=top noWrap width="4%">(b)&nbsp; &nbsp; &nbsp; </TD>
     <TD width="92%">
<P align=justify>Quanfa Exploration Consulting Services Ltd. (&#147;Quanfa&#148;) is a private company with majority shareholders and management from the senior management of Henan Found and Henan Huawei. During the three and nine months ended December 31, 2010, the Company paid $nil (three and nine months ended December 31, 2009 - $nil and $88, respectively) to Quanfa for its consulting services provided.</P>
</TD></TR>
<TR height=20>
     <TD vAlign=top noWrap width="4%"></TD>
     <TD vAlign=top noWrap width="4%">&nbsp;</TD>
     <TD width="92%">
<P align=justify></P>
</TD></TR>
<TR>
     <TD vAlign=top noWrap width="4%"></TD>
     <TD vAlign=top noWrap width="4%">(c)&nbsp; &nbsp; &nbsp; </TD>
     <TD width="92%">
<P align=justify>During the three and nine months ended December 31, 2010, the Company paid $86 and $195, respectively (three and nine months ended December 31, 2009 - $52 and $144, respectively) to McBrighton Consulting Ltd., a private company controlled by a director of the Company for consulting services.</P>
</TD></TR>
<TR height=20>
     <TD vAlign=top noWrap width="4%"></TD>
     <TD vAlign=top noWrap width="4%">&nbsp;</TD>
     <TD width="92%">
<P align=justify></P>
</TD></TR>
<TR>
     <TD vAlign=top noWrap width="4%"></TD>
     <TD vAlign=top noWrap width="4%">(d)&nbsp; &nbsp; &nbsp; </TD>
     <TD width="92%">
<P align=justify>During the three and nine months ended December 31, 2010, the Company paid $99 and $295, respectively (three and nine months ended December 31, 2009 - $80 and $243, respectively) to R. Feng Consulting Ltd., a private company controlled by a director of the Company for consulting services.</P>
</TD></TR>
<TR height=20>
     <TD vAlign=top noWrap width="4%"></TD>
     <TD vAlign=top noWrap width="4%">&nbsp;</TD>
     <TD width="92%">
<P align=justify></P>
</TD></TR>
<TR>
     <TD vAlign=top noWrap width="4%"></TD>
     <TD vAlign=top noWrap width="4%">(e)&nbsp; &nbsp; &nbsp; </TD>
     <TD width="92%">
<P align=justify>Henan Non-ferrous Geology Bureau (&#147;Henan Geology Bureau&#148;) is a 22.5% equity interest holder of Henan Found. During the three and nine months ended December 31, 2010, Henan Found declared dividend of $5,107 and $10,582, respectively (three and nine months ended December 31, 2009 - $nil) to Henan Geology Bureau.</P>
</TD></TR></TABLE>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The transactions with related parties during the period were measured at the exchange amount, which was the amount of consideration established and agreed by the parties. The balances with related parties were unsecured, non-interest bearing, and due on demand.</P>
<P style="TEXT-ALIGN: justify"><B>12. CAPITAL DISCLOSURES</B></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The Company&#146;s objectives of capital management are intended to safeguard the entity&#146;s ability to support the Company&#146;s normal operating requirement on an ongoing basis, continue the development and exploration of its mineral properties, and support any expansionary plans.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The capital of the Company consists of the items included in shareholders&#146; equity. Risk and capital management are primarily the responsibility of the Company&#146;s corporate finance function and is monitored by the Board of Directors. The Company manages the capital structure and makes adjustments depending on economic conditions. Funds have been primarily secured through profitable operations and issuances of equity capital. The Company invests all capital that is surplus to its immediate needs in short-term, liquid and highly rated financial instruments, such as cash and other short-term deposits, all held with major financial institutions. Significant risks are monitored and actions are taken, when necessary, according to the Company&#146;s approved policies.</P>
<P style="TEXT-ALIGN: justify"><B>13. FINANCIAL INSTRUMENTS</B></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The Company manages its exposure to financial risks, including liquidity risk, foreign exchange rate risk, interest rate risk, credit risk and equity price risk in accordance with its risk management framework. The Company&#146;s Board of Directors has overall responsibility&nbsp;for the establishment and oversight of the Company&#146;s risk management framework and reviews the Company&#146;s policies on an ongoing basis.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: right">Page 17</P>
</DIV><BR>
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<A name="page_19"></A><BR>
<a name="_bclPageBorder19"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE><I></I></DIV>
<P style="MARGIN-LEFT: 4%"><I>(a) Fair value</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The following table sets forth the Company&#146;s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy. As at December 31, 2010, those financial assets are classified in their entirety based on the level of input that is significant to the fair value measurement. As of March 31, 2010 and December 31, 2010, the Company did not have financial liabilities measured at fair value on a recurring basis.</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="40%"></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></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>Level 1</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>Level 2</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>Level 3</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>Total</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Financial assets</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>&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></TD>
     <TD noWrap align=left>Cash and cash equivalents</TD>
     <TD noWrap align=right>$</TD>
     <TD noWrap align=right>196,428</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>$</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>$</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>$</TD>
     <TD noWrap align=right>196,428</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Short term investments</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>27,317</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>-</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>27,317</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Receivables and deposits</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>8,153</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>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>8,153</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Amounts due from related parties</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>49</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>-</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>49</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Common shares</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>15,903</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>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>15,903</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Warrants</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>5,369</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>5,369</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) Liquidity risk</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company manages liquidity by maintaining adequate cash and cash equivalents and short term investment.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following summarizes the remaining contractual maturities of the Company&#146;s financial liabilities.</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="68%"></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></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>December 31, 2010</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>March 31, 2010</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <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><B>Within a year</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" 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 noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Accounts payable and accrued liabilities</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>15,459</B></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>7,504</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Deposits received</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>2,873</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>6,737</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Dividends payable</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,511</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>3,238</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Bank loan and notes payable</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>-</B></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>1,465</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>21,843</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>18,944</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(c) Foreign exchange risk</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The Company undertakes transactions in various foreign currencies, and reports results of its operations in US dollars while the Canadian dollar is considered as its functional currency. The Company is therefore exposed to foreign exchange risk arising from transactions denominated in a foreign currency and the translation of functional currency to reporting currency.</P>
<P style="TEXT-ALIGN: right">Page 18</P>
</DIV><BR>
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<A name="page_20"></A><BR>
<a name="_bclPageBorder20"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The Company conducts its mining operations in China and thereby the majority of the Company&#146;s assets, liabilities, revenues and expenses are denominated in RMB&#165;, which was tied to the US Dollar until July 2005, and is now tied to a basket of currencies of China&#146;s largest trading partners. The RMB&#165; is not a freely convertible currency.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The Company currently does not engage in foreign currency hedging, and the exposure of the Company&#146;s financial assets and financial liabilities to foreign exchange risk is 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="4%"></TD>
     <TD width="68%"></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></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>The amounts are expressed in US$ equivalents</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>December 31, 2010</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>March 31, 2010</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Canadian dollars</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>85,993</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>27,125</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>United States dollars</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>90,679</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>29,808</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Chinese renminbi</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>85,650</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>48,173</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Hong Kong dollars</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>-</B></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>1</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Total financial assets</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>262,322</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>105,107</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Canadian dollars</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5,559</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>3,799</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>United States dollars</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>5</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Chinese renminbi</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>16,284</B></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>15,140</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Total financial liabilities</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>21,843</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>18,944</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">As at December 31, 2010, with other variables unchanged, a 1% strengthening (weakening) of the Chinese RMB&#165; against the Canadian dollar would have increased (decreased) net income by approximately $0.03 million and increased (decreased) other comprehensive income by $0.6 million.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">As at December 31, 2010, with other variables unchanged, a 1% strengthening (weakening) of the Canadian dollar against the US dollar would have decreased (increased) net income by approximately $0.9 million and would have increased (decreased) other comprehensive income by approximately $2.4 million.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(d) Interest rate risk</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Interest risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company&#146;s cash equivalents and short term investments primarily includes highly liquid investments that earn interest at market rates that are fixed to maturity or at variable interest rates. Because of the short-term nature of these financial instruments, fluctuations in market rates do not have significant impact on the fair values of the financial instruments as of December 31, 2010.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(e) Credit risk</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company is exposed to credit risk primarily associated to accounts receivable, cash and cash equivalents and short-term investments. The carrying amount of assets included on the balance sheet represents the maximum credit exposure.</P>
<P style="TEXT-ALIGN: right">Page 19</P>
</DIV><BR>
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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="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%">The Company undertakes credit evaluations on counterparties as necessary and has monitoring processes intended to mitigate credit risks. The Company has accounts receivables from three major customers primarily in China engaged in the mining and milling of base and polymetallic metals industry. The historic level of customer defaults is zero and the aging of accounts receivable is less than 90 days, and, as a result, the credit risk associated with accounts receivable from customers at December 31, 2010 is considered to be immaterial.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(f) Equity price risk</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The Company holds certain marketable securities that will fluctuate in value as a result of trading on Canadian financial markets. Furthermore, as the Company&#146;s marketable securities are also common shares of mining companies, market values will fluctuate as commodity prices change. Based upon the Company&#146;s portfolio at December 31, 2010, a 10% increase (decrease) in the market price of the securities held, ignoring any foreign currency risk, would have resulted in an increase (decrease) to other comprehensive income of approximately $1.6 million.</P>
<P style="TEXT-ALIGN: right">Page 20</P>
</DIV><BR>
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<A name="page_22"></A><BR>
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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="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>14. SEGMENTED INFORMATION</B></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The Company operates in one operating segment, being the acquisition, exploration, development, and operation of mineral properties. Based on the internal reporting structure and the nature of the Company&#146;s activities, significant projects within the same geographic area are aggregated for segment reporting purposes. The corporate Head Office provides support to the mining and exploration activities with respect to financial and technical supports and its information is included in the Canada category. Assets, incidental income and expenses in holding companies are presented under the category of other regions. This structure reflects how the Company manages its business and how it classifies its operations for planning and measuring performance.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(a) </I>Geographic information for certain long-term assets are 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="4%"></TD>
     <TD width="22%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=24><B>December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD 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>China</B></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 noWrap align=right></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>Canada</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>Other</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>Total</B></TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Balance sheet items:</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Henan</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Guangdong</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Other</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Silvertip</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>HeadOffice</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Regions</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Mineral rights and properties</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>50,304</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>85,237</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></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>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>22,614</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></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>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>158,155</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left><B></B></TD>
     <TD noWrap align=left><B>Plant and equipment</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>28,326</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>1,093</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1,807</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>2,020</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>498</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>33,744</B></TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Long term investments</B></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><B>9,103</B></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>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</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><B>-</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></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><B>-</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><B>30,533</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></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><B>3,894</B></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>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>43,530</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&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="4%"></TD>
     <TD width="22%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=24>March 31, 2010</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD 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>China</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 noWrap align=right></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>Canada</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>Other</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>Total</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>Balance sheet items:</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Henan</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Guangdong</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Other</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Silvertip</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Head Office</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Regions</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Mineral rights and properties</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>34,428</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>83,049</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>15,771</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</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>133,248</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD noWrap align=left>Plant and equipment</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>26,541</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>105</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>1,893</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=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>485</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>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>29,024</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Long term investments</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>6,886</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>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</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=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></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>-</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>6,339</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></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>1,881</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>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>15,106</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: right">Page 21</P>
</DIV><BR>
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<A name="page_23"></A><BR>
<a name="_bclPageBorder23"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''''''''Times New Roman'''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) </I>Geographic information for operating results is 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="4%"></TD>
     <TD width="20%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=25><B>Three months period ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD 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=center colSpan=7><B>China</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center colSpan=4><B>Canada</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>Other</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>Total</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Statement of operations items:</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Henan</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Guangdong</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Other</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Silvertip</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Head Office</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Regions</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Sales</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>51,838</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>- </B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></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=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></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></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>51,838</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left><B>Cost of sales</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(9,983</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(9,983</B></TD>
     <TD noWrap align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Depreciation, amortization and depletion</B></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>(1,820</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><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=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=right>&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="BACKGROUND-COLOR: #e6efff" noWrap align=left></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><B>-</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></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>-</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></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>(1,820</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left><B>Gross Profit</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>40,035</B></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=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>40,035</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left><B>Expenses</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(1,496</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(171</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(235</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(79</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(2,273</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(9</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(4,263</B></TD>
     <TD noWrap align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Foreign exchange gain (loss)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&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>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><B>(75</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(5</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(804</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(477</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(1,342</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD></TR>
<TR height=20>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Interest &amp; other income</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>334</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>46</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><B>-</B></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=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>146</B></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=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3</B></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=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>529</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><B></B></B></TD>
     <TD noWrap align=left><B><B>Gain (loss) on asset disposals and other</B> expenses</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(210</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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><B>6,923</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>311</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>7,024</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Non controlling interest</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(7,153</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5</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><B>-</B></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=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>-</B></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=right>&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></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(7,148</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Income tax expenses</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(1,470</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</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>-</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><B>-</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>-</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><B>-</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(3,630</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(5,100</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Net income (loss)</B></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><B>30,040</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><B>(101</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></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><B>(310</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></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><B>(84</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</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><B>3,992</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></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><B>(3,802</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></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><B>29,735</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&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="4%"></TD>
     <TD width="20%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=25>Three months period ended December 31, 2009</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD 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=center colSpan=7>China</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center colSpan=4>Canada</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>Other</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>Total</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>Statement of operations items:</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Henan </TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Guangdong</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Other</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Silvertip</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Head Office&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Regions</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Sales</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>31,283</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</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>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</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></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>31,283</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Cost of sales</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(6,010</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</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></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>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(6,010</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Depreciation, amortization and depletion</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>(1,043</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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>-</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="BACKGROUND-COLOR: #e6efff" noWrap align=left></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>-</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></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>-</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></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>(1,043</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Gross Profit</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>24,230</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=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>24,230</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left></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=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Expenses</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(1,940</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>529</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(604</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left></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>(2,131</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(254</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(4,400</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Foreign exchange gain (loss)</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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(381</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=right>260</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=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>(329</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(341</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(791</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR height=20>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Interest &amp; other income</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>246</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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(75</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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=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>188</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=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(50</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>309</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>Gain (loss) on asset disposals and other expenses</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(232</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(74</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left></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>(107</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>52</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(361</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Non controlling interest</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(4,073</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>176</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></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>-</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=right>&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></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(3,897</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Income tax expenses</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(2,681</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&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=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 noWrap align=left></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=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 noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&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 noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(2,681</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Net income (loss)</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>15,782</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>92</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>(493</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></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>-</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>(2,379</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></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>(593</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>12,409</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: right">Page 22</P>
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     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></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>
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<TR vAlign=bottom>
     <TD align=center><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=25><B>Nine months period ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD 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=center colSpan=7><B>China</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center colSpan=4><B>Canada</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>Other</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>Total</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Statement of operations items:</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Henan</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><B>Guangdong</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><B>Other</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Silvertip</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Head Office</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Regions</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Sales</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>124,905</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></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>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></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></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>124,905</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left><B>Cost of sales</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(26,882</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(26,882</B></TD>
     <TD noWrap align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Depreciation, amortization and depletion</B></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>(4,869</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></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>-</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><B>-</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></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>-</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><B>-</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></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>-</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></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>(4,869</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left><B>Gross Profit</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>93,154</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>93,154</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left><B>Expenses</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(6,008</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(424</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(843</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(203</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(7,829</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(17</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(15,324</B></TD>
     <TD noWrap align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Foreign exchange gain (loss)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&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><B>(416</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(54</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(10</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(487</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(207</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(1,174</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD></TR>
<TR height=20>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Interest &amp; other income</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>843</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><B>120</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><B>5</B></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=right>&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><B>316</B></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=right>&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></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,316</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><B></B></B></TD>
     <TD noWrap align=left><B><B>Gain (loss) on asset disposals and other</B> expenses</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(689</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>537</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>8,224</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>385</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>8,457</B></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Non controlling interest</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(16,213</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>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><B>-</B></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=right>&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><B>-</B></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=right>&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></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(16,177</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Income tax expenses</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(10,335</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>-</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><B>-</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>-</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><B>-</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(3,630</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(13,965</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Net income (loss)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>60,752</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><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(684</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(355</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(213</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>224</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(3,437</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>56,287</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&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="4%"></TD>
     <TD width="20%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="6%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=25>Nine months period ended December 31, 2009</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD 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=center colSpan=7>China</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center colSpan=4>Canada</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>Other</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>Total</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>Statement of operations items:</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Henan </TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Guangdong</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>Other</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Silvertip&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Head Office</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>Regions</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</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></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Sales</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>78,940</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</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>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</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></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>78,940</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD noWrap align=left>Cost of sales</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(16,157</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&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=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(16,157</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Depreciation, amortization and depletion</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>(2,796</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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>-</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>-</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></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=right>&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="BACKGROUND-COLOR: #e6efff" noWrap align=left></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>-</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></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>(2,796</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD noWrap align=left>Gross Profit</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>59,987</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>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>59,987</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></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=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD noWrap align=left>Expenses</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(6,869</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(480</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(641</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(6,178</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>120</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(14,048</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Foreign exchange gain (loss)</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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>3,130</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>89</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=right>-</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=right>(2,256</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(320</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>643</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Interest &amp; other income</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>717</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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(300</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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=right>-</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=right>497</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=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>6</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=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>920</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD noWrap align=left>Impairment charges</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</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></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=right>(195</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(503</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(698</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Gain (loss) on asset disposals and other expenses</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,138</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(232</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(26</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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=right>-</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=right>(325</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>3</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=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,718</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD noWrap align=left>Non controlling interest</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(10,008</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>134</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=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(9,874</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Income taxexpenses</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>(6,425</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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>-</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>-</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></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=right>&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="BACKGROUND-COLOR: #e6efff" noWrap align=left></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>-</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></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>(6,425</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>Net income (loss)</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>36,264</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>2,552</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>(878</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>)</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>-</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>(8,457</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>)</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>(694</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>)</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>28,787</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: right">Page 23</P>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>


<A name="page_25"></A><BR>
<a name="_bclPageBorder25"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(c) Sales by metals</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The sales generated for the three and nine months ended December 31, 2010 and 2009 are comprised of:</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="40%"></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></TD>
     <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" align=right colSpan=4>Three months period ended December 31,</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>Nine months period ended December 31,</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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>
     <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=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Silver (Ag)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>31,000</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>15,844</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>69,950</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>40,103</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left><B>Gold (Au)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>752</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>303</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>1,862</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>665</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Lead (Pb)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>16,752</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>12,283</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>44,564</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>31,590</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B></B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Zinc (Zn)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>3,334</B></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>2,853</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>8,529</B></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>6,582</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>51,838</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>31,283</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><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>124,905</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>78,940</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(d) Major customers</I></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">During the nine months ended December 31, 2010, four major customers (nine months ended December 31, 2009 - four) accounted for 10% to 26% each (nine months ended December 31, 2009 - 10% to 31%) and collectively 72% (nine months ended December 31, 2009 - 74%) of the total sales of the Company.</P>
<P style="TEXT-ALIGN: justify"><B>15. COMMITMENTS</B></P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Commitments, not disclosed elsewhere in these financial statements, are as follows:</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">The Company entered into office rental agreements with total rental expense of $1,581 over the next four years 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="4%"></TD>
     <TD width="26%"></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>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></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>2011</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>2012</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>2013</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>2014</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>Total</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Rental expense</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>90</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>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>548</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>533</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>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>410</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>1,581</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: right">Page 24</P>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>


<A name="page_26"></A><BR>
<a name="_bclPageBorder26"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="99%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Interim Consolidated Financial Statements</B></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: justify"><B>16. SUPPLEMENTARY CASH FLOW INFORMATION</B></P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="38%"></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="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></TD>
     <TD 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 December 31,</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></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>Nine months ended December 31,</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left><B></B></TD>
     <TD noWrap align=left><B>Net change in non-cash working capital</B></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 noWrap align=left></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: #ffffff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Accounts receivable, prepaids and deposits</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(5,206</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>622</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=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(5,629</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>734</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Inventory</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(964</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(2,288</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(878</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(4,596</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Restricted cash</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&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>732</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>1,955</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(1,054</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>5,389</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>370</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Income tax payable</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,586</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>1,041</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=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,160</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>(1,084</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Deposits received</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>1,098</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>(1,140</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>
     <TD noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(4,008</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>623</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>469</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(2,819</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(1,966</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(3,221</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left><B></B></TD>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Supplemental information:</B></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=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></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=right>&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="BACKGROUND-COLOR: #ffffff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Interest paid</P>
</TD>
     <TD noWrap align=right><B>$</B></TD>
     <TD noWrap align=right><B>15</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>$</TD>
     <TD noWrap align=right>2</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B>$</B></TD>
     <TD noWrap align=right><B>15</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>$</TD>
     <TD noWrap align=right>2</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Interest paid</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>10</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>23</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=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>40</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>116</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">&nbsp;</P>
</TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Income tax paid</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2,328</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>1,517</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=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>8,399</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>7,175</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left><B></B></TD>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Non-cash transactions:</B></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=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></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=right>&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="BACKGROUND-COLOR: #ffffff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Common shares issued for 10% interest of Henan Huawei</P>
</TD>
     <TD noWrap align=right><B>$</B></TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>$</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B>$</B></TD>
     <TD noWrap align=right><B>1,127</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>$</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
<P style="MARGIN-LEFT: 4%">Common shares issued for property</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</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></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>328</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD noWrap align=left>
<P style="MARGIN-LEFT: 4%">Warrants issued for property</P>
</TD>
     <TD noWrap align=right><B>$</B></TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>$</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B>$</B></TD>
     <TD noWrap align=right><B>181</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>$</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%">Acquisition and expenditure of plant and equipment included in accounts payable and accrued liabilities</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>881</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</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=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>1,449</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>
<P style="MARGIN-LEFT: 4%"></P>
</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" align=left>
<P style="MARGIN-LEFT: 4%">Acquisition and expenditure of mineral rights and properties included in accounts payable and accrued liabilities</P>
</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right><B>223</B></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right>4,993</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right><B>3,109</B></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right>9,961</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>17. SUBSEQUENT EVENTS</B></P>
<P style="TEXT-ALIGN: justify">On November 8, 2010, the Company, through a wholly-owned subsidiary, signed a share purchase agreement and a Sino-Foreign cooperative joint venture contract (the &#147;Agreements&#148;) to acquire a 70% equity interest in Yun Xiang Mining Co. Ltd. (&#147;Yunxiang&#148;), a private company in Hunan Province, China. The transaction was closed subsequent to the end of the quarter.</P>
<P style="TEXT-ALIGN: justify">Pursuant to the Agreements, the total consideration for the 70% interest is USD$33 million. The Company has paid USD$19 million to the owner, representing 80% of the required payment for the share purchase, and is required to make USD$9 million equity capital investment to Yunxiang. The Company will make payment of the remaining 20% share purchase payment (USD$5 million) after certain conditions are satisfied.</P>
<P style="TEXT-ALIGN: justify"><B>18. COMPARATIVE FIGURES</B></P>
<P style="TEXT-ALIGN: justify">Certain prior period's comparative figures have been reclassified to conform with the current period's presentation.</P>
<P style="TEXT-ALIGN: right">Page 25</P>
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<TYPE>EX-99.2
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<FILENAME>exhibit99-2.htm
<DESCRIPTION>MDA FOR THE THIRD QUARTER ENDED DECEMBER 31, 2010
<TEXT>

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<P style="MARGIN: 0px" align=right><B>Exhibit 99.2</B></P>
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&nbsp;<BR>
<P style="TEXT-ALIGN: justify"><B>SILVERCORP METALS INC.</B></P>
<P style="TEXT-ALIGN: justify"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS <BR>
December 31, 2010<BR>
</B><B>(Expressed in thousands of US dollars, unless otherwise stated)</B></P>
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<P style="TEXT-ALIGN: justify"><B>Table of Content</B></P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''Times New Roman'''" cellSpacing=0 border=0>
<TR>
     <TD align=left width="4%"></TD>
     <TD width="92%"></TD>
     <TD width="4%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>1.</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>Core Business and Strategy&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right><B>2</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>2.</TD>
     <TD noWrap align=left>Q3 2011 Highlights&nbsp;</TD>
     <TD noWrap align=right><B>2</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>3.</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>Q3 Operating Performance&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right><B>3</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>4.</TD>
     <TD noWrap align=left>Q3 Financial Results&nbsp;</TD>
     <TD noWrap align=right><B>12</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>5.</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>Liquidity and Capital Resources&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right><B>15</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>6.</TD>
     <TD noWrap align=left>Financial Instruments and Related Risks&nbsp;</TD>
     <TD noWrap align=right><B>16</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>7.</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>Off-Balance Sheet Arrangements&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right><B>16</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>8.</TD>
     <TD noWrap align=left>Transactions with Related Parties&nbsp;</TD>
     <TD noWrap align=right><B>16</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>9.</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>Critical Accounting Policies and Estimates&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right><B>17</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>10. </TD>
     <TD noWrap align=left>Future Accounting Changes&nbsp;</TD>
     <TD noWrap align=right><B>17</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>11. </TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>Other MD&amp;A Requirements&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right><B>19</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>12. </TD>
     <TD noWrap align=left>Outstanding Share Data&nbsp;</TD>
     <TD noWrap align=right><B>20</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>13. </TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>Risks and Uncertainties&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right><B>20</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>14. </TD>
     <TD noWrap align=left>Disclosure Controls and Procedures&nbsp;</TD>
     <TD noWrap align=right><B>21</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>15. </TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left>Directors and Officers&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right><B>21</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>16. </TD>
     <TD noWrap align=left>Outlook&nbsp;</TD>
     <TD noWrap align=right><B>22</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left colSpan=2>Forward Looking Statements&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right><B>23</B>&nbsp;</TD></TR></TABLE></DIV><BR>
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<TR vAlign=bottom>
     <TD noWrap align=left><B>SILVERCORP METALS INC.</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Management&#146;s Discussion and Analysis</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2010</B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B>&nbsp;</TD></TR></TABLE></DIV><BR>
<P style="TEXT-ALIGN: justify"><I>Management&#146;s Discussion and Analysis (&#147;MD&amp;A&#148;) is intended to help the reader understand the significant factors that have affected Silvercorp Metals Inc. and its subsidiaries&#146; (&#147;Silvercorp&#148; or the &#147;Company&#148;) performance and such factors that may affect its future performance. This MD&amp;A should be read in conjunction with the Company&#146;s unaudited consolidated financial statements for the three and nine months ended December 31, 2010 and the related notes contained therein. The Company reports its financial position, results of operations and cash flows in accordance with Canadian generally accepted accounting principles (&#147;Canadian GAAP&#148;). In addition, the following should be read in conjunction with the audited consolidated financial statements of the Company for the year ended March 31, 2010, the related MD&amp;A, the Annual Information Form (available on SEDAR at </I><I><U>www.sedar.com</U></I><I>), and the annual
 report on Form 40-F. This MD&amp;A refers to various non-GAAP measures, such as adjusted net earnings and adjusted earnings per share, cash flow from operations before non-cash working capital changes, cash and total production cost per ounce of silver, etc. Those non-GAAP measures are used by the Company to manage and evaluate operating performance and ability to generate cash and are widely reported in the silver mining industry as benchmarks for performance. Non-GAAP measures do not have standardized meaning. Accordingly, non-GAAP measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. To facilitate a better understanding of these measures as calculated by the Company, we have provided detailed descriptions and reconciliations where applicable.</I></P>
<P style="TEXT-ALIGN: justify"><I>This MD&amp;A is prepared as of February 7, 2011.</I></P>
<P style="TEXT-ALIGN: justify"><B>1. Core Business and Strategy</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 of the four silver-lead-zinc mines at the Ying Mining Camp in the Henan Province of China. Silvercorp is currently building the GC silver-lead-zinc project in Guangdong Province as its second China production base and foothold, and this will be followed by the third production foothold at the recently acquired BYP gold-lead-zinc project in Hunan Province. In Canada, Silvercorp is preparing to apply for a Small Mine Permit for the Silvertip high grade silver-lead-zinc mine project in northern British Columbia to provide a further 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>2. Q3 2011 Highlights</B></P>
<UL style="MARGIN: 16px">
<LI>
<P align=justify>Record silver production of 1.52 million ounces, a 25% increase compared to 1.22 million ounces in the third quarter of fiscal 2010 (&#147;Q3 2010&#148;);</P>
<LI>
<P align=justify>Record sales of $51.8 million, up 66% from a year ago;</P>
<LI>
<P align=justify>Record net income of $29.7 million, or $0.18 per share, a 140% increase from a year ago. Excluding all non-operational items, adjusted net earnings were $22.2 million, or $0.13 per share;</P>
<LI>
<P align=justify>Record cash flows from operations (before non-cash working capital changes) of $31.6 million, or $0.19 per share, increased 68% from a year ago;</P>
<LI>
<P align=justify>Achieved total production cost of negative $5.93 per ounce of silver and a cash cost of negative $7.13 per ounce of silver, maintaining Silvercorp&#146;s position as the lowest cost silver producer among its industry peers;</P>
<LI>
<P align=justify>Raised $110.5 million net proceeds from an equity financing;</P>
<LI>
<P align=justify>Received a mining permit for the GC Silver-Lead-Zinc Project in Guangdong Province, China;</P>
<LI>
<P align=justify>Acquired a 70% equity interest in BYP Gold-Lead-Zinc mine in Hunan Province, China;</P>
<LI>
<P align=justify>Dividend payment of $3.2 million, or CAD$0.02 per share; and</P>
<LI>
<P align=justify>Total cash, cash equivalents, and short term investments increased to $223.7 million.</P>
</LI></UL>
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     <TD width="33%"></TD>
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     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#146;s Discussion and Analysis</B>&nbsp;</TD>
     <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 2</B></TD></TR></TABLE></DIV></DIV><br>
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        <TD noWrap align=left><B>SILVERCORP METALS INC.</B>&nbsp;</TD>
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        <TD noWrap align=left><B>Management&#146;s Discussion and Analysis</B>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three and Nine Months Ended December 31, 2010</B>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B>&nbsp;</TD>
      </TR>
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  <BR>
  <P style="TEXT-ALIGN: justify"><B>3. Q3 Operating Performance</B></P>
  <P style="TEXT-ALIGN: justify">(a) Overall View</P>
  <P style="TEXT-ALIGN: justify">In Q3 2011, the Company mined a record 167,213 tonnes of ore, which was 47,878 tonnes, or 40%, more than the 119,335 tonnes of ore mined in Q3 2010. For the nine months ended December 31, 2010, the Company mined 466,639 tonnes of ore, a 43% increase from the same period last year of 325,720 tonnes. The record mine production was mainly due to the improvement from TLP, HPG, and LM projects as mine development progresses.</P>
  <P style="TEXT-ALIGN: justify">In Q3 2011, the Company milled 161,528 tonnes of ore, 71,068 tonnes, or 79%, more than the 90,460 tonnes of ore milled in Q3 2010. During the nine months ended December 31, 2010, 461,270 tonnes of ore was milled, which was 187,296 tonnes, or 68%, more compared to 273,974 tonnes last year. The increased mill throughput was achieved as the second mill at Ying Mining Camp commenced operations at the beginning of 2010, which increased our total milling capacity to 2,500 tonnes per day, providing room to accommodate future mine production growth.</P>
  <P style="TEXT-ALIGN: justify">In Q3 2011, the Company produced and sold 1.52 million ounces of silver, 18.80 million pounds of lead and 4.79 million pounds of zinc, an increase of 25%, 16% and 8%, respectively, compared to the same period last year. For the nine months ended December 31, 2010, metals production was 4.25 million ounces of silver, 54.63 million pounds of lead and 13.09 million pounds of zinc, which was 20%, 15% and 9% higher than the same period last year. The increases were attributable to greater mine and mill throughputs.</P>
  <P style="TEXT-ALIGN: justify">(b) Mining Cost</P>
  <P style="TEXT-ALIGN: justify">In Q3 2011, the consolidated total mining cost and the cash mining cost were $58.28 and $48.30 per tonne, respectively, up 1% and down 1%, respectively, compared to the total mining costs of $57.81 and cash mining cost of $48.93 in the same quarter last year.</P>
  <P style="TEXT-ALIGN: justify">On a quarterly basis, cash mining cost decreased from $48.93 per tonne last year to $48.30 per tonne, but increased from $40.36 per tonne in Q2 2011. The increase resulted from (i) higher utility costs as diesel was used to generate additional electricity to support the increased production and power shortage, (ii) higher labour costs due to the increased accrual of year-end bonuses and (iii) higher material costs as more steel and other supplies were used in mine preparation and development.</P>
  <P style="TEXT-ALIGN: justify">During the nine months ended December 31, 2010, the consolidated total mining cost and the cash mining cost were $52.25 and $43.20 per tonne, respectively, a decrease of 7% and 9%, respectively, compared to the total mining costs of $55.91 and cash mining cost of $47.45 in the same period last year. The decrease of cash and total mining cost was mainly due to the production increase. With more ore being mined, the cost was lower as less fixed costs were allocated to each unit.</P>
  <P style="TEXT-ALIGN: justify">The major components of cash mining cost in Q3 2011 were composed of the followings: 37% for mining contractor costs (Q3 2010 &#150; 40%); 18% for materials and supplies (Q3 2010 &#150; 23%); 17% for labour costs (Q3 2010 &#150; 13%); 13% for utility costs (Q3 2010 &#150; 10%) and 15% for other miscellaneous costs (Q3 2010 &#150; 14%).</P>
  <P style="TEXT-ALIGN: justify">(c) Milling Cost</P>
  <P style="TEXT-ALIGN: justify">In Q3 2011, the consolidated total milling cost was $13.69 per tonne and cash milling cost was $12.11 per tonne, representing an increase of 11% and 10% respectively from the total milling cost of $12.28 per tonne and cash milling cost of $11.01 per tonne in the same period last year.</P>
  <P style="TEXT-ALIGN: justify">During the nine months ended December 31, 2010, the total milling cost and the cash milling cost were $13.25 and $11.62, respectively, up 15% and 11%, from $11.53 and $10.45 per tonne, respectively, a year ago.</P>
  <P style="TEXT-ALIGN: justify">The higher milling cash cost compared to a year ago was mainly due to higher administrative costs and labour cost for running two mills at the same time, along with the increased amortization charged on the second mill.</P>
  <P style="TEXT-ALIGN: justify">The major components of cash milling costs in Q3 2011 were composed of the followings: 30% for raw materials (Q3 2010 &#150; 31%); 30% for utilities (Q3 2010 &#150; 29%); 16% for mineral resources tax (Q3 2010 &#150; 17%); 18% for labour costs (Q3 2010 &#150; 17%) and 6% for milling related administrative and miscellaneous costs (Q3 2010 &#150; 6%).</P>
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        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center><B>Management&#146;s Discussion and Analysis</B>&nbsp;</TD>
        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right><B>Page 3</B></TD>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify">(d) Cash and Total Cost per Ounce of Silver</P>
<P style="TEXT-ALIGN: justify">Silvercorp continues to maintain its position as one of the lowest production cost producers of silver among its industry peers. In Q3 2011, the consolidated total production cost per ounce of silver was negative $5.93 and the cash cost per ounce of silver was negative $7.13, comparable to the total production costs and cash production costs per ounce of silver of negative $6.87 and negative $7.73, respectively, in same quarter last year. During the nine months ended December 31, 2010, the consolidated total production cost and cash cost per ounce of silver were negative $5.46 and negative $6.60, respectively, compared to negative $5.61 and negative $6.40 a year ago. The improvement with cash cost per ounce was mainly attributable to the increased by-product credits resulting from higher realized lead and zinc prices.</P>
<P style="TEXT-ALIGN: justify">To facilitate a better understanding of cash and total production cost per ounce of silver (non-GAAP measures), the following tables provide a reconciliation of those measures to the financial statements for the three and nine months ended December 31, 2010 and 2009, respectively.</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 align=left bgColor=#993300>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=left bgColor=#993300 colSpan=12><B><FONT color=#ffffff>Three months ended December 31, 2010</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>YING</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300 colSpan=2><B><FONT color=#ffffff>HPG &amp; LM</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Cost of sales</TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>5,539</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>1,485</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;<B>$</B></TD>
     <TD align=right><B>2,959</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>9,983</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>By-product lead, zinc, and gold sales</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>(16,405</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>(1,894</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>(2,539</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>(20,838</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Total adjusted cash costs</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(10,866</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(409</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>420</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(10,855</B></TD>
     <TD align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>Ounces of silver sold</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>1,241</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>105</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>177</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>1,523</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total cash costs per ounce of silver</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>(8.76</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>(3.90</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>2.37</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>(7.13</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>)</B></TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Total adjusted cash costs</TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>(10,866</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>(409</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>420</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>(10,855</B></TD>
     <TD align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>Depreciation, amortization and depletion</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>1,353</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>185</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>282</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>1,820</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Total adjusted cost of goods sold</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(9,513</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(224</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>702</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(9,035</B></TD>
     <TD align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>Ounces of silver sold</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>1,241</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>105</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>177</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>1,523</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total production cost per ounce of silver</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>(7.67</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>(2.13</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>3.96</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>(5.93</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>)</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 border=0>
<TR>
     <TD width="44%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=left bgColor=#993300 colSpan=12><FONT color=#ffffff>Three months ended December 31, 2009</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>YING</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300 colSpan=2><FONT color=#ffffff>HPG &amp; LM</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>TLP</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>Total</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Cost of sales</TD>
     <TD align=right>$</TD>
     <TD align=right>4,537</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>$</TD>
     <TD align=right>1,451</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>$</TD>
     <TD align=right>22</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>$</TD>
     <TD align=right>6,010</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>By-product lead, zinc, and gold sales</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(13,619</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(1,812</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(8</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(15,439</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Total adjusted cash costs</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(9,082</TD>
     <TD align=left>)</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(361</TD>
     <TD align=left>)</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>14</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(9,429</TD>
     <TD align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>Ounces of silver sold</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>1,086</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>133</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>1</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>1,220</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total cash costs per ounce of silver</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>(8.36</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>(2.71</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>14.00</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>(7.73</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>)</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Total adjusted cash costs</TD>
     <TD align=right>$</TD>
     <TD align=right>(9,082</TD>
     <TD align=left>)</TD>
     <TD align=right>$</TD>
     <TD align=right>(361</TD>
     <TD align=left>)</TD>
     <TD align=right>$</TD>
     <TD align=right>14</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>$</TD>
     <TD align=right>(9,429</TD>
     <TD align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>Depreciation, amortization and depletion</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>968</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>74</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>1</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>1,043</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Total adjusted cost of goods sold</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(8,114</TD>
     <TD align=left>)</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(287</TD>
     <TD align=left>)</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>15</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(8,386</TD>
     <TD align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>Ounces of silver sold</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>1,086</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>133</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>1</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>1,220</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total production cost per ounce of silver</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>(7.47</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>(2.16</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>15.00</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>(6.87</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>)</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="33%"></TD>
     <TD width="33%"></TD>
     <TD width="34%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 4</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>


<A name="page_6"></A><a name="_bclPageBorder6"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<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 align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></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 align=left bgColor=#993300>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=left bgColor=#993300 colSpan=12><B><FONT color=#ffffff>Nine months ended December 31, 2010</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>YING</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300 colSpan=2><B><FONT color=#ffffff>HPG &amp; LM</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Cost of sales</TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>15,333</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>3,948</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B>&nbsp;$</B></TD>
     <TD align=right><B>7,601</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>26,882</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>By-product lead, zinc, and gold sales</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>(42,753</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>(4,614</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>(7,588</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>(54,955</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Total adjusted cash costs</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(27,420</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(666</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>13</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(28,073</B></TD>
     <TD align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>Ounces of silver sold</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>3,484</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>275</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>494</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>4,253</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total cash costs per ounce of silver</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>(7.87</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>(2.42</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>0.03</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>(6.60</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>)</B></TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Total adjusted cash costs</TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>(27,420</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>(666</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>13</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>(28,073</B></TD>
     <TD align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>Depreciation, amortization and depletion</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>3,623</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>399</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>847</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>4,869</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Total adjusted cost of goods sold</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(23,797</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(267</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>860</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(23,204</B></TD>
     <TD align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>Ounces of silver sold</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>3,484</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>275</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>494</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>4,253</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total production cost per ounce of silver</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>(6.83</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>(0.97</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>1.74</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>(5.46</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>)</B></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 align=left bgColor=#993300>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=left bgColor=#993300 colSpan=12><FONT color=#ffffff>Nine months ended December 31, 2009</FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>YING</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300 colSpan=2><FONT color=#ffffff>HPG &amp; LM</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>TLP</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>Total</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Cost of sales</TD>
     <TD align=right>$</TD>
     <TD align=right>13,729</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>$</TD>
     <TD align=right>2,343</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>$</TD>
     <TD align=right>85</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>$</TD>
     <TD align=right>16,157</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>By-product lead, zinc, and gold sales</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(35,386</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(3,316</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(135</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(38,837</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Total adjusted cash costs</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(21,657</TD>
     <TD align=left>)</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(973</TD>
     <TD align=left>)</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(50</TD>
     <TD align=left>)</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(22,680</TD>
     <TD align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>Ounces of silver sold</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>3,327</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>203</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>15</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>3,545</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total cash costs per ounce of silver</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>(6.51</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>(4.79</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>(3.25</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>(6.40</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>)</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Total adjusted cash costs</TD>
     <TD align=right>$</TD>
     <TD align=right>(21,657</TD>
     <TD align=left>)</TD>
     <TD align=right>$</TD>
     <TD align=right>(973</TD>
     <TD align=left>)</TD>
     <TD align=right>$</TD>
     <TD align=right>(50</TD>
     <TD align=left>)</TD>
     <TD align=right>$</TD>
     <TD align=right>(22,680</TD>
     <TD align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>Depreciation, amortization and depletion</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>2,688</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>103</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>5</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>2,796</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Total adjusted cost of goods sold</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(18,969</TD>
     <TD align=left>)</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(870</TD>
     <TD align=left>)</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(45</TD>
     <TD align=left>)</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(19,884</TD>
     <TD align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>Ounces of silver sold</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>3,327</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>203</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>15</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>3,545</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total production cost per ounce of silver</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>(5.70</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>(4.29</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>(3.00</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>(5.61</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>)</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="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 5</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>


<A name="page_7"></A><a name="_bclPageBorder7"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<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 align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify">(e) Operation Review</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''''''Times New Roman''''''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left colSpan=2>(i) The following table summarizes historical operating information for each mine and totals for the three months ended December 31, 2010:</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="46%"></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 align=left bgColor=#993300><B><FONT color=#ffffff>Q3 Fiscal 2011</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=left bgColor=#993300 colSpan=11><B><FONT color=#ffffff>Three months ended December 31, 2010</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>YING</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>HPG&amp;LM</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Production Data</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,640</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>71</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,711</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Stockpiled Ore (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>82,101</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>22,216</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>59,184</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>163,502</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>85,741</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>22,287</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>59,184</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>167,213</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,640</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>71</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,711</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Ore Milled (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>81,700</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>19,644</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>56,473</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>157,817</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>85,340</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>19,715</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>56,473</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>161,528</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B></B></P>
</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>64.12</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>67.06</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>46.50</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>58.28</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD align=right><B>49.85</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>58.15</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>42.33</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>48.30</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>14.27</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>8.91</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4.17</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>9.98</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Unit shipping costs ($)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.59</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.02</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.26</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.40</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B></B></P>
</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>13.89</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>13.21</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>13.56</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>13.69</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD align=right><B>12.22</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11.81</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>12.06</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>12.11</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.67</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.40</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.50</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.58</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>3.37</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>8.48</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>10.74</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>4.63</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>145.84</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>407.64</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>211.60</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.15</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.36</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.47</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.20</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.12</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.29</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.37</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.16</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=left><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left><B></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(7.67</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(2.13</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.96</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(5.93</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P>
</TD>
     <TD align=right><B>(8.76</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(3.90</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2.37</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(7.13</B></TD>
     <TD align=left><B>)</B></TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B></B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>92.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>92.7</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>85.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>92.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD align=right><B>96.6</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>95.4</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>88.4</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>95.3</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>(</I></B><I>%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>70.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>67.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>71.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>70.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P>
</TD>
     <TD align=right><B>499.0</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>186.0</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>125.0</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>330.0</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>8.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>5.7</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P>
</TD>
     <TD align=right><B>2.9</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.6</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.8</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.8</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Sales Data</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD align=right><B>1,241</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>105</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>177</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,523</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.4</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.4</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pound)</I></P>
</TD>
     <TD align=right><B>14,862</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,618</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2,314</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>18,795</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,954</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>167</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>671</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4,791</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($)</I></P>
</TD>
     <TD align=right><B>25,248</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2,142</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3,610</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>31,000</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>392</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>359</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>752</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B>($)</P>
</TD>
     <TD align=right><B>13,263</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,418</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2,071</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>16,752</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>2,750</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>117</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>467</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>3,334</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>41,653</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>4,036</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>6,149</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>51,838</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>20.34</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>20.49</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>20.39</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>20.36</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>881.35</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>985.07</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>946.61</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.89</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.88</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.89</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.89</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.70</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.70</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.70</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.70</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&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="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 6</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<BR>


<A name="page_8"></A><a name="_bclPageBorder8"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<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 align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></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="100%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left rowSpan=2>(ii) The following table summarizes historical operating information for each mine and totals for the three months ended December 31, 2009:</TD></TR>
<TR vAlign=bottom></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="46%"></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 align=left bgColor=#993300><B><FONT color=#ffffff>Q3 Fiscal 2010</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=left bgColor=#993300 colSpan=11><B><FONT color=#ffffff>Three months ended December 31, 2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>YING</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>HPG&amp;LM</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Production Data</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,357</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>72</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,428</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Stockpiled Ore (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>82,711</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>17,200</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>15,995</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>115,907</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>86,068</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>17,272</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>15,995</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>119,335</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,357</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>72</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,428</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Ore Milled (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>70,776</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>14,943</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>1,313</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>87,032</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>74,133</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>15,015</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>1,313</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>90,460</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>56.90</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>59.96</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>60.40</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>57.81</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD align=right><B>45.75</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>56.10</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>58.30</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>48.93</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.15</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.86</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.10</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>8.88</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Unit shipping costs ($)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.60</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.78</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.80</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.38</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.48</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.94</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>61.21</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>12.28</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD align=right><B>10.45</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>10.85</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>44.28</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11.01</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.02</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.09</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>16.92</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.27</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>2.58</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>5.63</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>13.10</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2.93</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>83.44</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>288.55</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>128.91</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.15</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.31</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.87</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.17</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.13</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.24</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.14</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=left><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left><B></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(7.47</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(2.16</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>15.00</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(6.87</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P>
</TD>
     <TD align=right><B>(8.36</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(2.71</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>14.00</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(7.73</B></TD>
     <TD align=left><B>)</B></TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>91.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>85.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>86.4</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>92.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD align=right><B>95.8</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>94.0</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>90.5</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>96.7</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>(</I></B><I>%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>76.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>75.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>75.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P>
</TD>
     <TD align=right><B>488.5</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>235.7</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>86.9</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>440.8</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>9.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>5.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.7</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>8.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P>
</TD>
     <TD align=right><B>3.4</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.9</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3.0</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Sales Data</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD align=right><B>1,086</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>133</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,220</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.2</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.5</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pound)</I></P>
</TD>
     <TD align=right><B>14,327</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,873</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>16,211</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4,038</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>416</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4,454</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($)</I></P>
</TD>
     <TD align=right><B>14,094</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,739</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>15,844</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>84</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>219</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>303</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B>($)</P>
</TD>
     <TD align=right><B>10,917</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,358</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>8</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>12,283</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>2,618</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>235</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>2,853</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>27,713</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>3,551</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>19</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>31,283</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>12.98</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>13.11</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11.00</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>12.99</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>420.00</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>671.78</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>571.70</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.76</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.72</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.73</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.76</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.65</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.56</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.64</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&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="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 7</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>


<A name="page_9"></A><a name="_bclPageBorder9"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<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 align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></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="100%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left rowSpan=2>(iii) The following table summarizes historical operating information for each mine and totals for the nine months ended December 31, 2010:</TD></TR>
<TR vAlign=bottom></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="46%"></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 align=left bgColor=#993300><B><FONT color=#ffffff>Q3 Fiscal 2011</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=left bgColor=#993300 colSpan=11><B><FONT color=#ffffff>Nine months ended December 31, 2010</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>YING</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>HPG&amp;LM</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Production Data</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>9,996</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>196</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10,202</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Stockpiled Ore (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>244,161</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>55,159</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>157,117</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>456,437</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>254,157</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>55,355</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>157,127</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>466,639</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD align=right><B>9,996</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>196</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>10</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>10,202</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Ore Milled (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>243,593</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>53,568</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>153,907</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>451,068</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>253,589</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>53,764</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>153,917</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>461,270</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD align=right><B>58.06</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>64.45</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>38.57</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>52.25</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>45.49</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>57.07</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>34.63</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>43.20</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD align=right><B>12.57</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>7.38</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3.94</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>9.05</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Unit shipping costs ($)</B></P>
</TD>
     <TD align=right><B>3.57</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3.23</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3.24</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3.42</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD align=right><B>13.30</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>12.84</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>13.30</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>13.25</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.63</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.43</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.67</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.62</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD align=right><B>1.67</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.41</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.63</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.63</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.11</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>7.89</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>8.87</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4.18</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>160.08</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>436.66</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>447.24</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>222.62</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.15</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.38</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.44</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.21</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.12</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.29</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.35</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.17</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P>
</TD>
     <TD align=right><B>(6.83</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(0.97</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.74</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(5.46</B></TD>
     <TD align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(7.87</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(2.42</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.03</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(6.60</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P>
</TD>
     <TD align=right><B>92.3</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>87.3</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>87.9</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>91.2</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>96.4</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>94.7</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>88.6</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>95.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>(</I></B><I>%)</I></P>
</TD>
     <TD align=right><B>70.1</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>60.3</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>70.4</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>69.5</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>476.8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>229.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>135.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>322.8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD align=right><B>8.1</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.8</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2.1</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>5.8</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.6</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>Sales Data</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,484</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>275</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>494</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4,253</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD align=right><B>1.1</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.9</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.2</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2.2</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>42,578</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4,423</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>7,625</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>54,626</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pound)</I></P>
</TD>
     <TD align=right><B>10,834</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>435</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,822</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>13,091</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>57,197</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4,582</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>8,171</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>69,950</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($)</I></P>
</TD>
     <TD align=right><B>901</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>803</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>158</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,862</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>34,792</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,547</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>6,225</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>44,564</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>7,060</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>264</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>1,205</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>8,529</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>99,950</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>9,196</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>15,759</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>124,905</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>16.42</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>16.68</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>16.54</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>16.46</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>844.03</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>923.83</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>834.28</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>889.71</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.82</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.80</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.82</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.81</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.65</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.61</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.66</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.65</B></TD>
     <TD align=left>&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="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 8</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>


<A name="page_10"></A><a name="_bclPageBorder10"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<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 align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></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="100%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left rowSpan=2>(iv) The following table summarizes historical operating information for each mine and totals for the nine months ended December 31, 2009:</TD></TR>
<TR vAlign=bottom></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="46%"></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 align=left bgColor=#993300><B><FONT color=#ffffff>Q3 Fiscal 2010</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=left bgColor=#993300 colSpan=11><B><FONT color=#ffffff>Nine months ended December 31, 2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>YING</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>HPG&amp;LM</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Production Data</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Ore Mined</B><I>(tonne)</I></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10,680</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>216</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10,904</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Stockpiled Ore (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>244,899</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>42,193</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>27,724</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>314,816</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>255,579</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>42,409</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>27,732</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>325,720</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD align=right><B>10,680</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>217</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>8</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>10,904</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Ore Milled (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>228,763</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>31,461</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>2,844</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>263,070</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>239,443</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>31,678</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>2,852</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>273,974</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined</B>($)</P>
</TD>
     <TD align=right><B>54.83</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>56.90</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>64.43</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>55.91</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined</B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>44.77</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>54.43</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>61.53</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>47.45</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined</B>($)</P>
</TD>
     <TD align=right><B>10.06</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2.46</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2.90</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>8.46</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Unit shipping costs($)</B></P>
</TD>
     <TD align=right><B>3.53</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3.08</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2.88</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3.42</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled</B>($)</P>
</TD>
     <TD align=right><B>11.24</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11.76</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>34.40</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11.53</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10.23</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10.73</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>26.01</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10.45</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD align=right><B>1.00</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.03</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>8.38</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.08</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.54</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>5.11</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.16</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.72</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>101.90</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>279.58</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>140.05</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead</B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.15</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.28</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.20</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.16</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.12</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.21</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.13</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P>
</TD>
     <TD align=right><B>(5.70</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(4.29</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(3.00</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(5.61</B></TD>
     <TD align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(6.51</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(4.79</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(3.25</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(6.40</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P>
</TD>
     <TD align=right><B>91.3</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>86.4</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>85.4</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>92.6</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>95.4</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>92.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>90.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>96.4</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>(</I></B><I>%)</I></P>
</TD>
     <TD align=right><B>75.8</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>72.3</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>75.7</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>476.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>195.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>91.7</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>439.5</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD align=right><B>8.7</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>5.4</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>4.8</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>8.4</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.2</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>Sales Data</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,327</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>203</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>15</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,545</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD align=right><B>0.4</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.7</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.0</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.1</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead</B><I>(in thousands of pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>43,428</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,824</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>201</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>47,453</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pound)</I></P>
</TD>
     <TD align=right><B>11,324</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>669</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11,993</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>37,500</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2,443</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>160</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>40,103</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold</B><I>($)</I></P>
</TD>
     <TD align=right><B>190</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>474</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>665</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead</B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>28,952</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2,504</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>134</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>31,590</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>6,244</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>338</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>-</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>6,582</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>72,886</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>5,759</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>295</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>78,940</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.27</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>12.03</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10.39</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.31</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold</B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>452.38</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>658.33</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>583.33</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead</B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.67</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.65</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.67</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.67</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.55</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.51</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.55</B></TD>
     <TD align=left>&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="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 9</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><I>(v) </I>Ying Mine (77.5%)</P>
<P style="TEXT-ALIGN: justify">Production from the Ying Mine commenced on April 1, 2006. Since then, the Ying property has become the Company&#146;s primary focus and most profitable project.</P>
<P style="TEXT-ALIGN: justify">In Q3 2011, the Ying Mine mined 85,741 tonnes of ore, virtually unchanged from 86,068 tonnes in the same period last year. For the nine months ended December 31, 2010, the total ore mined was 254,157 tonnes, of which 9,996 was direct smelting ore. This was slightly lower than 255,579 tonnes of ore mined in the same period last year. The reduction was mainly caused by the interruption of production due to the heavy rainfall in Q2 2011, along with a new 3-day Dragon Boat holiday introduced in China this year.</P>
<P style="TEXT-ALIGN: justify">In Q3 2011, silver head grade improved to 499.0g/t, compared to 488.5g/t in the same quarter last year. Lead and zinc head grades were 8.3% and 2.9%, respectively, compared to 9.0% and 3.4% a year ago. During the nine months ended December 31, 2010, head grades at the Ying Mine were 476.8g/t for silver, 8.1% for lead and 2.8% for zinc, which were comparable to 476.3g/t for silver, 8.7% for lead and 3.2% for zinc in the same period last year.</P>
<P style="TEXT-ALIGN: justify">In Q3 2011, the Ying Mine produced 1.2 million ounces of silver, 14.9 million pounds of lead, and 4.0 million pounds of zinc, compared to 1.1 million ounces of silver, 14.3 million pounds of lead and 4.0 million pounds of zinc in the same quarter last year. During the nine months ended December 31, 2010, metal production was 3.5 million ounces of silver, 42.6 million pounds of lead and 10.8 million pounds of zinc, compared with 3.3 million ounces of silver, 43.4 million pounds of lead and 11.3 million pounds of zinc a year ago.</P>
<P style="TEXT-ALIGN: justify">In Q3 2011, cash mining cost per tonne of ore mined was $49.85, up $4.10 compared to $45.75 in Q3 2010. The increase of cash mining cost was mainly due to two factors: (i) the increase of year-end bonus payment to employees based on current year&#146;s production results; and, (ii) the use of diesel as an additional energy source in this quarter to cover the shortage of power supply from the Chinese national power grid in order to support the increased production activities.</P>
<P style="TEXT-ALIGN: justify">In Q3 2011, cash cost per ounce of silver was negative $8.76, representing a 5% improvement compared to the negative $8.36 in Q3 2010. Total production cost per ounce of silver was negative $7.67, an improvement of 3% from negative $7.47 in Q3 2010. During the nine months ended December 31, 2010, cash cost and total cost per ounce of silver were negative $7.87 and negative $6.83, respectively, an improvement from negative $6.51 and negative $5.70 a year ago. The lower cost was mainly due to higher by-product credits realized from higher lead and zinc prices.</P>
<P style="TEXT-ALIGN: justify">In Q3 2011, the Ying Mine incurred $3.3 million (Q3 2010 &#150; $1.7 million) of development and exploration expenditures to delineate and upgrade mineral resources by tunnelling and diamond drilling, and to build shafts, declines and raises. A total of 9,758 metres (Q3 2010 &#150; 10,027 metres) of tunnel, 14,180 metres (Q3 2010 &#150; 8,163 metres) of diamond drilling, and 205 metres (Q3 2010 &#150; 796 metres) of shafts, declines and raises were completed. For the nine months ended December 31, 2010, exploration and development expenditures were $9.9 million (nine months ended December 31, 2009 - $5.1 million). With that, 31,901 metres (nine months ended December 31, 2010 2010 &#150; 27,991 metres) of tunnel, 33,288 metres (nine months ended December 31, 2010 &#150; 24,294 metres) of diamond drilling, and 910 metres (nine months ended December 31, 2010 &#150; 1,328 metres) of shafts, declines and raises were completed.</P>
<P style="TEXT-ALIGN: justify"><I>(vi) </I>HPG and LM mines (80%)</P>
<P style="TEXT-ALIGN: justify">In April 2010, the Company&#146;s beneficial ownership interest in HPG and LM mines increased from 70% to 80% as the Company purchased an additional 10% interest in Henan Huawei Mining Co. Ltd., which is the holding company that owns the HPG and LM mines, for a consideration of $1.1 million. The Company paid for this transaction by issuing 163,916 common shares of Silvercorp.</P>
<P style="TEXT-ALIGN: justify">In Q3 2011, HPG and LM mines produced 105 thousand ounces of silver, which represented a 21% decrease, compared with the 133 thousand ounces of silver produced in the same period last year. Lead and zinc production was 1.8 million pounds in total, which decreased by 22% compared to the 2.3 million pounds of base metals produced in the same period last year. Less metal was produced as mining was experiencing some lower grade pockets. During the nine months ended December 31, 2010, HPG and LM mines produced 275 thousand ounces of silver, and 4.9 million pounds of lead and zinc, up 35% and 9% from 203 thousand ounces of silver and 4.5 million pounds of base metals produced a year ago.</P>
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     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 10</B></TD></TR></TABLE></DIV>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
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     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
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     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify">More ore was mined in the quarter due to mine development. HPG and LM mined 22,287 tonnes of ore, 5,015 tonnes more than the same quarter last year as operations at HPG and LM mines were only partially resumed after their suspension in December 2008. For the nine months ended December 31, 2010, the HPG and LM mines mined 55,355 tonnes of ore, which was 12,946 tonnes, or 31%, more than 42,409 tonnes mined in the same period last year.</P>
<P style="TEXT-ALIGN: justify">Capital expenditures at HPG and LM mines in Q3 2011 was $1,857 (Q3 2010 - $1,134), which funded the completion of a total of 3,850 metres of tunnel (Q3 2010 &#150; 2,976 metres), 16,785 metres (Q3 2010 &#150;2,402 metres) of diamond drilling, and 238 metres (Q3 2010 &#150; nil metres) of shafts, decline and raises. For the nine months ended December 31, 2010, HPG and LM mines incurred $3.6 million (nine months ended December 31, 2010 &#150; $1.7 million) in exploration and development expenditures to complete 10,864 metres of tunnel (nine months ended December 31, 2010 &#150; 6,429 metres), 34,857 metres (nine months ended December 31, 2010 &#150; 7,392 metres) of diamond drilling, and 533 metres (nine months ended December 31, 2010 &#150; 114 metres) of shaft, decline and raises.</P>
<P style="TEXT-ALIGN: justify"><I>(vii) </I>TLP Mine (77.5%)</P>
<P style="TEXT-ALIGN: justify">In Q3 2011, TLP mine produced 177 thousand ounces of silver and 3.0 million pounds of base metals, compared to only one thousand ounces of silver and 11 thousand pounds of lead in the same period last year. For the nine months ended December, 2010, metal production was 494 thousand ounces of silver and 9.4 million pounds of base metals, compared to a nominal amount a year ago.</P>
<P style="TEXT-ALIGN: justify">Capital expenditures at TLP in Q3 2011 were $1.0 million (Q3 2010 &#150; $0.8 million), and a total of 4,632 metres (Q3 2010 &#150; 4,111 metres) of tunnel and 9,421 metres (Q3 2010 &#150; 12,044 metres) of diamond drilling were completed. For the nine months ended December 31, 2010, the TLP Mine incurred $3.3 million (nine months ended December 31, 2010 - $3.4 million) in exploration and development expenditures to complete 15,256 (nine months ended December 31, 2010 &#150; 8,270 metres) of tunnel, 120 metres of shafts, declines and raises (nine months ended December 31, 2010 &#150; 401 metres) and 32,837 metres (nine months ended December 31, 2010 &#150; 24,498 metres) of diamond drilling.</P>
<P style="TEXT-ALIGN: justify"><I>(viii) </I>Nabao Project (82%<I>)</I></P>
<P style="TEXT-ALIGN: justify">The Nabao Project consisted of three exploration permits. In December 2008, the Nabao Project was put on hold and written off as a result of unfavorable exploration results and diminishing prospects for the property due to the high elevation.</P>
<P style="TEXT-ALIGN: justify">During the year ended March 31, 2010, the Company entered into an agreement to dispose of the Nabao Project, consisting of three exploration permits, for $732 (RMB&#165;5.0 million) to a third party. As of December 31, 2010, $586 (RMB&#165;4.0 million) has been received and two exploration permits have been transferred to the buyer. The transfer of the third exploration permit was still in progress as at December 31, 2010.</P>
<P style="TEXT-ALIGN: justify"><I>(ix) </I>GC Project (95%)</P>
<P style="TEXT-ALIGN: justify">On November 24, 2010, the GC Project received its 30-year mining permit, issued by the Ministry of Land and Resources of China. The permit was issued on the terms applied for, covering the entire 5.52 square kilometre area of the GC Project and allows for the operation of an underground mine to produce silver, lead and zinc ore. The Company is currently constructing the 1,500 tonne per day mine and mill operation.</P>
<P style="TEXT-ALIGN: justify"><I>(x) </I>Silvertip Project (100%)</P>
<P style="TEXT-ALIGN: justify">Silvertip Project was acquired in February 2010. In Q3 2011, Silvercorp completed the 2010 surface drilling program on the Silvertip silver-lead-zinc Project in northern British Columbia, Canada. A total of 10,913 metres has been drilled from 36 holes. The 2010 drilling program has successfully defined and updated the silver-lead-zinc resources on extensions to the east and south of the main ore body. A new resource estimate is currently underway. Silvercorp also conducted a 4,113 line kilometres VTEM airborne geophysical survey over an area of 367 square kilometres and completed certain studies and reports required for a B.C. Small Mine Permit application. During the three and nine months ended December 31, 2010, exploration expenditures at the Silvertip Project were $2.8 million and $6.3 million, respectively.</P>
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     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 11</B></TD></TR></TABLE></DIV>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
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     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>4. Q3 Financial Results</B></P>
<P style="TEXT-ALIGN: justify">For the three and nine months ended December 31, 2010, the Company&#146;s sales and net income improved significantly from a year ago. Such increases were mainly due to increased metal production combined with improved commodity prices.</P>
<P style="TEXT-ALIGN: justify">The tables below set out selected quarterly results for the past eight quarters:</P>
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     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>December 31,</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>September</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>June 30,</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>March 31,</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>2010</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>30, 2010</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>2010</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>2010</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Sales</TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>51,838</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>$</TD>
     <TD align=right>36,338</TD>
     <TD align=right></TD>
     <TD align=right>$</TD>
     <TD align=right>36,729</TD>
     <TD align=right></TD>
     <TD align=right>$</TD>
     <TD align=right>28,224</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Gross profit</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>40,035</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>26,581</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>26,538</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>19,277</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Expenses and foreign exchange</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>5,605</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>5,381</TD>
     <TD align=right></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>5,511</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>3,936</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Other items</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>7,553</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>1,413</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>807</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>18</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Net income</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>29,735</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>12,451</TD>
     <TD align=right></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>14,101</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>9,760</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Basic earnings per share</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.18</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>0.08</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>0.09</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>0.06</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Diluted earnings per share</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.18</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>0.08</TD>
     <TD align=right></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>0.09</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>0.06</TD>
     <TD align=right></TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Cash dividend declared</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3,511</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>3,207</TD>
     <TD align=right></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>3,109</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>3,238</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Cash dividend declared per share (CAD)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.02</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>0.02</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>0.02</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>0.02</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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     <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>
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     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>December 31,</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>September 30,</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>June 30,</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>March 31,</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>2009</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>2009</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>2009</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>2009</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Sales</TD>
     <TD align=right>$</TD>
     <TD align=right>31,283</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>$</TD>
     <TD align=right>25,085</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>$</TD>
     <TD align=right>22,571</TD>
     <TD align=right></TD>
     <TD align=right>$</TD>
     <TD align=right>17,392</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Gross profit</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>24,230</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>19,088</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>16,670</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>11,010</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Expenses and foreign exchange</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>5,191</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>3,820</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>4,394</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>2,148</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Impairment charges</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>(79</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>777</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>2,907</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Other items</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(52</TD>
     <TD align=left>)</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(805</TD>
     <TD align=left>)</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>60</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>(224</TD>
     <TD align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Net income (loss)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>12,409</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>8,893</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>7,487</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>1,238</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Basic earnings (loss) per share</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>0.08</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>0.06</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>0.05</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>0.01</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Diluted earnings (loss) per share</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>0.08</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>0.05</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>0.05</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>0.01</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left></TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=left></TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=left></TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Cash dividend declared</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>3,108</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>3,020</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>2,770</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>2,564</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Cash dividend declared per share (CAD)</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>0.02</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>0.02</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>0.02</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>0.02</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>Net income </B>in Q3 2011 was $29.7 million, or $0.18 per share, an increase of 140% over the earnings of $12.4 million, or $0.08 per share, in the same quarter last year. For the nine months ended December 31, 2010, the Company recorded net income of $56.3 million, $27.5 million or 96% higher than the same period last year. Net earnings improved primarily due to higher metal production combined with higher realized metal prices.</P>
<P style="TEXT-ALIGN: justify">Certain non-operational income statement items had significant impact on net income during the three months ended December 31, 2010. To facilitate a better understanding of the Company&#146;s financial results to readers, adjusted net earnings were reconciled to net income by excluding the following non-operational items: (i) $3.3 million dilution gain on our investment in New Pacific Metals Corp., an investee subject to significant influence of the Company; (ii) $3.7 million unrealized gain on our held-for-trading financial assets; and (iii) other non-operational income and expense items totaling $0.5 million. With the exclusion of these items, adjusted net earnings were $22.2 million, or $0.13 per share.</P>
<P style="TEXT-ALIGN: justify"><B>Sales </B>in Q3 2011 were $51.8 million, an increase of 66% from $31.3 million in the same quarter last year. For the nine months ended December 31, 2010, sales were $124.9 million, $46.0 million higher than a year ago. The increase was driven by higher quantities of metals sold combined with higher realized metal prices.</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 12</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>


<A name="page_14"></A><a name="_bclPageBorder14"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<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 align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify">The following tables summarize production, realized selling prices and revenues in each period under review:</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''''''''''''Times New Roman'''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="18%"></TD>
     <TD width="10%"></TD>
     <TD width="4%"></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>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#993300 colSpan=17><B><FONT color=#ffffff>Three Months ended December 31,</FONT></B> <B></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD vAlign=center align=center bgColor=#993300 colSpan=3><B><FONT color=#ffffff>Production <BR>
</FONT></B><B><FONT color=#ffffff>(&#145;000 oz or lb)</FONT></B></TD>
     <TD vAlign=center align=center bgColor=#993300></TD>
     <TD vAlign=center align=center bgColor=#993300 colSpan=5><B><FONT color=#ffffff>Realized selling prices</FONT></B><BR>
<B><FONT color=#ffffff>($/oz or lb)</FONT></B></TD>
     <TD vAlign=center align=right bgColor=#993300></TD>
     <TD vAlign=center align=center bgColor=#993300 colSpan=5><B><FONT color=#ffffff>Revenue</FONT></B><BR>
<B><FONT color=#ffffff>(in &#145;</FONT></B> <B><FONT color=#ffffff>000</FONT></B> <B><FONT color=#ffffff>$)</FONT></B></TD>
     <TD align=left bgColor=#993300></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Q3 2011</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>Q3 2010</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Q3 2011</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>Q3 2010</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Q3 2011</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>Q3 2010</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Silver</TD>
     <TD align=right><B>1,523</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>1,220</TD>
     <TD align=right></TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>20.36</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>$</TD>
     <TD align=right>12.99</TD>
     <TD align=right></TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>31,000</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>$</TD>
     <TD align=right>15,844</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Gold</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>0.5</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>946.61</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>571.70</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>752</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>303</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Lead</TD>
     <TD align=right><B>18,795</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>16,211</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.89</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>0.76</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>16,752</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>12,283</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Zinc</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4,791</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>4,454</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.70</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>0.64</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>3,334</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>2,853</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>51,838</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>31,283</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&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="18%"></TD>
     <TD width="10%"></TD>
     <TD width="4%"></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>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD align=center bgColor=#993300 colSpan=16><B><FONT color=#ffffff>Nine Months ended December 31,</FONT></B></TD>
     <TD align=center bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD vAlign=center align=center bgColor=#993300 colSpan=3><B><FONT color=#ffffff>Production</FONT></B><BR>
<B><FONT color=#ffffff>(&#145;000 oz or lb)</FONT></B></TD>
     <TD vAlign=center align=center bgColor=#993300></TD>
     <TD vAlign=center align=center bgColor=#993300 colSpan=5><B><FONT color=#ffffff>Realized selling prices</FONT></B><BR>
<B><FONT color=#ffffff>($/oz or lb)</FONT></B></TD>
     <TD vAlign=center align=center bgColor=#993300></TD>
     <TD vAlign=center align=center bgColor=#993300 colSpan=5><B><FONT color=#ffffff>Revenue</FONT></B><BR>
<B><FONT color=#ffffff>(in &#145;</FONT></B> <B><FONT color=#ffffff>000</FONT></B> <B><FONT color=#ffffff>$)</FONT></B></TD>
     <TD align=left bgColor=#993300></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>9 months of</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>9 months of</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>9 months of</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>9 months of</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>9 months of</FONT></B></TD>
     <TD align=right bgColor=#993300 colSpan=3><FONT color=#ffffff>9 months of</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>2011</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>2010</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>2011</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>2010</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>2011</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>2010</FONT></TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff></FONT></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Silver</TD>
     <TD align=right><B>4,253</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>3,545</TD>
     <TD align=right></TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>16.46</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>$</TD>
     <TD align=right>11.31</TD>
     <TD align=right></TD>
     <TD align=right><B>$</B></TD>
     <TD align=right><B>69,950</B></TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;$</TD>
     <TD align=right>40,103</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Gold</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.2</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>1.1</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>889.71</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>583.33</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1,862</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>665</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Lead</TD>
     <TD align=right><B>54,626</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>47,453</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.81</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>0.67</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>44,564</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>31,590</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Zinc</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>13,091</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>11,993</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.65</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>0.55</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>8,529</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>6,582</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>Total</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>124,905</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>78,940</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>Cost of goods sold </B>in Q3 2011 were $11.8 million, compared to $7.1 million in Q3 2010. The cost of goods sold included $10.0 million (Q3 2010 - $6.0 million) cash costs and $1.8 million (Q3 2010 - $1.1 million) depreciation, amortization and depletion charges. The increase of cost of good sales was due to increases in production. During the quarter, the Company mined 40% more and milled 79% more compared to the same quarter last year. For the nine months ended December 31, 2010 and 2009, cost of goods sold were $31.8 million and $19.0 million, respectively, including $26.9 million (nine months ended December 31, 2010 - $16.2 million) cash costs and $4.9 million (nine months ended December 31, 2010 - $2.8 million) depreciation, amortization and depletion charges.</P>
<P style="TEXT-ALIGN: justify"><B>Gross profit margin </B>in Q3 2011 was 77%, unchanged from the prior year. The gross profit margin did not increase in line with metal prices, mainly due to the change in production mix compared to the same quarter last year. We significantly increased production at the HPG, LM and TLP mines which have lower head grades relative to Ying. In Q3 2011, 19% of Silvercorp&#146;s silver production was from the HPG, LM and TLP mines compared with 11% in Q3 2010. For nine months ended December 31, 2010 and 2009, gross profit margin was 75% and 76%, respectively.</P>
<P style="TEXT-ALIGN: justify"><B>Accretion on asset retirement obligation </B>in Q3 2011 was $42, which was $10 higher than the accretion expenses of $32 recorded in the same period last year because the total amount of asset retirement obligation was higher. In March 2010, the Company revisited the reclamation costs for the existing mines and the timing to settle the reclamation liabilities according to the new environmental regulations in China, as well as the extension of mine lives and updated reserves and resources. As a result, the undiscounted asset retirement obligation was revised upward to $3.9 million, representing a 26% increase, compared to the previous estimate of $3.1 million. For the nine months ended December 31, 2010 and 2009, accretion expenses on the asset retirement obligation were $122 and $93, respectively.</P>
<P style="TEXT-ALIGN: justify"><B>Foreign exchange loss </B>in Q3 2011 was $1,342 (Q3 2010 - $791). For the nine months ended December 31, 2010, foreign exchange loss was $1,174, relative to a gain of $643 in 2009. The change of foreign exchange gain and loss was mainly driven by exchange fluctuation between Canadian dollars, US dollars and Chinese Yuan.</P>
<P style="TEXT-ALIGN: justify"><B>General exploration and property investigation expenses </B>in Q3 2011 were $58, which was $883 less than the $941 recorded in the same period last year. The decrease of the expense in this quarter was due to a $716 adjustment made to mineral resource development fees based on the difference between the Company&#146;s own assessment and the actual payments made to the Chinese government. For the nine months ended December 31, 2010 and 2009, general exploration and property investigation expenses were $2.5 and $4.2 million, respectively. The higher expenses last year was due to a total of $1.3 million exploration expenditures incurred at TLP, HPG, and LM that were charged to general exploration expenses on the statement of operation.</P>
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     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 13</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>Investor relations expenses </B>of $174 in Q3 2011, representing an increase of 33% compared to the $131 of investor relation expenses recorded in the same period last year because the Company participated in comparatively more investor relation events during the quarter. For the nine month ended December 31, 2010 and 2009, investor relations expenses were $345 and $312, respectively.</P>
<P style="TEXT-ALIGN: justify"><B>General and administrative expenses</B>, including stock based compensation expense of $0.5 million (Q3 2010 - $0.4 million), were $3.6 million in Q3 2011, representing an increase of $0.9 million compared to the expenses of $2.7 million incurred in the same period last year. For the nine months ended December 31, 2010 and 2009, general and administrative expenses were $11.1 million and $7.2 million, respectively. The increase was mainly attributable to (i) the increase of accrued performance bonus, (ii) donations made at the Ying Mining Camp and (iii) higher stock-based compensation recorded.</P>
<P style="TEXT-ALIGN: justify"><B>Professional fees </B>in Q3 2011 were $185 compared to professional fees of $201 in the same period last year. For nine months ended December 31, 2010 and 2009, professional fees were $0.8 million and $1.4 million, respectively. The higher professional fees recorded last year was mainly due to the unsolicited takeover bid for another mining company, which was terminated in July 2009.</P>
<P style="TEXT-ALIGN: justify"><B>Equity loss on investment in NUX </B>in Q3 2011 was $131, representing an increase of 22% compared to the loss of $107 recorded in the same period last year. For the nine months ended December 31, 2010 and 2009, the equity loss was $227 and $325, respectively. The Company recorded on the statement of operations its proportionate share of New Pacific Metals Corp (&#147;NUX&#148;)&#146;s net loss.</P>
<P style="TEXT-ALIGN: justify"><B>Dilution gain on investment in NUX </B>in Q3 2011 was $3.3 million. For the nine months ended December 31, 2010, dilution gain was $4.7 million. The Company&#146;s interest in NUX decreased from 23% to 14% as NUX issued shares to acquire another public company and raised capital through a private placement.</P>
<P style="TEXT-ALIGN: justify"><B>Loss on disposal of plant and equipment </B>in Q3 2011 was $0.2 million which was the same as last year. For the nine months ended December 31, 2010 and 2009, loss on disposal of plant and equipment was $650 and $1,371, respectively. The current year&#146;s loss was from the damaged buildings, roads and equipment caused by the heavy storm in July 2010.</P>
<P style="TEXT-ALIGN: justify"><B>Unrealized gain in held-for-trading securities </B>in Q3 2011 was $3.7 million, compared to a loss of $10 last year. For the nine months ended December 31, 2010 and 2009, the amount was $3.7 million gain and $22 loss, respectively. The Company has been acquiring, on open market or by participating private placements, equity interests of other publicly-traded mining companies. These equity interests, including common shares and warrants are for long-term investment purpose. However, due to their nature, warrants meet the definition of derivatives and are accounted for as held-for-trading securities. The fair value of warrants was determined using the Black-Scholes pricing model as at the acquisition date as well as at each period end. Gains and losses arising from changes in the fair value of the warrants are included in net income for the period in which they arise.</P>
<P style="TEXT-ALIGN: justify"><B>Interest income </B>in Q3 2011 was $394, representing an increase of $157 compared to interest income of $237 recorded in the same period last year. For the nine months ended, interest income was $985, representing an increase of $350 compared to interest income of $635 in the same period last year. The increase was a result of higher cash balance being invested in term deposits earning higher interest income during the current period.</P>
<P style="TEXT-ALIGN: justify"><B>Income tax expenses </B>in Q3 2011 were $5.1 million, an increase of 90% or $2.4 million over the income tax expense of $2.7 million recorded in the same period last year. The income tax expenses recorded in Q3 2011 included current income tax expenses of $5.8 million (Q3 2010 &#150; $2.6 million) and a future income tax recovery of $735 (Q3 2010 &#150; $125 income tax expense). The increase of income tax expense was mainly due to higher taxable income as sales increased.</P>
<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2010 and 2009, income tax expenses were $14 million and $6.4 million, respectively. The increase of income tax expenses was mainly attributable to the higher taxable income as well as the withholding tax of $3.6 million levied on dividend paid from the Company&#146;s Chinese subsidiary, offset by $1.1 million recovery included in future income tax due to recognition of future income tax assets in Henan Huawei.</P>
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     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 14</B></TD></TR></TABLE></DIV>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>5. Liquidity and Capital Resources</B></P>
<P style="TEXT-ALIGN: justify"><B>Cash and cash equivalents and short term investments </B>at December 31, 2010 was $223.7 million, an increase of $129.3 million, or 137%, from $94.4 million at March 31, 2010.</P>
<P style="TEXT-ALIGN: justify"><B>Working capital </B>at December 31, 2010 was $209.3 million, up $129.9 million, or 164% from $79.4 million at March 31, 2010.</P>
<P style="TEXT-ALIGN: justify"><B>Cash flows from operating activities</B>, before non-cash working capital changes, generated $31.6 million in Q3 2011, up 68% compared to $18.7 million in the same quarter last year. For the nine months ended December 31, 2010, cash flows from operations was $71.9 million, $26.5 million or 58% higher than $45.4 million in the same period last year. The increase in cash flows from operations resulted from improved operating earnings due to higher commodity prices and higher metal production at the Ying Mining Camp.</P>
<P style="TEXT-ALIGN: justify"><B>Cash flows used in investing activities </B>in Q3 2011 was $2,525, comprised of cash from the redemption of short term investments of $16.9 million, $12.2 million capital expenditures and $7.2 million long term investment purchase (net of proceeds from disposals). During the same quarter last year, $7.0 million was used in investing activities, which consisted of $4.5 million spent to purchase short term investments and $2.5 million of capital expenditures. For the nine months ended December 31, 2010, cash flows used in investing activities was $20.4 million compared to the $19.5 million used in the same period last year. The changes in cash flows from investing activities are mainly from the (purchase) redemption of short-term investments and acquire long-term investments.</P>
<P style="TEXT-ALIGN: justify"><B>Cash flows provided by financing activities </B>were $98.3 million in Q3 2011. In Q3 2010 cash flow spent in financing activities was 6.4 million. For the nine months ended December 31, 2010, cash flow provided by financing activities was $92.7 million. During the same period of last year, cash spent on financing activities was $13.0 million. Higher cash flows provided by financing activities this year was mainly from the $110.5 million net proceeds from equity financing.</P>
<P style="TEXT-ALIGN: justify"><B>Contractual commitments and contingencies </B>not disclosed elsewhere in this Management&#146;s Discussion and Analysis are as follows: The Company entered into office rental agreements with total rental expense of $1,581 over the next four years as follows:</P>
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<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
<TR>
     <TD width="30%"></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>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>2011</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>2012</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>2013</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>2014</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>Total</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left>Rental expense</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>90</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>548</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>533</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>410</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>1,581</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>Available sources of funding</B></P>
<P style="TEXT-ALIGN: justify">The Company does not have unlimited resources and its future capital requirements will depend on many factors, including, among others, cash flow from operations. To the extent that its existing resources and the funds generated by future income are insufficient to fund the Company&#146;s operations, the Company may need to raise additional funds through public or private debt or equity financing. If additional funds are raised through the issuance of equity securities, the percentage ownership of current shareholders will be reduced and such equity securities may have rights, preferences or privileges senior to those of the holders of the Company&#146;s common stock. No assurance can be given that additional financing will be available or that, if available, can be obtained on terms favourable to the Company and its shareholders. If adequate funds are not available, the Company may be required to delay, limit or eliminate some or all of its proposed operations. The Company bel
ieves it has sufficient capital to meet its cash needs for the next 12 months, including the costs of compliance with continuing reporting requirements.</P>
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     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 15</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<BR>


<A name="page_17"></A><a name="_bclPageBorder17"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<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 align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>6. Financial Instruments and Related Risks</B></P>
<P style="TEXT-ALIGN: justify">The Company manages its exposure to financial risks, including liquidity risk, foreign exchange rate risk, interest rate risk, credit risk and equity price risk in accordance with its risk management framework. The Company&#146;s Board of Directors has overall responsibility for the establishment and oversight of the Company&#146;s risk management framework and reviews the Company&#146;s policies on an ongoing basis.</P>
<P style="TEXT-ALIGN: justify">The following table sets forth the Company&#146;s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy. As at December 31, 2010, those financial assets are classified in their entirety based on the level of input that is significant to the fair value measurement. As of March 31, 2010 and December 31, 2010, the Company did not have financial liabilities measured at fair value on a recurring basis.</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 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>Level 1</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>Level 2</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>Level 3</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>Total</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>Financial assets</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Cash and cash equivalents</TD>
     <TD align=right>$</TD>
     <TD align=right>196,428</TD>
     <TD align=right></TD>
     <TD align=right>$</TD>
     <TD align=right>-</TD>
     <TD align=right></TD>
     <TD align=right>$</TD>
     <TD align=right>-</TD>
     <TD align=right></TD>
     <TD align=right>$</TD>
     <TD align=right>196,428</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Short term investments</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>27,317</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>27,317</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Receivables and deposits</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>8,153</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>8,153</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Amounts due from related parties</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>49</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>49</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Common shares</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>15,903</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>15,903</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>Warrants</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>5,369</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>5,369</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>7. Off-Balance Sheet Arrangements</B></P>
<P style="TEXT-ALIGN: justify">The Company does not have any off-balance sheet arrangements.</P>
<P style="TEXT-ALIGN: justify"><B>8. Transactions with Related Parties</B></P>
<P style="TEXT-ALIGN: justify">Related party transactions not disclosed elsewhere in the Management&#146;s Discussion and Analysis are 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="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 1px solid" align=left><B>Amounts due from related parties</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>December 31, 2010</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>March 31, 2010</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left>New Pacific Metals Corp. (a)</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;<B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>49</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>138</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=right colSpan=4><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right colSpan=4><B></B></TD>
     <TD align=right><B></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=4><B>Three months ended December 31,</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right colSpan=4><B>Nine months ended December 31,</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>&nbsp;</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Transactions with related parties</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>2010</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>2009</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>2010</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>2009</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>New Pacific Metals Corp. (a)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>162</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>57</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>315</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>145</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Quanfa Exploration Consulting Services Ltd. (b)</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>-</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>-</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>-</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>88</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>McBrighton Consulting Ltd.(c)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>86</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>52</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>195</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>144</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right></TD></TR>
<TR vAlign=bottom>
     <TD align=left>R. Feng Consulting Ltd. (d)</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>99</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>80</TD>
     <TD align=right></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>295</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>243</TD>
     <TD align=right></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left>Henan Non-ferrous Geology Bureau (e)</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>5,107</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>3,895</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>10,487</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>7,187</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>5,454</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>4,084</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>11,292</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>7,807</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&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="4%"></TD>
     <TD width="4%"></TD>
     <TD width="92%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left></TD>
     <TD vAlign=top align=left>(a)</TD>
     <TD vAlign=top align=left>New Pacific Metals Corp. (&#147;NUX&#148;) is a publicly traded company with director and officers in common with the Company. Further to a services and administrative costs reallocation agreement between the Company and NUX, the Company will recover costs for services rendered to NUX and expenses incurred on behalf of NUX. During the three and nine months ended December 31, 2010, the Company recovered $86 and $238, respectively (three and nine months ended December 31, 2009 - $57 and $145, respectively) from NUX for services rendered and expenses incurred on behalf of NUX. The costs recovered from NUX were recorded as a direct reduction of general and administrative expenses on the consolidated statements of operations.</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="33%"></TD>
     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 16</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<DIV align=left>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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     <TD vAlign=top align=left>&nbsp;</TD>
     <TD vAlign=top align=left>The Company entered into a Credit Agreement (the &#147;Agreement&#148;) with NUX on July 2, 2010, subsequently amended on August 24, 2010. Pursuant to the Agreement, NUX is granted a line of credit with aggregated principal amount up to CAD $15 million. The line of credit bears an interest rate at prime plus 7%, payable on the 1st day of each month and is secured by a first fixed charge on NUX&#146;s assets. On October 21, 2010, NUX used the line of credit to draw CAD $2.35 million. On December 20, 2010, the line of credit was cancelled with all outstanding balances and interest receivables being fully paid.</TD></TR>
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     <TD vAlign=top align=left>(b)</TD>
     <TD vAlign=top align=left>Quanfa Exploration Consulting Services Ltd. (&#147;Quanfa&#148;) is a private company with majority shareholders and management from the senior management of Henan Found and Henan Huawei. During the three and nine months ended December 31, 2010, the Company paid $nil (three and nine months ended December 31, 2009 - $nil and $88, respectively) to Quanfa for its consulting services provided.</TD></TR>
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     <TD align=left></TD>
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     <TD vAlign=top align=left></TD></TR>
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     <TD align=left></TD>
     <TD vAlign=top align=left>(c)</TD>
     <TD vAlign=top align=left>During the three and nine months ended December 31, 2010, the Company paid $86 and $195, respectively (three and nine months ended December 31, 2009 - $52 and $144, respectively) to McBrighton Consulting Ltd., a private company controlled by a director of the Company for consulting services.</TD></TR>
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     <TD align=left></TD>
     <TD vAlign=top align=left></TD>
     <TD vAlign=top align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left></TD>
     <TD vAlign=top align=left>(d)</TD>
     <TD vAlign=top align=left>During the three and nine months ended December 31, 2010, the Company paid $99 and $295, respectively (three and nine months ended December 31, 2009 - $80 and $243, respectively) to R. Feng Consulting Ltd., a private company controlled by a director of the Company for consulting services.</TD></TR>
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     <TD align=left></TD>
     <TD vAlign=top align=left></TD>
     <TD vAlign=top align=left></TD></TR>
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     <TD align=left></TD>
     <TD vAlign=top align=left>(e)</TD>
     <TD vAlign=top align=left>Henan Non-ferrous Geology Bureau (&#147;Henan Geology Bureau&#148;) is a 22.5% equity interest holder of Henan Found. During the three and nine months ended December 31, 2010, Henan Found declared dividend of $5,107 and $10,582, respectively (three and nine months ended December 31, 2009 - $nil) to Henan Geology Bureau.</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify">The transactions with related parties during the period were measured at the exchange amount, which was the amount of consideration established and agreed by the parties. The balances with related parties were unsecured, non-interest bearing, and due on demand.</P>
<P style="TEXT-ALIGN: justify"><B>9. Critical Accounting Policies and Estimates</B></P>
<P style="TEXT-ALIGN: justify">The preparation of financial statements in conformity with Canadian GAAP requires management to make estimates and assumptions that affect the amounts reported on the Consolidated Financial Statements. These critical accounting estimates represent management estimates that are uncertain and any changes in these estimates could materially impact the Company&#146;s financial statements. Management continuously reviews its estimates and assumptions using the most current information available. There has been no change to the Company&#146;s critical accounting policies and estimates since fiscal year 2010 ended March 31, 2010. Readers are encouraged to read the critical accounting policies and estimates as described in the Company&#146;s audited consolidated financial statements and Management&#146;s Discussion and Analysis for the year ended March 31, 2010.</P>
<P style="TEXT-ALIGN: justify"><B>10. Future Accounting Changes</B></P>
<P style="TEXT-ALIGN: justify">(a) Multiple deliverable revenue arrangements</P>
<P style="TEXT-ALIGN: justify">In December 2009, the EIC issued EIC Abstract 175, &#147;Multiple Deliverable Revenue Arrangements&#148;. This EIC addresses how to determine whether an arrangement involving multiple deliverables contains more than one unit of accounting and how such a multiple deliverable revenue arrangement should be measured and allocated to the separate units of accounting. This EIC should be applied prospectively and should be applied to revenue arrangements with multiple deliverables entered into or materially modified in the first annual fiscal period beginning on or after January 1, 2011. Early adoption is permitted. The Company did not early adopt this EIC and upon adoption does not expect it to have a material impact on the Company&#146;s consolidated financial statements.</P>
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     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 17</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify">(b) Convergence with IFRS</P>
<P style="TEXT-ALIGN: justify">In February 2008, the Canadian Accounting Standards Board confirmed that publicly accountable enterprises will be required to adopt International Financial Reporting Standards (&#147;IFRS&#148;) for fiscal years beginning on or after January 1, 2011, with early adoption permitted. Accordingly, the Company plans to adopt IFRS for fiscal years beginning April 1, 2011. The Company&#146;s first IFRS financial statements will be its interim financial statements for the first quarter of fiscal 2012 with an opening consolidated statement of financial position date of April 1, 2011, which will require restatement of comparative information presented.</P>
<P style="TEXT-ALIGN: justify">The conversion to IFRS will impact the Company&#146;s accounting policies, information technology and data systems, internal control over financial reporting, and disclosure controls and procedures. The transition may also impact business activities, such as certain contractual arrangements, debt covenants, capital requirements and compensation arrangements.</P>
<P style="TEXT-ALIGN: justify">The Company has designated the appropriate resources to the conversion project to develop an effective plan and continues to assess resource and training requirements as the project progresses. The Company&#146;s conversion plan consists of the following four phases: scoping and planning, diagnostic assessment, operations implementation and post implementation. The Company has completed the scoping and planning phase. The scoping and planning phase involved establishing a project management team, mobilizing organizational support for the conversion plan, obtaining stakeholder support for the project, identifying major areas affected by the conversion and developing a project charter, implementation plan and communication strategy. The resulting identified areas of accounting difference of highest potential impact to the Company, based on existing IFRS, are business combinations, impairment of assets, property plant and equipment, provisions and contingent liabilities, explorati
on and evaluation expenditures, income taxes, financial instruments and initial adoption of IFRS under the provisions of IFRS 1 First-Time Adoption of IFRS.</P>
<P style="TEXT-ALIGN: justify">The diagnostic assessment phase (&#147;phase 2&#148;) which is substantially completed resulted in the selection of IFRS accounting policies and transitional exemption decisions, estimates of quantification of financial statement impacts, preparation of shell financial statements and identification of business processes and resources impacted. The Company has completed the selection of IFRS accounting policies and transitional exemptions decisions. Estimates of the quantified impacts of anticipated changes to the Company&#146;s current accounting policies on the IFRS opening balance sheet have been substantially completed and business processes and resources impacted have been identified. As a result of phase 2, the Company has identified the key areas where changes in accounting policy are expected on our transition from Canadian GAAP to IFRS, listed below. This list is intended to highlight the areas that we have determined to be the most significant and should not be regarde
d as a complete list of changes that will result from the transition to IFRS. As noted above, the Company has substantially, but not yet fully, completed the quantification of the impact of these changes at this stage in our conversion project.</P>
<P style="TEXT-ALIGN: justify">IFRS 1, &#147;First time adoption of International Financial Reporting Standards&#148;, generally requires that all IFRS standards and interpretations be accounted for on a retrospective basis. IFRS 1 provides for certain optional exemptions and other mandatory exceptions to this general principle. The most significant IFRS optional exemptions which we are likely to apply are:</P>
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     <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=left>Exemption</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" align=left>Summary of exemption and decision</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" vAlign=top align=left>IFRS 2, Share-based payments</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" vAlign=top align=left>Full retrospective application may be avoided for certain share-based instruments depending on the grant date, vesting terms and settlement of any related liabilities.</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left>IFRS 3, Business combinations</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left>Allows an entity that has conducted prior business combinations to apply IFRS 3 on a prospective basis from the date of transition. This avoids the requirement to restate prior business combinations.</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
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     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 18</B></TD></TR></TABLE></DIV>
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</DIV>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<DIV align=left>
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     <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" vAlign=top align=left>IAS 21, Cumulative translation differences</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" vAlign=top align=left>Allows an entity to deem all cumulative translation differences to be zero at the date of transition.</TD></TR>
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     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left>IAS 27, Non-controlling interests</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" vAlign=top align=left>Allows an entity to apply IAS 27 paragraphs 28, 30, 31, and 34-37 on a prospective basis from the date of transition. This avoids the requirement to restate non-controlling interests that had a deficit balance in prior periods.</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" vAlign=top align=left>Fair value as deemed cost</TD>
     <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" vAlign=top align=left>An entity can elect to measure an asset at the date of transition to IFRS at its fair value, and use that fair value as its deemed cost at that date.</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify">The operations implementation phase (&#147;phase 3&#148;) includes the design of business, reporting and system processes to support the compilation of IFRS compliant financial data for the IFRS opening consolidated statement of financial position at April 1, 2011, fiscal 2012 and thereafter. Phase 3 also includes ongoing training, testing of the internal control environment and updated processes for disclosure controls and procedures. Changes to the reporting and system processes to support preparation of the IFRS opening consolidated statement of financial position at April 1, 2011 were substantially completed during the quarter.</P>
<P style="TEXT-ALIGN: justify">Post implementation (&#147;phase 4&#148;) will include sustainable IFRS compliant financial data and processes for fiscal 2012 and beyond. The International Accounting Standards Board continues to amend and add to current IFRS standards with several projects currently underway. The Company&#146;s conversion process includes monitoring actual and anticipated changes to IFRS standards and related rules and regulations and assessing the impact of these changes on the Company and its reporting, including expected dates of when such changes are effective.</P>
<P style="TEXT-ALIGN: justify">(c) Business combination and related sections</P>
<P style="TEXT-ALIGN: justify">In January 2009, the CICA issued Section 1582 &#147;Business Combinations&#148; to replace Section 1581. The new standard effectively harmonizes the business combinations standard under Canadian GAAP with IFRS. The new standard revises guidance on the determination of the carrying amount of the assets acquired and liabilities assumed, goodwill and accounting for non-controlling interests at the time of a business combination.</P>
<P style="TEXT-ALIGN: justify">The CICA concurrently issued Section 1601 &#147;Consolidated Financial Statements&#148; and Section 1602 &#147;Non-controlling Interests&#148;, which replace Section 1600 &#147;Consolidated Financial Statements&#148;. Section 1601 provides revised guidance on the preparation of consolidated financial statements and Section 1602 addresses accounting for non-controlling interests in consolidated financial statements subsequent to a business combination.</P>
<P style="TEXT-ALIGN: justify">The new standards will become effective on January 1, 2011 with early adoption available. The Company did not early adopt these new standards but continues to evaluate the attributes of early adoption of these standards and their potential effects.</P>
<P style="TEXT-ALIGN: justify"><B>11. Other MD&amp;A Requirements</B></P>
<P style="TEXT-ALIGN: justify">Additional information relating to the Company:</P>
<DIV align=left>
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     <TD width="99%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>(a) may be found on SEDAR at www.sedar.com;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>(b) may be found at the Company&#146;s web-site www.silvercorpmetals.com;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>(c) may be found in the Company&#146;s Annual Information Form; and,</TD></TR>
<TR vAlign=bottom>
     <TD align=left rowSpan=2>(d) is also provided in the Company&#146;s annual audited consolidated financial statements as of March 31, 2010.</TD></TR>
<TR vAlign=bottom></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 19</B></TD></TR></TABLE></DIV>
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     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>12. Outstanding Share Data</B></P>
<P style="TEXT-ALIGN: justify">As at the date of this report, the following securities were outstanding: (a) Share Capital Authorized - unlimited number of common shares without par value</P>
<P style="TEXT-ALIGN: justify">Issued and outstanding &#150; <B>174,685,875 </B>common shares with a recorded value of <B>$263.9 million </B>Shares subject to escrow or pooling agreements - $nil.</P>
<P style="TEXT-ALIGN: justify">(b) Options</P>
<P style="TEXT-ALIGN: justify">As at the date of this report, the outstanding options are comprised of the following:</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''Times New Roman''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="34%"></TD>
     <TD width="21%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Number of Options</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Exercise Price (CAD$)</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Expiry Date</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=right>68,599</TD>
     <TD align=right></TD>
     <TD align=right>$</TD>
     <TD align=right>4.32</TD>
     <TD align=right>July 23, 2011</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>475,004</TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>6.74</TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>April 10, 2012</TD></TR>
<TR vAlign=bottom>
     <TD align=right>50,000</TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right>6.95</TD>
     <TD align=right>October 1, 2012</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>97,534</TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>9.05</TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>January 16, 2013</TD></TR>
<TR vAlign=bottom>
     <TD align=right>50,000</TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right>7.54</TD>
     <TD align=right>May 13, 2013</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>266,250</TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>5.99</TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>July 1, 2013</TD></TR>
<TR vAlign=bottom>
     <TD align=right>68,000</TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right>3.05</TD>
     <TD align=right>October 1, 2013</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>716,750</TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>2.65</TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>April 19, 2014</TD></TR>
<TR vAlign=bottom>
     <TD align=right>403,000</TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right>7.00</TD>
     <TD align=right>January 5, 2015</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>227,834</TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>7.40</TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>April 20, 2015</TD></TR>
<TR vAlign=bottom>
     <TD align=right>446,500</TD>
     <TD align=right></TD>
     <TD align=right></TD>
     <TD align=right>8.23</TD>
     <TD align=right>October 3, 2015</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" align=right>268,000</TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right></TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>12.16</TD>
     <TD style="BACKGROUND-COLOR: #ececec" align=right>January 4, 2016</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>3,137,471</B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify">(c) <U>Warrants</U></P>
<P style="TEXT-ALIGN: justify">As at the date of this report, the outstanding warrants are comprised of the following:</P>
<DIV align=left>
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<TR>
     <TD width="34%"></TD>
     <TD width="21%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Number of Warrants</FONT></B></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Exercise Price (CAD$)</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Expiry Date</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" align=right>50,000</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" align=right>6.76</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ececec" align=right>30-Jul-2015</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>13. Risks and Uncertainties</B></P>
<P style="TEXT-ALIGN: justify">The Company is exposed to many risks in conducting its business, including but not limit to: metal price risk as the Company derives its revenue from the sale of silver, lead, zinc, and gold; credit risk in the normal course of dealing with other companies and financial institutes; foreign exchange risk as the Company reports its financial statements in USD whereas the Company operates in jurisdictions that utilize other currencies; equity price risk and interest rate risk as the Company has investments in marketable securities that are traded in the open market or earn interest at market rates that are fixed to maturity or at variable interest rates; inherent risk of uncertainties in estimating mineral reserves and mineral resources; political risks; and environmental risk. These and other risks are described in the Company&#146;s Annual Information Form and NI 43-101 technical reports, which are available on SEDAR at www.sedar.com; Form 40F; Audited Consolidated Financial Sta
tements; Management&#146;s Discussion and Analysis for the year ended March 31, 2010; and note 13 of the unaudited interim consolidated financial statements for Q3 2011. Readers are encouraged to refer to these documents for a more detailed description of some of the risks and uncertainties inherent to Silvercorp&#146;s business.</P>
<P style="TEXT-ALIGN: justify">Management and the Board of Directors continuously assess risks that the Company is exposed to, and attempt to mitigate these risks where practical through a range of risk management strategies.</P>
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     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 20</B></TD></TR></TABLE></DIV>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>14. Disclosure Controls and Procedures</B></P>
<P style="TEXT-ALIGN: justify">Silvercorp&#146;s management considers the meaning of internal control to be the processes established by management to provide reasonable assurance about the achievement of the Company&#146;s objectives regarding operations, reporting and compliance. Internal control is designed to address identified risks that threaten any of these objectives.</P>
<P style="TEXT-ALIGN: justify">(a) Management&#146;s Report on Internal Control over Financial Reporting</P>
<P style="TEXT-ALIGN: justify">Management of Silvercorp is responsible for establishing and maintaining an adequate system of internal control, including internal controls over financial reporting. Internal control over financial reporting is a process designed by, or under the supervision of the Chief Executive Officer and the Chief Financial Officer and effected by the Board of Directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Canadian generally accepted accounting principles. It includes those policies and procedures that:</P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 border=0>
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     <TD width="96%">
<P align=justify>pertain to the maintenance of records that accurately and fairly reflect, in reasonable detail, the transactions related to the acquisition and disposition of Silvercorp&#146;s assets,</P>
</TD></TR>
<TR height=20>
     <TD vAlign=top noWrap width="4%"></TD>
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<P align=justify></P>
</TD></TR>
<TR>
     <TD vAlign=top noWrap width="4%">&#149;</TD>
     <TD width="96%">
<P align=justify>provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and receipts and expenditures are made only in accordance with authorization of management and Silvercorp&#146;s directors, and</P>
</TD></TR>
<TR height=20>
     <TD vAlign=top noWrap width="4%"></TD>
     <TD width="96%">
<P align=justify></P>
</TD></TR>
<TR>
     <TD vAlign=top noWrap width="4%">&#149;</TD>
     <TD width="96%">
<P align=justify>provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of Silvercorp&#146;s assets that could have a material effect on the financial statements.</P>
</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify">The Company&#146;s management, including its Chief Executive Officer and Chief Financial Officer, believe that due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis. Also, projection of any evaluation of the effectiveness of internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.</P>
<P style="TEXT-ALIGN: justify">(b) Changes in Internal Control over Financial Reporting</P>
<P style="TEXT-ALIGN: justify">There was no change in the Company&#146;s internal control over financial reporting that occurred during the period that has materially affected or is reasonably likely to materially affect, its internal control over financial reporting.</P>
<P style="TEXT-ALIGN: justify"><B>15. Directors and Officers</B></P>
<P style="TEXT-ALIGN: justify">As at the date of this report, the Company&#146;s Directors and Officers are as follows:</P>
<DIV align=left>
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     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Directors</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Officers</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Dr. Rui Feng, Director, Chairman &amp; CEO</TD>
     <TD align=left>Dr. Rui Feng, Director, Chairman &amp; CEO</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Myles J. Gao, Director, President &amp; COO</TD>
     <TD align=left>Myles J. Gao, Director, President &amp; COO</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Yikang Liu, Director</TD>
     <TD align=left>Maria Tang, Chief Financial Officer</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Earl Drake, Director</TD>
     <TD align=left>Lorne Waldman, Corporate Secretary</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Paul Simpson, Director</TD>
     <TD align=left>Shaoyang Shen, Vice President, China Operations</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Robert Gayton, Director</TD>
     <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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     <TD width="33%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 21</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><B>16. Outlook for the 4</B><B>th </B><B>quarter of fiscal year 2011</B></P>
<P style="TEXT-ALIGN: justify">During the first nine months of fiscal year 2011, Silvercorp produced 4.25 million ounces of silver, at a cash cost of negative $6.60 per ounce, net of by-product credits. The Company also produced 54.6 million pounds of lead and 13.1 million pounds of zinc during the nine month period. Silvercorp expects to meet or exceed its forecast to produce 5.3 million ounces of silver for its fiscal year ending March 31, 2011.</P>
<P style="TEXT-ALIGN: justify"><B>17. Outlook for the fiscal year 2012</B></P>
<P style="TEXT-ALIGN: justify"><U>Production in China</U></P>
<P style="TEXT-ALIGN: justify">From the four mines at the Ying Mining Camp production is expected to increase to 600,000 tonnes of ore at a grade of 326g/t silver, 0.4g/t gold, 6% lead and 1.9% zinc, yielding 5.6 million ounces of silver, 4,000 ounces of gold, and 90 million pounds of lead and zinc. Total production costs will remain unchanged at approximately $75 per tonne of ore.</P>
<P style="TEXT-ALIGN: justify">The BYP mine is expected to commence production in the first quarter of fiscal year 2012 and is expected to mine and mill 130,000 tonnes of ore at a grade of 7 g/t gold, yielding approximately 26,000 ounces of gold at an estimated total production cost of $28 per tonne of ore.</P>
<P style="TEXT-ALIGN: justify"><U>Budgets for mill construction, mine development and exploration of three projects in China</U></P>
<P style="TEXT-ALIGN: justify">The total capital expenditures for the three projects in China are estimated at $67 million for fiscal 2012, which include capital expenditures of $53 million for mine development, mill construction, and other capital items (e.g. surface facilities, roads, land usage rights, and reporting) and exploration expenditures of $14 million to complete a 241,000 metre surface and underground drilling program. The budget estimate is based on the contracts on hand, designs by qualified Chinese engineering firms, and the Company&#146;s past operation experience in China. The details for each project are as follows:</P>
<P style="TEXT-ALIGN: justify"><I>The Ying Mining Camp</I></P>
<DIV align=left>
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<TR vAlign=bottom>
     <TD vAlign=top align=left>&#149;</TD>
     <TD vAlign=top align=left>The capital expenditures for the Ying, TLP, LM and HPG mines and central mill are budgeted at $18.5 million which includes several vertical shafts, declines and raises totaling 7,000 metres ($5.6 million), 40,000 metres of horizontal tunnels for development and mining exploration ($7 million), 1,500 metres of ramps ($1.2 million), a new tailing facility ($2 million), and equipment as well as surface facilities ($2.7 million).</TD></TR>
<TR height=20>
     <TD vAlign=top align=left></TD>
     <TD vAlign=top align=left></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left>&#149;</TD>
     <TD vAlign=top align=left>The exploration expenditure for a 171,000 metre underground drilling program at the four mines of the Ying Camp is estimated to be $8.5 million.</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><I>The GC Project</I></P>
<DIV align=left>
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     <TD width="96%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left>&#149;</TD>
     <TD vAlign=top align=left>The capital expenditures for fiscal 2012 are budgeted at $22.5 million, which includes a 1,500 tonne per day mill and tailing dam ($12 million), land-usage rights ($5 million), a 1,500 metre ramp ($1.2 million), a 500 metre shaft ($1.5 million) and surface facilities ($2.8 million). By the end of fiscal 2012, it is expected that the GC project will achieve a 700 tonne per day mining capacity and a 1,500 tonne per day milling capacity. In order to bring the project into full mining production of 1,500 tonnes per day, further capital expenditures will be required for fiscal 2013 which are expected to be partially financed through cash flows generated from the GC project.</TD></TR>
<TR height=20>
     <TD vAlign=top align=left></TD>
     <TD vAlign=top align=left></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left>&#149;</TD>
     <TD vAlign=top align=left>As the Company has successfully obtained its mining permit for the GC project, drilling will resume in fiscal 2012. A 20,000 metre surface diamond drilling program is budgeted at $2.5 million.</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><I>The BYP Mine</I></P>
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<TR vAlign=bottom>
     <TD vAlign=top align=left>&#149;</TD>
     <TD vAlign=top align=left>The capital expenditures for fiscal 2012 are budgeted at $12 million. In order to achieve an initial mining and milling capacity of 400 tonnes per day, or a total of 130,000 tonnes of ore for fiscal 2012, the Company will upgrade the existing 400 tonne per day floatation mill ($1.5 million), build a cement back-filling facility ($1.5 million), complete about 7,000 metres of mine development tunnels ($1.5 million), and acquire land usage rights and build surface facilities including roads, an office, accommodations and a laboratory ($2.5 million), for a total of $7 million of capital expenditures. In addition, to achieve a production capacity of 1,000 tonnes per day starting in fiscal 2013, the Company will spend $5 million to expand the 400 tonne per day mill to a 1,000 tonne per day capacity ($3.0 million) and develop 1,500 metres of ramp and access tunnels ($2 million) to allow mechanized mining in the future.</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 22</B></TD></TR></TABLE></DIV>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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     <TD width="96%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>&#149;</TD>
     <TD align=left>The exploration expenditures for a 50,000 metre underground and surface drilling program are estimated to cost $3 million.</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><U>Silvertip project in Canada</U></P>
<P style="TEXT-ALIGN: justify">The Company has budgeted $2 million to complete the ongoing environmental assessment study, to prepare and submit an application for a Small Mine Permit, and to complete a feasibility study for the project.</P>
<P style="TEXT-ALIGN: justify">In addition to the aggressive exploration program carried out by the Company to grow the resources and reserves in its operating projects, Silvercorp continually seeks acquisition opportunities in China and other jurisdictions.</P>
<P style="TEXT-ALIGN: justify"><B>Forward Looking Statements</B></P>
<P style="TEXT-ALIGN: justify"><I>Certain of the statements and information in this MD&amp;A constitute &#147;forward-looking statements&#148; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &#147;forward-looking information&#148; within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as &#147;expects&#148;, &#147;is expected&#148;, &#147;anticipates&#148;, &#147;believes&#148;, &#147;plans&#148;, &#147;projects&#148;, &#147;estimates&#148;, &#147;assumes&#148;, &#147;intends&#148;, &#147;strategies&#148;, &#147;targets&#148;, &#147;goals&#148;, &#147;forecasts&#148;, &#147;objectives&#148;, &#147;budgets&#148;, &#147;schedules&#148;, &#147;potential&#148; or variations thereof or stating that certain action
s, events or results &#147;may&#148;, &#147;could&#148;, &#147;would&#148;, &#147;might&#148; or &#147;will&#148; be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things:</I></P>
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<TR vAlign=bottom>
     <TD align=left><I>&#149;</I></TD>
     <TD align=left><I>the price of silver and other metals;</I></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>&#149;</I></TD>
     <TD align=left><I>estimates of the Company&#146;s revenues and capital expenditures;</I></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>&#149;</I></TD>
     <TD align=left><I>estimated production from the Company&#146;s mines in the Ying Mining Camp; and;</I></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>&#149;</I></TD>
     <TD align=left><I>timing of receipt of permits and regulatory approvals.</I></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><I>Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to,</I></P>
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<TR vAlign=bottom>
     <TD align=left><I>&#149;</I></TD>
     <TD align=left><I>fluctuating commodity prices;</I></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>&#149;</I></TD>
     <TD align=left><I>exploration and development programs;</I></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>&#149;</I></TD>
     <TD align=left><I>feasibility and engineering reports;</I></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>&#149;</I></TD>
     <TD align=left><I>permits and licenses;</I></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>&#149;</I></TD>
     <TD align=left><I>First Nations title claims and rights;</I></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>&#149;</I></TD>
     <TD align=left><I>operations and political conditions;</I></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>&#149;</I></TD>
     <TD align=left><I>regulatory environment in China and Canada;</I></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>&#149;</I></TD>
     <TD align=left><I>environmental risks; and</I></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>&#149;</I></TD>
     <TD align=left><I>risks and hazards of mining operations.</I></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><I>This list is not exhaustive of the factors that may affect any of the Company&#146;s forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in this MD&amp;A under the heading &#147;Risks and Uncertainties&#148; and elsewhere. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or <I>intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.</I></I></P>
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     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 23</B></TD></TR></TABLE></DIV>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Management&#146;s Discussion and Analysis</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>For the Three and Nine Months Ended December 31, 2010</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>(Expressed in thousands of U.S. dollars unless otherwise stated)</B></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"><I>The Company&#146;s forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this MD&amp;A, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management&#146;s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.</I></P>
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     <TD style="BORDER-TOP: #000000 1px solid" align=left><B>&nbsp;</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=center><B>Management&#146;s Discussion and Analysis</B></TD>
     <TD style="BORDER-TOP: #000000 1px solid" align=right><B>Page 24</B></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>FORM 52-109F2 CEO CERTIFICATION
<TEXT>

<HTML>
<HEAD>
   <TITLE>Exhibit 99.3</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">

<A name="page_1"></A>
<HR noShade SIZE=3>
<P style="MARGIN-TOP: 0px" align=right><B>Exhibit 99.3</B></P>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="TEXT-ALIGN: center"><B>Form 52-109F2 <BR>
Certification of interim filings - full certificate</B></P>
<P style="TEXT-ALIGN: justify">I, <B>Rui Feng, Chief Executive Officer of Silvercorp Metals Inc. </B>certify the following:</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>1.</P>
</TD>
     <TD>
<P><B><I>Review: </I></B>I have reviewed the interim financial statements and interim MD&amp;A (together, the &#147;interim filings&#148;) of <B>Silvercorp Metals Inc. </B>(the &#147;issuer&#148;) for the interim period ended <B>December 31, 2010</B>.</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>2.</P>
</TD>
     <TD>
<P><B><I>No misrepresentations: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>3.</P>
</TD>
     <TD>
<P><B><I>Fair presentation: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>4.</P>
</TD>
     <TD>
<P><B><I>Responsibility: </I></B>The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings, </I>for the issuer.</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>5.</P>
</TD>
     <TD>
<P><B><I>Design: </I></B>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="4%"></TD>
     <TD width="92%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left>(a)&nbsp;</TD>
     <TD vAlign=top align=left colSpan=2>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that&nbsp;</TD></TR>
<TR height=20>
     <TD vAlign=top align=left></TD>
     <TD vAlign=top align=left></TD>
     <TD vAlign=top align=left></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left>&nbsp;</TD>
     <TD vAlign=top align=left>(i)&nbsp;</TD>
     <TD vAlign=top align=left>material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and&nbsp;</TD></TR>
<TR height=20>
     <TD vAlign=top align=left></TD>
     <TD vAlign=top align=left></TD>
     <TD vAlign=top align=left></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left>&nbsp;</TD>
     <TD vAlign=top align=left>(ii)&nbsp;</TD>
     <TD vAlign=top align=left>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and&nbsp;</TD></TR>
<TR height=20>
     <TD vAlign=top align=left></TD>
     <TD vAlign=top align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left>(b)&nbsp;</TD>
     <TD vAlign=top align=left colSpan=2>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#146;s GAAP.&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>5.1</P>
</TD>
     <TD>
<P><B><I>Control framework: </I></B>The control framework the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s ICFR is <B>the </B><B><I>Internal Control &#150; Integrated Framework </I></B>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>5.2</P>
</TD>
     <TD>
<P><B><I>ICFR &#150; material weakness relating to design: </I></B>The issuer has disclosed in its interim MD&amp;A for each material weakness relating to design existing at the end of the interim period</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="4%"></TD>
     <TD width="92%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>(a)&nbsp;</TD>
     <TD noWrap align=left>a description of the material weakness;&nbsp;</TD></TR></TABLE></DIV><BR>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
<!--$$/page=-->
<A name="page_2"></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="4%"></TD>
     <TD width="4%"></TD>
     <TD width="92%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>(b)&nbsp;</TD>
     <TD noWrap align=left>the impact of the material weakness on the issuer&#146;s financial reporting and its ICFR; and&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''Times New Roman'''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="4%"></TD>
     <TD width="92%"></TD></TR>
<TR vAlign=top>
     <TD></TD>
     <TD>
<P>(c)</P>
</TD>
     <TD>
<P>the issuer&#146;s current plans, if any, or any actions already undertaken, for re-mediating the material weakness.</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''Times New Roman'''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>5.3&nbsp;</TD>
     <TD noWrap align=left>N/A&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''Times New Roman'''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>6.</P>
</TD>
     <TD>
<P><B>Reporting changes in ICFR: </B>The issuer has disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that occurred during the period beginning on October 1, 2010 and ended on December 31, 2010 that has materially affected, or is reasonably likely to materially affect, the issuer&#146;s ICFR.</P>
</TD></TR></TABLE></DIV><BR>
<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>Date: <B>February 8, 2011</B>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>&#147;<U>Rui Feng</U>&#148;</I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Rui Feng&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Chief Executive Officer&nbsp;</TD></TR></TABLE></DIV><BR>
<P style="TEXT-ALIGN: center">2</P>
</DIV>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>FORM 52-109F2 CFO CERTIFICATION
<TEXT>

<HTML>
<HEAD>
   <TITLE>Exhibit 99.4</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">

<A name="page_1"></A>
<HR noShade SIZE=3>
<P style="MARGIN-TOP: 0px" align=right><B>Exhibit 99.4</B></P>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="TEXT-ALIGN: center"><B>Form 52-109F2 <BR>
Certification of interim filings - full certificate</B></P>
<P style="TEXT-ALIGN: justify">I, <B>Maria Tang, Chief Financial Officer of Silvercorp Metals Inc. </B>certify the following:</P>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>1.</P>
</TD>
     <TD>
<P><B><I>Review: </I></B>I have reviewed the interim financial statements and interim MD&amp;A (together, the &#147;interim filings&#148;) of <B>Silvercorp Metals Inc. </B>(the &#147;issuer&#148;) for the interim period ended <B>December 31, 2010</B>.</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>2.</P>
</TD>
     <TD>
<P><B><I>No misrepresentations: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>3.</P>
</TD>
     <TD>
<P><B><I>Fair presentation: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>4.</P>
</TD>
     <TD>
<P><B><I>Responsibility: </I></B>The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 <I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings, </I>for the issuer.</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>5.</P>
</TD>
     <TD>
<P><B><I>Design: </I></B>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="4%"></TD>
     <TD width="92%"></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left>(a)&nbsp;</TD>
     <TD vAlign=top align=left colSpan=2>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that&nbsp;</TD></TR>
<TR height=20>
     <TD vAlign=top align=left></TD>
     <TD vAlign=top align=left></TD>
     <TD vAlign=top align=left></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left>&nbsp;</TD>
     <TD vAlign=top align=left>(i)&nbsp;</TD>
     <TD vAlign=top align=left>material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and&nbsp;</TD></TR>
<TR height=20>
     <TD vAlign=top align=left></TD>
     <TD vAlign=top align=left></TD>
     <TD vAlign=top align=left></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left>&nbsp;</TD>
     <TD vAlign=top align=left>(ii)&nbsp;</TD>
     <TD vAlign=top align=left>information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and&nbsp;</TD></TR>
<TR height=20>
     <TD vAlign=top align=left></TD>
     <TD vAlign=top align=left colSpan=2></TD></TR>
<TR vAlign=bottom>
     <TD vAlign=top align=left>(b)&nbsp;</TD>
     <TD vAlign=top align=left colSpan=2>designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#146;s GAAP.&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>5.1</P>
</TD>
     <TD>
<P><B><I>Control framework: </I></B>The control framework the issuer&#146;s other certifying officer(s) and I used to design the issuer&#146;s ICFR is <B>the </B><B><I>Internal Control &#150; Integrated Framework </I></B>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>5.2</P>
</TD>
     <TD>
<P><B><I>ICFR &#150; material weakness relating to design: </I></B>The issuer has disclosed in its interim MD&amp;A for each material weakness relating to design existing at the end of the interim period</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''Times New Roman''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="4%"></TD>
     <TD width="92%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>(a)&nbsp;</TD>
     <TD noWrap align=left>a description of the material weakness;&nbsp;</TD></TR></TABLE></DIV><BR>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
<!--$$/page=-->
<A name="page_2"></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="4%"></TD>
     <TD width="4%"></TD>
     <TD width="92%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>(b)&nbsp;</TD>
     <TD noWrap align=left>the impact of the material weakness on the issuer&#146;s financial reporting and its ICFR; and&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''Times New Roman'''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="4%"></TD>
     <TD width="92%"></TD></TR>
<TR vAlign=top>
     <TD></TD>
     <TD>
<P>(c)</P>
</TD>
     <TD>
<P>the issuer&#146;s current plans, if any, or any actions already undertaken, for re-mediating the material weakness.</P>
</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''Times New Roman'''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>5.3&nbsp;</TD>
     <TD noWrap align=left>N/A&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''Times New Roman'''" cellSpacing=0 border=0>
<TR>
     <TD width="4%"></TD>
     <TD width="96%"></TD></TR>
<TR vAlign=top>
     <TD>
<P>6.</P>
</TD>
     <TD>
<P><B>Reporting changes in ICFR: </B>The issuer has disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that occurred during the period beginning on October 1, 2010 and ended on December 31, 2010 that has materially affected, or is reasonably likely to materially affect, the issuer&#146;s ICFR.</P>
</TD></TR></TABLE></DIV><BR>
<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>Date: <B>February 8, 2011</B>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I>&#147;<U>Maria Tang</U>&#148;</I>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Maria Tang</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>Chief Financial Officer&nbsp;</TD></TR></TABLE></DIV><BR>
<P style="TEXT-ALIGN: center">2</P>
</DIV>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>NEWS RELEASE DATED FEBRUARY 8, 2011
<TEXT>

<HTML>
<HEAD>
   <TITLE>Exhibit 99.5</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">

<A name="page_1"></A><BR>
<a name="_bclPageBorder1"></a><hr noshade size="3">
<P style="line-height:11pt; margin:0px; font-size:10pt; font-family:Times New Roman;" align=right><b>Exhibit 99.5</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: 10pt"><b>PRESS RELEASE</b></FONT></p>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: '''''Times New Roman'''''" cellSpacing=0 width="100%" border=0>
  <TR>
    <TD width="15%"></TD>
    <TD width="25%"></TD>
    <TD width="60%"></TD>
  </TR>
  <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>TSX: SVM</B></TD>
    <TD width="60%" align=right nowrap><B>February 8, 2011</B></TD>
  </TR>
  <TR vAlign=bottom>
    <TD width="15%" align=left nowrap>&nbsp;</TD>
    <TD width="25%" align=left nowrap><B>NYSE: SVM</B></TD>
    <TD width="60%" align=right nowrap>&nbsp;</TD>
  </TR>
</TABLE>
<P style="TEXT-ALIGN: center"><B>SILVERCORP REPORTS RECORD SILVER PRODUCTION, SALES AND CASH FLOWS FOR FISCAL 2011 Q3: NET INCOME UP 140% TO $29.7 MILLION OR $0.18 PER SHARE</B></P>
<P style="TEXT-ALIGN: justify"><B>VANCOUVER, British Columbia &#150; February 8, 2011 &#150; Silvercorp Metals Inc. </B>(&#147;Silvercorp&#148; or the &#147;Company&#148;) today reported its unaudited financial and operating results for the third quarter ended December 31, 2010 (&#147;Q3 2011&#148;). Record silver production coupled with increasing silver prices resulted in record quarterly sales, cash flows from operations and net income. Silvercorp also provided its operational and financial outlook for fiscal 2012. The following financial results are expressed in US dollars (US$) unless stated otherwise.</P>
<P style="TEXT-ALIGN: justify"><B><U>THIRD QUARTER HIGHLIGHTS</U></B></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: ''''''Times New Roman''''''" cellSpacing=0 width="100%" border=0>
<TR>
     <TD vAlign=top noWrap width="4%">&#149;</TD>
     <TD width="96%">
<P align=justify>Record silver production of 1.52 million ounces, a 25% increase compared to 1.22 million ounces in the third quarter of fiscal 2010 (&#147;Q3 2010&#148;);</P>
</TD></TR>
<TR>
     <TD vAlign=top noWrap width="4%">&#149;</TD>
     <TD width="96%">
<P align=justify>Record sales of $51.8 million, up 66% from a year ago;</P>
</TD></TR>
<TR>
     <TD vAlign=top noWrap width="4%">&#149;</TD>
     <TD width="96%">
<P align=justify>Record net income of $29.7 million, or $0.18 per share, a 140% increase from a year ago. Excluding all non-operational items, adjusted net earnings were $22.2 million, or $0.13 per share;</P>
</TD></TR>
<TR>
     <TD vAlign=top noWrap width="4%">&#149; </TD>
     <TD width="96%">
<P align=justify>Record cash flows from operations (before non-cash working capital changes) of $31.6 million, or $0.19 per share, increased 68% from a year ago;</P>
</TD></TR>
<TR>
     <TD vAlign=top noWrap width="4%">&#149;</TD>
     <TD width="96%">
<P align=justify>Achieved total production cost of negative $5.93 per ounce of silver and a cash cost of negative $7.13 per ounce of silver, maintaining Silvercorp&#146;s position as the lowest cost silver producer among its industry peers;</P>
</TD></TR>
<TR>
     <TD vAlign=top noWrap width="4%">&#149;</TD>
     <TD width="96%">
<P align=justify>Raised $110.5 million net proceeds from an equity financing;</P>
</TD></TR>
<TR>
     <TD vAlign=top noWrap width="4%">&#149;</TD>
     <TD width="96%">
<P align=justify>Received a mining permit for the GC Silver-Lead-Zinc Project in Guangdong Province, China;</P>
</TD></TR>
<TR>
     <TD vAlign=top noWrap width="4%">&#149;</TD>
     <TD width="96%">
<P align=justify>Acquired a 70% equity interest in BYP Gold-Lead-Zinc mine in Hunan Province, China;</P>
</TD></TR>
<TR>
     <TD vAlign=top noWrap width="4%">&#149;</TD>
     <TD width="96%">
<P align=justify>Dividend payment of $3.2 million, or CAD$0.02 per share; and</P>
</TD></TR>
<TR>
     <TD vAlign=top noWrap width="4%">&#149;</TD>
     <TD width="96%">
<P align=justify>Total cash, cash equivalents, and short term investments increased to $223.7 million.</P>
</TD></TR></TABLE>
<P style="TEXT-ALIGN: justify"><B><U>FINANCIALS</U></B></P>
<P style="TEXT-ALIGN: justify">For the third quarter of fiscal 2011, Silvercorp posted record net income of $29.7 million, or $0.18 per share, representing a 140% increase compared to the same quarter last year of $12.4 million or $0.08 per share. Excluding all non-operational items, which mainly consisted of (i) a $3.3 million dilution gain on our investment in New Pacific Metals Corp., an affiliate of the Company and (ii) a $3.7 million gain on our holding of held-for-trading financial assets, the adjusted net earnings were $22.2 million, or $0.13 per share.</P>
<P style="TEXT-ALIGN: justify">For the nine months ended December 31, 2010, net income increased 96% to $56.3 million or $0.34 per share, compared to net income of $28.8 million, or $0.18 per share a year ago. Earnings improved primarily as a result of higher realized selling prices combined with record high metal production.</P>
<P style="TEXT-ALIGN: center">1</P>
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<P style="TEXT-ALIGN: justify">Sales in the third quarter were a record high of $51.8 million, up 66% from $31.3 million in the same quarter last year. The increase was attributable to higher quantities of metals sold and higher realized selling prices for all metals produced by the Company. In Q3 2011, the Company sold 1.52 million ounces of silver, 18.8 million pounds of lead and 4.8 million pounds of zinc, representing an increase of 25%, 16%, and 8%, respectively, compared to 1.22 million ounces of silver, 16.2 million pounds of lead, and 4.5 million pounds of zinc in Q3 2010. The average realized selling prices for silver, lead, and zinc increased to $20.36/oz., $0.89/lb., and $0.70/lb., respectively, up by 57%, 17%, and 9%, respectively, compared with the metal prices realized in Q3 2010. Higher metal production and realized selling prices also resulted in revenue increasing by 58% to $124.9 million for the nine months period ended December 31, 2010.</P>
<P style="TEXT-ALIGN: justify">Cost of sales for the quarter was $11.8 million, representing a 67% increase as the Company mined 40% more ore and milled 79% more ore compared to the same quarter last year. For the nine months period ended December 31, 2010 and 2009, cost of goods sold were $31.8 million and $19.0 million, respectively. The cost of goods sold increased correspondingly with higher sales.</P>
<P style="TEXT-ALIGN: justify">Gross profit margin for the quarter was 77%, unchanged from the prior year. The gross profit margin did not increase in line with metal prices, mainly due to the change in production mix compared to the same quarter last year. We successfully increased production at the HPG, LM, and TLP mines which have lower head grades relative to the Ying mine. In Q3 2011, 19% of Silvercorp&#146;s silver production was from the HPG, LM and TLP mines compared with 11% in Q3 2010. For the nine months ended December 31, 2010 and 2009, gross profit margin was 75% and 76%, respectively.</P>
<P style="TEXT-ALIGN: justify">In Q3 2011, the Company generated $31.6 million of cash flows from operating activities before non-cash working capital changes, representing a 68% increase from Q3 2010. For the nine months ended December 31, 2010, cash flows from operating activities, before changes in non-cash working capital, was $71.9 million, a 58% improvement from the same period last year.</P>
<P style="TEXT-ALIGN: justify">The Company ended the quarter with $223.7 million in cash and short term investments, and working capital of $209.3 million. During the quarter the company paid $3.2 million in dividends, $11.3 million in capital expenditures, and raised $110.5 million net proceeds from an equity financing.</P>
<P style="TEXT-ALIGN: justify"><B><U>OPERATIONS</U></B></P>
<P style="TEXT-ALIGN: justify">In Q3 2011, Silvercorp achieved record silver production of 1.52 million ounces, up 25% from a year ago. Total ore mined also increased 40% to a record 167,213 tonnes. For the nine months ended December 31, 2010, the Company mined 466,639 tonnes of ore, a 43% increase from the same period last year of 325,720 tonnes. Increased production from the TLP, HPG, and LM mines contributed to the record mine production.</P>
<P style="TEXT-ALIGN: justify">A total of 161,528 tonnes of ore was milled in the quarter, representing a 79% increase compared to 90,460 tonnes of ore milled in the same quarter last year. During the nine months ended December 31, 2010, 461,270 tonnes of ore was milled, up 68% compared to 273,974 tonnes last year. The increased mill throughput was achieved as the second mill at the Ying Mining Camp commenced operations at the beginning of 2010, which increased our total milling capacity to 2,500 tonnes per day, providing room to accommodate future mine production growth.</P>
<P style="TEXT-ALIGN: justify">Consolidated total production cost per ounce of silver was negative $5.93 and the cash cost per ounce of silver was negative $7.13, up approximately 10% compared to the total production costs and cash production costs per ounce of silver of negative $6.87 and negative $7.73, respectively, in same quarter last year. Cost increased mainly because of the relatively lower head grades compared to a year ago, offset by higher realized base metal prices. During the nine months ended December 31, 2010, the consolidated total production cost and cash costs per ounce of silver were negative $5.46 and negative $6.60, respectively, compared to negative $5.61 and negative $6.40 a year ago.</P>
<P style="TEXT-ALIGN: justify">On a quarterly basis, cash mining cost decreased from $48.93 per tonne last year to $48.30 per tonne, but increased from $40.36 in Q2 2011. The increase resulted from (i) higher utility costs as diesel was used to generate additional electricity to support the increased production and as backup for power shortages, (ii) higher labour costs from the increase of year-end bonus accrual and (iii) higher material costs as more steel and other supplies were used in mine preparation and development.</P>
<P style="TEXT-ALIGN: center">2</P>
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<P style="TEXT-ALIGN: justify">Silvercorp&#146;s total operational results for the past five quarters are summarized at Table 1 below:</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="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300><B><FONT color=#ffffff>Table 1: Total Operational Results</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Q3 2011</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>Q2 2011</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>Q1 2011</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>Q4 2010</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>Q3 2010</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>31-Dec-10</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>30-Sept-10</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>30-Jun-10</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>31-Mar-10</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>31-Dec-09</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Ore Mined <I>(tonne)</I></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%">Direct Smelting Ore <I>(tonne)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,711</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>3,065</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>3,426</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>2,485</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>3,428</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%">Ore to be milled <I>(tonne)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>163,502</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>151,380</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>141,556</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>78,549</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>115,907</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>167,213</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>154,445</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>144,982</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>81,034</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>119,335</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Run of Mine Ore <I>(tonne)</I></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%">Direct Smelting Ore <I>(tonne)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,711</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>3,065</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>3,426</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>2,485</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>3,428</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%">Ore Milled <I>(tonne)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>157,817</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>147,488</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>145,763</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>131,436</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>87,032</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>161,528</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>150,553</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>149,189</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>133,921</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>90,460</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Mining costs per tonne of ore mined <I>($)</I></TD>
     <TD align=right><B>58.28</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>49.12</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>48.61</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>57.06</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>57.81</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%">Cash Mining Cost per tonne of ore mined <I>($)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>48.30</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>40.36</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>40.33</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>47.36</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>48.93</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
<P style="MARGIN-LEFT: 4%">Non Cash Mining Cost per tonne of ore mined <I>($)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>9.98</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>8.76</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>8.28</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>9.70</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>8.88</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Head Grade of Run of Mine Ore</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%">Silver (gram/tonne)</P>
</TD>
     <TD align=right><B>330.0</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>312.0</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>326.3</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>303.8</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>440.8</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%">Lead <I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>5.7</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>5.6</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>6.1</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>5.7</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>8.3</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
<P style="MARGIN-LEFT: 4%">Zinc (%)</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>1.8</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>1.9</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>2.0</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>1.6</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>3.0</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>Total Production Cost per ounce of Silver <I>($)</I></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>(5.93</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(5.17</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(5.21</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(4.61</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(6.87</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Cash Cost per ounce of Silver <I>($)</I></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>(7.13</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>(6.30</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>(6.31</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>(5.64</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>(7.73</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Metal Sales</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%">Silver <I>(in thousands of ounce)</I></P>
</TD>
     <TD align=right><B>1,523</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>1,343</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>1,387</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>1,079</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>1,220</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%">Lead <I>(in thousands of pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>18,795</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>17,028</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>18,803</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>14,921</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>16,211</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
<P style="MARGIN-LEFT: 4%">Zinc <I>(in thousands of pound)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>4,791</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>3,869</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>4,431</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>2,747</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>4,454</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify">In Q3 2011, 81% of Silvercorp&#146;s silver production was from the Ying Mine (89% in Q3 2010). The operational results for the past five quarters at the <B><U>Ying Mine </U></B>are summarized at Table 2 below:</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="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300><FONT color=#ffffff>Table 2: Ying Mine Operational Results</FONT></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Q3 2011</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>Q2 2011</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>Q1 2011</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>Q4 2010</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>Q3 2010</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>30-Dec-10</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>30-Sept-10</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>30-Jun-10</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>31-Mar-10</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><FONT color=#ffffff>31-Dec-09</FONT></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Ore Mined <I>(tonne)</I></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%">Direct Smelting Ore <I>(tonne)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,640</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>3,017</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>3,339</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>2,418</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>3,357</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%">Ore to be milled <I>(tonne)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>82,101</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>82,187</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>79,873</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>54,174</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>82,711</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>85,741</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>85,204</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>83,212</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>56,592</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>86,068</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Run of Mine Ore <I>(tonne)</I></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%">Direct Smelting Ore <I>(tonne)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,640</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>3,017</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>3,339</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>2,418</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>3,357</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%">Ore Milled <I>(tonne)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>81,700</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>79,995</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>81,898</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>70,214</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>70,776</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>85,340</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>83,012</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>85,237</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>72,632</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>74,133</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>Mining costs per tonne of ore mined <I>($)</I></TD>
     <TD align=right><B>64.12</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>54.79</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>55.10</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>57.50</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>56.90</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%">Cash Mining Cost per tonne of ore mined <I>($)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>49.85</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>42.66</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>43.83</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>45.60</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>45.75</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
<P style="MARGIN-LEFT: 4%">Non Cash Mining Cost per tonne of ore mined <I>($)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>14.27</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>12.13</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>11.27</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>11.84</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>11.15</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Head Grade of Run of Mine Ore</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%">Silver (gram/tonne)</P>
</TD>
     <TD align=right><B>499.0</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>461.0</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>470.5</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>429.3</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>488.5</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%">Lead <I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>8.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>7.9</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>8.1</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>7.6</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>9.0</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
<P style="MARGIN-LEFT: 4%">Zinc <I>(%)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>2.9</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>2.8</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>2.8</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>2.8</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>3.4</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>Total Production Cost per ounce of Silver <I>($)</I></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>(7.67</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(6.94</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(5.83</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(6.14</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>(7.47</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total Cash Cost per ounce of Silver <I>($)</I></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>(8.76</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>(7.99</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>(6.80</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>(7.26</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>(8.36</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>Metal Sales</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%">Silver <I>(in thousands of ounce)</I></P>
</TD>
     <TD align=right><B>1,241</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>1,095</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>1,147</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>836</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>1,086</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%">Lead <I>(in thousands of pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>14,862</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>13,486</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>14,230</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>11,097</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>14,327</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>
<P style="MARGIN-LEFT: 4%">Zinc <I>(in thousands of pound)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>3,954</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>3,275</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>3,605</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>2,747</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>4,038</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">3</P>
</DIV><BR>
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<P style="TEXT-ALIGN: justify"><B><U>EXPLORATION AND PROJECT DEVELOPMENT</U></B></P>
<P style="TEXT-ALIGN: justify"><B><I>Ying Mining Camp, Henan Province, China</I></B></P>
<P style="TEXT-ALIGN: justify">In Q3 2011, the Ying Mining Camp incurred exploration and development expenditures of $6.1 million. These expenditures were mainly used to delineate and upgrade mineral resources by tunnelling and diamond drilling, and to build shafts, declines and raises. A total of 18,240 metres of tunnel, 40,386 metres of diamond drilling and 443 metres of shafts, declines and raises were completed.</P>
<P style="TEXT-ALIGN: justify">This underground drilling program discovered 18 new veins at the TLP Mine and 12 new veins at the LM Mine with numerous high grade pockets identified. Furthermore, many existing veins in the Ying Mining Camp were also substantially extended to down dip and along striking directions. It is expected that those new discoveries will add resources/reserves that will either extend the life of the mine or increase the current mining capacity as many of those pockets are close to the existing mining tunnels and can be quickly developed into mining stopes.</P>
<P style="TEXT-ALIGN: justify"><B><I>GC Project, Guangdong Province, China</I></B></P>
<P style="TEXT-ALIGN: justify">In Q3 2011, the GC project in the Guangdong Province received its 30 year mining permit, issued by the Ministry of Land and Resources of China. The permit was issued on the terms applied for, covering the entire 5.52 square kilometre area of the GC Project and allows for the operation of an underground mine to produce silver, lead and zinc ore.</P>
<P style="TEXT-ALIGN: justify"><B><I>BYP Project, Hunan Province, China</I></B></P>
<P style="TEXT-ALIGN: justify">In Q3 2011, Silvercorp announced the acquisition of a 70% equity interest in Yunxiang Mining Co. Ltd. (&#147;Yunxiang&#148;), a private mining company in Hunan Province, China. Yunxiang&#146;s primary asset is the BYP Gold-Lead-Zinc mine (the &#147;BYP mine&#148;), located 220 km, or a 3 hour drive, southwest of Changsha, the capital city of Hunan Province, China. The total cost of the share purchase and the joint venture capital investment is approximately US$33 million. The transaction successfully closed subsequent to the end of the quarter.</P>
<P style="TEXT-ALIGN: justify"><B><I>Silvertip Project, British Columbia, Canada</I></B></P>
<P style="TEXT-ALIGN: justify">In Q3 2011, Silvercorp completed the 2010 surface drilling program on the Silvertip silver-lead-zinc project in northern British Columbia, Canada. A total of 10,913 metres has been drilled from 36 holes. The 2010 drilling program has successfully defined and updated the silver-lead-zinc resources on extensions to the east and south of the main ore body. A new resource estimate is currently underway. Silvercorp also conducted a 4,113 line kilometers VTEM airborne geophysical survey over an area of 367 square kilometres and completed certain studies and reports required for a B.C. Small Mine Permit application. A total of $8.3 million in capital expenditures were incurred on the Silvertip project as of December 31, 2010, of which $6.3 million was for exploration and permitting and $2.0 million was for camp and infrastructure.</P>
<P style="TEXT-ALIGN: justify"><B><U>OUTLOOK FOR THE FORTH QUARTER OF FISCAL YEAR 2011</U></B></P>
<P style="TEXT-ALIGN: justify">During the first nine months of fiscal year 2011, Silvercorp produced 4.25 million ounces of silver, at a cash cost of negative $6.60 per ounce, net of by-product credits. The Company also produced 54.6 million pounds of lead and 13.1 million pounds of zinc during the nine month period. Silvercorp expects to meet or exceed its forecast to produce 5.3 million ounces of silver for its fiscal year ending March 31, 2011.</P>
<P style="TEXT-ALIGN: justify"><B><U>OUTLOOK FOR THE FISCAL YEAR 2012 </U></B><B>Production in China</B></P>
<P style="TEXT-ALIGN: justify">From the four mines at the Ying Mining Camp production is expected to increase to 600,000 tonnes of ore at a grade of 325g/t silver, 0.4g/t gold, 6% lead and 1.9% zinc, yielding 5.6 million ounces of silver, 4,000 ounces of gold, and 90 million pounds of lead and zinc. Total production costs will remain unchanged at approximately $75 per tonne of ore.</P>
<P style="TEXT-ALIGN: justify">The BYP mine is expected to commence production in the first quarter of fiscal year 2012 and is expected to mine and mill 130,000 tonnes of ore at a grade of 7 g/t gold, yielding approximately 26,000 ounces of gold at an estimated total production cost of $28 per tonne of ore.</P>
<P style="TEXT-ALIGN: center">4</P>
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<P style="TEXT-ALIGN: justify"><B>Budgets for mill construction, mine development and exploration of three projects in China</B></P>
<P style="TEXT-ALIGN: justify">The total capital expenditures for the three projects in China are estimated at $67 million for fiscal 2012, which include capital expenditures of $53 million for mine development, mill construction, and other capital items (e.g. surface facilities, roads, land usage rights, and reporting) and exploration expenditures of $14 million to complete a 241,000 metre surface and underground drilling program. The budget estimate is based on the contracts on hand, designs by qualified Chinese engineering firms, and the Company&#146;s past operation experience in China. The details for each project are as follows:</P>
<P style="TEXT-ALIGN: justify"><I>The Ying Mining Camp</I></P>
<UL style="MARGIN: 16px">
<LI>
<P align=justify>The capital expenditures for the Ying, TLP, LM and HPG mines and central mill are budgeted at $18.5 million which includes several vertical shafts, declines and raises totaling 7,000 metres ($5.6 million), 40,000 metres of horizontal tunnels for development and mining exploration ($7 million), 1,500 metres of ramps ($1.2 million), a new tailing facility ($2 million), and equipment as well as surface facilities ($2.7 million).</P>
<LI>
<P align=justify>The exploration expenditure for a 171,000 metre underground drilling program at the four mines of the Ying Camp is estimated to be $8.5 million.</P>
</LI></UL>
<P style="TEXT-ALIGN: justify"><I>The GC Project</I></P>
<UL style="MARGIN: 16px">
<LI>
<P align=justify>The capital expenditures for fiscal 2012 are budgeted at $22.5 million, which includes a 1,500 tonne per day mill and tailing dam ($12 million), land-usage rights ($5 million), a 1,500 metre ramp ($1.2 million), a 500 metre shaft ($1.5 million) and surface facilities ($2.8 million). By the end of fiscal 2012, it is expected that the GC project will achieve a 700 tonne per day mining capacity and a 1,500 tonne per day milling capacity. In order to bring the project into full mining production of 1,500 tonnes per day, further capital expenditures will be required for fiscal 2013 which are expected to be partially financed through cash flows generated from the GC project.</P>
<LI>
<P align=justify>As the Company has successfully obtained its mining permit for the GC project, drilling will resume in fiscal 2012. A 20,000 metre surface diamond drilling program is budgeted at $2.5 million.</P>
</LI></UL>
<P style="TEXT-ALIGN: justify"><I>The BYP Mine</I></P>
<UL style="MARGIN: 16px">
<LI>
<P align=justify>The capital expenditures for fiscal 2012 are budgeted at $12 million. In order to achieve an initial mining and milling capacity of 400 tonnes per day, or a total of 130,000 tonnes of ore for fiscal 2012, the Company will upgrade the existing 400 tonne per day floatation mill ($1.5 million), build a cement back-filling facility ($1.5 million), complete about 7,000 metres of mine development tunnels ($1.5 million), and acquire land usage rights and build surface facilities including roads, an office, accommodations and a laboratory ($2.5 million), for a total of $7 million of capital expenditures. In addition, to achieve a production capacity of 1,000 tonnes per day starting in fiscal 2013, the Company will spend $5 million to expand the 400 tonne per day mill to a 1,000 tonne per day capacity ($3.0 million) and develop 1,500 metres of ramp and access tunnels ($2 million) to allow mechanized mining in the future.</P>
<LI>
<P align=justify>The exploration expenditures for a 50,000 metre underground and surface drilling program are estimated to cost $3 million.</P>
</LI></UL>
<P style="TEXT-ALIGN: justify"><B>Silvertip project in Canada</B></P>
<P style="TEXT-ALIGN: justify">The Company has budgeted $2 million to complete the ongoing environmental assessment study, to prepare and submit an application for a Small Mine Permit, and to complete a feasibility study for the project.</P>
<P style="TEXT-ALIGN: justify">In addition to the aggressive exploration program carried out by the Company to grow the resources and reserves in its operating projects, Silvercorp continually seeks acquisition opportunities in China and other jurisdictions.</P>
<P style="TEXT-ALIGN: center">5</P>
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<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="20%"></TD>
     <TD width="80%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Date:</TD>
     <TD align=left><B>Wednesday, February 9, 2011</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Time:</TD>
     <TD align=left><B>8:00 am PT (11:00 am ET)</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Dial-In Number:</TD>
     <TD align=left><B>1-612-234-9959</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Live audio webcast:</TD>
     <TD align=left><B>www.silvercorp.ca (click on the link on the home page)</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>Playback webcast can be accessed at: </TD>
     <TD align=left><B>www.silvercorp.ca</B></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 of the four silver-lead-zinc mines at the Ying Mining Camp in the Henan Province of China. Silvercorp is currently building the GC silver-lead-zinc project in Guangdong Province as its second China production base and foothold, and this will be followed by the third production foothold at the recently acquired BYP gold-lead-zinc project in Hunan Province. In Canada, Silvercorp is preparing to apply for a Small Mine Permit for the Silvertip high grade silver-lead-zinc mine project in northern British Columbia to provide a further 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., 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">Certain of the statements and information in this press release constitute &#147;forward-looking statements&#148; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &#147;forward-looking information&#148; within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as &#147;expects&#148;, &#147;is expected&#148;, &#147;anticipates&#148;, &#147;believes&#148;, &#147;plans&#148;, &#147;projects&#148;, &#147;estimates&#148;, &#147;assumes&#148;, &#147;intends&#148;, &#147;strategies&#148;, &#147;targets&#148;, &#147;goals&#148;, &#147;forecasts&#148;, &#147;objectives&#148;, &#147;budgets&#148;, &#147;schedules&#148;, &#147;potential&#148; or variations thereof or stating that certain acti
ons, events or results &#147;may&#148;, &#147;could&#148;, &#147;would&#148;, &#147;might&#148; or &#147;will&#148; be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company&#146;s material properties; the sufficiency of the Company&#146;s capital to finance the Company&#146;s operations; estimates of the Company&#146;s revenues and capital expenditures; estimated production from the Company&#146;s mines in the Ying Mining Camp; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company&#146;s operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company&#146
;s properties.</P>
<P style="TEXT-ALIGN: justify">Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; First Nations title claims and rights; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into t
he Company&#146;s existing operations; competition; operations and political conditions; regulatory environment in China and Canada; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting as per the requirements of the Sarbanes-Oxley Act; and bringing actions and enforcing judgments under U.S. securities laws.</P>
<P style="TEXT-ALIGN: center">6</P>
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<P style="TEXT-ALIGN: justify">This list is not exhaustive of the factors that may affect any of the Company&#146;s forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company&#146;s Annual Information Form for the year ended March 31, 2010 under the heading &#147;Risk Factors&#148;. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.</P>
<P style="TEXT-ALIGN: justify">The Company&#146;s forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management&#146;s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.</P>
<P style="TEXT-ALIGN: center">7</P>
</DIV><BR>
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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 align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Consolidated Balance Sheets - Unaudited</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>(Expressed in thousands of U.S. dollars)</I></TD></TR></TABLE></DIV>
<br>
<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="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><B>December 31, 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>March 31, 2010</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>ASSETS</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=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</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></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Current Assets</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>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Cash and cash equivalents</P>
</TD>
     <TD noWrap align=right><B>$</B></TD>
     <TD noWrap align=right><B>196,428</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>$</TD>
     <TD noWrap align=right>50,618</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Short term investments</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>27,317</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>43,773</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Accounts receivable, prepaids and deposits</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>8,153</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>2,474</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Inventories</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4,105</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>3,175</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Current portion of future income tax assets</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>359</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>112</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Amounts due from related parties</P>
</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>49</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>138</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>236,411</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>100,290</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Long term prepaids and deposits</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>2,272</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>505</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Long term investments</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>43,530</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>15,106</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Restricted cash</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>79</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>78</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Plant and equipment</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>33,744</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>29,024</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Mineral rights and properties</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>158,155</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>133,248</TD>
     <TD noWrap align=right>&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></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>1,125</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>1,203</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&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></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>475,316</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>279,454</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>LIABILITIES</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Current Liabilities</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>15,459</B></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=right>7,504</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Deposits received</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>2,873</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>6,737</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Bank loan and notes payable</P>
</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>1,465</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Current portion of asset retirement obligations</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>316</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>292</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Dividends payable</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,511</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>3,238</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Income tax payable</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>4,901</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,658</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Current portion of future income tax liabilities</P>
</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>82</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>-</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>27,142</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>20,894</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Future income tax liabilities</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>20,879</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>19,475</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Asset retirement obligations</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>2,552</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>2,357</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>50,573</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>42,726</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Non-controlling interests</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>29,308</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>21,738</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>SHAREHOLDERS' EQUITY</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=right>&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>Share capital</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>263,181</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>145,722</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Contributed surplus</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4,587</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>4,702</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Reserves</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>31,893</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>31,893</TD>
     <TD noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Accumulated other comprehensive income</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>31,552</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>14,910</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Retained earnings</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>64,222</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>17,763</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&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>395,435</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>214,990</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></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></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>475,316</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>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>279,454</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">8</P>
</DIV><BR>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Consolidated Statements of Operations - Unaudited</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>(Expressed in thousands of U.S. dollars, except for per share figures)</I></TD></TR></TABLE></DIV>
<br>
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     <TD width="44%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
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     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
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     <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 December 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>Nine months ended December 31,</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></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 height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Sales</B></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=right><B>51,838</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>$</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>31,283</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>124,905</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>$</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>78,940</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Cost of sales</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>9,983</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>6,010</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>26,882</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>16,157</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>Depreciation, amortization and depletion</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>1,820</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>1,043</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>4,869</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>2,796</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>11,803</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>7,053</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>31,751</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>18,953</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Gross profit</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>40,035</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>24,230</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>93,154</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>59,987</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</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>
     <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>Expenses</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>&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>
       <P style="MARGIN-LEFT: 4%">Accretion of asset retirement obligations</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>42</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>32</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>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>93</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
       <P style="MARGIN-LEFT: 4%">Amortization</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>157</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>407</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>460</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>776</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
       <P style="MARGIN-LEFT: 4%">Foreign exchange loss (gain)</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1,342</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>791</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>1,174</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(643</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
       <P style="MARGIN-LEFT: 4%">General exploration and property investigation expenses</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>58</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>941</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>2,493</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>4,207</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
       <P style="MARGIN-LEFT: 4%">Impairment charges and bad debt</P>
</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>698</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
       <P style="MARGIN-LEFT: 4%">Investor relations</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>174</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>131</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>345</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>312</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
       <P style="MARGIN-LEFT: 4%">General and administrative</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>3,647</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>2,688</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>11,145</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>7,221</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>
       <P style="MARGIN-LEFT: 4%">Professional fees</P>
</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>185</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>201</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>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>1,439</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>5,605</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>5,191</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>16,498</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>14,103</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>34,430</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>19,039</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>76,656</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>45,884</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></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="BACKGROUND-COLOR: #e6efff" noWrap align=left>
       <P style="MARGIN-LEFT: 4%">Equity loss on investment in NUX</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(131</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(107</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=right><B>(227</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(325</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
       <P style="MARGIN-LEFT: 4%">Dilution gain on investment in NUX</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>3,332</B></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><B>4,726</B></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></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
       <P style="MARGIN-LEFT: 4%">Gain on disposal of mineral rights and properties</P>
</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>-</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>537</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
       <P style="MARGIN-LEFT: 4%">Loss on disposal of plant and equipment</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(201</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(244</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>(650</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(1,371</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
       <P style="MARGIN-LEFT: 4%">Unrealized gain (loss) on held-for-trading securities</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,668</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>(10</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=right><B>3,745</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>(22</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
       <P style="MARGIN-LEFT: 4%">Gain on disposal of long term investments</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>366</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>366</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></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
       <P style="MARGIN-LEFT: 4%">Interest expenses</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(10</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(40</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</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></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
       <P style="MARGIN-LEFT: 4%">Interest income</P>
</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>394</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>237</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>985</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>635</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>
       <P style="MARGIN-LEFT: 4%">Other income</P>
</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>135</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>72</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>331</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>285</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>7,553</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(52</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>9,773</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>(798</TD>
     <TD noWrap align=left>)</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Income before income taxes and non-controlling interests</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>41,983</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>18,987</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B>86,429</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>45,086</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B>Income tax expense (recovery)</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>&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="BACKGROUND-COLOR: #e6efff" noWrap align=left><P style="MARGIN-LEFT: 4%">Current</P></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>5,835</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>2,556</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>13,359</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>6,074</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><P style="MARGIN-LEFT: 4%">Future</P></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(735</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>125</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>606</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>351</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>5,100</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>2,681</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>13,965</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>6,425</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Income before non-controlling interests</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>36,883</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>16,306</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>72,464</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>38,661</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Non-controlling interests</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>(7,148</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><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=right>(3,897</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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>(16,177</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><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=right>(9,874</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Net income</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>29,735</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>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>12,409</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>56,287</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>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>28,787</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Basic earnings per share</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.18</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>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>0.08</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.34</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>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>0.18</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Diluted earnings per share</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>0.18</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>0.08</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>0.34</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>0.18</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></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>166,965,680</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>162,379,441</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>165,541,533</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>161,853,198</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></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>168,535,816</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>163,912,759</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>166,800,884</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>163,487,318</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">9</P>
</DIV><BR>
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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 align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Consolidated Statements of Cash Flows - Unaudited</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>(Expressed in thousands of U.S. dollars)</I></TD></TR></TABLE></DIV>
<br>
<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 December 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>Nine months ended December 31,</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" 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=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></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></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="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Net income for the period</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>29,735</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>12,409</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>56,287</B></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=right>28,787</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Add (deduct) items not affecting cash :</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Accretion of asset retirement obligations</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>42</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>32</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><B>122</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>93</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Depreciation, amortization and depletion</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>1,977</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,450</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>5,329</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>3,572</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Equity loss on investment in NUX</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>131</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>107</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><B>227</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>325</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Dilution gain on investment in NUX</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(3,332</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(4,726</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Future income tax expenses (recovery)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(735</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>125</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><B>606</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>351</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Impairment charges and bad debt</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</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>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>698</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Unrealized loss (gain) on held-for-trading securities</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(3,668</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>10</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><B>(3,745</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>22</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Gain on disposal of long term investments</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(366</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(366</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>-</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Gain on disposal of mineral rights and properties</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&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><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><B>(537</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></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=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Loss on disposal of plant and equipment</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>201</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>244</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>650</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,371</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Non-controlling interests</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7,148</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>3,897</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><B>16,177</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>9,874</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Stock-based compensation</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>522</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>423</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>1,749</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>1,322</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Unrealized foreign exchange loss (gain)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(77</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>48</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><B>117</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>(970</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Changes in non-cash working capital</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>469</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>(2,819</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(1,966</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(3,221</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 4%"><B>Cash provided by operating activities</B></P>
</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>32,047</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>15,926</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><B>69,924</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>42,224</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Investing activities</B></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=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=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=right>&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>
  <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Acquisition and capital expenditures</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(8,460</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(3,290</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(20,378</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(11,031</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Proceeds on disposals</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</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>&nbsp;</TD>
     <TD noWrap align=right><B>537</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></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Plant and equipment</P>
</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=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=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=right>&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>
  <P style="MARGIN-LEFT: 8%">Acquisition</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(2,804</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(574</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(6,210</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(1,382</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Proceeds on disposals</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&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>14</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><B>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>133</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Long-term investments</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Acquisition</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(8,319</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(10,338</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,323</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Proceeds on disposals</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>1,113</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>&nbsp;</TD>
     <TD noWrap align=right><B>1,113</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></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Net redemption (purchase) of short term investments</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>16,900</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>(4,532</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>17,109</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>(5,251</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Prepayments to acquire plant and equipment</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(955</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>1,360</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><B>(2,187</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>)</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(638</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 4%"><B>Cash used in investing activities</B></P>
</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>(2,525</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></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>(7,022</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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>(20,353</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></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>(19,492</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Financing activities</B></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=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=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=right>&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>
  <P style="MARGIN-LEFT: 4%">Advances to related parties, net of repayments received</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>8</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>49</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>313</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(56</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Bank loan and notes payable</P>
</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=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=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=right>&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>
  <P style="MARGIN-LEFT: 8%">Proceeds</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>-</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>&nbsp;</TD>
     <TD noWrap align=right><B>-</B></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>2,927</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Repayments</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&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=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(1,473</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(658</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Non-controlling interests</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Distribution</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(10,582</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(3,898</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(10,582</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(7,191</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Cash dividends distributed</P>
</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(3,233</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(3,366</TD>
     <TD noWrap align=left>)</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><B>(9,607</B></TD>
     <TD noWrap align=left><B>)</B></TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right>(8,898</TD>
     <TD noWrap align=left>)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>
  <P style="MARGIN-LEFT: 4%">Capital stock</P>
</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=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=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=right>&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="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>
  <P style="MARGIN-LEFT: 8%">Proceeds from issuance of common shares</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>111,934</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>770</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><B>113,951</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>828</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>
  <P style="MARGIN-LEFT: 4%"><B>Cash provided by (used in) financing activities</B></P>
</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>98,127</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>(6,445</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</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>92,602</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>(13,048</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Effect of exchange rate changes on cash and cash equivalents</B></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>2,516</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>1,228</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><B>3,637</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>2,349</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Increase in cash and cash equivalents</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>130,165</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>3,687</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><B>145,810</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>12,033</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Cash and cash equivalents, beginning of period</B></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>66,263</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>49,816</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><B>50,618</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>41,470</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD noWrap align=left><B>&nbsp;</B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=right><B></B></TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
  <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Cash and cash equivalents, end of period</B></TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>196,428</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>$</TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>53,503</TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>196,428</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>$</TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>53,503</TD>
  <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>
</TABLE></DIV>
<P style="TEXT-ALIGN: center">10</P>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

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<A name="page_11"></A><BR>
<a name="_bclPageBorder11"></a><DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<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 align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Mining Data</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I></TD></TR></TABLE></DIV>
<br>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''''''Times New Roman''''''''''''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="46%"></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 align=left bgColor=#993300><B><FONT color=#ffffff>Q3 Fiscal 2011</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=left bgColor=#993300 colSpan=11><B><FONT color=#ffffff>Three months ended December 31, 2010</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>YING</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>HPG&amp;LM</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Production Data</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,640</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>71</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,711</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Stockpiled Ore (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>82,101</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>22,216</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>59,184</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>163,502</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>85,741</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>22,287</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>59,184</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>167,213</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,640</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>71</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,711</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Ore Milled (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>81,700</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>19,644</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>56,473</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>157,817</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>85,340</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>19,715</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>56,473</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>161,528</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B></B></P>
</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>64.12</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>67.06</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>46.50</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>58.28</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD align=right><B>49.85</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>58.15</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>42.33</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>48.30</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>14.27</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>8.91</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4.17</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>9.98</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Unit shipping costs ($)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.59</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.02</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.26</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.40</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B></B></P>
</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>13.89</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>13.21</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>13.56</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>13.69</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD align=right><B>12.22</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11.81</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>12.06</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>12.11</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.67</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.40</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.50</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.58</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>3.37</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>8.48</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>10.74</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>4.63</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>145.84</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>407.64</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>211.60</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.15</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.36</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.47</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.20</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.12</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.29</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.37</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.16</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=left><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left><B></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(7.67</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(2.13</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.96</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(5.93</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P>
</TD>
     <TD align=right><B>(8.76</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(3.90</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2.37</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(7.13</B></TD>
     <TD align=left><B>)</B></TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B></B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>92.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>92.7</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>85.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>92.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD align=right><B>96.6</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>95.4</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>88.4</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>95.3</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>(</I></B><I>%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>70.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>67.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>71.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>70.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P>
</TD>
     <TD align=right><B>499.0</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>186.0</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>125.0</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>330.0</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>8.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>5.7</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P>
</TD>
     <TD align=right><B>2.9</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.6</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.8</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.8</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Sales Data</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD align=right><B>1,241</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>105</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>177</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,523</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.4</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.4</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pound)</I></P>
</TD>
     <TD align=right><B>14,862</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,618</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2,314</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>18,795</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,954</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>167</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>671</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4,791</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($)</I></P>
</TD>
     <TD align=right><B>25,248</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2,142</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3,610</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>31,000</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>392</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>359</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>752</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B>($)</P>
</TD>
     <TD align=right><B>13,263</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,418</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2,071</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>16,752</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>2,750</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>117</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>467</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>3,334</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>41,653</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>4,036</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>6,149</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>51,838</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>20.34</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>20.49</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>20.39</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>20.36</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>881.35</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>985.07</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>946.61</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.89</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.88</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.89</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.89</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.70</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.70</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.70</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.70</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">11</P>
</DIV><BR>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Mining Data</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I></TD></TR></TABLE></DIV>
<br><DIV align=left>
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<TR>
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     <TD align=left bgColor=#993300><B><FONT color=#ffffff>Q3 Fiscal 2010</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=left bgColor=#993300 colSpan=11><B><FONT color=#ffffff>Three months ended December 31, 2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>YING</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>HPG&amp;LM</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
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     <TD align=left></TD>
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<TR vAlign=bottom>
     <TD align=left><B>Production Data</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,357</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>72</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,428</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Stockpiled Ore (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>82,711</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>17,200</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>15,995</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>115,907</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>86,068</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>17,272</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>15,995</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>119,335</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,357</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>72</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,428</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Ore Milled (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>70,776</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>14,943</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>1,313</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>87,032</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>74,133</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>15,015</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>1,313</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>90,460</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>56.90</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>59.96</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>60.40</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>57.81</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD align=right><B>45.75</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>56.10</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>58.30</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>48.93</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.15</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.86</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.10</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>8.88</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Unit shipping costs ($)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.60</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.78</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.80</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.38</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.48</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.94</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>61.21</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>12.28</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD align=right><B>10.45</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>10.85</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>44.28</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11.01</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.02</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.09</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>16.92</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.27</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>2.58</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>5.63</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>13.10</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2.93</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>83.44</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>288.55</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>128.91</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.15</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.31</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.87</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.17</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.13</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.24</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.14</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=left><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B></B></TD>
     <TD align=left><B></B></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(7.47</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(2.16</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>15.00</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(6.87</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P>
</TD>
     <TD align=right><B>(8.36</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(2.71</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>14.00</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(7.73</B></TD>
     <TD align=left><B>)</B></TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>91.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>85.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>86.4</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>92.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD align=right><B>95.8</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>94.0</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>90.5</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>96.7</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>(</I></B><I>%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>76.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>75.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>75.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P>
</TD>
     <TD align=right><B>488.5</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>235.7</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>86.9</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>440.8</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>9.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>5.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.7</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>8.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P>
</TD>
     <TD align=right><B>3.4</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.9</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3.0</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Sales Data</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD align=right><B>1,086</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>133</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,220</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.2</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.5</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pound)</I></P>
</TD>
     <TD align=right><B>14,327</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,873</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>16,211</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4,038</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>416</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4,454</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($)</I></P>
</TD>
     <TD align=right><B>14,094</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,739</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>15,844</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>84</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>219</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>303</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B>($)</P>
</TD>
     <TD align=right><B>10,917</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,358</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>8</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>12,283</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>2,618</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>235</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>-</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right><B>2,853</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>27,713</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>3,551</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>19</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>31,283</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>12.98</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>13.11</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11.00</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>12.99</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>420.00</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>671.78</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>571.70</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.76</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.72</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.73</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.76</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.65</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.56</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.64</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">12</P>
</DIV><BR>
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<TR>
     <TD width="100%"></TD></TR>
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     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Mining Data</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I></TD></TR></TABLE></DIV>
<br>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''Times New Roman''''''''" cellSpacing=0 border=0>
<TR>
     <TD width="46%"></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 align=left bgColor=#993300><B><FONT color=#ffffff>Q3 Fiscal 2011</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=left bgColor=#993300 colSpan=11><B><FONT color=#ffffff>Nine months ended December 31, 2010</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>YING</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>HPG&amp;LM</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Production Data</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>9,996</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>196</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10,202</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Stockpiled Ore (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>244,161</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>55,159</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>157,117</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>456,437</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>254,157</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>55,355</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>157,127</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>466,639</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD align=right><B>9,996</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>196</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>10</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>10,202</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Ore Milled (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>243,593</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>53,568</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>153,907</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>451,068</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>253,589</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>53,764</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>153,917</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>461,270</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD align=right><B>58.06</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>64.45</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>38.57</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>52.25</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>45.49</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>57.07</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>34.63</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>43.20</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P>
</TD>
     <TD align=right><B>12.57</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>7.38</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3.94</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>9.05</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Unit shipping costs ($)</B></P>
</TD>
     <TD align=right><B>3.57</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3.23</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3.24</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3.42</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD align=right><B>13.30</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>12.84</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>13.30</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>13.25</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.63</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.43</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.67</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.62</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD align=right><B>1.67</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.41</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.63</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.63</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.11</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>7.89</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>8.87</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4.18</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>160.08</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>436.66</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>447.24</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>222.62</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.15</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.38</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.44</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.21</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.12</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.29</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.35</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.17</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P>
</TD>
     <TD align=right><B>(6.83</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(0.97</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.74</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(5.46</B></TD>
     <TD align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(7.87</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(2.42</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.03</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(6.60</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P>
</TD>
     <TD align=right><B>92.3</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>87.3</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>87.9</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>91.2</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>96.4</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>94.7</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>88.6</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>95.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>(</I></B><I>%)</I></P>
</TD>
     <TD align=right><B>70.1</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>60.3</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>70.4</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>69.5</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>476.8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>229.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>135.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>322.8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD align=right><B>8.1</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.8</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2.1</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>5.8</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.6</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>1.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>Sales Data</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,484</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>275</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>494</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4,253</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD align=right><B>1.1</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.9</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.2</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2.2</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>42,578</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4,423</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>7,625</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>54,626</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pound)</I></P>
</TD>
     <TD align=right><B>10,834</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>435</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,822</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>13,091</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>57,197</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>4,582</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>8,171</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>69,950</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($)</I></P>
</TD>
     <TD align=right><B>901</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>803</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>158</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1,862</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>34,792</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,547</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>6,225</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>44,564</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>7,060</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>264</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>1,205</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>8,529</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>99,950</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>9,196</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>15,759</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>&nbsp;</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>124,905</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>16.42</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>16.68</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>16.54</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>16.46</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>844.03</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>923.83</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>834.28</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>889.71</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.82</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.80</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.82</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.81</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.65</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.61</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.66</B></TD>
     <TD align=right><B></B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.65</B></TD>
     <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">13</P>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>


<!--$$/page=-->
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<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>SILVERCORP METALS INC.</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Mining Data</B></TD></TR>
<TR vAlign=bottom>
     <TD align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I></TD></TR></TABLE></DIV>
<br>
<DIV align=left>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: '''''''Times New Roman'''''''" cellSpacing=0 border=0>
<TR>
     <TD width="46%"></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 align=left bgColor=#993300><B><FONT color=#ffffff>Q3 Fiscal 2010</FONT></B></TD>
     <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=left bgColor=#993300 colSpan=11><B><FONT color=#ffffff>Nine months ended December 31, 2009</FONT></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>YING</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>HPG&amp;LM</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300>&nbsp;</TD>
     <TD align=right bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>
     <TD align=left bgColor=#993300>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left><B>Production Data</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Ore Mined</B><I>(tonne)</I></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10,680</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>216</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10,904</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Stockpiled Ore (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>244,899</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>42,193</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>27,724</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B>314,816</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>255,579</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>42,409</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>27,732</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>325,720</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore (tonne)</B></P>
</TD>
     <TD align=right><B>10,680</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>217</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>8</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>10,904</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Ore Milled (tonne)</B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>228,763</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>31,461</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>2,844</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>263,070</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>239,443</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>31,678</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>2,852</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>273,974</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined</B>($)</P>
</TD>
     <TD align=right><B>54.83</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>56.90</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>64.43</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>55.91</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined</B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>44.77</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>54.43</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>61.53</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>47.45</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined</B>($)</P>
</TD>
     <TD align=right><B>10.06</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2.46</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2.90</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>8.46</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Unit shipping costs($)</B></P>
</TD>
     <TD align=right><B>3.53</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3.08</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>2.88</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>3.42</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled</B>($)</P>
</TD>
     <TD align=right><B>11.24</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11.76</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>34.40</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11.53</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10.23</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10.73</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>26.01</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10.45</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P>
</TD>
     <TD align=right><B>1.00</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.03</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>8.38</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.08</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.54</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>5.11</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.16</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.72</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>101.90</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>279.58</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>140.05</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead</B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.15</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.28</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.20</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.16</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.12</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.21</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.13</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P>
</TD>
     <TD align=right><B>(5.70</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(4.29</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(3.00</B></TD>
     <TD align=left><B>)</B></TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>(5.61</B></TD>
     <TD align=left><B>)</B></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(6.51</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(4.79</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(3.25</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>(6.40</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>)</B></TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P>
</TD>
     <TD align=right><B>91.3</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>86.4</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>85.4</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>92.6</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>95.4</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>92.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>90.1</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>96.4</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>(</I></B><I>%)</I></P>
</TD>
     <TD align=right><B>75.8</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>72.3</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>75.7</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>476.3</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>195.0</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>91.7</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>439.5</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P>
</TD>
     <TD align=right><B>8.7</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>5.4</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>4.8</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>8.4</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3.2</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.8</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2.9</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD align=left><B></B></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD>
     <TD align=left></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B>Sales Data</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,327</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>203</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>15</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,545</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounce)</I></P>
</TD>
     <TD align=right><B>0.4</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.7</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.0</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1.1</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead</B><I>(in thousands of pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>43,428</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>3,824</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>201</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>47,453</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pound)</I></P>
</TD>
     <TD align=right><B>11,324</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>669</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>11,993</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left><B></B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left></TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>37,500</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2,443</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>160</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>40,103</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold</B><I>($)</I></P>
</TD>
     <TD align=right><B>190</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>474</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>1</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>665</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead</B>($)</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>28,952</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>2,504</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>134</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>31,590</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($)</I></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>6,244</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>338</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>-</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>6,582</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>72,886</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>5,759</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>295</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=right><B>78,940</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P>
</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.27</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>12.03</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>10.39</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>11.31</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Gold</B><I>($ per ounce)</I></P>
</TD>
     <TD align=right><B>452.38</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>658.33</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>583.33</B></TD>
     <TD align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>
<P style="MARGIN-LEFT: 8%"><B>Lead</B><I>($ per pound)</I></P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.67</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.65</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.67</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=right><B>0.67</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=left>
<P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P>
</TD>
     <TD align=right><B>0.55</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.51</B></TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right>-</TD>
     <TD align=left>&nbsp;</TD>
     <TD align=right>&nbsp;</TD>
     <TD align=right><B>0.55</B></TD>
     <TD align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center">14</P>
</DIV><BR>
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<SEQUENCE>8
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
