<SEC-DOCUMENT>0001176256-11-000628.txt : 20110811
<SEC-HEADER>0001176256-11-000628.hdr.sgml : 20110811
<ACCEPTANCE-DATETIME>20110811144952
ACCESSION NUMBER:		0001176256-11-000628
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20110809
FILED AS OF DATE:		20110811
DATE AS OF CHANGE:		20110811

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:		111027406

	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>silvercorp6kq1110630.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER FOR AUGUST 9, 2011
<TEXT>

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   <TITLE>Filed by e3 Filing, Computershare 1-800-973-3274 - Silvercorp Metals Inc. - Form 6-K</TITLE>
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<P style="TEXT-ALIGN: center"><B><FONT size=4>UNITED STATES<BR></FONT></B><FONT size=4><B>SECURITIES AND EXCHANGE COMMISSION<BR></B></FONT><B>Washington, D.C. 20549</B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=5>FORM 6-K</FONT></B></P>

<P style="TEXT-ALIGN: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P style="TEXT-ALIGN: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 OF<BR>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P style="TEXT-ALIGN: center">August 9, 2011</P>

<P style="TEXT-ALIGN: center">Commission File No. 0001-34184</P>

<P style="TEXT-ALIGN: center"><B><U><FONT size=6>SILVERCORP METALS INC.<BR></FONT></U></B>(Translation of registrant's name into English)</P>

<P style="TEXT-ALIGN: center"><B>Suite 1378 - 200 Granville Street<BR></B><B><U>Vancouver, BC Canada V6C 1S4<BR></U></B>(Address of principal executive office)</P>

<P style="TEXT-ALIGN: center">[Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F]</P>

<P style="TEXT-ALIGN: center">Form 20-F [&nbsp;&nbsp; ] Form 40-F [ X ]</P>

<P style="TEXT-ALIGN: center">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) [&nbsp;&nbsp; ]</P>

<P style="TEXT-ALIGN: center"><B>Note: </B>Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</P>

<P style="TEXT-ALIGN: center">Indicate by check mark if the registrant is "submitting" the Form 6-K in paper as permitted by Regulation S-T "Rule" 101(b)(7) [&nbsp;&nbsp; ]</P>

<P style="TEXT-ALIGN: center"><B>Note: </B>Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</P>

<P style="TEXT-ALIGN: center">Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</P>

<P style="TEXT-ALIGN: center">Yes [&nbsp;&nbsp;&nbsp;] No [&nbsp;X&nbsp;]</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>
<P style="TEXT-ALIGN: center">1</P>
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<P style="TEXT-ALIGN: justify"><B>SIGNATURE</B></P>

<P style="TEXT-ALIGN: justify">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

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   <TD noWrap align=left width="50%">Dated: August 9, 2011</TD>

   <TD noWrap align=left width="50%"><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>
  <TD noWrap align=left>&nbsp;</TD>
  <TD noWrap align=left>&nbsp;</TD>
</TR>
<TR vAlign=bottom>

   <TD noWrap align=left width="50%">&nbsp;</TD>

   <TD noWrap align=left width="50%"><U>/s/ Lorne Waldman</U></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%">&nbsp;</TD>

   <TD noWrap align=left width="50%">Lorne Waldman</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%">&nbsp;</TD>

   <TD noWrap align=left width="50%">Corporate Secretary</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">2</P>

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<P style="TEXT-ALIGN: center">EXHIBIT INDEX</P>

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   <TD width="8%"></TD>

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   <TD noWrap align=left width="8%"><U>EXHIBIT</U></TD>

   <TD noWrap align=center width="92%"><U>DESCRIPTION OF EXHIBIT</U></TD></TR>

<TR height=20>

   <TD noWrap align=left width="8%"><U></U></TD>

   <TD noWrap align=left width="92%">&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" vAlign=top noWrap align=left width="8%"><a href="exhibit99-1.htm">99.1</a></TD>

   <TD style="BACKGROUND-COLOR: #ececec" vAlign=top align=left width="92%"><a href="exhibit99-1.htm">News Release- SILVERCORP REPORTS NET INCOME UP 82% TO $25.6 MILLION OR $0.15 PER SHARE AND CASH FLOW UP 46% TO $33.9 MILLION OR $0.19 PER SHARE FOR 1ST QUARTER OF FISCAL 2012</a></TD></TR>
   <TR vAlign=bottom>

   <TD vAlign=top noWrap align=left width="8%"><a href="exhibit99-2.htm">99.2</a></TD>

   <TD  vAlign=top align=left width="92%"><a href="exhibit99-2.htm">Silvercorp Metals Inc. Financial Statements for the 1st Quarter ended June 30, 2011</a></TD></TR>
   <TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" vAlign=top noWrap align=left width="8%"><a href="exhibit99-3.htm">99.3</a></TD>

   <TD style="BACKGROUND-COLOR: #ececec" vAlign=top align=left width="92%"><a href="exhibit99-3.htm">Silvercorp Metals Inc. MD&A for the 1st Quarter ended June 30, 2011</a></TD></TR>
   <TR vAlign=bottom>

   <TD  vAlign=top noWrap align=left width="8%"><a href="exhibit99-4.htm">99.4</a></TD>

   <TD  vAlign=top align=left width="92%"><a href="exhibit99-4.htm">Form 52-109F2 Certificate of interim filings- full certificate- CFO</a></TD></TR>
   <TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" vAlign=top noWrap align=left width="8%"><a href="exhibit99-5.htm">99.5</a></TD>

   <TD style="BACKGROUND-COLOR: #ececec" vAlign=top align=left width="92%"><a href="exhibit99-5.htm">Form 52-109F2 Certificate of interim filings- full certificate- CEO</a></TD></TR>
   <TR vAlign=bottom>

   <TD vAlign=top noWrap align=left width="8%"><a href="exhibit99-6.htm">99.6</a></TD>

   <TD vAlign=top align=left width="92%"><a href="exhibit99-6.htm">News Release- SILVERCORP ANNOUNCES FIRST QUARTER DIVIDEND OF CAD$0.02</a></TD></TR>

</TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><P style="TEXT-ALIGN: center">3</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>NEWS RELEASE DATED AUGUST 3, 2011
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   <TITLE>Exhibit 99.1</TITLE>
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<div align="right"><strong>Exhibit 99.1</strong> <A name="page_1"></A><BR>

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   <TD vAlign=center noWrap align=left width="90%" rowSpan=7>
   <IMG src="exhibit99-1x1x1.jpg">&nbsp;</TD>

   <TD noWrap align=left width="10%">Suite 1378 &#8211; 200 Granville Street</TD></TR>

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   <TD noWrap align=left width="10%">Vancouver, BC, Canada V6C 1S4</TD></TR>

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   <TD noWrap align=left width="10%"><FONT style="COLOR: #7f0000">Tel:</FONT> <FONT style="COLOR: #000000">604-669-9397</FONT></TD></TR>

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   <TD noWrap align=left width="10%"><FONT style="COLOR: #7f0000">Fax:</FONT> <FONT style="COLOR: #000000">604-669-9387</FONT></TD></TR>

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   <TD noWrap align=left width="10%"><FONT style="COLOR: #7f0000">Toll Free Tel:</FONT> <FONT style="COLOR: #000000">1-888-224-1881</FONT></TD></TR>

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   <TD noWrap align=left width="10%"><FONT style="COLOR: #7f0000">Email:</FONT> <FONT style="COLOR: #000000">info@silvercorp.ca</FONT></TD></TR>

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   <TD noWrap align=left width="10%"><FONT style="COLOR: #7f0000">Website:</FONT> <FONT style="COLOR: #000000">www.silvercorp.ca</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><B>PRESS RELEASE</B></P>
<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''''''''''''''''''''Times New Roman''''''''''''''''''''''''''''''''" cellSpacing=0 border=0>
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     <TD noWrap align=left width="15%"><B>Trading Symbol: </B></TD>
     <TD noWrap align=left width="25%"><B>TSX: SVM</B></TD>
     <TD noWrap align=right width="60%"><B>August 3, 2011</B>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 21px" noWrap align=left width="15%"></TD>
     <TD noWrap align=left width="25%"><B>NYSE: SVM</B></TD>
     <TD noWrap align=left width="60%">&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><B><U>SILVERCORP REPORTS NET INCOME UP 82% TO $25.6 MILLION OR $0.15 PER SHARE AND CASH FLOW UP 46% TO $33.9 MILLION OR $0.19 PER SHARE FOR 1</U></B><B><U><SUP>ST </SUP></U></B><B><U>QUARTER OF FISCAL 2012</U></B></P>

<P style="TEXT-ALIGN: justify"><B>VANCOUVER, British Columbia &#8211; August 3, 2011 &#8211; Silvercorp Metals Inc. </B>(&#8220;Silvercorp&#8221; or the &#8220;Company&#8221;) today reported its unaudited financial and operating results for the first quarter ended June 30, 2011 (&#8220;Q1 2012&#8221;). Record silver production, coupled with increasing silver prices, resulted in record quarterly sales. The following financial results are expressed in US dollars (US$) unless stated otherwise.</P>
<P style="TEXT-ALIGN: justify"><B><U>FIRST QUARTER HIGHLIGHTS</U></B></P>

<UL>

<LI>

<P align=justify>Record sales of $69.7 million, representing a 90% increase compared to $36.7 million in the first quarter of fiscal year 2011 (&#8220;Q1 2011&#8221;);</P>

<LI>

<P align=justify>Record silver production of 1.6 million ounces, a 15% increase compared to 1.4 million ounces in Q1 2011; and gold production of 1,390 ounces, a 30% increase compared to Q1 2011. Silver and gold sales accounted for 71% of the total sales in the quarter;</P>

<LI>

<P align=justify>Net income of $25.6 million, or $0.15 per share, an 82% increase compared to $14.1 million, or $0.09 per share, in Q1 2011;</P></LI>
<LI>
  <P align=justify>Cash flow from operations of $33.9 million, or $0.19 per share, increased 46% from $23.2 million, or $0.14 per share, in Q1 2011;</P></LI>
<LI>

<P align=justify>Silvercorp continues to maintain its low cost producer status with a cash production cost per ounce of silver of negative $6.12;</P></LI>

<LI>

<P align=justify>Completed reserve and resource updates for the Ying Mining District, the BYP Mine and the Silvertip Project, reporting 24% year over year Measured &amp; Indicated silver equivalent resource growth;</P></LI>

<LI>

<P align=justify>Paid cash dividends of CAD$0.02 per share, totaling $3.6 million for the quarter; and</P></LI>

<LI>

<P align=justify>Increased total cash and short term investments to $230.5 million.</P></LI></UL>

<P style="TEXT-ALIGN: justify"><B><U>FINANCIALS</U></B></P>

<P style="TEXT-ALIGN: justify">In Q1 2012, net income attributable to the shareholders of the Company was $25.6 million, or $0.15 per share, an 82% increase from net income of $14.1 million, or $0.09 per share, in the same quarter last year.</P>

<P style="TEXT-ALIGN: justify">The Company achieved record sales of $69.7 million, a 90% increase from $36.7 million in the same quarter last year. The increase in sales was primarily from higher metal prices, combined with an increase in the quantity of metals produced and sold. Gross profit margin improved to 80% from 72% in Q1 2011. Cost of sales was $14.1 million, a 38% increase compared to a year ago, which was mainly due to increased quantities of metals sold.</P>

<P style="TEXT-ALIGN: center">1</P>
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<P style="TEXT-ALIGN: justify">General and administrative expenses increased by $1.4 million to $6.1 million, compared to the same quarter last year, of which, $1.1 million relates to the VAT surtax, which has been levied since December 1, 2010.</P>

<P style="TEXT-ALIGN: justify">The Company recorded unrealized losses on investments of $1.2 million in Q1 2012, which was related to the change of fair value of warrants.</P>

<P style="TEXT-ALIGN: justify">Income tax expenses increased to $12.6 million from $3.3 million in the same quarter last year. The increase of income tax expense was mainly due to higher taxable income in the quarter and a higher tax rate compared to Q1 2011. The Chinese tax holiday, which allowed the Company&#8217;s most profitable Chinese subsidiary, Henan Found Mining Co. Ltd. (Ying and TLP mines) to have a preferential 12.5% income tax rate, expired on December 31, 2010, increasing the income tax rate to 25%. The Company&#8217;s another Chinese subsidiary, Henan Huawei Mining Co. Ltd. (HPG and LM mines), is currently subject to preferential tax rate of 12.5% until December 31, 2011, after which it will be 25%.</P>

<P style="TEXT-ALIGN: justify">Cash flow from operations for the quarter was $33.9 million, or $0.19 per share, a 46% increase from $23.2 million in the same quarter last year. During the quarter, the Company paid $3.6 million in dividends, $10.5 million in capital expenditures, and ended the quarter with $230.5 million in cash and short term investments.</P>

<P style="TEXT-ALIGN: justify"><B><U>OPERATIONS</U></B></P>

<P style="TEXT-ALIGN: justify">In Q1 2012, the Company achieved record silver production of 1.6 million ounces, a 15% increase compared to same quarter last year. The record production was achieved through increased production from the TLP, HPG and LM mines that continued to expand operations.</P>

<P style="TEXT-ALIGN: justify">A total of 182,890 tonnes of ore were milled, a 23% increase compared to 149,189 tonnes in Q1 2011. The increased mill throughput was achieved as the second mill at the Ying Mining District continued to provide additional milling capacity. In addition, 7,964 tonnes of gold ore were milled at the BYP Mine as production commenced in this quarter.</P>

<P style="TEXT-ALIGN: justify">Total cash mining costs increased to $48.66 per tonne from $40.33 per tonne in the same quarter last year. The increase in total cash mining cost was mainly due to (i) higher mining contractor costs as the Company paid approximately $1 per tonne more as compensation for increases in miners&#8217; salaries and benefits, (ii) increased materials costs of $2 per tonne as more mining preparation work was conducted during the quarter, and (iii) the impact of US dollar depreciation versus the Chinese Yuan of $2.5 per tonne.</P>

<P style="TEXT-ALIGN: justify">Total cash milling costs increased slightly to $12.42 per tonne from $11.94 per tonne in the same quarter last year, mainly due to the US dollar depreciation versus the Chinese Yuan. The milling costs at the BYP mine was higher than normal as the production was only at one quarter of its normal capacity.</P>

<P style="TEXT-ALIGN: justify">Including by-product credits, total production cost per ounce of silver was negative $4.63 and the cash cost per ounce of silver was negative $6.12, a cost increase of 11% and 3% compared to the total production costs and cash production costs per ounce of silver of negative $5.21 and negative $6.31, respectively, in same quarter last year. The marginal increase is due to higher production costs, partially offset by increased by-product metal prices.</P>

<P style="TEXT-ALIGN: center">2</P></DIV>

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<P style="TEXT-ALIGN: justify">Silvercorp&#8217;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="30%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

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   <TD noWrap align=left bgColor=#993300 colSpan=12><B><FONT color=#ffffff>Table 1: Consolidated Operational Results</FONT></B></TD>
   </TR>

<TR vAlign=bottom>

   <TD width="30%" align=left noWrap bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>Q1 2012</FONT></B></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Q4 2011</FONT></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Q3 2011</FONT></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Q2 2011</FONT></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Q1 2011</FONT></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left noWrap bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>30-Jun-11</FONT></B></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>31-Mar-11</FONT></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>31-Dec-10</FONT></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>30-Sept-10</FONT></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>30-Jun-10</FONT></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>Ore Mined <I>(tonne)</I></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>

   <P style="MARGIN-LEFT: 4%">Direct Smelting Ore <I>(tonne)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>3,108</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2,740</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,711</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,065</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,426</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>

   <P style="MARGIN-LEFT: 4%">Stockpiled Ore <I>(tonne)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>176,011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">122,951</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">163,502</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">151,380</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">141,556</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>179,119</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">125,691</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">167,213</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">154,445</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">144,982</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>Run of Mine Ore <I>(tonne)</I></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>

   <P style="MARGIN-LEFT: 4%">Direct Smelting Ore <I>(tonne)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>3,108</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2,740</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,711</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,065</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,426</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>

   <P style="MARGIN-LEFT: 4%">Ore Milled <I>(tonne)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>179,782</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">132,924</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">157,817</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">147,488</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">145,763</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>182,890</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">135,464</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">161,528</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">150,553</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">149,189</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>Metal Sales</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>

   <P style="MARGIN-LEFT: 4%">Silver <I>(in thousands of ounce)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>1,592</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,047</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,523</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,343</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,387</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>

   <P style="MARGIN-LEFT: 4%">Gold <I>(in thousands of ounce)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>1.4</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1.1</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.8</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.3</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1.1</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>

   <P style="MARGIN-LEFT: 4%">Lead <I>(in thousands of pound)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>20,621</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">14,385</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">18,795</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">17,028</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">18,803</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left style="BORDER-BOTTOM: #000000 1px solid">

   <P style="MARGIN-LEFT: 4%">Zinc <I>(in thousands of pound)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>4,102</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">3,253</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">4,791</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">3,869</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">4,431</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>Head Grade of Run of Mine Ore</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>

   <P style="MARGIN-LEFT: 4%">Silver <I>(gram/tonne)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>303.0</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">290.0</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">330.0</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">312.0</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">326.3</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>

   <P style="MARGIN-LEFT: 4%">Lead <I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>5.5</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">5.6</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">5.7</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">5.6</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">6.1</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left style="BORDER-BOTTOM: #000000 1px solid">

   <P style="MARGIN-LEFT: 4%">Zinc <I>(%)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>1.5</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1.9</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2.0</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>Recovery Rate of Run of Mine Ore</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>

   <P style="MARGIN-LEFT: 4%">Silver (<I>%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>91.3</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">91.8</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">92.0</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">91.6</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">90.9</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>

   <P style="MARGIN-LEFT: 4%">Lead <I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>94.7</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">95.6</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">95.3</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">95.1</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">95.2</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left style="BORDER-BOTTOM: #000000 1px solid">

   <P style="MARGIN-LEFT: 4%">Zinc <I>(%)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>72.8</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">67.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">70.1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">70.1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">69.5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>Cash Mining Cost <I>($ per tonne)</I></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>48.66</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">45.54</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">48.30</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">40.36</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">40.33</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>Total Mining Costs<I>($ per tonne)</I></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>60.07</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">56.55</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">58.28</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">49.12</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">48.61</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>Cash Milling Cost <I>($ per tonne)</I></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>12.42</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">15.31</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">12.11</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">11.36</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">11.94</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left style="BORDER-BOTTOM: #000000 1px solid">Total Milling Cost <I>($ per tonne)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>13.94</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">17.26</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">13.69</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">13.06</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">13.62</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left>Total Production Cost per Ounce of Silver <I>($)</I></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>(4.63</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="10%">(6.06</TD>

   <TD noWrap align=left width="4%">)</TD>

   <TD noWrap align=right width="10%">(5.93</TD>

   <TD noWrap align=left width="4%">)</TD>

   <TD noWrap align=right width="10%">(5.17</TD>

   <TD noWrap align=left width="4%">)</TD>

   <TD noWrap align=right width="10%">(5.21</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD width="30%" align=left style="BORDER-BOTTOM: #000000 1px solid">Total Cash Cost per Ounce of Silver <I>($)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>(6.12</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(7.61</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(7.13</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(6.30</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(6.31</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">3</P></DIV>

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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<P style="TEXT-ALIGN: justify">The Ying Mine continued to be the primary focus and most profitable project of the Company. The operational results for the past five quarters at the Ying Mine 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="30%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD colspan="12" align=left noWrap bgColor=#993300><B><FONT color=#ffffff>Table 2: Ying Mine Operational Results</FONT></B></TD>
   </TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="30%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>Q1 2012</FONT></B></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Q4 2011</FONT></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Q3 2011</FONT></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Q2 2011</FONT></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Q1 2011</FONT></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="30%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>30-Jun-11</FONT></B></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>31-Mar-11</FONT></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>31-Dec-10</FONT></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>30-Sep-10</FONT></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>30-Jun-10</FONT></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">Ore Mined <I>(tonne)</I></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">

   <P style="MARGIN-LEFT: 4%">Direct Smelting Ore <I>(tonne)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>3,062</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2,715</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,640</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,017</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,339</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">

   <P style="MARGIN-LEFT: 4%">Stockpiled Ore <I>(tonne)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>78,276</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">59,650</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">82,101</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">82,187</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">79,873</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>81,338</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">62,365</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">85,741</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">85,204</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">83,212</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">Run of Mine Ore <I>(tonne)</I></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">

   <P style="MARGIN-LEFT: 4%">Direct Smelting Ore <I>(tonne)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>3,062</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2,715</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,640</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,017</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,339</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">

   <P style="MARGIN-LEFT: 4%">Ore Milled <I>(tonne)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>79,974</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">61,173</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">81,700</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">79,995</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">81,898</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>83,036</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">63,888</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">85,340</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">83,012</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">85,237</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">Metal Sales</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">

   <P style="MARGIN-LEFT: 4%">Silver <I>(in thousands of ounce)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>1,146</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">765</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,241</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,095</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,147</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">

   <P style="MARGIN-LEFT: 4%">Lead <I>(in thousands of pound)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>15,419</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">10,359</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">14,862</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">13,486</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">14,230</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">

   <P style="MARGIN-LEFT: 4%">Zinc <I>(in thousands of pound)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>3,594</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2,536</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">3,954</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">3,275</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">3,605</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">Head Grade of Run of Mine Ore</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">

   <P style="MARGIN-LEFT: 4%">Silver <I>(gram/tonne)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>444.0</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">441.0</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">499.0</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">461.0</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">470.5</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">

   <P style="MARGIN-LEFT: 4%">Lead <I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>8.6</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">8.4</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">8.3</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">7.9</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">8.1</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">

   <P style="MARGIN-LEFT: 4%">Zinc <I>(%)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2.5</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2.9</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2.9</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2.8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">Recovery Rate of Run of Mine Ore</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">

   <P style="MARGIN-LEFT: 4%">Silver (<I>%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>92.1</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">93.0</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">92.9</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">92.3</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">91.7</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">

   <P style="MARGIN-LEFT: 4%">Lead <I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>96.1</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">97.0</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">96.6</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">96.3</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">96.4</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">

   <P style="MARGIN-LEFT: 4%">Zinc <I>(%)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>74.9</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">67.7</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">70.1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">71.5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">69.2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">Cash Mining Cost <I>($ per tonne)</I></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>48.27</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">48.35</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">49.85</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">42.66</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">43.83</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">Total Mining Costs<I>($ per tonne)</I></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>63.27</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">63.56</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">64.12</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">54.79</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">55.10</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">Cash Milling Cost <I>($ per tonne)</I></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>11.74</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">15.43</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">12.22</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">11.51</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">12.03</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">Total Milling Cost <I>($ per tonne)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>13.31</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">17.39</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">13.89</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">13.36</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">13.66</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="30%">Total Production Cost per Ounce of Silver <I>($)</I></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>(7.81</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="10%">(8.88</TD>

   <TD noWrap align=left width="4%">)</TD>

   <TD noWrap align=right width="10%">(7.67</TD>

   <TD noWrap align=left width="4%">)</TD>

   <TD noWrap align=right width="10%">(6.94</TD>

   <TD noWrap align=left width="4%">)</TD>

   <TD noWrap align=right width="10%">(5.83</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%">Total Cash Cost per Ounce of Silver <I>($)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>(9.05</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(10.25</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(8.76</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(7.99</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(6.80</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><B><U>EXPLORATION AND PROJECT DEVELOPMENT IN THE QUARTER</U></B></P>

<P style="TEXT-ALIGN: justify"><B><I>Ying Mining District, Henan Province, China</I></B></P>

<P style="TEXT-ALIGN: justify">The Company is continuing a 40,000 metre tunnelling and 171,000 metre underground drilling program at the Ying Mining District during fiscal year 2012 to further expand resources.</P>

<P style="TEXT-ALIGN: justify">During the quarter a total of 20,452 metres of exploration tunnelling, 48,565 metres of diamond drilling and 243 metres of shafts and declines development were completed. The program incurred expenditures of $5.5 million.</P>

<P style="TEXT-ALIGN: justify">Through extensive exploration program, the Company has successfully maintained 10 years of mine life at the Ying Mining District after 5 year mine operation. According to recently filed NI 43-101 technical updated reports on four mines at the Ying District, , the Measured and Indicated <I>in situ </I>metal silver resource has increased at Ying Mining District by 11% to 76.5 million ounces compared to the prior year technical reports, which are currently large enough to support profitable operations for a decade or more.</P>

<P style="TEXT-ALIGN: justify"><B><I>GC Project, Guangdong Province, China</I></B></P>

<P style="TEXT-ALIGN: justify">In December 2010, the GC Project received its mining permit. Since then, the Company has been moving forward with project development. In the quarter, the Company focused on acquisition of land usage rights, construction of the access road and power line, site preparation, negotiating and finalizing mine and mill construction contracts, and completion of a review of safety production measures by Guangdong</P>

<P style="TEXT-ALIGN: center">4</P></DIV>

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<P style="TEXT-ALIGN: justify">Provincial Safety Production Bureau. During the quarter, the surface drilling program with three drill rigs continued to perform step-out drilling.</P>

<P style="TEXT-ALIGN: justify"><B><I>BYP Mine, Hunan Province, China</I></B></P>

<P style="TEXT-ALIGN: justify">During the quarter, the Company refurbished and upgraded the existing 400 tonne per day (&#8220;t/d&#8221;) mill to 500 t/d. Production at the BYP Mine commenced in May 2011 with 7,964 tonnes of ore from existing development tunnels being processed, yielding 590 ounces of gold. Mill operation was temporarily halted in June while the Company installed a liner in the tailing pond. Mill production will be resumed in August.</P>

<P style="TEXT-ALIGN: justify">The Company intends to utilize the existing 500 t/d floatation mill to mine and process gold mineralization with an initial focus on higher grade mineralization areas. Concurrently, the Company&#8217;s engineers are working with a qualified Chinese engineering firm to complete a detailed and staged mining and development plan to fulfill the Company&#8217;s production goal of expanding the mining and milling capacity to 1,000 t/d gold mineralization for fiscal 2013 and to 2,000 t/d (1,000 t/d gold mineralization and 1,000 t/d lead-zinc mineralization) by fiscal 2014.</P>

<P style="TEXT-ALIGN: justify"><B><I>Silvertip Project, British Columbia, Canada</I></B></P>

<P style="TEXT-ALIGN: justify">During the quarter, the Company continued its effort in completing a Small Mine Permit application. At the same time, the Company initiated the 2011 exploration program to test the DM zone, a new zone of silver-lead-zinc mineralization approximately eight kilometres to the south of Silvertip Mountain.</P>

<P style="TEXT-ALIGN: justify"><B>Reserve and Resource Update</B></P>

<P style="TEXT-ALIGN: justify">In July 2011, the Company completed its 2011 reserve and resource update on three of its existing projects: the Ying Mining District mines in Henan Province China, the BYP Mine in Hunan Province China, and the Silvertip Project in British Columbia, Canada. The Company reported the total <I>in situ </I>Measured and Indicated silver-equivalent metal resources have increased 24%, from 123 million ounces in the prior year to 153 million ounces based on updated results of NI 43-101 technical reports.</P>

<P style="TEXT-ALIGN: justify"><B><U>Outlook for the Fiscal Year 2012</U></B></P>

<P style="TEXT-ALIGN: justify"><B>Production in China</B></P>

<P style="TEXT-ALIGN: justify">In Q1 2012, from the four mines at the Ying Mining District, a record 1.6 million ounces of silver were produced and sold, well on track for the fiscal year 2012 Production Guidance, which is to process 600,000 tonnes of ore at grades 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 cost is estimated at approximately $75 per tonne of ore. Guidance remains unchanged.</P>

<P style="TEXT-ALIGN: justify">The fiscal year 2012 Production Guidance for the BYP Mine has been revised down from 26,000 ounces of gold as a result of the delay in the first quarter when the mill was temporarily shut down to allow for improvements to the tailing pond. For fiscal 2012, the BYP Mine is now expected to mine and mill 95,000 tonnes of ore at a grade of 6 g/t gold, yielding approximately 17,000 ounces of gold at an estimated total production cost of $28 per tonne of ore.</P>

<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 estimate for the three projects in China remains unchanged at $67 million for fiscal 2012, which includes 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&#8217;s past operation experience in China. The details for each project are as follows:</P>

<P style="TEXT-ALIGN: justify"><I>The Ying Mining District</I></P>

<UL>

<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),</P></LI></UL>

<P style="TEXT-ALIGN: center">5</P></DIV>

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<UL>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). </UL>

<UL>

<LI>

<P align=justify>The exploration expenditure for a 171,000 metre underground drilling program at the four mines of the Ying Mining District is estimated to be $8.5 million.</P></LI></UL>

<P style="TEXT-ALIGN: justify"><I>The GC Project</I></P>

<UL>

<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 flow generated from the GC project.</P>

<LI>

<P align=justify>The Company is carrying out a 20,000 metre surface diamond drilling program, budgeted at $2.5 million.</P></LI></UL>

<P style="TEXT-ALIGN: justify"><I>The BYP Mine</I></P>

<UL>

<LI>

<P align=justify>The capital expenditures for fiscal 2012 are budgeted at $12 million, including upgrading the existing 400 tonne per day floatation mill ($1.5 million), build a cement back-filling facility ($1.5 million), complete 7,000 metres of mine development tunnels ($1.5 million), 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 500 tonne per day mill to a 1,000 tonnes 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. Surface drilling of 3,000 metres is budgeted at approximately $1 million.</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">Myles Gao, P.Geo., President of Silvercorp, is the Qualified Person for Silvercorp under NI 43-101 and has reviewed and given consent to this press release.</P>

<P style="TEXT-ALIGN: justify"><B><U>CONFERENCE CALL AND WEBCAST INFORMATION</U></B></P>

<DIV style="MARGIN-TOP: 0px" align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="16%"></TD>

   <TD width="84%"></TD></TR>

<TR height=20>

   <TD align=left width="100%" colSpan=2>

   <P></P>

   <P style="TEXT-ALIGN: justify; margin-botom: 0px">A conference call and live audio webcast to discuss these results is scheduled as follows:</P></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%">Date:</TD>

   <TD noWrap align=left width="84%"><B>Thursday, August 4, 2011</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%">Time:</TD>

   <TD noWrap align=left width="84%"><B>8:00 am PT (11:00 am ET)</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%">Dial-In Number:</TD>

   <TD noWrap align=left width="84%"><B>(612)</B> <B>332-0820</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%">Live audio webcast:</TD>

   <TD noWrap align=left width="84%"><B>www.silvercorp.ca (click on the link on the home page)</B></TD></TR>

<TR height=20>

   <TD align=left width="100%" colSpan=2>

   <P></P>

  <P style="MARGIN: 0px">Playback webcast can be accessed at: <STRONG>www.silvercorp.ca</STRONG></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">6</P></DIV>

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<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 District in the Henan Province of China. Silvercorp recently commenced production at its second production foothold at the BYP gold-lead-zinc project in Hunan Province during this quarter and is currently building the GC silver-lead-zinc project in Guangdong Province as its third China production base. 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&#8217;s shares are traded on the New York Stock Exchange (symbol: SVM) and Toronto Stock Exchange (symbol: SVM) and are included as a component of the S&amp;P/TSX Composite and the S&amp;P/TSX Global Mining Indexes.<BR><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 &#8220;forward-looking statements&#8221; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &#8220;forward-looking information&#8221; 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 &#8220;expects&#8221;, &#8220;is expected&#8221;, &#8220;anticipates&#8221;, &#8220;believes&#8221;, &#8220;plans&#8221;, &#8220;projects&#8221;, &#8220;estimates&#8221;, &#8220;assumes&#8221;, &#8220;intends&#8221;, &#8220;strategies&#8221;, &#8220;targets&#8221;, &#8220;goals&#8221;, &#8220;forecasts&#8221;, &#8220;objectives&#8221;, &#8220;budgets&#8221;, &#8220;schedules&#8221;, &#8220;potential&#8221; or variations thereof or stating that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;might&#8221; or &#8220;will&#8221; 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&#8217;s material properties; the sufficiency of the Company&#8217;s capital to finance the Company&#8217;s operations; estimates of the Company&#8217;s revenues and capital expenditures; estimated production from the Company&#8217;s mines in the Ying Mining District; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company&#8217;s operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company&#8217;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 the Company&#8217;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: justify">This list is not exhaustive of the factors that may affect any of the Company&#8217;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&#8217;s Annual Information Form for the year ended March 31, 2010 under the heading &#8220;Risk Factors&#8221;. 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</P>

<P style="TEXT-ALIGN: center">7</P></DIV>

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<P style="TEXT-ALIGN: justify">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&#8217;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&#8217;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">8</P></DIV>

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<TR>

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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>Unaudited Condensed 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="58%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="10%"></TD>

   <TD align=right width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">March 31, 2011</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">April 1, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%"><B>ASSETS</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="58%"><B>Current Assets</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Cash and cash equivalents</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>165,676</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">147,224</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">50,618</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Short-term investments</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>64,798</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">59,037</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">43,773</TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Trade and other receivables</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,711</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">821</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">510</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Inventories</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>3,788</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,895</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,175</TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Prepaids and deposits</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>3,474</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,973</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,964</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Due from related parties</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>1,319</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">203</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">138</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>240,766</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">214,153</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">100,178</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR height=20>

   <TD align=left width="58%"><B></B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%"><B>Non-current Assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Long term prepaids and deposits</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>1,403</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">893</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">583</TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Investment in an associate</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>15,921</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">15,822</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">6,103</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Other investments</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>44,626</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">46,286</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">9,003</TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>40,675</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">36,516</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">29,011</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>200,256</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">191,799</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">114,261</TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Deferred income tax assets</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>953</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,146</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,315</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="58%"><B>TOTAL ASSETS</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>544,600</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">506,615</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">260,454</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="58%"><B>LIABILITIES AND EQUITY</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%"><B>Current Liabilities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P></TD>

   <TD noWrap align=right width="2%"><B>$</B></TD>

   <TD noWrap align=right width="10%"><B>16,903</B></TD>

   <TD noWrap align=right width="4%">$</TD>

   <TD noWrap align=right width="10%">12,770</TD>

   <TD noWrap align=right width="4%">$</TD>

   <TD noWrap align=right width="10%">7,504</TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Deposits received</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>4,676</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">13,278</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">6,737</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Bank loan</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,465</TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Current portion of environmental rehabilitation</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">323</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">292</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Dividends payable</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>3,631</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,600</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,238</TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Income tax payable</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>4,154</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,047</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,658</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Due to a related party</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>3,498</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">3,447</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>32,862</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">36,465</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">20,894</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR height=20>

   <TD align=left width="58%"><B></B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%"><B>Non-current Liabilities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Deferred income tax liabilities</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>14,683</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">13,564</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Environmental rehabilitation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>3,295</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,909</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,357</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="58%"><B>Long term debts</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left width="58%"><B>Total Liabilities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>50,840</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">52,938</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">23,251</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="58%"><B></B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%"><B>Equity</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Share capital</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>267,415</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">266,081</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">145,722</TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Contributed surplus</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>3,465</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,131</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">4,620</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Reserves</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>24,717</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">24,717</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">24,717</TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Accumulated other comprehensive income</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>21,870</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">19,362</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">319</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="58%">

   <P style="MARGIN-LEFT: 4%">Retained earnings</P></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>109,349</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">87,326</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">33,099</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%"><B>Total equity attributable to the equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>426,816</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">400,617</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">208,477</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR height=20>

   <TD align=left width="58%"><B></B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left width="58%"><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>66,944</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">53,060</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">28,726</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="58%"><B>Total Equity</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>493,760</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">453,677</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">237,203</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="58%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="58%"><B>TOTAL LIABILITIES AND EQUITY</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>544,600</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">506,615</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">260,454</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">9</P></DIV>
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<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 Condensed Consolidated Statements of Income</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for 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="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 noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="26%" colSpan=5><B>Three Months Ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="72%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%"><B>Sales</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>69,719</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">36,729</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="72%"><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>14,059</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">10,191</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%"><B>Gross profit</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>55,660</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">26,538</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="72%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%">General and administrative</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>6,083</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">4,666</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="72%">General exploration and property investigation</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>1,792</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,325</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%">Foreign exchange loss (gain)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>524</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(873</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="72%">Loss on disposal of plant and equipment</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>82</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left width="72%">Gain on disposal of mineral rights and properties</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(537</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="72%"><B>Income from operations</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>47,179</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">21,957</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="72%">Share of loss in an associate</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>(24</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(38</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%">Loss on investments</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(1,159</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(49</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="72%">Other income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>175</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">112</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%"><B>Income before finance items and income taxes</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>46,171</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">21,982</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="72%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%">Finance income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>670</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">265</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="72%">Finance costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>(23</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(60</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%"><B>Income before income taxes</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>46,818</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">22,187</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="72%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left width="72%">Income tax expense</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>12,574</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,252</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="72%"><B>Net income for the period</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>34,244</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">18,935</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="72%"><B>Attributable to:</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>25,642</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">14,121</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>8,602</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">4,814</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>34,244</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">18,935</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="72%"><B></B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%"><B>Earnings per share attributable to the equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="72%"><B>Basic earnings per share</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>0.15</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">0.09</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left width="72%"><B>Diluted earnings per share</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>0.15</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">0.09</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="72%"><B>Weighted Average Number of Shares Outstanding - Basic</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>175,028,878</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">164,673,791</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left width="72%"><B>Weighted Average Number of Shares Outstanding - Diluted</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>176,048,653</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">165,563,545</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">10</P></DIV>

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



<!--$$/page=--><A name="page_11"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Unaudited Condensed Consolidated Statements of Cash Flow</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="68%"></TD>

   <TD width="4%"></TD>

   <TD align=right 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 width="68%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="24%" colSpan=4><B>Three Months Ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="68%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="4%"><B>Notes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Cash provided by (used in)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%"><B>Operating activities</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Net income for the period</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>34,244</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">18,935</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Add (deduct) items not affecting cash:</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Accretion of environmental rehabilitation</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>23</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">40</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Depreciation, amortization and depletion</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>2,587</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,671</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Share of loss in an associate</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>24</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">38</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Deferred income tax expense</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>1,128</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">535</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Loss on investments</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,159</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">49</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Loss on disposal of plant and equipment</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>82</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Gain on disposal of mineral rights and properties</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(537</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Stock-based compensation</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>778</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">754</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Changes in non-cash operating working capital</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(6,090</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,697</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%"><B>Net Cash provided by operating activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>33,935</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">23,182</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%"><B>Investing activities</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Acquisition</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>(6,375</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(5,655</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Proceeds on disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">537</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Acquisition</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(4,132</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(783</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Other investments</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Acquisition</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(1,020</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Net purchases of short-term investments</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>(4,993</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(15,375</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Prepayments to acquire property, plant and equipment</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(1,106</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(812</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%"><B>Net Cash used in investing activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>(17,626</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(22,088</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%"><B>Financing activities</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Net repayment from (advance to) related parties</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(1,177</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(13</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Bank loan</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Repayments</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(1,473</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Contribution</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>4,580</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Cash dividends distributed</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>(3,600</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(3,200</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Capital stock</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Proceeds from issuance of common shares</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>890</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,188</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Net Cash provided by (used in) financing activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>693</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(3,498</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR height=20>

   <TD noWrap align=left width="68%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Effect of exchange rate changes on cash and cash equivalents</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,450</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(718</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR height=20>

   <TD noWrap align=left width="68%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Increase (decrease) in cash and cash equivalents</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>18,452</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(3,122</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR height=20>

   <TD noWrap align=left width="68%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Cash and cash equivalents, beginning of the period</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>147,224</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">50,618</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="68%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Cash and cash equivalents, end of the period</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>165,676</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">47,496</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">11</P></DIV>
<A name="page_12"></A>
<hr style="PAGE-BREAK-AFTER: always" align=center width="100%" noshade size=1>
<BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Mining Data</B></TD></TR>

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   <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I></TD></TR></TABLE></DIV>

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   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

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   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

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   <TD noWrap align=left width="40%" bgColor=#993300><B><FONT color=#ffffff>Q1 Fiscal 2012</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="60%" bgColor=#993300 colSpan=11><B><FONT color=#ffffff>Three months ended June 30, 2011</FONT></B></TD></TR>

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   <TD noWrap align=left width="40%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>YING </FONT></B></TD>

   <TD noWrap align=right width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>HPG&amp;LM</FONT></B></TD>

   <TD noWrap align=right width="4%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>

   <TD noWrap align=right width="4%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

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   <TD align=left width="40%"><B>Production Data</B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

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   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

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   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>3,062</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>44</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>2</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3,108</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Stockpiled Ore </B><I>(tonne)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>78,276</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>28,072</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>60,750</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>8,913</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%"><B>*</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>176,011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>81,338</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>28,116</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>60,752</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>8,913</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>179,119</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>3,062</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>44</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>2</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3,108</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Ore Milled </B><I>(tonne)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>79,974</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>28,364</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>63,480</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>7,964</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>179,782</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>83,036</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>28,408</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>63,482</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>7,964</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>182,890</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>63.27</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>66.60</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>52.59</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%"><B>*</B></TD>

   <TD noWrap align=right width="8%"><B>60.07</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>48.27</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>54.46</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>46.48</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%"><B>*</B></TD>

   <TD noWrap align=right width="8%"><B>48.66</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>15.00</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>12.14</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>6.11</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%"><B>*</B></TD>

   <TD noWrap align=right width="8%"><B>11.41</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Unit shipping costs($)</B></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>4.01</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3.58</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>3.66</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3.81</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>13.31</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>14.08</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>13.78</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>21.32</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>13.94</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>11.74</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>12.56</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>12.22</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>20.54</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>12.42</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>1.56</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.52</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>1.56</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.78</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.52</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>4.15</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>9.34</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>12.29</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>6.05</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>142.81</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>345.58</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>277.02</B></TD>

   <TD noWrap align=left width="4%"><B>*</B></TD>

   <TD noWrap align=right width="8%"><B>222.15</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.12</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.27</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.36</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.18</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.07</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.19</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.58</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.12</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="2%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>(7.81</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="8%"><B>2.34</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>4.40</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>(4.63</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>(9.05</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="8%"><B>0.53</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>2.03</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>(6.12</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Gold </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>277.02</B></TD>

   <TD noWrap align=left width="4%"><B>*</B></TD>

   <TD noWrap align=right width="8%"><B>277.02</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Gold </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>271.16</B></TD>

   <TD noWrap align=left width="4%"><B>*</B></TD>

   <TD noWrap align=right width="8%"><B>271.16</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>92.1</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>91.7</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>88.4</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>91.3</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>90.5</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>96.1</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>93.4</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>90.8</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>94.7</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>( </I></B><I>%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>74.9</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>52.6</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>69.5</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>72.8</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>444.0</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>231.0</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>152.0</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>303.0</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(gram/tonne)</I></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>2.54</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>8.6</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3.2</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>2.5</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>5.5</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>2.5</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.4</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.8</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.5</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%"><B>Sales Data</B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounce)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>1,146</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>190</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>256</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,592</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounce)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.5</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.3</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.6</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.4</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pound)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>15,419</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,845</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>3,357</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>20,621</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pound)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>3,594</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>150</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>358</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>4,102</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B></B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>34,487</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>5,571</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>7,698</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>47,756</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>539</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>303</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>689</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,531</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>13,462</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,560</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>2,914</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>17,936</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of $)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>1,902</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>88</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>506</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>2,496</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">&nbsp;</TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>50,390</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>7,522</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>11,118</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>689</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>69,719</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>30.09</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>29.34</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>30.04</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>29.99</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>1,035</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,085</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>1,168</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,102</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.87</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.85</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.87</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.87</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.53</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.59</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>1.41</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.61</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

  <TD noWrap align=left width="100%" colSpan=12><B>* Represents production results from development tunnelling ores at BYP mine, thus, mining cost is $nil.</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">12</P></DIV>

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



<A name="page_13"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Mining Data</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data 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="40%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%" bgColor=#993300><B><FONT color=#ffffff>Q1 Fiscal 2011</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="60%" bgColor=#993300 colSpan=11><B><FONT color=#ffffff>Three months ended June 30, 2010</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>YING</FONT></B></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>HPG&amp;LM</FONT></B></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>

   <TD noWrap align=right width="4%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%"><B>Production Data</B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>3,339</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>77</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>10</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>3,426</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Stockpiled Ore </B><I>(tonne)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>79,873</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>17,831</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>43,852</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>141,556</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">&nbsp;</TD>

    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>83,212</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>17,908</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>43,862</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>144,982</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>3,339</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>77</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>10</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>3,426</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Ore Milled </B><I>(tonne)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>81,898</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>18,076</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>45,789</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>145,763</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>85,237</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>18,153</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>45,799</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>149,189</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>55.10</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>55.23</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>33.59</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>48.61</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>43.83</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>49.64</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>29.88</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>40.33</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>11.27</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>5.59</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3.71</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>8.28</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Unit shipping costs($)</B></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>3.71</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3.44</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2.86</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>3.41</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>13.66</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>12.84</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>13.88</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>13.62</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>12.03</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>11.49</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>11.96</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>11.94</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>1.62</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.36</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.92</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>1.68</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>3.05</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>5.54</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>7.81</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>3.86</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>163.66</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>350.15</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>460.70</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>223.89</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.16</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.29</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.33</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.21</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.13</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.26</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.33</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.16</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B></B></TD>

   <TD noWrap align=left width="2%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>(5.83</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="8%"><B>(6.12</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="8%"><B>0.08</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>(5.21</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>(6.80</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="8%"><B>(7.56</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="8%"><B>(1.84</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>(6.31</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>91.7</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>89.5</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>85.1</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>90.9</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>96.4</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>93.7</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>89.8</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>95.2</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>( </I></B><I>%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>69.2</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>60.6</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>74.0</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>69.5</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B></B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>470.5</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>179.1</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>115.8</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>326.3</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(gram/tonne)</I></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>8.1</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>4.8</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2.7</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>6.1</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>2.8</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.7</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.9</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>2.0</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD align=left width="40%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%"><B>Sales Data</B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounce)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>1,147</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>91</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>149</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>1,387</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounce)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.5</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.4</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.2</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>1.1</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pound)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>14,230</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,784</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2,789</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>18,803</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pound)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>3,605</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>209</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>617</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>4,431</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>15,956</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,272</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2,080</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>19,308</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>373</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>333</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>157</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>863</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>10,583</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,298</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2,078</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>13,959</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of $)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>2,098</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>138</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>363</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>2,599</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>29,010</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>3,041</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>4,678</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>36,729</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>13.91</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>13.91</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>14.00</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>13.92</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>746</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>879</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>826</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>807</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.74</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.73</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.75</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.74</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.58</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.66</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.59</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%"><B></B></TD>

   <TD noWrap align=right width="8%"><B>0.59</B></TD>

  <TD noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">13</P></DIV>

<HR align=center width="100%" noShade SIZE=3>



</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>FINANCIAL STATEMENTS FOR THE 1ST QUARTER ENDED JUNE 30, 2011
<TEXT>

<HTML>
<HEAD>
   <TITLE>Exhibit 99.2</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 99.2</B></P>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<IMG src="exhibit99-3x1x1.jpg" border=0>&nbsp;<BR>

<P style="TEXT-ALIGN: justify"><B>SILVERCORP METALS INC.</B></P>

<P style="TEXT-ALIGN: justify"><B>UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS <BR>June 30, 2011 <BR>(Expressed in thousands of US dollars, unless otherwise stated)</B></P></DIV><BR>

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



<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="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 Condensed 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="54%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="54%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="4%"><B>Notes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">March 31, 2011</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">April 1, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%"><B>ASSETS</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%">

   <P><B>Current Assets</B></P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Cash and cash equivalents</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>165,676</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">147,224</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">50,618</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Short-term investments</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>64,798</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">59,037</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">43,773</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Trade and other receivables</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,711</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">821</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">510</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Inventories</P></TD>

   <TD noWrap align=middle width="4%">5</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>3,788</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,895</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,175</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Prepaids and deposits</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>3,474</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,973</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,964</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Due from related parties</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%">13</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>1,319</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">203</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">138</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>240,766</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">214,153</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">100,178</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%"><B>Non-current Assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Long term prepaids and deposits</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>1,403</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">893</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">583</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Investment in an associate</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="4%">6</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>15,921</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">15,822</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">6,103</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Other investments</P></TD>

   <TD noWrap align=middle width="4%">7</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>44,626</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">46,286</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">9,003</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="4%">8</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>40,675</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">36,516</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">29,011</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD noWrap align=middle width="4%">9</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>200,256</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">191,799</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">114,261</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Deferred income tax assets</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>953</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,146</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,315</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="54%"><B>TOTAL ASSETS</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>544,600</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">506,615</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">260,454</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%"><B>LIABILITIES AND EQUITY</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%"><B>Current Liabilities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%"><B>$</B></TD>

   <TD noWrap align=right width="10%"><B>16,903</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">12,770</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">7,504</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Deposits received</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>4,676</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">13,278</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">6,737</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Bank loan</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,465</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Current portion of environmental rehabilitation</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="4%">10</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">323</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">292</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Dividends payable</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>3,631</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,600</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,238</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Income tax payable</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>4,154</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,047</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,658</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Due to a related party</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%">13</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>3,498</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">3,447</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>32,862</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">36,465</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">20,894</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%"><B>Non-current Liabilities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Deferred income tax liabilities</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>14,683</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">13,564</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Environmental rehabilitation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="4%">10</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>3,295</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,909</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,357</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="54%"><B>Total Liabilities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>50,840</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">52,938</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">23,251</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%"><B>Equity</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Share capital</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>267,415</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">266,081</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">145,722</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Contributed surplus</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>3,465</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,131</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">4,620</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Reserves</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>24,717</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">24,717</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">24,717</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Accumulated other comprehensive income</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>21,870</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">19,362</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">319</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">

   <P style="MARGIN-LEFT: 4%">Retained earnings</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>109,349</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">87,326</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">33,099</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="58%" colSpan=2><B>Total equity attributable to the equity holders of the Company</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>426,816</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">400,617</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">208,477</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="54%"><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%">12</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>66,944</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">53,060</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">28,726</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%"><B>Total Equity</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>493,760</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">453,677</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">237,203</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%"><B>TOTAL LIABILITIES AND EQUITY</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>544,600</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">506,615</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">260,454</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="54%"><B>Commitments</B></TD>

   <TD noWrap align=middle width="4%">20</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">Approved on behalf of the Board:</P>

<P style="TEXT-ALIGN: justify"><U><B><I>(Signed) Robert Gayton</I></B><BR></U>Director</P>

<P style="TEXT-ALIGN: justify"><B><I><U>(Signed) Rui Feng</U></I></B><BR>Director</P>

<P style="TEXT-ALIGN: justify">See accompanying notes to the unaudited condensed consolidated financial statements</P>

<P style="TEXT-ALIGN: right">1</P></DIV>

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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>Unaudited Condensed Consolidated Statements of Income</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for per share figures)</I></TD></TR></TABLE></DIV>

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   <TD noWrap align=left width="68%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=4><B>Three Months Ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="68%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="4%"><B>Notes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="68%"><B>&nbsp;</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="10%"><B>&nbsp;</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Sales</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>69,719</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">36,729</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%"><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%">14</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>14,059</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">10,191</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Gross profit</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>55,660</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">26,538</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">General and administrative</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>6,083</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">4,666</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">General exploration and property investigation</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>1,792</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,325</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">Foreign exchange loss (gain)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>524</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(873</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">Loss on disposal of plant and equipment</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>82</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">Gain on disposal of mineral rights and properties</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(537</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%"><B>Income from operations</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>47,179</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">21,957</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">Share of loss in an associate</TD>

   <TD noWrap align=middle width="4%">6</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>(24</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(38</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">Loss on investments</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(1,159</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(49</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%">Other income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>175</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">112</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Income before finance items and income taxes</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>46,171</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">21,982</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">&nbsp;</TD>

   <TD noWrap align=middle width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">Finance income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="4%">15</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>670</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">265</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%">Finance costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%">10,15</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>(23</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(60</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Income before income taxes</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>46,818</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">22,187</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">&nbsp;</TD>

   <TD noWrap align=middle width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">Income tax expense</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="4%">16</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>12,574</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,252</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="68%"><B>Net income for the period</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>34,244</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">18,935</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%"><B>Attributable to:</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>25,642</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">14,121</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%">12</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>8,602</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">4,814</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>34,244</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">18,935</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Earnings per share attributable to the equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="68%"><B>Basic earnings per share</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>0.15</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">0.09</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Diluted earnings per share</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>0.15</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">0.09</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="68%"><B>Weighted Average Number of Shares Outstanding - Basic</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>175,028,878</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">164,673,791</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Weighted Average Number of Shares Outstanding - Diluted</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>176,048,653</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">165,563,545</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">See accompanying notes to the unaudited condensed consolidated financial statements</P>

<P style="TEXT-ALIGN: right">2</P></DIV>

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<A name="page_4"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Unaudited Condensed 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="70%"></TD>

   <TD width="4%"></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 width="70%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=4><B>Three Months Ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="70%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="4%"><B>Notes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="70%"><B>Net income for the period</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>34,244</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">18,935</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B>Other comprehensive income (loss), net of taxes:</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="70%">

   <P style="MARGIN-LEFT: 4%">Unrealized loss on available for sale securities, net of tax of $nil, $nil</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="4%">7</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(1,916</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(293</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="70%">

   <P style="MARGIN-LEFT: 4%">Currency translation adjustment, net of tax of $nil, $nil</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>5,126</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(1,658</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="70%"><B>Other comprehensive income (loss) for the period, net of taxes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>3,210</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(1,951</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="70%"><B>Comprehensive income for the period, net of taxes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>37,454</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">16,984</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="70%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="70%"><B>Attributable to:</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="70%">

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>28,150</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">11,934</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="70%">

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>9,304</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">5,050</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="70%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>37,454</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">16,984</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">See accompanying notes to the unaudited condensed consolidated financial statements</P>

<P style="TEXT-ALIGN: right">3</P></DIV>

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<A name="page_5"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Unaudited Condensed Consolidated Statements of Cash Flow</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="68%"></TD>

   <TD width="4%"></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 width="68%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=4><B>Three Months Ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><B>Notes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Cash provided by (used in)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%"><B>Operating activities</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Net income for the period</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>34,244</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">18,935</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Add (deduct) items not affecting cash:</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Accretion of environmental rehabilitation</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>23</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">40</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Depreciation, amortization and depletion</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>2,587</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,671</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Share of loss in an associate</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>24</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">38</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Deferred income tax expense</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>1,128</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">535</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Loss on investments</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,159</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">49</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Loss on disposal of plant and equipment</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>82</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Gain on disposal of mineral rights and properties</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(537</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Stock-based compensation</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>778</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">754</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Changes in non-cash operating working capital</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="4%">21</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(6,090</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,697</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%"><B>Net Cash provided by operating activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>33,935</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">23,182</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&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=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 width="68%"><B>Investing activities</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Acquisition</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>(6,375</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(5,655</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Proceeds on disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">537</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Acquisition</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(4,132</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(783</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Other investments</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Acquisition</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(1,020</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Net purchases of short-term investments</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>(4,993</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(15,375</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Prepayments to acquire property, plant and equipment</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(1,106</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(812</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%"><B>Net Cash used in investing activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>(17,626</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(22,088</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</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=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 width="68%"><B>Financing activities</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Net repayment from (advance to) related parties</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(1,177</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(13</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Bank loan</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Repayments</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(1,473</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Contribution</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="4%">12</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>4,580</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Cash dividends distributed</P></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>(3,600</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(3,200</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 4%">Capital stock</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%">

   <P style="MARGIN-LEFT: 8%">Proceeds from issuance of common shares</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>890</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,188</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Net Cash provided by (used in) financing activities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>693</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(3,498</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR height=20>

   <TD noWrap align=left width="68%"><B>&nbsp;</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>&nbsp;</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><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 width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,450</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(718</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR height=20>

   <TD noWrap align=left width="68%"><B>&nbsp;</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>&nbsp;</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Increase (decrease) in cash and cash equivalents</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>18,452</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(3,122</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR height=20>

   <TD noWrap align=left width="68%"><B>&nbsp;</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>&nbsp;</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Cash and cash equivalents, beginning of the period</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>147,224</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">50,618</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="68%"><B>&nbsp;</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="10%"><B>&nbsp;</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Cash and cash equivalents, end of the period</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>165,676</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">47,496</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="68%"><B>&nbsp;</B></TD>

   <TD noWrap align=left width="4%">&nbsp; </TD>

   <TD noWrap align=left width="2%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="10%"><B>&nbsp;</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Supplementary cash flow information</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="4%">21</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">See accompanying notes to the unaudited condensed consolidated financial statements</P>

<P style="TEXT-ALIGN: right">4</P></DIV>

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<A name="page_6"></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 Condensed Consolidated Statements of Changes in 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="24%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="24%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="12%" colSpan=4>Share capital</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="24%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">Accumulated</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">Total equity</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="24%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">other</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">attributable to the</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">Non-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="24%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">Number of</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">Contributed</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">comprehensive</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">Retained </TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">equity holders of</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">controlling</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="24%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="4%">Notes</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">shares</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">Amount</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">surplus</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">Reserves</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">income (loss)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">earnings</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">the Company</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">interests</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">Total equity</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="24%"><B>Balance, April 1, 2010</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">164,430,417</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">145,722</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">4,620</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">24,717</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">319</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">33,099</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">208,477</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">28,726</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">237,203</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="24%">Options exercised</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">298,874</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">1,956</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(768</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">1,188</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">1,188</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="24%">Shares issued for 10% interest of Henan Huawei</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">163,916</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">1,127</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(998</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">129</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(129</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="24%">Stock-based compensation</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">754</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">754</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">754</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="24%">Unrealized loss on available-for-sale securities, net of taxes</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(293</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(293</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(293</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="24%">Cash dividends</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(3,109</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(3,109</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(3,109</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="24%">Net income for the period</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">14,121</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">14,121</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">4,814</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">18,935</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="24%">Currency translation adjustment</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(1,894</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(1,894</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">236</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(1,658</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="24%"><B>Balance, June 30, 2010</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">164,893,207</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">148,805</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">3,608</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">24,717</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(1,868</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">44,111</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">219,373</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">33,647</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">253,020</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="24%">Options exercised</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">782,502</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">6,493</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(2,303</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">4,190</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">4,190</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="24%">Shares issued for property</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">50,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">343</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">343</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">343</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="24%">Warrants issued for property</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">181</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">181</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">181</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="24%">Financing</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">9,200,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">116,840</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">116,840</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">116,840</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="24%">Share issuance costs</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(6,400</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(6,400</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(6,400</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="24%">Stock-based compensation</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">1,645</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">1,645</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">1,645</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="24%">Unrealized loss on available-for-sale securities, net of taxes</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">4,724</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">4,724</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">4,724</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="24%">Cash dividends</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(10,318</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(10,318</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(10,318</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="24%">Acquisition of Yunxiang</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">11,296</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">11,296</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="24%">Distribution to non-controlling interests</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(10,582</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(10,582</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="24%">Net income for the period</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">53,533</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">53,533</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">17,248</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">70,781</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left width="24%">Currency translation adjustment</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">16,506</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">16,506</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">1,451</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">17,957</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="24%"><B>Balance, March 31, 2011</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">174,925,709</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">266,081</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">3,131</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">24,717</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">19,362</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">87,326</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">400,617</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">53,060</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">453,677</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="24%">Options exercised</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">130,982</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">1,334</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(444</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">890</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">890</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="24%">Stock-based compensation</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">778</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">778</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">778</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="24%">Unrealized loss on available-for-sale securities, net of taxes</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(1,916</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(1,916</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(1,916</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="24%">Cash dividends</TD>

   <TD noWrap align=middle width="4%">11</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(3,619</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(3,619</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(3,619</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="24%">Contribution from non-controlling interests</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="4%">12</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">4,580</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">4,580</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="24%">Net income for the period</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">25,642</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">25,642</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">8,602</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">34,244</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left width="24%">Currency translation adjustment</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">4,424</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">4,424</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">702</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">5,126</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="24%"><B>Balance, June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>175,056,691</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>267,415</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>3,465</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>24,717</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>21,870</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>109,349</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>426,816</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>66,944</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>493,760</B></TD>

  <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">See accompanying notes to the unaudited condensed consolidated financial statements</P>

<P style="TEXT-ALIGN: right">5</P></DIV>

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   <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>Notes to Unaudited Condensed 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>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>1.</B></TD>

   <TD noWrap align=left><B>CORPORATE INFORMATION</B></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">Silvercorp Metals Inc., along with its subsidiary companies (collectively the &#8220;Company&#8221;), is engaged in the acquisition, exploration, development, and mining of precious and base metal mineral properties. The Company&#8217;s producing mines are in China, with current exploration and development projects in China and Canada.</P>

<P style="TEXT-ALIGN: justify">The Company is a publicly listed company incorporated in Canada with limited liability under the legislation of the Province of British Columbia. The Company&#8217;s shares are listed on the Toronto Stock Exchange and the New York Stock Exchange.</P>

<P style="TEXT-ALIGN: justify">The head office, registered address and records office of the Company are located at 200 Granville Street, Suite 1378, Vancouver, British Columbia, Canada, V6C 1S4.</P>

<P style="TEXT-ALIGN: justify">The unaudited condensed consolidated financial statements of the Company as at and for the three months ended June 30, 2011 were authorized for issue in accordance with a resolution of the board of directors dated on August 2, 2011. Operating results for the three months ended June 30, 2011 are not necessarily indicative of the results that may be expected for the year ending March 31, 2012.</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>2.</B></TD>

   <TD noWrap align=left><B>SIGNIFICANT ACCOUNTING POLICIES</B></TD></TR></TABLE></DIV><BR>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(a) Statement of Compliance</I></P>

<P style="TEXT-ALIGN: justify">International Financial Reporting Standards (&#8220;IFRS&#8221;) require companies that adopt IFRS to make an explicit and unreserved statement in their first annual IFRS financial statements of compliance with IFRS. The Company will make this statement when it issues its financial statements for the year ending March 31, 2012.</P>

<P style="TEXT-ALIGN: justify">Prior to the adoption of IFRS, the Company&#8217;s financial statements were prepared in accordance with Canadian generally accepted accounting principles (&#8220;Canadian GAAP&#8221;). These unaudited condensed consolidated financial statements represent the Company&#8217;s initial presentation of its results and financial position under IFRS and as such were prepared in accordance with IAS 34, Interim Financial Reporting and IFRS 1, First-time Adoption of IFRS (&#8220;IFRS 1&#8221;). The disclosures of the elected transition exemptions, reconciliation and explanation of accounting policy compared to Canadian GAAP have been provided in Note 22 to these financial statements. The policies applied in these condensed consolidated financial statements are based on IFRS issued and effective as at the date the Board of Directors approved these financial statements for issue. Any subsequent changes to IFRS could result in a restatement of these financial statements, including the transition adjustments recognized on conversion to IFRS.</P>

<P style="TEXT-ALIGN: justify">These unaudited condensed consolidated financial statements should be read in conjunction with the Company&#8217;s annual financial statements for the year ended March 31, 2011, which were prepared in accordance with Canadian GAAP, and have been restated in the IFRS disclosures included in Note 22.</P>

<P style="TEXT-ALIGN: right">6</P></DIV>

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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>Notes to Unaudited Condensed 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><BR>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) Basis of Consolidation</I></P>

<P style="TEXT-ALIGN: justify">These consolidated financial statements include the accounts of the Company and its wholly or partially owned subsidiaries, the most significant of which are presented in the following table:</P>

<DIV align=left>

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<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%"><B>Ownership</B></TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"><B>Subsidiary</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"><B>Location</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"><B>interest</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"><B>Status</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"><B>Property</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">Henan Found Mining Co. Ltd.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">China</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">77.5%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">Consolidated</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">Ying, TLP</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">(&#8220;Henan Found&#8221;)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">Henan Huawei Mining Co. Ltd.</TD>

   <TD noWrap align=left width="20%">China</TD>

   <TD noWrap align=left width="20%">80%</TD>

   <TD noWrap align=left width="20%">Consolidated</TD>

   <TD noWrap align=left width="20%">HPG, LM</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">(&#8220;Henan Huawei&#8221;)</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">Guangdong Found Mining Co. Ltd.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">China</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">95%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">Consolidated</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">GC</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">(&#8220;Guangdong Found&#8221;)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">Xinshao Yunxiang Mining Co. Ltd.</TD>

   <TD noWrap align=left width="20%">China</TD>

   <TD noWrap align=left width="20%">70%</TD>

   <TD noWrap align=left width="20%">Consolidated</TD>

   <TD noWrap align=left width="20%">BYP</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">(&#8220;Yunxiang&#8221;)</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">0875786 B.C. Ltd.</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">Canada</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">100%</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">Consolidated</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">Silvertip</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">Subsidiaries are fully consolidated from the date on which the Company obtains control. For non-wholly-owned subsidiaries, the net assets attributable to outside equity shareholders are presented as &#8220;non-controlling interests&#8221; in the equity section of the consolidated balance sheets. Net income for the period that is attributable to the non-controlling interests is calculated based on the ownership of the non-controlling interest shareholders in the subsidiary.</P>

<P style="TEXT-ALIGN: justify">Balances and transactions between the Company and its subsidiaries are eliminated on consolidation.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(c) Investments in Associates</I></P>

<P style="TEXT-ALIGN: justify">An associate is an entity over which the Company has significant influence, and is not a subsidiary or joint venture. Significant influence is presumed to exist when the Company has power to be actively involved and influential in financial and operating policy decisions of the associate.</P>

<P style="TEXT-ALIGN: justify">The Company accounts for its investments in associates using the equity method. Under the equity method, the Company&#8217;s investment in an associate is initially recognized at cost and subsequently increased or decreased to recognize the Company&#8217;s share of profit and loss of the associate and for impairment losses after the initial recognition date. The Company&#8217;s share of comprehensive income or losses of associates are recognized in comprehensive income during the period. Distributions received from an associate are accounted for as a reduction in the carrying amount of the Company&#8217;s investment.</P>

<P style="TEXT-ALIGN: justify">At the end of each reporting period, the Company assesses whether there is any objective evidence that an investment in an associate is impaired. When there is objective evidence that an investment in an associate is impaired, the carrying amount is compared to its recoverable amount, being the higher of its fair value less cost to sell and value in use. An impairment loss is recognized if the recoverable amount is less than its carrying amount. Impairment losses and reversal of impairment losses, if any, are recognized in net income in the period it occurs.</P>

<P style="TEXT-ALIGN: right">7</P></DIV>

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<B>Notes to Unaudited Condensed Consolidated Financial Statements</B></TD>
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<I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD>
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<BR>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(d) Business Combinations</I></P>
<P style="text-align: justify;">
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Company elects whether it measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree&#146;s identifiable net assets. Acquisition costs incurred are expensed and included in administrative expenses.</P>
<P style="text-align: justify;">
When the Company acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.</P>
<P style="text-align: justify;">
If the business combination is achieved in stages, the acquisition date fair value of the acquirer&#146;s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through profit or loss.</P>
<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(e) Foreign Currency Translation</I></P>
<P style="text-align: justify;">
The functional currency for each subsidiary of the Company is the currency of the primary economic environment in which the entity operates. The functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is the Canadian dollar (&#147;CAD&#148;). The functional currency of all Chinese subsidiaries is the Chinese Renminbi (&#147;RMB&#148;).</P>
<P style="text-align: justify;">
Foreign currency monetary assets and liabilities are translated into the functional currency using exchange rates prevailing at the balance sheet date. Foreign currency non-monetary assets are translated using exchange rates prevailing at the transaction date. Foreign exchange gains and losses are included in the determination of net income.</P>
<P style="TEXT-ALIGN: justify; margin-bottom: 0%">
The consolidated financial statements are presented in U.S. dollars (&#147;USD&#148;). The financial position and results of the Company&#146;s entities are translated from functional currencies to USD as follows:</P>
<UL style="margin-top: 0%">
<LI>
<P style="TEXT-ALIGN: justify; margin-bottom: 0%">assets and liabilities are translated using exchange rates prevailing at the balance sheet date;</P></LI>
<LI>
<P style="TEXT-ALIGN: justify; margin-bottom: 0%">income and expenses are translated using average exchange rates prevailing during the period; and</P></LI>
<LI>
<P style="TEXT-ALIGN: justify; margin-bottom: 0%">all resulting exchange gains and losses are included in other comprehensive income.</P></LI>
</UL>
<P style="text-align: justify;">
The Company treats inter-company loan balances, which are not intended to be repaid in the foreseeable future, as part of its net investment. When a foreign entity is disposed and exchange differences arise, such differences are recognized in the statement of income as part of the gain or loss on sale.</P>
<P style="TEXT-ALIGN: right">8</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 Condensed 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><BR>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(f) Revenue Recognition</I></P>

<P style="TEXT-ALIGN: justify">Revenue is recognized when the significant risks and rewards of ownership have passed to the buyer, it is probable that economic benefits associated with the transaction will flow to the Company, the sale price can be measured reliably, the Company has no significant continuing involvement and the costs incurred or to be incurred in respect of the transaction can be measured reliably.</P>

<P style="TEXT-ALIGN: justify">These conditions are generally satisfied when the title is passed to the customer. The passing of title to the customer is based on the terms of the sales contract. Product pricing is determined at the point revenue is recognized by reference to active and freely traded commodity markets. Under the Company&#8217;s concentrate sales contracts with third-party smelters, final commodity prices are set on a specified quotation period, typically ranging from ten to fifteen days around shipment date.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(g)Cash and Cash Equivalents</I></P>

<P style="TEXT-ALIGN: justify">Cash and cash equivalents include cash, and short-term money market instruments that are readily convertible to cash with original terms of three months or less.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(h) Short-term Investments</I></P>

<P style="TEXT-ALIGN: justify">Short-term investments consist of certificates of deposit and money market instruments, including cashable guaranteed investment certificates, bearer deposit notes and commercial paper with original terms of three months or more, but less than one year.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(i) Inventories</I></P>

<P style="TEXT-ALIGN: justify">Inventories include metals contained in concentrates, direct smelting ore, stockpile ore and operating materials and supplies. The classification of metals inventory is determined by the stage at which the ore is in the production process. Inventories of ore are sampled for metal content and are valued based on the lower of actual production costs incurred or estimated net realizable value based on the period ending prices of contained metals. Mined materials that do not contain a minimum quantity of metal needed to compensate the estimated processing expenses for recovery of the contained metal, are not classified as inventory and are assigned no value.</P>

<P style="TEXT-ALIGN: justify">Direct smelting ore and stockpiled ore are valued at the lower of mining cost and net realizable value. Mining cost includes the cost of raw material, mining contractor cost, direct labour costs, and applicable production overheads, based on normal operating capacity. Concentrate inventories are valued at the lower of cost and net realizable value. The cost of concentrate inventories includes the mining cost for stockpiled ore milled, freight charges for shipping stockpile ore from mine sites to mill sites and milling cost. Milling cost includes cost of materials and supplies, direct labour costs, and applicable production overheads cost, based on normal operating capacity. Material and supplies are valued at the lower of cost, determined on a weighted average cost basis, and net realizable value.<BR>Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sales.</P>

<P style="TEXT-ALIGN: right">9</P></DIV>

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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 Condensed 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><BR>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">(j) <I>Plant and Equipment</I></P>

<P style="TEXT-ALIGN: justify">Plant and equipment are initially recorded at cost, including all directly attributable costs to bring the assets to the location and condition necessary for it to be capable of operating in the manner intended by management. Plant and equipment are subsequently measured at cost less accumulated depreciation and applicable impairment losses. Depreciation is computed on a straight-line basis based on the nature and useful lives of the assets. The significant classes of plant and equipment and their estimated useful lives are as follows:</P>

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   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="50%">Building</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="50%">20 years</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%">Office equipment and furniture</TD>

   <TD noWrap align=right width="50%">5 years</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="50%">Machinery and equipment</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="50%">5-10 years</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%">Motor vehicle</TD>

   <TD noWrap align=right width="50%">5 years</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="50%">Land use right</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="50%">50 years</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%">Leasehold improvement</TD>

  <TD noWrap align=right width="50%">5 years</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Subsequent costs that meet the asset recognition criteria are capitalized while costs incurred that do not extend the economic useful life of an asset are considered repairs and maintenance, which are accounted for as an expense recognized during the period.</P>

<P style="TEXT-ALIGN: justify">Assets under construction are capitalized as construction-in-progress. The cost of construction-in-progress comprises its purchase price and any costs directly attributable to bringing it into working condition for its intended use. Construction-in-progress assets are not depreciated until they are completed and available for use.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(k) Mineral Rights and Properties</I></P>

<P style="TEXT-ALIGN: justify">The cost of acquiring mineral rights and properties either as an individual asset purchase or as part of a business combination is capitalized and represents the property&#8217;s fair value at the date of acquisition. Fair value is determined by estimating the value of the property&#8217;s reserves, resources and exploration potential.</P>

<P style="TEXT-ALIGN: justify">Exploration and evaluation costs, incurred associated with specific mineral rights and properties prior to demonstrable technical feasibility and commercial viability of extracting a mineral resource, are capitalized. Upon determination that a mineral property can be economically developed, which occurs at the earlier of: completion of positive economic analysis of the mineral deposit by establishing proven and probable reserves; or obtaining a mining permit, the subsequent development costs incurred such as to further delineate the ore body and costs incurred during production to increase output by providing access to additional sources of mineral resources, are also capitalized.</P>

<P style="TEXT-ALIGN: justify">Upon commencement of commercial production, mineral rights and properties and capitalized expenditures are depleted over the mine&#8217;s estimated life using the units of production method calculated based on proven and probable reserves. If commercial production commences prior to the determination of proven and probable reserves, depletion is calculated based on the mineable portion of measured and indicated resources.</P>

<P style="TEXT-ALIGN: right">10</P></DIV>

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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 Condensed 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><BR>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(l) Impairment of Long-lived Assets</I></P>

<P style="TEXT-ALIGN: justify">Long-lived assets, including mineral rights and properties, plant and equipment are reviewed and tested for impairment when indicators of impairment are considered to exist. Impairment assessments are conducted at the level of cash-generating units (&#8220;CGU&#8221;), which is the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets. An impairment loss is recognized for any excess of carrying amount of a CGU over its recoverable amount, which is the greater of its fair value less costs to sell and value in use. For mineral rights and properties and processing facilities, the recoverable amount is estimated as the discounted future net cash flows expected to be derived from expected future production, metal prices, and net proceeds from the disposition of assets on retirement, less operating and capital costs. Impairment losses are recognized in the period they are incurred.</P>

<P style="TEXT-ALIGN: justify">Impairment losses are reversed if the conditions that gave rise to the impairment are no longer present and it has been determined that the asset is no longer impaired as a result. This reversal is recognized in net income in the period the reversal occurs limited by the carrying value that would have been determined, net of any depreciation, had no impairment charge been recognized in prior years.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(m) Rehabilitation Provision</I></P>

<P style="TEXT-ALIGN: justify">The Company recognizes rehabilitation provision for statutory, contractual, constructive or other legal obligations relating to site reclamation and restoration costs that will incur on the retirement of assets and abandonment of mine and exploration sites. Provisions for the cost of each mine site&#8217;s rehabilitation program are normally recognized at the time that an environmental disturbance occurs or a constructive obligation is determined.</P>

<P style="TEXT-ALIGN: justify">Costs included in the provision were estimated for all rehabilitation activities expected to occur progressively over the life of the operation and at the time of mine site closure. The estimated costs also have risks and probabilities of alternative estimates of cash flows required to settle the obligations taken into consideration.</P>

<P style="TEXT-ALIGN: justify">The timing of the actual rehabilitation expenditure is dependent upon a number of factors such as the life of operation, nature of the asset, and the operating license conditions.</P>

<P style="TEXT-ALIGN: justify">Rehabilitation provisions are measured at the expected value of future cash flows excluding the effect of inflation. The future cash flows are discounted to their present value using a current Chinese government bond real risk-free pre-tax interest rate. Provisions are updated at the end of each reporting period using the most current discount rate and exchange rate.</P>

<P style="TEXT-ALIGN: justify">When rehabilitation provisions are initially recognized, the corresponding cost is capitalized as an asset in mineral rights and properties and depreciated over the life of the operation to which it relates. When there is a change in estimate of the cost associated, provisions will be updated with the respective changes to the related asset. The accretion expense, representing the amortization of the discount, is included in finance costs and results in an increase in the amount of the provision.</P>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed 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><BR>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(n) Borrowing Costs</I></P>

<P style="TEXT-ALIGN: justify">Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset, which necessarily takes a substantial period of time to get ready for its intended use or sale, are capitalized as part of the cost of that asset. All other borrowing costs are expensed in the period in which they are incurred. The Company capitalizes borrowing costs for all eligible assets where construction commenced on or after April 1, 2010.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(o) Stock-based Payments</I></P>

<P style="TEXT-ALIGN: justify">The Company recognizes stock-based compensation expense for all stock options awarded to employees, officers, directors, and consultants using the fair value method. The fair value of the stock options at the date of grant is expensed over the vesting periods of the stock options with a corresponding increase to equity. The fair value of options granted to employees, officers, and directors is determined using the Black-Scholes option pricing model with market related inputs as of the date of grant. The fair value of stock options granted to consultants is measured at the fair value of the services delivered unless that fair value cannot be estimated reliably, which then is determined using the Black-Scholes option pricing model. Stock options with graded vesting schedules are accounted for as separate grants with different vest periods and fair values. Forfeitures are accounted for using estimates based on historical actual forfeiture data. Stock-based compensation expense related to exploration is capitalized in mineral rights and properties.</P>

<P style="TEXT-ALIGN: justify">Upon the exercise of the stock option, consideration received and the related amount transferred from contributed surplus are recorded as share capital.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(p) Income Taxes</I></P>

<P style="TEXT-ALIGN: justify">Current tax for each taxable entity is based on the local taxable income at the local statutory tax rate enacted or substantively enacted at the balance sheet date and includes adjustments to tax payable or recoverable in respect to previous periods.</P>

<P style="TEXT-ALIGN: justify">Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to set off the amounts, and the Company intends to settle on a net basis, or to realize the asset and settle the liability simultaneously.</P>

<P style="TEXT-ALIGN: justify">Deferred tax is recognized using the balance sheet liability method on temporary differences at the reporting date between the tax bases of assets and liabilities, and their carrying amounts for financial reporting purposes. Deferred tax assets are recognized for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilized, except:</P>

<UL>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and</P>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred income tax assets are recognized only to the extent that it is</P></LI></UL>

<P style="TEXT-ALIGN: right">12</P></DIV>

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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 Condensed 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><BR>

<P style="MARGIN-LEFT: 40px; TEXT-ALIGN: justify">probable that the temporary differences will reverse in the foreeeable future and taxable profit will be available against which the temporary differences can be utilized.</P>

<P style="TEXT-ALIGN: justify">The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable profit will be available to allow the deferred tax asset to be recovered.</P>

<P style="TEXT-ALIGN: justify">Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.</P>

<P style="TEXT-ALIGN: justify">Deferred income tax relating to items recognized outside profit or loss is recognized in other comprehensive income or directly in equity.</P>

<P style="TEXT-ALIGN: justify">Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(q) Earnings per Share</I></P>

<P style="TEXT-ALIGN: justify">Earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if additional common shares are assumed to be issued under securities that entitle their holders to obtain common shares in the future. For stock options and warrants, the number of additional shares for inclusion in diluted earnings per share calculations is determined by the treasury stock method. Under this method, derivatives, whose exercise price is less than the average market price of our common shares, are assumed to be exercised and the proceeds are used to repurchase common shares at the average market price for the period. The incremental number of common shares issued under stock options, and repurchased from proceeds, is included in the calculation of diluted earnings per share.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(r) Financial Instruments</I></P>

<P style="TEXT-ALIGN: justify">On initial recognition, all financial assets and financial liabilities are recorded at fair value adjusted for directly attributable transaction costs except for financial assets and liabilities classified as fair value through profit or loss (&#8220;FVTPL&#8221;), of which transaction costs are expensed as incurred.</P>

<P style="TEXT-ALIGN: justify">Subsequent measurement of financial assets and liabilities depends on the classification of such assets and liabilities.</P>

<P style="TEXT-ALIGN: justify"><I>FVTPL:</I><br>
  Financial assets and liabilities classified as FVTPL are measured at fair value with changes in fair values recognized in net income. Financial assets and liabilities are classified as FVTPL when: (i) they are acquired or incurred principally for short-term profit taking and/or meet the definition of a derivative (held-for-trading); or (ii) they meet the criteria for being designated as at FVTPL and have been designated as such on initial recognition.</P>
<P style="TEXT-ALIGN: right">13</P></DIV>

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   <TD width="100%"></TD></TR>

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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 Condensed 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><BR>

<P style="TEXT-ALIGN: justify"><I>Available-for-sale financial assets:</I><br>
  A financial asset is classified as available-for-sale when: (i) it is not classified as a loan and receivable, a held-to-maturity investment or as at FVTPL; or (ii) it is designated as available-for-sale on initial recognition. A financial asset classified as available-for-sale is measured at fair value except for investments in equity instruments that do not have quoted market prices in active markets and where fair value cannot be reliably measured. Such equity instruments are accounted for at cost. For financial assets measured at fair value, their mark-to-market gains and losses are recognized in other comprehensive income (&#8220;OCI&#8221;) and accumulated in accumulated other comprehensive income within equity until the financial asset is derecognized or there is objective evidence that the asset is impaired.</P>
<P style="TEXT-ALIGN: justify"><I>Loans and receivables:</I><br>
  Financial assets classified as loans and receivables are measured at amortized cost using the effective interest method. Amortized cost is calculated by taking into account any discount or premiums on acquisition and fees that are an integral part of the effective interest method. Amortization from the effective interest method is included in finance cost or income.</P>
<P style="TEXT-ALIGN: justify">Other financial liabilities and interest-bearing loans and borrowings:<br>
  Other financial liabilities and financial liabilities classified as interest-bearing loans and borrowings are measured at amortized cost using the effective interest method. Amortized cost is calculated by taking into account any discount or premiums on acquisition and fees that are an integral part of the effective interest method. Amortization from the effective interest method is included in finance cost or income.</P>
<P style="TEXT-ALIGN: justify"><I>Impairment:</I><br>
  The Company assesses at the end of each reporting period whether there is objective evidence that financial assets are impaired. Impairment losses and reversal of impairment losses, if any, are recognized in net income in the period they are incurred.</P>
<P style="TEXT-ALIGN: justify; margin-bottom: 0%"><I>Derecognition:</I></P>
<P style="TEXT-ALIGN: justify; margin-bottom: 0%; margin-top: 0%">A financial asset is derecognized when:</P>

<UL style="margin-top: 0%">

  <LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">The rights to receive cash flows from the asset have expired; or</P>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a &#8216;pass-through&#8217; arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.</P></LI></UL>

<P style="TEXT-ALIGN: justify">When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Company&#8217;s continuing involvement in the asset. In that case, the Company also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Company has retained.</P>

<P style="TEXT-ALIGN: justify">A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability. In this case, a new liability is recognized, and the difference in the respective carrying amounts is recognized in the statement of operations.</P>

<P style="TEXT-ALIGN: right">14</P></DIV>

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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 Condensed 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><BR>

<P style="TEXT-ALIGN: justify"><I>Offsetting of financial instruments:</I><br>
  Financial assets and liabilities are offset and the net amount is reported in the consolidated balance sheet if and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle liabilities simultaneously.</P>
<P style="TEXT-ALIGN: justify"><I>Fair value of financial instruments:</I><br>
  The fair value of financial instruments that are traded in active markets at each reporting date is determined by reference to quoted market prices, without deduction for transaction costs. For financial instruments that are not traded in active markets, the fair value is determined using appropriate valuation techniques, such as using a recent arm&#8217;s length market transaction, discounted cash flow analysis or other valuation models.</P>
<P style="TEXT-ALIGN: justify; margin-bottom: 0%">The Company classifies its financial instruments as follows:</P>

<UL style="margin-top: 0%">

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">Financial assets classified as at FVTPL: short term investments, investments in warrants.</P>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">Financial assets classified as available-for-sale: equity investment in Yongning Smelting Co., Ltd., equity investment in Jinduicheng Xise (Canada) Co. Ltd., and other non-derivative marketable securities.</P>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">Loans and receivables: trade and other receivables.</P>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">Other liabilities and interest bearing loans and borrowings: accounts payable and accrued liabilities, dividends payable, and bank loan.</P></LI></UL>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(s) Government Assistance</I></P>

<P style="TEXT-ALIGN: justify">Refundable mining exploration tax credits received from eligible mining exploration expenditures reduces the carrying amount of the related mineral rights and properties asset. The depletion of the related mineral rights and properties asset is calculated based on the net amount.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(t) Significant Judgments &amp; Estimation Uncertainty</I></P>

<P style="TEXT-ALIGN: justify">Many amounts included in the consolidated balance sheet require management to make judgments and/or estimates. These judgments and estimates are continuously evaluated and are based on management&#8217;s experience and knowledge of relevant facts and circumstances. Actual results may differ from the amounts included in the consolidated balance sheet.</P>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">Areas of significant judgment and estimates include:</P>

<UL style="margin-top: 0%">

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">Estimates of the quantities of proven and probable mineral reserves and the portion of resources considered to be probable of economic extraction.</P>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">Forecast prices of commodities, exchange rates, production costs, and recovery rates.</P>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">The future economic benefit of exploration and evaluation costs.</P>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">The estimated fair values of CGU for impairment tests, including estimates of future costs to produce proven and probable reserves, future commodity prices, and discount rates.</P>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">The estimated useful lives and residual values of tangible and long-lived assets and the measurement of depreciation expense.</P>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">Provision for environmental rehabilitation.</P>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">The fair value of acquired assets and liabilities.</P>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">The recoverability of trade and other receivables and investments.</P>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">Valuation inputs and forfeiture rates used in calculation of stock-based compensation.</P>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">Inputs to determine the fair value of warrants held.</P></LI></UL>

<P style="TEXT-ALIGN: right">15</P></DIV>

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<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>Notes to Unaudited Condensed 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><BR>

<UL>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">Evaluation and assessment of contingent liabilities.</P>

<LI>

<P style="TEXT-ALIGN: justify; margin-bottom: 0%">Valuation allowances for deferred income tax assets.</P></LI></UL>

<P style="TEXT-ALIGN: justify">The Company estimates its ore reserves and mineral resources based on information compiled by qualified persons as defined in accordance with the National Instrument 43-101.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(u) Accounting standards issued but not yet effective</I></P>

<P style="TEXT-ALIGN: justify">The IASB and IFRIC have issued certain new standards, interpretations, amendments and improvements to existing standards, mandatory for future accounting periods. The most significant of these are as follows, and are all effective for annual periods beginning on or after January 1, 2013, with earlier adoption permitted, unless otherwise specified:</P>

<P style="TEXT-ALIGN: justify">IFRS 9 &#8211; Financial Instruments (&#8220;IFRS 9&#8221;) will be the new standard for financial reporting of financial instruments that is set to replace the existing IAS 39. IFRS 9 is principles-based and is aimed to be less complex than IAS 39. In October 2010, phase 1 of IFRS 9 was amended to address the classification and measurement of financial assets and financial liabilities. The remaining phases containing mainly amendments to address derecognizing financial instruments, impairment, and hedge accounting, are expected to be completed during the second half of 2011.</P>

<P style="TEXT-ALIGN: justify">IFRS 11 &#8211; Joint Arrangements (&#8220;IFRS 11&#8221;) provides a more realistic reflection of joint arrangements by focusing on the rights and obligations of the arrangement, rather than its legal form. The standard addresses inconsistencies in the reporting of joint arrangements by requiring a single method to account for interests in jointly controlled entities. IFRS 11 supersedes IAS 31 and SIC-13.</P>

<P style="TEXT-ALIGN: justify">IFRS 12 &#8211; Disclosures of Interests in Other Entities will be the new standard for disclosure requirements for subsidiaries, joint-ventures, associates and unconsolidated structured entities. As previous disclosure requirements segregated in different standards &#8211; IAS 27, IAS 28, and IAS 31 &#8211; had overlaps in numerous areas, the new combined disclosure standard will present a uniformed requirement that is easier to understand and apply.</P>

<P style="TEXT-ALIGN: justify">IFRS 10 &#8211; Consolidated Financial Statements will be the new standard replaces the consolidation guidance in IAS 27 and SIC-12, by establishing a consistent application of the concept of control as the basis for determining which entities are consolidated in the consolidated financial statements.</P>

<P style="TEXT-ALIGN: justify">IFRS 13 &#8211; Fair Value Measurement will be the new standard that replaces the guidance on fair value measurement in existing IFRS. It defines and provides guidance on measuring fair value and requires disclosures about fair value measurements in a single standard.</P>

<P style="TEXT-ALIGN: justify">IAS 28 &#8211; Investments in Associates and Joint Ventures had an amendment in May 2011 that sets out the requirements for the application of the equity method when accounting for investments in associates and joint-ventures. The amendment specifies that interest in joint-ventures should be recognized as an investment and accounts for it using the equity method, unless the entity meets certain exemption criteria.</P>

<P style="TEXT-ALIGN: justify">The Company is currently evaluating the impact of the future accounting standards on the consolidated financial statements.</P>

<P style="TEXT-ALIGN: right">16</P></DIV>

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   <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>Notes to Unaudited Condensed 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>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>3.</B></TD>

   <TD noWrap align=left><B>SUBSIDIARIES AND ASSOCIATES</B></TD></TR></TABLE></DIV><BR>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(a) Subsidiaries</I></P>

<P style="TEXT-ALIGN: justify">Details of the Company&#8217;s subsidiaries 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="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">&nbsp;</TD>

   <TD noWrap align=left width="14%">&nbsp;</TD>

   <TD noWrap align=left width="14%">&nbsp;</TD>

   <TD noWrap align=middle width="42%" colSpan=3>Proportion of ownership interest held</TD>

   <TD noWrap align=left width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">&nbsp;</TD>

   <TD noWrap align=left width="14%">&nbsp;</TD>

   <TD noWrap align=middle width="14%">Place of</TD>

   <TD noWrap align=middle width="14%"><B>June 30,</B></TD>

   <TD noWrap align=middle width="14%">March 31,</TD>

   <TD noWrap align=middle width="14%">April 1,</TD>

   <TD noWrap align=middle width="14%">Mineral</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="14%">Name of subsidiaries</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="14%">Principal activity</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="14%">incorporation</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="14%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="14%">2011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="14%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="14%">properties</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Silvercorp Metals China Inc.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">China</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%"><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">0875786 B.C. LTD.</TD>

   <TD noWrap align=middle width="14%">Mining</TD>

   <TD noWrap align=middle width="14%">Canada</TD>

   <TD noWrap align=middle width="14%"><B>100%</B></TD>

   <TD noWrap align=middle width="14%">100%</TD>

   <TD noWrap align=middle width="14%">100%</TD>

   <TD noWrap align=middle width="14%">Silvertip</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Fortune Mining Limited</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">BVI (i)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%"><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">Fortune Copper Limited</TD>

   <TD noWrap align=middle width="14%">Holding company</TD>

   <TD noWrap align=middle width="14%">BVI</TD>

   <TD noWrap align=middle width="14%"><B>100%</B></TD>

   <TD noWrap align=middle width="14%">100%</TD>

   <TD noWrap align=middle width="14%">100%</TD>

   <TD noWrap align=left width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Fortress Mining Inc.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">BVI</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%"><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">Fortune Gold Mining Limited</TD>

   <TD noWrap align=middle width="14%">Holding company</TD>

   <TD noWrap align=middle width="14%">BVI</TD>

   <TD noWrap align=middle width="14%"><B>100%</B></TD>

   <TD noWrap align=middle width="14%">100%</TD>

   <TD noWrap align=middle width="14%">100%</TD>

   <TD noWrap align=left width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Victor Resources Ltd.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">BVI</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%"><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">Yangtze Mining Ltd.</TD>

   <TD noWrap align=middle width="14%">Holding company</TD>

   <TD noWrap align=middle width="14%">BVI</TD>

   <TD noWrap align=middle width="14%"><B>100%</B></TD>

   <TD noWrap align=middle width="14%">100%</TD>

   <TD noWrap align=middle width="14%">100%</TD>

   <TD noWrap align=left width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Victor Mining Ltd.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">Barbados</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%"><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">Fortune Gold Mining (H.K.) Limited</TD>

   <TD noWrap align=middle width="14%">Holding company</TD>

   <TD noWrap align=middle width="14%">Hong Kong</TD>

   <TD noWrap align=middle width="14%"><B>100%</B></TD>

   <TD noWrap align=middle width="14%">100%</TD>

   <TD noWrap align=middle width="14%">N/A</TD>

   <TD noWrap align=left width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Wonder Success Limited</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">Hong Kong</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%"><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">N/A</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">Qinghai Found Mining Co. Ltd.</TD>

   <TD noWrap align=middle width="14%">Mining</TD>

   <TD noWrap align=middle width="14%">China</TD>

   <TD noWrap align=middle width="14%"><B>82%</B></TD>

   <TD noWrap align=middle width="14%">82%</TD>

   <TD noWrap align=middle width="14%">82%</TD>

   <TD noWrap align=left width="14%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Henan Huawei Mining Co. Ltd.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">Mining</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">China</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%"><B>80%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">80%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">70%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">HPG, LM</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">Henan Found Mining Co. Ltd.</TD>

   <TD noWrap align=middle width="14%">Mining</TD>

   <TD noWrap align=middle width="14%">China</TD>

   <TD noWrap align=middle width="14%"><B>77.5%</B></TD>

   <TD noWrap align=middle width="14%">77.5%</TD>

   <TD noWrap align=middle width="14%">77.5%</TD>

   <TD noWrap align=middle width="14%">Ying, TLP</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Xinshao Yunxiang Mining Co. Ltd.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">Mining</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">China</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%"><B>70%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">70%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">N/A</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="14%">BYP</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="14%">Guangdong Found Mining Co. Ltd.</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="14%">Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="14%">China</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="14%"><B>95%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="14%">95%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="14%">95%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="14%">GC</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">(i) British Virgin Island ("BVI")</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) Associates</I></P>

<P style="TEXT-ALIGN: justify">Details of the Company&#8217;s associates 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="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=left width="16%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=middle width="48%" colSpan=3>Proportion of ownership interest held</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=left width="16%">&nbsp;</TD>

   <TD noWrap align=middle width="16%">Place of</TD>

   <TD noWrap align=middle width="16%"><B>June 30,</B></TD>

   <TD noWrap align=middle width="16%">March 31,</TD>

   <TD noWrap align=middle width="16%">April 1,</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="16%">Name of associates</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="16%">Principal activity</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="16%">incorporation</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="16%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="16%">2011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="16%">2010</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">New Pacific Metals Corp.</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Canada</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%"><B>14.3%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">14.3%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">23.4%</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify"><B>4. ACQUISITIONS</B></P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(a) Xinshao Yunxiang Mining Co. Ltd.</I></P>

<P style="TEXT-ALIGN: justify">On January 13, 2011, the Company acquired 70% equity interest in Xinshao Yunxiang Mining Co., Ltd. (&#8220;Yunxiang&#8221;), a private mining company in Hunan Province, China. Yunxiang&#8217;s primary asset is the BYP Gold-Lead-Zinc mine.</P>

<P style="TEXT-ALIGN: right">17</P></DIV>

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<A name="page_19"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed 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><BR>

<P style="TEXT-ALIGN: justify">The transaction was a business combination and has been accounted for using the acquisition method. The final allocation of the purchase price to Yunxiang&#8217;s identifiable assets acquired and liabilities assumed, based on estimated fair values at the time of acquisition is presented as follows:</P>

<DIV align=left>



<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''Times New Roman''''" cellSpacing=0 border=0 BCLBORDERCOLLAPSE>
<TR>
     <TD style="BACKGROUND-COLOR: #ffffff" width="4%"></TD>
     <TD width="82%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="4%"></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="82%">Cash consideration</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">23,084</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="82%">Liabilities assumed</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">3,273</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="82%">Purchase consideration</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">26,357</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>
<TR height=20>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="4%"></TD>
     <TD noWrap align=left width="82%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%">&nbsp;</TD>
     <TD noWrap align=left width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="4%"></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="82%">Net working capital (cash: $nil)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">27</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="4%"></TD>
     <TD noWrap align=left width="82%">Plant and equipment</TD>
     <TD noWrap align=left width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%">776</TD>
     <TD noWrap align=left width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="4%"></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="82%">Mineral rights and properties</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">49,551</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="4%"></TD>
     <TD noWrap align=left width="82%">Environmental rehabilitation provision</TD>
     <TD noWrap align=left width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%">(415</TD>
     <TD noWrap align=left width="2%">)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="4%"></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="82%">Deferred income tax liabilities</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(12,286</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="82%">Non-controlling interest</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(11,296</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="82%">Assets acquired and liabilities assumed</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">26,357</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">The Company measured the non-controlling interest at its proportionate share of the fair value of net identifiable assets acquired. Acquisition related costs were expensed in the period.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) 10% Equity Interest in Henan Huawei Mining Co. Ltd.</I></P>

<P style="TEXT-ALIGN: justify">On May 21, 2010, the Company acquired an additional 10% equity interest in Henan Huawei from the non-controlling interest shareholder for consideration of $1,127. The consideration was paid through the issuance of 163,916 common shares of the Company. The common shares were valued at $6.876 per share, being the prevailing share price on the New York Stock Exchange at the date of the transaction.</P>

<P style="TEXT-ALIGN: justify">The increase of the Company&#8217;s ownership in Henan Huawei from 70% to 80% has been accounted for as an equity transaction with the carrying amount of the controlling and non-controlling interests being adjusted to reflect the changes in their relative interests in Henan Huawei. The difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid are recognized directly in equity.</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 noWrap align=left><B>5.</B></TD>

   <TD noWrap align=left><B>INVENTORIES</B></TD></TR></TABLE></DIV><BR>

<P style="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="58%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">March 31, 2011</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">April 1, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Direct smelting ore and stockpile ore</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>425</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">574</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">585</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%">Concentrate inventory</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>620</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,008</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">855</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Total stockpile</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,045</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,582</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,440</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%">Material and supplies</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2,743</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2,313</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,735</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>3,788</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,895</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,175</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">The amounts of inventory recognized as expenses during the three months ended June 30, 2011 and 2010 were equivalent to the cost of sales.</P>

<P style="TEXT-ALIGN: right">18</P></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed Consolidated Financial Statements</B></TD></TR>

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   <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>6.</B></TD>

   <TD noWrap align=left><B>INVESTMENT IN AN ASSOCIATE</B></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">New Pacific Metals Corp. (&#8220;NUX&#8221;) is a Canadian public company listed on the TSX Venture Exchange (symbol: NUX). NUX is a related party of the Company by way of a common director and officers. The Company has significant influence over the financial and operating policies of NUX.</P>

<P style="TEXT-ALIGN: justify">As at June 30, 2011, the Company owned 9,402,100 common shares (March 31, 2011 - 9,402,100, April 1, 2010 - 7,400,000) of NUX, representing an ownership interest of 14.3% (March 31, 2011 &#8211; 14.3%, April 1, 2010 - 23.4%).</P>

<P style="TEXT-ALIGN: justify">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 the respective balance sheet dates are as follows:</P>

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   <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 width="58%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">Value of NUX's</TD>

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   <TD noWrap align=left width="58%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">Number of</TD>

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   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">common shares per</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">shares</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">Amount</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">quoted market price</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Balance, April 1, 2010</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">7,400,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">6,103</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5,028</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="58%">Acquisition from market</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2,100</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Private placement participation</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,000,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,271</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="58%">Equity income</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,881</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Dilution gain</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">4,862</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%">Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">703</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

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   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Balance, March 31, 2011</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">9,402,100</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">15,822</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">19,640</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="58%">Equity loss</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(24</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">123</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="58%"><B>Balance, June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>9,402,100</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>15,921</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>15,990</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

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   <TD noWrap align=left><B>7.</B></TD>

   <TD noWrap align=left><B>OTHER INVESTMENTS</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''Times New Roman''" cellSpacing=0 border=0 BCLBORDERCOLLAPSE>
<TR>
     <TD width="50%"></TD>
     <TD width="8%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="50%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="8%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>June 30, 2011</B></TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">March 31, 2011</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">April 1, 2010</TD>
     <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;</TD>
     <TD noWrap align=left width="8%">&nbsp;</TD>
     <TD noWrap align=left width="2%">&nbsp;</TD>
     <TD noWrap align=left width="10%">&nbsp;</TD>
     <TD noWrap align=left width="2%">&nbsp;</TD>
     <TD noWrap align=left width="2%">&nbsp;</TD>
     <TD noWrap align=left width="10%">&nbsp;</TD>
     <TD noWrap align=left width="2%">&nbsp;</TD>
     <TD noWrap align=left width="2%">&nbsp;</TD>
     <TD noWrap align=left width="10%">&nbsp;</TD>
     <TD noWrap align=left width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="50%"><B>Available-for-sale</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;</TD>
     <TD noWrap align=center width="8%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="50%">
<P style="MARGIN-LEFT: 4%">Publicly-traded companies</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="8%">(a)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>10,757</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">11,567</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,849</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;</TD>
     <TD noWrap align=center width="8%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="50%">
<P style="MARGIN-LEFT: 4%">Yongning Smelting Co. Ltd.</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="8%">(b)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>9,283</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">9,169</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">6,886</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;</TD>
     <TD noWrap align=center width="8%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="50%">
<P style="MARGIN-LEFT: 4%">Jinduicheng Xise (Canada) Co. Ltd.</P>
</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="8%">(c)</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>22,846</B></TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">22,669</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>
     <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%">&nbsp;</TD>
     <TD noWrap align=center width="8%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD>
     <TD noWrap align=right width="10%">&nbsp;</TD>
     <TD noWrap align=right width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="50%"><B>Warrants</B></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center width="8%">6 &amp; 7(a)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,740</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,881</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">268</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="50%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>44,626</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">46,286</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">9,003</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(a) Investments in publicly-traded companies with no significant influence</I></P>

<P style="TEXT-ALIGN: justify">Investments in publicly-traded companies represent equity interests of other publicly-trading mining companies that the Company has acquired through the open market or through private placements. These equity interests are for long-term investment purposes and consist of common shares and warrants.</P>

<P style="TEXT-ALIGN: right">19</P></DIV>

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



<A name="page_21"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed 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><BR>

<P style="TEXT-ALIGN: justify">Common shares are classified as available-for-sale and are measured at fair value on initial recognition and subsequent measurement. As of June 30, 2011, none of the shares held by the Company was over 10% of the respective outstanding shares of investees.</P>

<P style="TEXT-ALIGN: justify">Warrants, by their nature, meet the definition of derivatives and are classified as at FVTPL. The fair value of the warrants was determined using the Black-Scholes pricing model as at the acquisition date as well as at each period end. Fair value changes are recognized in net income of the period.</P>

<P style="TEXT-ALIGN: justify">Common shares:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="58%"></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 width="58%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>Accumulated mark-to-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>Accumulated</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="58%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>market gains and losses</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>impairment</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="10%"><B>Fair value</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>included in OCI</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>charges</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">April 1, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,849</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">320</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(195</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%">March 31, 2011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">11,567</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">4,751</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(195</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%"><B>June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>10,757</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>2,835</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(195</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">Warrants:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="72%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>Accumulated mark-to-market</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>gains and losses included in net</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>Fair value</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">April 1, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">268</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">35</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">March 31, 2011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2,881</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,283</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%"><B>June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,740</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>124</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) Yongning Smelting Co. Ltd. (&#8220;Yongning Smelting&#8221;)</I></P>

<P style="TEXT-ALIGN: justify">Yongning Smelting is a private company based in China. The Company invested in Yongning Smelting through its subsidiary Henan Found. As at June 30, 2011, the Company&#8217;s total investment in Yongning Smelting is $9,283 (RMB 60.0 million) (March 31, 2011 - $9,169, April 1, 2010 - $6,886), representing 15% (March 31, 2011 &#8211; 15%, April 1, 2010 &#8211; 11.75%) of Yongning Smelting&#8217;s equity interest. The investment was accounted for as available-for-sale financial asset and measured at cost at all relevant balance sheet dates.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">(c) <I>Jinduicheng Xise (Canada) Co. Ltd. (&#8220;Jinduicheng&#8221;)</I></P>

<P style="TEXT-ALIGN: justify">Jinduicheng is a private mining company based in Canada. The Company invested in Jinduicheng through a private placement. As at June 30, 2011, the Company&#8217;s total investment in Jinduicheng is $22,846 (CAD$22 million) (March 31, 2011 - $22,669, April 1, 2010 - $nil), representing 6% (March 31, 2011 &#8211; 6%, April 1, 2010 &#8211; nil) of total equity interest. The investment was accounted for as available-for-sale financial asset and measured at cost at all relevant balance sheet dates.</P>

<P style="TEXT-ALIGN: right">20</P></DIV>

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

<A name="page_22"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed 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="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>8.</B></TD>

   <TD noWrap align=left><B>PLANT AND EQUIPMENT</B></TD></TR></TABLE></DIV>

<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 width="4%"></TD>

   <TD noWrap align=left width="24%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="8%"><B>Land and</B></TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="8%"><B>Office</B></TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="8%">&nbsp;</TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="8%"><B>Motor</B></TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD align=middle width="8%"><B>Construction</B></TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="24%"><B>Cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="8%"><B>building</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="8%"><B>equipment </B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="8%"><STRONG>Machinery</STRONG>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="8%"><B>vehicle</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" align=middle width="8%"><B>in progress</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="8%"><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%">Balance as at April 1, 2010</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">21,059</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">1,418</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">8,759</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">1,992</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">469</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">33,697</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD noWrap align=left width="24%">

   <P style="MARGIN-LEFT: 4%">Additions upon acquisition of Yunxiang</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">197</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">39</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">127</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">109</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">304</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">776</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%">

   <P style="MARGIN-LEFT: 4%">Additions</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">4,240</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">550</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">1,280</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">1,446</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">2,079</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">9,595</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD noWrap align=left width="24%">

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(1,207</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(106</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(193</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(81</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(85</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(1,672</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%">

   <P style="MARGIN-LEFT: 4%">Reclassify from construction in process</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">620</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(620</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="24%">

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">1,034</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">81</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">411</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">126</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">63</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">1,715</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%">Ending balance as at March 31, 2011</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">25,943</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">1,982</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">10,384</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">3,592</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">2,210</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">44,111</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD noWrap align=left width="24%">

   <P style="MARGIN-LEFT: 4%">Additions</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">1,384</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">451</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">457</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">909</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">1,491</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">4,692</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%">

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(25</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(21</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(103</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(88</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(237</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="24%">

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">323</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">23</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">131</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">49</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">36</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">562</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%"><B>Ending balance as at June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>27,625</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>2,435</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>10,869</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>4,462</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>3,737</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>49,128</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD noWrap align=left width="24%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%"><B>Accumulated depreciation and amortization</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="24%">Balance as at April 1, 2010</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(1,644</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(654</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(1,523</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(865</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(4,686</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%">

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">106</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">78</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">65</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">58</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">307</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD noWrap align=left width="24%">

   <P style="MARGIN-LEFT: 4%">Depreciation and amortization</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(1,094</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(306</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(1,101</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(442</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(2,943</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%">

   <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 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(98</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(36</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(92</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(47</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(273</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="24%">Ending balance as at March 31, 2011</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(2,730</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(918</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(2,651</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(1,296</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(7,595</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%">

   <P style="MARGIN-LEFT: 4%">Depreciation and amortization</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(302</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(101</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(313</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(160</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(876</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD noWrap align=left width="24%">

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">4</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">11</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">46</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">54</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">115</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%">

   <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 width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(35</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(10</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(35</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(17</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(97</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="24%"><B>Ending balance as at June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>(3,063</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>(1,018</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>(2,953</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>(1,419</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>(8,453</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD></TR>

<TR height=20>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="24%"><B>Carrying amounts</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%">Balance as at April 1, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">19,415</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">764</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">7,236</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">1,127</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">469</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">29,011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="24%">Balance as at March 31, 2011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">23,213</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">1,064</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">7,733</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">2,296</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">2,210</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">36,516</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%"><B>Balance as at June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>24,562</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>1,417</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>7,916</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>3,043</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>3,737</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>40,675</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">21</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_23"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed 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="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>9.</B></TD>

   <TD noWrap align=left><B>MINERAL RIGHTS AND PROPERTIES</B></TD></TR></TABLE></DIV>

<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="18%"></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="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 width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="18%"><B>Cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>Ying</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>TLP</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>HPG</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>LM</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>BYP</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>GC</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>Silvertip</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="18%">Balance as at April 1, 2010</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">35,508</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">4,847</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,971</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">2,467</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">64,062</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">15,771</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">124,626</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD noWrap align=left width="18%">

   <P style="MARGIN-LEFT: 4%">Acquisition of Yunxiang</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">49,551</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">49,551</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="18%">

   <P style="MARGIN-LEFT: 4%">Capitalized expenditures</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">11,287</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">3,899</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,869</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">2,540</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">693</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">7,158</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">27,446</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD noWrap align=left width="18%">

   <P style="MARGIN-LEFT: 4%">Mining exploration tax credit</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(823</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(823</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="18%">

   <P style="MARGIN-LEFT: 4%">Environmental rehabiliation revision</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(25</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(30</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(22</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(13</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(28</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(118</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="18%">

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">1,809</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">306</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">132</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">170</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">228</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">2,769</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">1,039</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">6,453</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="18%">Ending balance as at March 31, 2011</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">48,579</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">9,022</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">3,950</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">5,164</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">49,751</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">67,524</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">23,145</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">207,135</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD noWrap align=left width="18%">

   <P style="MARGIN-LEFT: 4%">Capitalized expenditures</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">2,666</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">1,091</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">707</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">981</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">949</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">763</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">707</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">7,864</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="18%">

   <P style="MARGIN-LEFT: 4%">Mining exploration tax credit</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(220</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(220</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="18%">

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">624</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">119</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">54</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">70</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">722</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">852</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">183</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">2,624</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="18%"><B>Ending balance as at June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>51,869</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>10,232</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>4,711</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>6,215</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>51,422</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>69,139</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>23,815</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>217,403</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD noWrap align=left width="18%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="18%"><B>Accumulated depletion</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="18%">Balance as at April 1, 2010</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">(7,840</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">(414</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">(820</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">(1,291</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">(10,365</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="18%">

   <P style="MARGIN-LEFT: 4%">Depletion</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(3,786</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(231</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(204</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(194</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(4,415</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="18%">

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(432</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(24</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(40</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(60</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(556</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="18%">Ending balance as at March 31, 2011</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(12,058</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(669</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(1,064</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(1,545</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(15,336</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD noWrap align=left width="18%">

   <P style="MARGIN-LEFT: 4%">Depletion</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(1,232</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(81</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(101</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(196</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(1,610</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="18%">

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(158</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(9</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(14</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(20</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(201</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="18%"><B>Ending balance as at June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(13,448</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(759</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(1,179</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(1,761</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(17,147</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD></TR>

<TR height=20>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="18%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="18%"><B>Carrying amounts</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="18%">Balance as at April 1, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">27,668</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">4,433</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,151</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,176</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">64,062</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">15,771</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">114,261</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="18%">Balance as at March 31, 2011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">36,521</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">8,353</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">2,886</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">3,619</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">49,751</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">67,524</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">23,145</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">191,799</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="18%"><B>Balance as at June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>38,421</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>9,473</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>3,532</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>4,454</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>51,422</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>69,139</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>23,815</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>200,256</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Although the Company has taken steps to verify title to the mineral rights and properties in which it, through its subsidiaries, has an interest, in accordance with industry standards, those procedures do not guarantee the Company&#8217;s title. Property title may be subject to unregistered prior agreements and non-compliance with regulatory requirements.</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 noWrap align=left><B>10.</B></TD>

   <TD noWrap align=left><B>ENVIRONMENTAL REHABILITATION</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table presented the reconciliation of the beginning and ending obligations associated with the retirement of the 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="82%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="82%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="82%">Balance, April 1, 2010</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,649</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD noWrap align=left width="82%">

   <P style="MARGIN-LEFT: 4%">Additions to provision from acquisition of Yunxiang</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">409</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="82%">

   <P style="MARGIN-LEFT: 4%">Accretion</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">164</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD noWrap align=left width="82%">

   <P style="MARGIN-LEFT: 4%">Revision of provision</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(117</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="82%">

   <P style="MARGIN-LEFT: 4%">Foreign exchange impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">127</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="82%">Balance, March 31, 2011</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,232</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="82%">

   <P style="MARGIN-LEFT: 4%">Accretion</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">23</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%">

   <P style="MARGIN-LEFT: 4%"></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="82%">

   <P style="MARGIN-LEFT: 4%">Foreign exchange impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">40</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="82%"><B>Balance, June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>3,295</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at June 30, 2011, current portion of environmental rehabilitation was $nil (March 31, 2011 - $323, April 1, 2010 - $292).</P>

<P style="TEXT-ALIGN: right">22</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_24"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed 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="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>11.</B></TD>

   <TD noWrap align=left><B>SHARE CAPITAL</B></TD></TR></TABLE></DIV>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(a) Authorized</I></P>

<P style="TEXT-ALIGN: justify">Unlimited number of common shares without par value. All shares issued as at June 30, 2011 were fully paid.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) Stock options</I></P>

<P style="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 width="4%"></TD>

   <TD noWrap align=left width="68%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD align=right width="10%">Weighted average</TD>

   <TD align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="68%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">Number of</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD align=right width="10%">exercise price per</TD>

   <TD align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">shares</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">share CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="68%">Balance, April 1, 2010</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,204,683</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">5.10</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">Options granted</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">976,500</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">9.09</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="68%">Options exercised</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(1,081,376</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">5.02</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">Options forfeited</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(200,857</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5.09</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%">Options expired</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(10,000</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">5.99</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">Balance, March 31, 2011</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,888,950</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">6.48</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="68%">Options granted</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">237,000</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">14.96</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">Options exercised</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(130,982</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">6.53</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%">Options forfeited</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(65,150</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">8.36</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Balance, June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>2,929,818</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>7.12</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">During the three months ended June 30, 2011, a total of 237,000 options with a life of five years were granted to directors, officers, and employees at an exercise price of CAD$14.96 per share subject to a vesting schedule over four-year term with 6.25% options vesting every three months.</P>

<P style="TEXT-ALIGN: justify">The fair value of stock options granted during the three months ended June 30, 2011 were calculated as of the date of grant using the Black-Scholes option pricing model with the following assumptions:</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 width="4%"></TD>

   <TD noWrap align=left width="68%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=4><B>Three months ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">Risk free interest rate</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1.87% to 2.28%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2.18% to 3.20%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="68%">Expected life of option in years</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>1.25 to 5 years</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2 to 5 years</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">Expected volatility</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>51% to 80%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">72% to 85%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="68%">Expected dividend yield</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>1<B>%</B></B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1%</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">Estimated forfeiture rate</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>10<B>%</B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">12%</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">23</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_25"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

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<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>Notes to Unaudited Condensed 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">The weighted average grant date fair value of options granted during the three months ended June 30, 2011 was CAD$6.79 (three months ended June 30, 2010 - CAD$3.80). For the three months ended June 30, 2011, a total of $778 (three months ended June 30, 2010 - $754) in stock-based compensation expenses was recorded and included in the general and administrative expenses on the consolidated statements of income.</P>

<P style="TEXT-ALIGN: justify">The following table summarizes information about stock options outstanding at June 30, 2011:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <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=left width="16%">&nbsp;</TD>

   <TD noWrap align=right width="16%">Number of options</TD>

   <TD noWrap align=right width="16%">Weighted average</TD>

   <TD noWrap align=right width="16%">Weighted average</TD>

   <TD noWrap align=right width="16%">Number of options</TD>

   <TD noWrap align=right width="16%">Weighted average</TD></TR>

<TR vAlign=bottom>

   <TD align=right width="16%">Exercise price</TD>

   <TD noWrap align=right width="16%">outstanding at June 30,</TD>

   <TD noWrap align=right width="16%">remaining contractual</TD>

   <TD noWrap align=right width="16%">exercise price in</TD>

   <TD noWrap align=right width="16%">exercisable at June 30,</TD>

   <TD noWrap align=right width="16%">exercise price in</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="16%">in CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="16%">2011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="16%">life (Years)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="16%">CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="16%">2011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="16%">CAD$</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">$ 4.32</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">6,900</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">0.06</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">$ 4.32</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">6,900</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">$ 4.32</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="16%">6.74</TD>

   <TD noWrap align=right width="16%">406,500</TD>

   <TD noWrap align=right width="16%">0.78</TD>

   <TD noWrap align=right width="16%">6.74</TD>

   <TD noWrap align=right width="16%">406,500</TD>

   <TD noWrap align=right width="16%">6.74</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">6.95</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">15,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">1.26</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">6.95</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">15,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">6.95</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="16%">9.05</TD>

   <TD noWrap align=right width="16%">46,200</TD>

   <TD noWrap align=right width="16%">1.55</TD>

   <TD noWrap align=right width="16%">9.05</TD>

   <TD noWrap align=right width="16%">46,200</TD>

   <TD noWrap align=right width="16%">9.05</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">7.54</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">25,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">1.87</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">7.54</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">25,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">7.54</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="16%">5.99</TD>

   <TD noWrap align=right width="16%">211,250</TD>

   <TD noWrap align=right width="16%">2.00</TD>

   <TD noWrap align=right width="16%">5.99</TD>

   <TD noWrap align=right width="16%">181,249</TD>

   <TD noWrap align=right width="16%">5.99</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">3.05</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">68,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">2.26</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">3.05</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">53,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">3.05</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="16%">2.65</TD>

   <TD noWrap align=right width="16%">674,000</TD>

   <TD noWrap align=right width="16%">2.80</TD>

   <TD noWrap align=right width="16%">2.65</TD>

   <TD noWrap align=right width="16%">372,001</TD>

   <TD noWrap align=right width="16%">2.65</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">7.00</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">390,500</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">3.52</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">7.00</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">155,415</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">7.00</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="16%">7.40</TD>

   <TD noWrap align=right width="16%">195,750</TD>

   <TD noWrap align=right width="16%">3.81</TD>

   <TD noWrap align=right width="16%">7.40</TD>

   <TD noWrap align=right width="16%">59,415</TD>

   <TD noWrap align=right width="16%">7.40</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">8.23</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">394,437</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">4.26</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">8.23</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">43,564</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">8.23</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="16%">12.16</TD>

   <TD noWrap align=right width="16%">261,781</TD>

   <TD noWrap align=right width="16%">4.51</TD>

   <TD noWrap align=right width="16%">12.16</TD>

   <TD noWrap align=right width="16%">16,163</TD>

   <TD noWrap align=right width="16%">12</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">14.96</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">234,500</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">4.77</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">14.96</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="16%"><B>$ 2.65-14.96</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="16%"><B>2,929,818</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="16%"><B>3.08</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="16%"><B>$&nbsp;7.12</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="16%"><B>1,380,407</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="16%"><B>$ 5.65</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Subsequent to June 30, 2011, a total of 309,500 options with a life of five years were granted to directors, officers, and employees at an exercise price of CAD$9.20 per share subject to a vesting schedule over a four-year term with 6.25% options vesting every three months.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(c) Cash dividends declared and distributed</I></P>

<P style="TEXT-ALIGN: justify">During the three months ended June 30, 2011, quarterly cash dividends of CAD$0.02 (three months ended June 30, 2010 - $0.02) per share, totaling $3,619 (three months ended June 30, 2010 - $3,109) were declared. The full amount was subsequently paid on July 21, 2011.</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 noWrap align=left><B>12.</B></TD>

   <TD noWrap align=left><B>NON-CONTROLLING INTERESTS</B></TD></TR></TABLE></DIV>

<P style="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="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 width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="24%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">Henan Found</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">Henan Huawei </TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">Qinghai Found&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">Yunxiang </TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">Guangdong Found&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">Total</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%">Balance, April 1, 2010</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">27,749</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">977</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">28,726</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="24%">Addition upon acquisition</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(129</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">11,296</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">11,167</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%">Share of net income (loss) for the period</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">20,702</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">1,549</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(21</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(122</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(46</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">22,062</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="24%">Share of other comprehensive income (loss) for the period</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">1,561</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(56</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">10</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">172</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">1,687</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%">Distribution to non-controlling interest holder</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(10,582</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(10,582</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="24%">Balance, March 31, 2011</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">39,430</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">1,364</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(11</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">11,174</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">1,103</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">53,060</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%">Share of net income (loss) for the period</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">7,853</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">776</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(23</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">14</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(18</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">8,602</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="24%">Share of other comprehensive income (loss) for the period</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">444</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">17</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(1</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">189</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">53</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">702</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="24%">Contribution from non-controlling interest holder</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">3,656</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">924</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">4,580</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="24%"><B>Balance, June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>47,727</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>2,157</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>(35</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>15,033</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>2,062</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>66,944</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">24</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_26"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

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<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>Notes to Unaudited Condensed 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">As at June 30, 2011, non-controlling interests in Henan Found, Henan Huawei, Qinghai Found Mining Co. Ltd., Yunxiang and Guangdong Found were 22.5%, 20%, 18%, 30% and 5%, respectively.</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>13.</B></TD>

   <TD noWrap align=left><B>RELATED PARTY TRANSACTIONS</B></TD></TR></TABLE></DIV>

<P style="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="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 width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="54%"><B>Due from related parties</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">March 31, 2011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">April 1, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">NUX (a)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>51</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">203</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">138</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="54%">Henan Non-ferrous Geology Bureau (b)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>1,268</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,319</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">203</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">138</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&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="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 width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="54%"><B>Due to a related party</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">March 31, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">April 1, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">Z.X. Zhu (e)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>3,498</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,447</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&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 width="4%"></TD>

   <TD noWrap align=left width="68%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=4><B>Three months ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%"><B>Transactions with related parties</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">NUX (a)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>77</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">59</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="68%">Henan Non-ferrous Geology Bureau (b)</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>1,268</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">McBrighton Consulting Ltd.(c)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>97</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">55</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%">R. Feng Consulting Ltd. (d)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>43</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">82</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,485</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">196</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR>

   <TD vAlign=top noWrap width="4%">(a)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>According to a services and administrative costs reallocation agreement between the Company and NUX, the Company recovers costs for services rendered to NUX and expenses incurred on behalf of NUX. During the three months ended June 30, 2011, the Company recovered $77 (three months ended June 30, 2010 - $59) 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 income.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="96%">

   <P align=justify>Henan Non-ferrous Geology Bureau (&#8220;Henan Geology Bureau&#8221;) is a 22.5% equity interest holder of Henan Found. During the three months ended June 30, 2011, Henan Found extended a loan of $1,238 (RMB&#165; 8,000,000) to Henan Geology Bureau. The loan bears a prime interest rate set by Bank of China with a maturity date of October 25, 2011.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">(c)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>During the three months ended June 30, 2011, the Company paid $97 (three months ended June 30, 2010 - $55) to McBrighton Consulting Ltd., a private company controlled by a director of the Company for consulting services.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">(d)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>During the three months ended June 30, 2011, the Company paid $43 (three months ended June 30, 2010 - $82) to R. Feng Consulting Ltd., a private company controlled by a director of the Company for consulting services.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">(e)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Z.X. Zhu is the 30% non-controlling interest shareholder of Yunxiang. As at June 30, 2011, the Company has a payable of $3,498 to Z.X. Zhu, of which approximately $3.3 million was related to the liabilities assumed in connection with the acquisition of Yunxiang.</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">The balances with related parties are unsecured, non-interest bearing, and due on demand.</P>

<P style="TEXT-ALIGN: right">25</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_27"></A><BR>

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   <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>Notes to Unaudited Condensed 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>

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<TR>

   <TD vAlign=top noWrap width="4%">(f)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Compensation of key management personnel</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">The remuneration of directors and other members of key management personnel for the three months ended June 30, 2011 and 2010 were as follows:</P>

<DIV align=left>

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<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 noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=4><B>Three months ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp; </TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Directors' fees</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>46</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">35</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">Salaries for key management personnel</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>365</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">256</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Stock-based compensation</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,175</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">642</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>1,586</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">933</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Salaries of key management personnel include consulting and management fees disclosed in note 13 (c) &amp; (d). Stock-based compensation expenses were measured at grant date fair value.</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>14.</B></TD>

   <TD noWrap align=left><B>COST OF SALES</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Cost of sales consists of:</P>

<DIV align=left>

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<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 noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=4><B>Three months ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Direct mining and milling cost</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>11,681</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">8,664</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">Depreciation, amortization and depletion</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2,378</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,527</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%"><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>14,059</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">10,191</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&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="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>15.</B></TD>

   <TD noWrap align=left><B>FINANCE ITEMS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Finance items consist of:</P>

<DIV align=left>

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<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 noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=4><B>Three months ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%"><B>Finance income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Interest income</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>670</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">265</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="72%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=4><B>Three months ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%"><B>Finance costs</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Interest expense</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">20</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">Accretion of environmental rehabilitation provision</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>23</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">40</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>23</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">60</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>16.</B></TD>

   <TD noWrap align=left><B>INCOME TAX</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Income tax expense consists of:</P>

<DIV align=left>

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<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 noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=4><B>Three months ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%"><B>Income tax expense</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Current</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>11,446</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,717</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">Deferred</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>1,128</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">535</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>12,574</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,252</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">26</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

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   <TD width="100%"></TD></TR>

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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 Condensed 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>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>17.</B></TD>

   <TD noWrap align=left><B>CAPITAL DISCLOSURES</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company&#8217;s objectives of capital management are intended to safeguard the entity&#8217;s ability to support the Company&#8217;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="TEXT-ALIGN: justify">The capital of the Company consists of the items included in shareholders&#8217; equity. Risk and capital management are primarily the responsibility of the Company&#8217;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&#8217;s approved policies.</P>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>18.</B></TD>

   <TD noWrap align=left><B>FINANCIAL INSTRUMENTS</B></TD></TR></TABLE></DIV>

<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&#8217;s Board of Directors has overall responsibility for the establishment and oversight of the Company&#8217;s risk management framework and reviews the Company&#8217;s policies on an ongoing basis.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(a) Fair value</I></P>

<P style="TEXT-ALIGN: justify">The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 7, Financial Instruments: Disclosures (&#8220;IFRS 7&#8221;).</P>

<P style="TEXT-ALIGN: justify">Level 1 &#8211; Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.</P>

<P style="TEXT-ALIGN: justify">Level 2 &#8211; Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.</P>

<P style="TEXT-ALIGN: justify">Level 3 &#8211; Unobservable inputs which are supported by little or no market activity.</P>

<P style="TEXT-ALIGN: justify">The following table sets forth the Company&#8217;s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy. As required by IFRS 7, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of April 1, 2010, March 31, 2011 and June 30, 2011, the Company did not have financial liabilities measured at fair value on a recurring basis.</P>

<P style="TEXT-ALIGN: right">27</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

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<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>Notes to Unaudited Condensed 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="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 width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">Level 1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">Level 2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">Level 3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">Total</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="40%"><B>Financial assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="40%">Cash and cash equivalents</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">165,676</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">165,676</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="40%">Short term investments</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">64,798</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">64,798</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="40%">Common shares of publicly traded companies</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">10,757</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">10,757</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="40%">Warrants</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,740</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,740</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) Liquidity risk</I></P>

<P style="TEXT-ALIGN: justify">Liquidity risk is the risk that the Company will not be able to meet its short term business requirements. The Company has in place a planning and budgeting process to help determine the funds required to support the Company&#8217;s normal operating requirements on an ongoing basis and its expansion plans.</P>

<P style="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&#8217;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="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 width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="54%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">March 31, 2011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">April 1, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="54%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="38%" colSpan=7><B>Within a year</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">Accounts payable and accrued liabilities</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>16,903</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">12,770</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">7,504</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="54%">Dividends payable</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>3,631</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,600</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,238</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="54%">Bank loan</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,465</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="54%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>20,534</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">16,370</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">12,207</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(c) Foreign exchange risk</I></P>

<P style="TEXT-ALIGN: justify">The Company undertakes transactions denominated in foreign currencies and is exposed to foreign exchange risk arising from such transactions.</P>

<P style="TEXT-ALIGN: justify">The Company conducts its mining operations in China and thereby the majority of the Company&#8217;s assets, liabilities, revenues and expenses are denominated in RMB, which was tied to the USD until July 2005, and is now tied to a basket of currencies of China&#8217;s largest trading partners. The RMB is not a freely convertible currency.</P>

<P style="TEXT-ALIGN: justify">The Company currently does not engage in foreign currency hedging, and the exposure of the Company&#8217;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="58%"></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" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">March 31, 2011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">April 1, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Financial assets denominated in U.S. Dollars</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>46,727</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">77,968</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">29,808</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Financial liabilities denominated in U.S. Dollars</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at June 30, 2011, with other variables unchanged, a 1% strengthening (weakening) of the RMB against the USD would have increased (decreased) net income by approximately $0.2 million.</P>

<P style="TEXT-ALIGN: justify">As at June 30, 2011, with other variables unchanged, a 1% strengthening (weakening) of the CAD against the USD would have decreased (increased) net income by approximately $0.3 million.</P>

<P style="TEXT-ALIGN: right">28</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed 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>(d) Interest rate risk</I></P>

<P style="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&#8217;s cash equivalents and short term investments primarily includes highly liquid investments that earn interests at market rates that are fixed to maturity or at variable interest rates. Due to 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 June 30, 2011.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(e) Credit risk</I></P>

<P style="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, interest 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: justify">The Company undertakes credit evaluations on counterparties as necessary and has monitoring processes intended to mitigate credit risks. The Company has amounts receivable from its major customers primarily in China engaged in the mining and milling of base and polymetallic metals. The historical level of customer defaults is zero and aging of accounts receivable are less than 90 days, and, as a result, the credit risk associated with accounts receivable from customers as at June 30, 2011 is considered to be immaterial.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(f) Equity price risk</I></P>

<P style="TEXT-ALIGN: justify">The Company holds certain marketable securities that will fluctuate in value as a result of trading on Canadian financial markets. As the Company&#8217;s marketable securities holding are mainly in mining companies, the value will also fluctuate based on commodity prices. Based upon the Company&#8217;s portfolio at June 30, 2011, a 10% increase (decrease) in the market price of the securities held, ignoring any foreign currency effects, would have resulted in an increase (decrease) to comprehensive income of approximately $1.1 million.</P>

<P style="TEXT-ALIGN: right">29</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_31"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%" 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>Notes to Unaudited Condensed 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="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; MARGIN: 0px">&nbsp;</P>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%" 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><B>19.</B></TD>

   <TD noWrap align=left><B>SEGMENTED INFORMATION</B></TD></TR></TABLE></DIV>

<P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; TEXT-ALIGN: justify">Operating segments are components of the Company whose separate financial information is available that is evaluated regularly by the Company&#8217;s Chief Executive Officer who is the Chief Operating Decision Maker. The format for segment reporting is based on major project segments segregated by significant geographic locations. The project segments are determined based on the Company&#8217;s management and internal reporting structure.</P>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<UL>

<LI>

<P style="MARGIN-BOTTOM: 0px" align=justify>Information segmented under the China geographic location represents certain long-term assets and results from mining projects based in China.</P>

<LI>

<P style="MARGIN-BOTTOM: 0px" align=justify>Information segmented under Canada geographic location represents certain long-term assets and results from the Silvertip mining project as well as the corporate head office based in Canada.</P>

<LI>

<P style="MARGIN-BOTTOM: 0px" align=justify>Information segmented under the Other Regions geographic location represents certain long-term assets and results in the holding and investment companies.</P></LI></UL></DIV>

<P style="MARGIN-BOTTOM: 0px; MARGIN-LEFT: 4%" align=justify>(a) Geographic information for certain long-term assets are as follows:</P>

<DIV align=left>&nbsp;</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="14%"></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="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 style="BORDER-BOTTOM: #000000 1px solid" align=middle width="100%" colSpan=28><B>June 30, 2011</B></TD></TR>

<TR>

   <TD width="100%" colSpan=28></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="36%" colSpan=10><B>China</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="16%" colSpan=4><B>Canada</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp; </TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="6%"><B>Other</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="14%"><B>Balance sheet items:</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%"><B>Henan</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%"><B>Hunan</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%"><B>Guangdong</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%"><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%"><B>Silvertip</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%"><B>Head Office</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%"><B>Regions</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="14%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%"><B>Plant and equipment</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>31,242</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>1,713</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>3,195</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>1,783</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>1,986</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>756</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>40,675</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%"><B>Mineral rights and properties</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>55,880</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>51,422</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>69,139</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>-</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>23,815</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>-</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>-</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>200,256</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%"><B>Investment in an associate</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>15,919</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>2</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>15,921</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="14%"><B>Other investments</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>9,283</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>31,462</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>3,881</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>44,626</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&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="14%"></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="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 style="BORDER-BOTTOM: #000000 1px solid" align=middle width="100%" colSpan=28>March 31, 2011</TD></TR>

<TR>

   <TD width="100%" colSpan=28></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="36%" colSpan=10>China</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="16%" colSpan=4>Canada</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="6%">Other</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">Total</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="14%">Balance sheet items:</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Henan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Other</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Silvertip</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Head Office</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Regions</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="14%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Plant and equipment</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">29,308</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">950</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,884</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,805</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">2,020</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">549</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">36,516</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">Mineral rights and properties</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">51,379</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">49,751</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">67,524</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">23,145</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">191,799</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Investment in an associate</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">15,822</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">15,822</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="14%">Other investments</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">9,169</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">33,655</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">3,462</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">46,286</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&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="14%"></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="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 style="BORDER-BOTTOM: #000000 1px solid" align=middle width="100%" colSpan=28>April 1, 2010</TD></TR>

<TR>

   <TD width="100%" colSpan=28></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="36%" colSpan=10>China</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="16%" colSpan=4>Canada</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="6%">Other</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">Total</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="14%">Balance sheet items:</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Henan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Other</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Silvertip</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Head Office</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Regions</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="14%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Plant and equipment</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">26,541</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">89</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,896</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">485</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">29,011</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">Mineral rights and properties</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">34,428</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">64,062</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">15,771</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">114,261</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Investment in an associate</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">6,103</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">6,103</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="14%">Other investments</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">6,886</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">236</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">1,881</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">9,003</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="MARGIN: 0px" align=right>30</P><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_32"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed 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">(b) Geographic information for operating results 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="14%"></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="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 style="BORDER-BOTTOM: #000000 1px solid" align=middle width="100%" colSpan=28><B>Three months ended June 30, 2011</B></TD></TR>

<TR>

   <TD width="100%" colSpan=28></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="36%" colSpan=10><B>China</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="16%" colSpan=4><B>Canada</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="6%"><B>Other</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>Total</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="14%"><B>Statement of operations:</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%"><B>Henan</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%"><B>Hunan</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%"><B>Guangdong</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%"><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%"><B>Silvertip</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%"><B>Head Office</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%"><B>Regions</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%"><B>Sales</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>69,030</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>689</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>69,719</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="14%"><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>(13,896</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>(163</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>(14,059</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%"><B>Gross profit</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>55,134</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>526</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>55,660</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="14%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"><B></B></TD>

   <TD noWrap align=left width="2%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%"><B>Operating expenses</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(4,411</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(424</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(410</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(293</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(43</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(2,719</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(181</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(8,481</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%"><B>Other income (loss)</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>141</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>(6</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>(1,019</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>(124</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>(1,008</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%"><B>Finance items</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>455</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(14</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>38</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>1</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>148</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>19</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>647</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="14%" height=25><B>Income tax expenses</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>(12,535</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>(39</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>(12,574</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%"><B>Net income</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>38,784</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>49</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(378</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(292</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(43</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(3,590</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(286</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>34,244</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="14%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%"><B>Attributed to:</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%"><B>Equity holders of the Company</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>30,154</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>35</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>(359</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>(269</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>(43</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>(3,590</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>(286</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>25,642</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%"><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>8,630</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>14</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(19</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(23</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>8,602</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="14%"><B>Net income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>38,784</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>49</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(378</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(292</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(43</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(3,590</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(286</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>34,244</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&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="14%"></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="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 style="BORDER-BOTTOM: #000000 1px solid" align=middle width="100%" colSpan=28>Three months ended June 30, 2010</TD></TR>

<TR>

   <TD width="100%" colSpan=28></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="36%" colSpan=10>China</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp; </TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="16%" colSpan=4>Canada</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp; </TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="6%">Other</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">Total</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="14%">Statement of operations:</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Henan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Other</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Silvertip</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Head Office</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;&nbsp;</TD>

   <TD noWrap align=middle width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Regions</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Sales</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">36,729</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">36,729</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="14%">Cost of sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(10,191</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(10,191</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Gross profit</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">26,538</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>


   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">26,538</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="14%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Operating expenses</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(2,111</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(155</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">114</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(51</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(2,801</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">423</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(4,581</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">Other income (loss)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">45</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">4</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(3</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(21</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">25</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Finance items</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">120</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">21</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">63</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">205</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="14%">Income tax expenses</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(3,252</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(3,252</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Net income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">21,340</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(134</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">119</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(51</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(2,741</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">402</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">18,935</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="14%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Attributed to:</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="14%">Equity holders of the Company</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">16,546</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(127</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">92</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(51</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(2,741</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">402</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">14,121</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="14%">Non-controlling interests</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">4,794</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(7</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">27</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">4,814</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="14%">Net income</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">21,340</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(134</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">119</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(51</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(2,741</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">402</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">18,935</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">31</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_33"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed 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">(c) Sales by metal</P>

<P style="TEXT-ALIGN: justify">The sales generated for the three months ended June 30, 2011 and 2010 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="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 width="4%"></TD>

   <TD noWrap align=left width="68%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=4>Three months ended June 30,</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="68%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Silver (Ag)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>47,756</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">19,308</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD noWrap align=left width="68%"><B>Gold (Au)</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>1,531</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">863</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%"><B>Lead (Pb)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>17,936</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">13,959</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="68%"><B>Zinc (Zn)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2,496</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2,599</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="68%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>69,719</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">36,729</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">(d) Major customers</P>

<P style="TEXT-ALIGN: justify">During the three months ended June 30, 2011, five major customers (three months ended June 30, 2010 -four) accounted for 11% to 27% each (three months ended June 30, 2010 - 14% to 38%) and collectively 87% (three months ended June 30, 2010 - 72%) of the total revenues of the Company.</P>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>20.</B></TD>

   <TD noWrap align=left><B>COMMITMENTS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Commitments, not disclosed elsewhere in these financial statements, are as follows:</P>

<P style="TEXT-ALIGN: justify">The Company entered into two office rental agreements (the &#8220;Rental Agreements&#8221;), with total rental expense of $1,388 over the next four years as follows:</P>

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<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 width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">2012</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">2013</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">2014</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">Total</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="40%">Rental expense</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">415</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">550</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">423</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,388</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">32</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

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   <TD width="100%"></TD></TR>

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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 Condensed 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>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>21.</B></TD>

   <TD noWrap align=left><B>SUPPLEMENTARY CASH FLOW INFORMATION</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

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<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 noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=4><B>Three Months Ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>Net change in non-cash working capital</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Trade and other receivables</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(548</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">281</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Inventory</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>(42</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">397</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Prepaid and deposits</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(715</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(160</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>2,605</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">4,210</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Income tax payable</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,277</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">359</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Deposits received</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>(8,667</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(3,390</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(6,090</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,697</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>Supplemental information:</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Interest paid</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">15</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Income tax paid</P></TD>

   <TD noWrap align=right width="2%"><B>$</B></TD>

   <TD noWrap align=right width="10%"><B>10,058</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">2,358</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>Non-cash transactions:</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%"><P style="MARGIN-LEFT: 4%">Common shares issued for 10% interest of Henan Huawei</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,127</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="72%"><P style="MARGIN-LEFT: 4%">Acquisition and expenditure of plant and equipment included in accounts payable and accrued liabilities</P></TD>

   <TD noWrap align=right width="2%"><B>$</B></TD>

   <TD noWrap align=right width="10%"><B>472</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%"><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: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,465</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>22.</B></TD>

   <TD noWrap align=left><B>TRANSITION TO IFRS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company adopted IFRS effective April 1, 2011 with a transition date of April 1, 2010. This note explains the principal adjustments made by the Company in restating its previous Canadian GAAP consolidated balance sheet as at April 1, 2010 and its previously published Canadian GAAP consolidated financial statements for the three months ended June 30, 2010 and for the year ended March 31, 2011.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(a) First-time adoption exemptions applied</I></P>

<P style="TEXT-ALIGN: justify">In preparing these consolidated financial statements in accordance with IFRS 1, the Company has applied certain of the optional exemptions from full retrospective application of IFRS. The optional exemptions applied are described below.</P>

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<TR>

   <TD vAlign=top noWrap width="4%">(i)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Business combinations &#8211; the Company has elected the business combinations exemption in IFRS 1 to not apply IFRS 3, Business Combinations retrospectively to past business combinations. Accordingly, the Company has not restated business combinations that took place prior to the transition date.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">(ii)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Cumulative translation differences &#8211; the Company has elected to set the previously cumulative translation account, which was included in accumulated other comprehensive income, to zero as at the transition date, and absorbed the balance to retained earnings.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">(iii)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Fair value as deemed cost &#8211; a first-time adopter of IFRS is allowed to elect a previous GAAP revaluation of an item of property, plant and equipment at, or before, the transition date to IFRS as deemed cost at the date of the revaluation, if the revaluation was at the date of the revaluation, broadly comparable to fair value. The Company had previously revalued certain mineral rights and properties as a result of a Canadian GAAP impairment on December 31, 2008</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: right">33</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_35"></A><BR>

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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 Condensed 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>

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<TR>

   <TD width="4%">&nbsp;</TD>

   <TD width="96%">

   <P align=justify>and has elected these revalued amounts, which is $nil, as their deemed cost as at the transition date. The fair value was $nil.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="96%">

   <P align=justify>Share-based payment &#8211; the Company has elected to not apply IFRS 2, Share-based Payment to equity instruments granted on or before November 7, 2002, or equity instruments that were granted subsequent to November 7, 2002 and vested before the date of transition to IFRS.</P></TD></TR></TABLE>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) Reconciliation of equity</I></P>

<P style="TEXT-ALIGN: justify">The following is a reconciliation of the Company&#8217;s equity reported in accordance to Canadian GAAP to its equity under IFRS as at the transition date April 1, 2010:</P>

<DIV align=left>

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<TR>

   <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="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 width="20%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="6%">Canadian</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="60%" colSpan=18><I>Transitional Adjustments (note 22 (e))</I></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="6%">GAAP</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp; </TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%"><I>&nbsp;</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="6%">&nbsp;<I>(i)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%"><I>&nbsp; </I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="6%">&nbsp;<I>(ii)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="6%"><I>(iii)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="6%"><I>(iv)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%"><I>&nbsp;</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="6%">&nbsp;<I>(v)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="6%"><I>(viii)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="6%">IFRS</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>ASSETS</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><B>Current Assets</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Cash and cash equivalents</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">50,618</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">50,618</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Short-term investments</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">44,041</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">44,041</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Trade and other receivables</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">510</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">510</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Inventories</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">3,175</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">3,175</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Prepaids and deposits</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,964</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,964</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Current portion of deferred income tax assets</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">112</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(112</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Due from related parties</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">138</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">138</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">100,558</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(112</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">100,446</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><B>Non-current Assets</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Long-term prepaids and deposits</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">583</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">583</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Investment in an associate</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">6,103</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">6,103</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Other investments</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">8,735</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">8,735</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">29,024</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(13</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">29,011</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">133,248</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">488</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(19,475</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">114,261</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Deferred income tax assets</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">1,203</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">112</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">1,315</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>TOTAL ASSETS</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">279,454</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">475</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(19,475</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">260,454</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="20%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>LIABILITIES AND EQUITY</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><B>Current Liabilities</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">7,504</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">7,504</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Deposits received</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">6,737</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">6,737</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Bank loan</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,465</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,465</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Current portion of environmental rehabilitation</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">292</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">292</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Dividends payable</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">3,238</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">3,238</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Income tax payable</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">1,658</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">1,658</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">20,894</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">20,894</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="20%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>Non-current Liabilities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Deferred income tax liabilities</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">19,475</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%">&nbsp;(19,475</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Environmental rehabilitation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">2,357</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">2,357</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"><B>Total Liabilities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">42,726</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(19,475</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">23,251</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><B>Non-controlling interests</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">21,738</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(21,738</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><B>Equity</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Share capital</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">145,722</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">145,722</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Contributed surplus</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">4,702</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(82</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">4,620</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Reserves</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">31,893</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(7,176</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">24,717</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Accumulated other comprehensive income</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">14,910</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(14,591</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">319</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Retained earnings</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">17,763</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">475</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">14,779</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">82</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">33,099</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><B>Total equity attributable to the equity holders of the Company</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">214,990</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">475</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(7,176</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">188</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">208,477</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">7,176</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(188</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">21,738</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">28,726</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>Total Equity</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">214,990</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">475</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">21,738</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">237,203</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="20%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="6%"></TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>TOTAL LIABILITIES AND EQUITY</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">279,454</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">475</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;(19,475</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">260,454</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">34</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_36"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed 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">The following is a reconciliation of the Company&#8217;s equity reported in accordance to Canadian GAAP to its equity under IFRS as at June 30, 2010:</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="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="4%">Canadian</TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="64%" colSpan=24><I>Transitional Adjustments (note 22 (e))</I></TD>

   <TD noWrap align=middle width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%">GAAP</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(i)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%"><I>&nbsp;</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%">&nbsp;<I>(ii)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(iii)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(iv)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(v)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(vi)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(vii)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(viii)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%">IFRS</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>ASSETS</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><B>Current Assets</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Cash and cash equivalents</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">47,496</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">47,496</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Short-term investments</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">58,590</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">58,590</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Trade and other receivables</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">229</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">229</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Inventories</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">2,714</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">2,714</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Prepaids and deposits</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">2,175</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">2,175</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Current portion of deferred income tax assets</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">96</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(96</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Due from related parties</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">149</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">149</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">111,449</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(96</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">111,353</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><B>Non-current Assets</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Long-term prepaids and deposits</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">905</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">905</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Investment in an associate</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">8,625</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">8,625</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Other investments</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">5,599</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">5,599</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">29,295</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">95</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">29,390</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">135,075</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">4,555</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(19,602</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(973</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">119,055</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Deferred income tax assets</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">690</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">96</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">786</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>TOTAL ASSETS</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">291,638</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">4,650</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(19,602</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(973</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">275,713</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="20%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>LIABILITIES AND EQUITY</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><B>Current Liabilities</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">11,478</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">11,478</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Deposits received</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">3,370</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">3,370</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Current portion of environmental rehabilitation</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">298</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">298</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Dividends payable</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">3,109</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">3,109</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Income tax payable</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">2,030</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">2,030</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">20,285</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">20,285</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><B>Non-current Liabilities</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Deferred income tax liabilities</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">19,602</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(19,602</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Environmental rehabilitation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">2,408</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">2,408</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>Total Liabilities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">42,295</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(19,602</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">22,693</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="20%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>Non-controlling interests</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">26,460</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(26,460</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="20%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>Equity</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Share capital</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">148,805</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">148,805</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Contributed surplus</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">4,559</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(107</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(844</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">3,608</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Reserves</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">31,893</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(7,176</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">24,717</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Accumulated other comprehensive income</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">8,871</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">3,852</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(14,591</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(1,868</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">

   <P style="MARGIN-LEFT: 4%">Retained earnings</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">28,755</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">787</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">14,779</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">107</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(317</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">44,111</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>Total equity attributable to the equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">222,883</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">4,639</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(7,176</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">188</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(844</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(317</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">219,373</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="20%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">11</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">7,176</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(188</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(129</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">317</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">26,460</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">33,647</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"><B>Total Equity</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">222,883</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">4,650</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(973</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">26,460</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">253,020</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="20%"><B>TOTAL LIABILITIES AND EQUITY</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">291,638</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">4,650</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">(19,602</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">(973</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">275,713</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">35</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_37"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed 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">The following is a reconciliation of the Company&#8217;s equity in accordance to Canadian GAAP to its equity under IFRS as at March 31, 2011:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="22%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="66%" colSpan=33><I>Transitional Adjustments (note 22 (e))</I></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="22%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%">Canadian GAAP</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(i)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%"><I>&nbsp;</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%">&nbsp;<I>(ii)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(iii)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(iv)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(v)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(vi)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(vii)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(viii)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(ix)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(x)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(xi)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%">IFRS</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%"><B>ASSETS</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%"><B>Current Assets</B></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Cash and cash equivalents</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">147,224</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">147,224</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Short-term investments</P></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">59,037</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">59,037</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Trade and other receivables</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">821</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">821</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Inventories</P></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">3,895</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">3,895</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Prepaids and deposits</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">2,973</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">2,973</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Current portion of deferred income tax assets</P></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">414</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(414</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Due from related parties</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">203</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">203</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">214,567</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(414</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">214,153</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%"><B>Non-current Assets</B></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Long-term prepaids and deposits</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">893</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">893</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Investment in an associate</P></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">15,624</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">198</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">15,822</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Other investments</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">46,286</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">46,286</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">36,548</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(32</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">36,516</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">198,682</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">321</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;(20,312</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(946</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(117</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">14,171</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">191,799</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Deferred income tax assets</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">915</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">223</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">1,146</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%"><B>TOTAL ASSETS</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">513,515</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">289</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;(20,312</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(723</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(406</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">198</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(117</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">14,171</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">506,615</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="22%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%"><B>LIABILITIES AND EQUITY</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%"><B>Current Liabilities</B></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">12,770</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">12,770</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Deposits received</P></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">13,278</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">13,278</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Current portion of environmental rehabilitation</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">323</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">323</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Dividends payable</P></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">3,600</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">3,600</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Income tax payable</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">3,047</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">3,047</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Current portion of deferred income tax liabilities</P></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">84</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(84</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Due to a related party</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">3,447</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">3,447</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">36,549</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(84</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">36,465</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%"><B>Non-current Liabilities</B></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Deferred income tax liabilities</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">30,655</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;(20,312</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(322</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">3,543</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">13,564</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Environmental rehabilitation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">3,026</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(117</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">2,909</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%"><B>Total Liabilities</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">70,230</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(20,312</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(406</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(117</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">3,543</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">52,938</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="22%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=right width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%"><B>Non-controlling interests</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">34,333</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(34,333</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="22%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%"><B>Equity</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Share capital</P></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">266,081</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">266,081</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Contributed surplus</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">4,192</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(217</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(844</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">3,131</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Reserves</P></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">31,893</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(7,176</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">24,717</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Accumulated other comprehensive income</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">33,601</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">355</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(14,591</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(23</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">18</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">2</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">19,362</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="22%">

   <P style="MARGIN-LEFT: 4%">Retained earnings</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">73,185</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">430</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">14,779</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">217</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">278</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(1,528</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">180</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(215</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">87,326</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%"><B>Total equity attributable to the equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">408,952</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">785</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(7,176</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">188</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(589</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(1,528</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">198</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(213</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">400,617</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="22%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=right width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%"><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(496</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">7,176</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(188</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(134</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">1,528</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">34,333</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">10,841</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">53,060</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="22%"><B>Total Equity</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">408,952</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">289</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(723</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">34,333</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">198</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">10,628</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">453,677</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="22%"><B>TOTAL LIABILITIES AND EQUITY</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">513,515</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">289</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">(20,312</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">(723</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">(406</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">198</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">(117</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">14,171</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">506,615</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">36</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_38"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed 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) Reconciliation of comprehensive income</I></P>

<P style="TEXT-ALIGN: justify">The following is reconciliation of the Company&#8217;s comprehensive income reported in accordance with Canadian GAAP to its comprehensive income under IFRS for the quarter ended June 30, 2010:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="28%"></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 width="28%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=middle width="8%">Canadian</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="44%" colSpan=10><I>Transitional Adjustments (note 22 (e))</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="8%">GAAP</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="8%"><I>(i)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="8%"><I>(v)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="8%"><I>(vii)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="8%"><I>(viii)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="8%">IFRS</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="28%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>Sales</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">36,729</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">36,729</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%"><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">10,191</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">10,191</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>Gross profit</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">26,538</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">26,538</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="28%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">General and administrative</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">4,690</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">2</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(26</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">4,666</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">General exploration and property investigation</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">1,325</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">1,325</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">Foreign exchange gain</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(544</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(329</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(873</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%">Gain on disposal of mineral rights and properties</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">(537</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">(537</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>Income from operations</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">21,604</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">327</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">26</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">21,957</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="28%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">Share of loss in an associate</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(38</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(38</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">Loss on investments</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(49</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(49</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">Other income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">112</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">112</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%"><B>Income before finance items and income taxes</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">21,629</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">327</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">26</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">21,982</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">Finance income</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">265</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">265</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">Finance costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(60</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(60</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%"><B>Income before income taxes</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">21,834</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">327</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">26</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">22,187</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">Income tax expense</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">3,252</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">3,252</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">Non-controlling interests</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">4,481</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(4,481</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="28%"><B>Net income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">14,101</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">327</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">26</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">(4,481</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">18,935</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%"><B>Attributable to:</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">14,101</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">312</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">26</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(318</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">14,121</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">15</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">318</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">4,481</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">4,814</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">14,101</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">327</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">26</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">4,481</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">18,935</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="28%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>Other comprehensive loss, net of taxes</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Unrealized loss on available for sale securities</P></TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(293</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(293</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Currency translation adjustment</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(5,746</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">4,088</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(1,658</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%"><B>Other comprehensive loss</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">(6,039</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">4,088</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">(1,951</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>Comprehensive income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">8,062</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">4,415</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">26</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">4,481</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">16,984</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="28%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>Attributable to:</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">8,062</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">4,164</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">26</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(318</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">11,934</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">251</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">318</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">4,481</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">5,050</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="28%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">8,062</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">4,415</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">26</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">4,481</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">16,984</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">37</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_39"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed 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">The following is reconciliation of the Company&#8217;s comprehensive income reported in accordance with Canadian GAAP to its comprehensive income under IFRS for the year ended March 31, 2011:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="28%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="56%" colSpan=21><I>Transitional Adjustments (note 22 (e))</I></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=middle width="4%">Canadian GAAP</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(i)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(v)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%"><I>&nbsp;</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%">&nbsp;<I>(vi)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(vii)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(viii)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(ix)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%"><I>(xi)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%">IFRS</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="28%"><B>&nbsp;</B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>Sales</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">167,327</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">167,327</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%"><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">41,944</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(60</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">41,884</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>Gross profit</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">125,383</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">60</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">125,443</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="28%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">General and administrative</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">18,698</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">6</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(135</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">304</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">18,873</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">General exploration and property investigation</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">3,319</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">3,319</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">Foreign exchange loss</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">2,762</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">41</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">2,803</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">Loss on disposal of plant and equipment</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">677</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">677</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">Gain on disposal of mineral rights and properties</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(537</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(537</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%"><B>Income from operations</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">100,464</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(47</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">135</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">60</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(304</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">100,308</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">Dilution gain and share of income from an associate</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">6,563</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">180</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">6,743</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">Gain on investments</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">1,788</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">1,788</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%">Other income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">511</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">511</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>Income before finance items and income taxes</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">109,326</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(47</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">135</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">60</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">180</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(304</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">109,350</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="28%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">Finance income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">1,461</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">1,461</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%">Finance costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(251</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(251</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>Income before income taxes</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">110,536</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(47</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">135</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">60</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">180</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(304</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">110,560</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="28%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="4%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">Income tax expense</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">21,061</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;(218</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">20,843</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%">Non-controlling interests</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">20,626</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(20,626</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>Net income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">68,849</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(47</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">135</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">278</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(20,626</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;&nbsp;$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">180</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(304</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">89,717</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="28%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="4%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>Attributable to:</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%"><P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">68,849</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">(44</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">135</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">278</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">(1,528</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">180</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">(215</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">67,655</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">1,528</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">20,626</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(89</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">22,062</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="28%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">68,849</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">(47</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">135</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">278</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">20,626</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">180</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">(304</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">89,717</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%"><B>Other comprehensive Income, net of taxes</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><P style="MARGIN-LEFT: 4%">Unrealized gain on available for sale securities</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">4,431</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">4,431</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%"><P style="MARGIN-LEFT: 4%">Currency translation adjustment</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">14,260</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">2,047</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(28</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">18</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">16,299</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>Other comprehensive income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">18,691</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">2,047</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(28</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">18</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">20,730</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="28%"><B>Comprehensive income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">87,540</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">2,000</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">135</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">250</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">20,626</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">198</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">(302</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">110,447</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%"><B>Attributable to:</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">87,540</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">311</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">135</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">256</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(1,528</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">198</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(214</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">86,698</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%"><P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">1,689</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">1,528</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">20,626</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(88</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">23,749</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">87,540</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">2,000</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">135</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">250</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">20,626</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">198</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">(302</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">110,447</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(d) Statement of cash flows</I></P>

<P style="TEXT-ALIGN: justify">For the three months ended June 30, 2010, the conversion to IFRS did not result in material changes to the statement of cash flows.</P>


<P style="TEXT-ALIGN: justify">For the year ended March 31, 2011, the conversion to IFRS did not result in material changes to the statement of cash flows.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(e) Notes to the reconciliations</I></P>

<P style="TEXT-ALIGN: justify">Transitional adjustments are made according to the following notes:</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 noWrap align=left><I>(i)</I></TD>

   <TD noWrap align=left><I>Foreign exchange impact on translation</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">With the adoption of IFRS, the Company&#8217;s Chinese subsidiaries changed their functional currency from the CAD to the RMB. Such change resulted in a foreign exchange difference between the two accounting standards on certain non-monetary assets and non-controlling interest. These assets were previously translated from RMB to CAD by using historical rates and then translated from CAD to USD by using period end rates under Canadian GAAP. However under IFRS, they are translated from RMB to USD directly by using period end rates.</P>

<P style="TEXT-ALIGN: right">38</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<!--$$/page=--><A name="page_40"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed 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">April 1, 2010: Foreign exchange differences of $475 were adjusted to the respective non-current assets and retained earnings.</P>

<P style="TEXT-ALIGN: justify">June 30, 2010: Foreign exchange differences of $4,650 were adjusted to respective non-current assets and retained earnings with an exchange gain of $327 recognized in net income in the period.</P>

<P style="TEXT-ALIGN: justify">March 31, 2011: Foreign exchange differences of $289 were adjusted to respective non-current assets and retained earnings with an exchange loss of $47 recognized in net income in the period.</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 noWrap align=left><I>(ii)</I></TD>

   <TD noWrap align=left><I>Acquisition cost of GC property</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">At the time when the Company acquired its GC property, deferred income tax liabilities arising from acquisition premiums were recognized under the Canadian GAAP with the related assets capitalized to mineral rights and properties. However, IFRS does not allow the recognition of such deferred income tax liabilities.</P>

<P style="TEXT-ALIGN: justify">April 1, 2010: Adjustments of $19,475 were made to reduce mining rights and properties (non-current assets) and deferred income tax liabilities.</P>

<P style="TEXT-ALIGN: justify">June 30, 2010: Adjustments of $19,602 were made to reduce mining rights and properties (non-current assets) and deferred income tax liabilities.</P>

<P style="TEXT-ALIGN: justify">March 31, 2011: Adjustments of $20,312 were made to reduce mining rights and properties (non-current assets) and deferred income tax 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="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(iii)</I></TD>

   <TD noWrap align=left><I>Non-controlling interests&#8217; portion of reserves</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">IAS 1, Presentation of Financial Statements requires the Company subsidiaries&#8217; non-controlling shareholders to pick up their portion of the reserve funds. Reserves of $7,176 were allocated to non-controlling interest.</P>

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   <TD noWrap align=left><I>(iv)</I></TD>

   <TD noWrap align=left><I>Cumulative translation difference</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company has elected to eliminate its cumulative translation difference that existed at the date of transition to IFRS. Cumulative translation difference of $14,591 was reclassified from accumulated other comprehensive income to retained earnings. Non-controlling interest of $188 was adjusted to reflect the non-controlling interest holders&#8217; portion of the cumulative translation difference.</P>

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   <TD noWrap align=left><I>(v)</I></TD>

   <TD noWrap align=left><I>Stock-based compensation</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Under Canadian GAAP, forfeitures of grants were recognized as they occur. Under IFRS, forfeiture estimates are recognized in the period they are estimated, and are revised for actual forfeitures in subsequent periods.</P>

<P style="TEXT-ALIGN: justify">April 1, 2010: Stock-based compensation was reduced by $82 with respective adjustments made to contributed surplus and retained earnings.</P>

<P style="TEXT-ALIGN: right">39</P></DIV><HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Condensed Consolidated Financial Statements</B></TD></TR>

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   <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">June 30, 2010: Stock-based compensation was reduced by $26 with respective adjustments made to contributed surplus and retained earnings.</P>

<P style="TEXT-ALIGN: justify">March 31, 2011: Stock-based compensation was reduced by $135 with respective adjustments made to contributed surplus and retained earnings.</P>

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   <TD noWrap align=left><I>(vi)</I></TD>

   <TD noWrap align=left><I>Henan Huawei 10% share acquisition adjustment</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The acquisition of an additional 10% interest in Henan Huawei was accounted for as a business combination under Canadian GAAP. As the transaction did not result in a change of control in the Company&#8217;s ownership interest in Henan Huawei, under IFRS, the transaction is accounted for as an equity transaction. As a result, the carrying amount of the controlling and non-controlling interests is adjusted to reflect the changes in the relative interests in Huawei.</P>

<P style="TEXT-ALIGN: justify">June 30, 2010: Non-current assets were reduced by $973, with the respective adjustments made to non-controlling interests and equity.</P>

<P style="TEXT-ALIGN: justify">March 31, 2011: Non-current assets were reduced by $723, with the respective adjustments made to non-controlling interests and equity. $278 is adjusted to increase net income mainly due to reversal of deferred taxes.</P>

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   <TD noWrap align=left><I>(vii)</I></TD>

   <TD noWrap align=left><I>Non-controlling interests&#8217; pick-up</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Canadian GAAP does not allow the debit balance of non-controlling interests, while IFRS requires picking up of the non-controlling interests&#8217; share of changes in equity since the date of transition, even if the resulting non-controlling interest balance becomes debit. As a result, the non-controlling interests of the Company&#8217;s subsidiaries, Huawei and Qinghai Found have been adjusted to reflect their portion of the changes in equity since the date of transition.</P>

<P style="TEXT-ALIGN: justify">June 30, 2010: Non-controlling interests balance increased by $318.</P>

<P style="TEXT-ALIGN: justify">March 31, 2011: Non-controlling interests balance increased by $1,528.</P>

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   <TD noWrap align=left><I>(viii)</I></TD>

   <TD noWrap align=left><I>Reclassification of financial statement items</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Current portion of deferred income tax assets (liabilities) under Canadian GAAP were reclassified to long term under IFRS. Non-controlling interests classified as liabilities under Canadian GAAP were reclassified to equity under IFRS. Non-controlling interests on the statement of comprehensive income was reclassified for presentation purposes to be in accordance with IFRS.</P>

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   <TD noWrap align=left><I>(ix)</I></TD>

   <TD noWrap align=left><I>Dilution gain and share of income from an associate, NUX</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Adjustments to equity income and dilution gain were made due to changes of financial results of NUX as a result of NUX adopting IFRS. As a result, adjustment of $198 was made to non-current assets with corresponding increase in comprehensive income on March 31, 2011 (June 30, 2010 - $nil).</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 Condensed 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>

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   <TD noWrap align=left><I>(x)</I></TD>

   <TD noWrap align=left><I>Environmental rehabilitation</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">IFRS requires the Company to revisit the environmental rehabilitation at every balance sheet date using the most current market information, such as the discount rate used to calculate future cash flows. This was not required under Canadian GAAP. The Company will revaluate the environmental rehabilitation based on discount rate changes on an annual basis. As a result of discount rate changes, an adjustment of $117 was made to reduce the environmental rehabilitation provision and its related assets on March 31, 2011 (June 30, 2010 - $nil, April 1, 2010 - $nil).</P>

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   <TD noWrap align=left><I>(xi)</I></TD>

   <TD noWrap align=left><I>Acquisition of Xinshao Yunxiang Mining Co. Ltd.</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The acquisition of Yunxiang was accounted for as a business combination under Canadian GAAP using the purchase method. Under such method, the non-controlling interest is recorded at its proportionate share of the carrying value of the net assets acquired. The acquisition-related costs are included as part of the purchase consideration. Under IFRS, the acquisition is accounted for as a business combination using the acquisition method. The full fair value of the identifiable assets and liabilities acquired is recorded. The non-controlling interest is recorded at its proportionate share of the fair value of net identifiable assets acquired and the acquisition-related costs are expensed in the period.</P>

<P style="TEXT-ALIGN: justify">As a result, on March 31, 2011, non-current assets were adjusted by $14,171, non-current liabilities related to deferred income liabilities were adjusted by $3,543 and non-controlling interest balance was adjusted by $10,841. Acquisition-related costs of $304 were expensed in statement of income for the period.</P>

<P style="TEXT-ALIGN: right">41</P></DIV>

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<DESCRIPTION>MD&A FOR THE 1ST QUARTER ENDED JUNE 30, 2011
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<P style="MARGIN-TOP: 0px" align=right><B>Exhibit 99-3</B></P><BR>

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<IMG src="exhibit99-3x1x1.jpg" border=0>&nbsp;<BR>

<P style="TEXT-ALIGN: justify"><B>SILVERCORP METALS INC.</B></P>

<P style="TEXT-ALIGN: justify"><B>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</B><br>
  <B>June 30, 2011<br>
  </B><B>(Expressed in thousands of US dollars, unless otherwise stated)</B></P>
</DIV><BR>

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<P style="TEXT-ALIGN: justify"><B>Table of Content</B></P>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">1.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">Core Business and Strategy</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>2</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">2.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">First Quarter of Fiscal Year 2012 (&#8220;Q1 2012&#8221;) Highlights and Significant Events</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>2</B></TD></TR>

<TR height=20>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">3.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">First Quarter Fiscal 2012 Operating Performance</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>3</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">4.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">First Quarter Fiscal 2012 Financial Results</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>10</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">5.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">Liquidity and Capital Resources</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>12</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">6.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">Financial Instruments and Related Risks</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>13</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">7.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">Off-Balance Sheet Arrangements</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>15</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">8.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">Transactions with Related Parties</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>15</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">9.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">Critical Accounting Policies and Estimates</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>16</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">10.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">Future Accounting Changes</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>18</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">11.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">International Financial Reporting Standards</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>18</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">12.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">Other MD&amp;A Requirements</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>23</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">13.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">Outstanding Share Data</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>23</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">14.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">Risks and Uncertainties</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>24</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">15.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">Disclosure Controls and Procedures</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>24</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">16.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">Changes in Internal Control over Financial Reporting</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>25</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">17.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">Directors and Officers</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>25</B></TD></TR>

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   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%">18.</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%">Outlook for the Fiscal Year 2012</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>25</B></TD></TR>

<TR height=20>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="92%">&nbsp;</TD>

   <TD noWrap align=right width="4%"><B>&nbsp;</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="96%" colSpan=2>Forward Looking Statements</TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>26</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

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   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify"><I>Management&#8217;s Discussion and Analysis (&#8220;MD&amp;A&#8221;) is intended to help the reader understand the significant factors that have affected Silvercorp Metals Inc. and its subsidiaries&#8217; (&#8220;Silvercorp&#8221; or the &#8220;Company&#8221;) performance and such factors that may affect its future performance. This MD&amp;A should be read in conjunction with the Company&#8217;s unaudited condensed consolidated financial statements for the three months ended June 30, 2011 and the related notes contained therein. In addition, the following should be read in conjunction with the audited consolidated financial statements of the Company for the year ended March 31, 2011, the related MD&amp;A, the Annual Information Form (available on SEDAR at www.sedar.com), and the annual report on Form 40-F. The Company reports its financial position, results of operations and cash flow in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;). The Company&#8217;s fiscal 2011 and certain fiscal 2010 comparatives included in this MD&amp;A have been presented in accordance with IFRS. As the Company&#8217;s IFRS transition date was April 1, 2010, comparative information prior to this date has not been restated. Silvercorp&#8217;s significant accounting policies are set out in Note 2 of the unaudited condensed consolidated financial statements. This MD&amp;A refers to various non-IFRS measures, such as cash flow from operating activities per share, cash and total production cost per ounce of silver, which are used by the Company to manage and evaluate operating performance and its ability to generate cash and are widely reported in the silver mining industry as benchmarks for performance. Non-IFRS measures do not have standardized meaning under IFRS. Accordingly, non-IFRS measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. To facilitate a better understanding of these measures as calculated by the Company, we have provided detailed descriptions and reconciliations where applicable. This MD&amp;A is prepared as of August 3, 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 District in the Henan Province of China. Silvercorp commenced commercial production at its second production foothold in China at the BYP gold-lead-zinc project in Hunan Province during this quarter and is currently building the GC silver-lead-zinc project in Guangdong Province as its third China production base. 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&#8217;s shares are traded on the New York Stock Exchange (symbol: SVM) and Toronto Stock Exchange (symbol: SVM) 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. First Quarter of Fiscal Year 2012 (&#8220;Q1 2012&#8221;) Highlights and Significant Events</B></P>

<UL>

<LI>

<P align=justify>Record sales of $69.7 million, representing a 90% increase compared to $36.7 million in the first quarter of fiscal year 2011 (&#8220;Q1 2011&#8221;);</P>

<LI>

<P align=justify>Record silver production of 1.6 million ounces, a 15% increase compared to 1.4 million ounces in Q1 2011; and gold production of 1,390 ounces, a 30% increase compared to Q1 2011. Silver and gold sales accounted for 71% of the total sales in the quarter;</P>

<LI>

<P align=justify>Net income of $25.6 million, or $0.15 per share, an 82% increase compared to $14.1 million, or $0.09 per share, in Q1 2011;</P>

<LI>

<P align=justify>Cash flow from operations of $33.9 million, or $0.19 per share, increased 46% from $23.2 million, or $0.14 per share, in Q1 2011;</P>

<LI>

<P align=justify>Silvercorp continues to maintain its low cost producer status with a cash production cost per ounce of silver of negative $6.12;</P>

<LI>

<P align=justify>Completed reserve and resource updates for the Ying Mining District, the BYP Mine and the Silvertip Project, reporting 24% year over year Measured &amp; Indicated silver equivalent resource growth;</P>

<LI>

<P align=justify>Paid cash dividends of CAD$0.02 per share, totaling $3.6 million for the quarter; and</P>

<LI>

<P align=justify>Increased total cash and short term investments to $230.5 million.</P></LI></UL>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 2</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify"><B>3. First Quarter Fiscal 2012 Operating Performance</B></P>

<P style="TEXT-ALIGN: justify">(a) Overall View</P>

<P style="TEXT-ALIGN: justify">In Q1 2012, the Company mined 179,119 tonnes of ore, a 24% increase compared to 144,982 tonnes in Q1 2011. The increased mine production was achieved through increased production from the TLP, HPG, and LM mines that continued to expand operations along with new production of 8,913 tonnes of ore from the BYP mine.</P>

<P style="TEXT-ALIGN: justify">In Q1 2012, 182,890 tonnes of ore was milled, a 23% increase compared to 149,189 tonnes in Q1 2011. The increased mill throughput was achieved as the second mill at Ying Mining District continued to provide additional milling capacity. In addition, 7,964 tonne gold ore were milled at the BYP Mine as production commenced in this quarter.</P>

<P style="TEXT-ALIGN: justify">In Q1 2012, metals production was 1.6 million ounces of silver, 1,390 ounces of gold, 20.6 million pounds of lead and 4.1 million pounds of zinc, which was 15%, 30%, 10% higher and 7% lower, respectively than Q1 2011. The overall increases were attributable to greater mine and mill throughputs.</P>

<P style="TEXT-ALIGN: justify">The following table summarizes the total metal production in each period under review.</P>

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<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle width="66%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>Total Metal Production</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle width="33%" bgColor=#993300><B><FONT color=#ffffff>Q1 2012</FONT></B></TD>

   <TD noWrap align=middle width="33%" bgColor=#993300><B><FONT color=#ffffff>Q1 2011</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%">Silver (&#8216;000s ounces)</TD>

   <TD noWrap align=middle width="33%"><B>1,592</B></TD>

   <TD noWrap align=middle width="33%"><B>1,387</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%">Gold (&#8216;000s ounces)</TD>

   <TD noWrap align=middle width="33%"><B>1.4</B></TD>

   <TD noWrap align=middle width="33%"><B>1.1</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%">Lead (&#8216;000s pounds)</TD>

   <TD noWrap align=middle width="33%"><B>20,621</B></TD>

   <TD noWrap align=middle width="33%"><B>18,803</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="33%">Zinc (&#8216;000s pounds)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="33%"><B>4,102</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="33%"><B>4,431</B></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">(b) Mining Cost</P>

<P style="TEXT-ALIGN: justify">In Q1 2012, the consolidated total mining cost and the cash mining cost were $60.07 and $48.66 per tonne, respectively, an increase of 24% and 21%, compared to $48.61 and $40.33 per tonne, respectively, in Q1 2011. The increase in total mining cost and the cash mining cost were mainly due to higher mining contractor costs, increased materials costs as well as the impact of US dollar depreciation versus the Chinese Yuan. The major components of cash mining cost in Q1 2012 were composed of the following: 40% for mining contractor costs (Q1 2011 &#8211; 41%); 18% for materials and supplies (Q1 2011 &#8211;14%); 14% for labour costs (Q1 2011 &#8211; 17%); 6% for utility costs (Q1 2011 &#8211; 9%) and 22% for other miscellaneous costs (Q1 2011 &#8211; 19%).</P>

<P style="TEXT-ALIGN: justify">At the BYP mine, as the ores produced during the quarter were through developing tunnels, no mining costs were incurred.</P>

<P style="TEXT-ALIGN: justify">(c) Milling Cost</P>

<P style="TEXT-ALIGN: justify">In Q1 2012, the consolidated total milling cost and cash milling cost was $13.94 and $12.42 per tonne, respectively, an increase of 2% and 4%, compared to $13.62 and $11.94 per tonne, respectively, in Q1 2011. The marginal increase in total milling cost and the cash milling cost were mainly due to the US dollar depreciation versus the Chinese Yuan. The milling costs at the BYP mine was higher than normal as the production was only at one quarter of its normal capacity.</P>

<P style="TEXT-ALIGN: justify">The major components of cash milling costs in Q1 2012 were composed of the following: 27% for raw materials (Q1 2011 &#8211; 31%); 31% for utilities (Q1 2011 &#8211; 29%); 16% for mineral resources tax (Q1 2011&#8211; 16%); 18% for labour costs (Q1 2011 &#8211; 14%) and 8% for milling related administrative and miscellaneous costs (Q1 2011 &#8211; 10%).</P>

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   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 3</B></TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<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 primary silver among its industry peers. In Q1 2012, the consolidated total production cost and cash cost per ounce of silver were negative $4.63 and negative $6.12, respectively, compared to negative $5.21 and negative $6.31, respectively, in Q1 2011. The marginal increase in cost is due to higher production costs, partially offset by increased by-product metal prices.</P>

<P style="TEXT-ALIGN: justify">To facilitate a better understanding of cash and total production cost per ounce of silver (non-IFRS measures), the following tables provide a reconciliation of those measures to the financial statements for the three months ended June 30, 2011 and 2010 respectively.</P>

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<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: #ffffff 1px solid" align=middle width="100%" bgColor=#993300 colSpan=13><B><FONT color=#ffffff>Three months ended June 30, 2011</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>YING</FONT></B></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>HPG&amp;LM</FONT></B></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Cost of sales, before amortization and depletion</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">5,530</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">2,051</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">3,940</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">11,521</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">By-product lead, zinc, and gold sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(15,903</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(1,951</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(3,420</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(21,274</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">Total adjusted cash costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(10,373</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">100</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">520</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(9,753</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">Divided by ounces of silver sold</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,146</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">190</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">256</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,592</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="44%"><B>Total cash costs per ounce of silver</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">(9.05</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">0.53</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">2.03</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">(6.12</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD></TR>

<TR height=20>

   <TD noWrap align=left width="44%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Total adjusted cash costs</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">(10,373</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">100</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">520</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">(9,753</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">Amortization and depletion</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,423</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">344</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">607</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2,374</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">Total adjusted cost of goods sold</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(8,950</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">444</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,127</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(7,379</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">Divided by ounces of silver sold</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,146</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">190</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">256</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,592</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="44%"><B>Total production cost per ounce of silver</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">(7.81</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">2.34</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">4.40</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">(4.63</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD></TR>

<TR height=20>

   <TD noWrap align=left width="44%"><B>&nbsp;</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=middle width="100%" bgColor=#993300 colSpan=13><B><FONT color=#ffffff>Three months ended June 30, 2010</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>YING</FONT></B></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>HPG&amp;LM</FONT></B></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Cost of sales, before amortization and depletion</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">5,258</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">1,081</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">2,325</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">8,664</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">By-product lead, zinc, and gold sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(13,054</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(1,769</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(2,598</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(17,421</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">Total adjusted cash costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(7,796</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(688</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(273</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(8,757</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">Divided by ounces of silver sold</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,147</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">91</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">149</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,387</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="44%"><B>Total cash costs per ounce of silver</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">(6.80</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">(7.56</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">(1.84</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">(6.31</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD></TR>

<TR height=20>

   <TD noWrap align=left width="44%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Total adjusted cash costs</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">(7,796</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">(688</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">(273</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">(8,757</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">Amortization and depletion</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,111</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">131</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">285</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,527</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">Total adjusted cost of goods sold</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(6,685</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(557</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">12</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(7,230</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">Divided by ounces of silver sold</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,147</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">91</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">149</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,387</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="44%"><B>Total production cost per ounce of silver</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">(5.83</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">(6.12</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">0.08</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">(5.21</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

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<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><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>



<A name="page_6"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table provide a reconciliation of cash and total production cost per ounce of gold (non-IFRS measures) for production results from development tunneling ores at the BYP Mine for the three months ended June 30, 2011 (no such activity occurred for the three months ended June 30, 2010):</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="86%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=middle width="100%" bgColor=#993300 colSpan=4><B><FONT color=#ffffff>Three months ended June 30, 2011</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="86%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="86%">Cost of sales, before amortization and depletion</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">160</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="86%">By-product lead and zinc sales</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="86%">Total adjusted cash costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">160</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="86%">Divided by ounces of gold sold</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">0.6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="86%"><B>Total cash costs per ounce of gold</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">271.16</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="86%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="86%">Total adjusted cash costs</TD>

   <TD noWrap align=left width="2%">$</TD>

   <TD noWrap align=right width="10%">160</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="86%">Amortization and depletion</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="86%">Total adjusted cost of goods sold</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">163</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="86%">Divided by ounces of gold sold</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">0.6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="86%"><B>Total cash costs per ounce of gold</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">277.02</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&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" noWrap align=left width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 5</B></TD></TR></TABLE></DIV>

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<A name="page_7"></A><BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">(f) Operation Review</P>

<P style="TEXT-ALIGN: justify"><I>(i) The following table summarizes consolidated and each mine&#8217;s operational information for the three months ended June 30, 2011:</I></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="2%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%" bgColor=#993300><B><FONT color=#ffffff>Q1 Fiscal 2012</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="8%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="32%" bgColor=#993300 colSpan=5><B><FONT color=#ffffff>Three months ended June 30, 2011</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="8%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>YING</FONT></B></TD>

   <TD noWrap align=right width="4%" bgColor=#993300><B>&nbsp;</B></TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>HPG&amp;LM</FONT></B></TD>

   <TD noWrap align=right width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>

   <TD noWrap align=right width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%"><B>Production Data</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3,062</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>44</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3,108</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Stockpiled Ore </B><I>(tonne)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>78,276</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>28,072</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>60,750</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>8,913</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%"><B>*</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>176,011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>81,338</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>28,116</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>60,752</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>8,913</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>179,119</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3,062</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>44</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3,108</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Ore Milled </B><I>(tonne)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>79,974</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>28,364</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>63,480</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>7,964</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>179,782</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>83,036</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>28,408</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>63,482</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>7,964</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>182,890</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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=right>&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=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>63.27</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>66.60</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>52.59</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%"><B>*</B></TD>

   <TD noWrap align=right width="8%"><B>60.07</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>48.27</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>54.46</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>46.48</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%"><B>*</B></TD>

   <TD noWrap align=right width="8%"><B>48.66</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>15.00</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>12.14</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>6.11</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%"><B>*</B></TD>

   <TD noWrap align=right width="8%"><B>11.41</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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=right>&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=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Unit shipping costs($)</B></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>4.01</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3.58</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3.66</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3.81</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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=right>&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=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>13.31</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>14.08</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>13.78</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>21.32</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>13.94</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>11.74</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>12.56</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>12.22</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>20.54</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>12.42</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.56</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.52</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.56</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.78</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.52</B></TD>

   <TD noWrap align=left width="2%">&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></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>4.15</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>9.34</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>12.29</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>6.05</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>142.81</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>345.58</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>277.02</B></TD>

   <TD noWrap align=left width="4%"><B>*</B></TD>

   <TD noWrap align=right width="8%"><B>222.15</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.12</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.27</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.36</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.18</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.07</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.19</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.58</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.12</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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=right>&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=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>(7.81</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="8%"><B>2.34</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>4.40</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>(4.63</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>(9.05</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="8%"><B>0.53</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2.03</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>(6.12</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <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=right>&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=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Gold </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>277.02</B></TD>

   <TD noWrap align=left width="4%"><B>*</B></TD>

   <TD noWrap align=right width="8%"><B>277.02</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Gold </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>271.16</B></TD>

   <TD noWrap align=left width="4%"><B>*</B></TD>

   <TD noWrap align=right width="8%"><B>271.16</B></TD>

   <TD noWrap align=left width="2%">&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></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>92.1</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>91.7</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>88.4</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>91.3</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>90.5</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>96.1</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>93.4</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>90.8</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>94.7</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>( </I></B><I>%)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>74.9</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>52.6</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>69.5</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>72.8</B></TD>

   <TD noWrap align=left width="2%">&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></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>444.0</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>231.0</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>152.0</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>303.0</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(gram/tonne)</I></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2.54</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>8.6</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3.2</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2.5</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>5.5</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2.5</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.4</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.8</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.5</B></TD>

   <TD noWrap align=left width="2%">&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></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%"><B>Sales Data</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounce)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,146</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>190</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>256</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,592</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounce)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.5</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.3</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.6</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.4</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pound)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>15,419</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,845</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3,357</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>20,621</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pound)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3,594</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>150</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>358</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>4,102</B></TD>

   <TD noWrap align=left width="2%">&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></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>34,487</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>5,571</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>7,698</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>47,756</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>539</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>303</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>689</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,531</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>13,462</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,560</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2,914</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>17,936</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of $)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>1,902</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>88</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>506</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>2,496</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>50,390</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>7,522</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>11,118</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>689</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>69,719</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>30.09</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>29.34</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>30.04</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>29.99</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,035</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,085</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,168</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,102</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.87</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.85</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.87</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.87</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.53</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.59</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.41</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.61</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify"><B>* Represents production results from development tunnelling ores at BYP mine, thus, mining cost is $nil.</B></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" noWrap align=left width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 6</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>



<A name="page_8"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify"><I>(ii) The following table summarizes consolidated and each mine&#8217;s operational information for the three months ended June 30, 2010:</I></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="2%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD width="4%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%" bgColor=#993300><B><FONT color=#ffffff>Q1 Fiscal 2011</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="8%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="32%" bgColor=#993300 colSpan=5><B><FONT color=#ffffff>Three months ended June 30, 2010</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="8%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>YING</FONT></B></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>HPG&amp;LM</FONT></B></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>TLP</FONT></B></TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>

   <TD noWrap align=right width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="8%" bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%"><B>Production Data</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3,339</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>77</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>10</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3,426</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Stockpiled Ore </B><I>(tonne)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>79,873</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>17,831</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>43,852</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>141,556</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>83,212</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>17,908</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>43,862</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>144,982</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3,339</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>77</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>10</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3,426</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Ore Milled </B><I>(tonne)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>81,898</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>18,076</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>45,789</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>145,763</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>85,237</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>18,153</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>45,799</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>149,189</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>55.10</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>55.23</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>33.59</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>48.61</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>43.83</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>49.64</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>29.88</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>40.33</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>11.27</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>5.59</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3.71</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>8.28</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Unit shipping costs($)</B></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3.71</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3.44</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2.86</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3.41</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>13.66</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>12.84</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>13.88</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>13.62</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>12.03</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>11.49</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>11.96</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>11.94</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.62</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.36</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.92</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.68</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3.05</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>5.54</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>7.81</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3.86</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>163.66</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>350.15</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>460.70</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>223.89</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.16</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.29</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.33</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.21</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.13</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.26</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.33</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.16</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>(5.83</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="8%"><B>(6.12</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="8%"><B>0.08</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>(5.21</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>(6.80</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="8%"><B>(7.56</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="8%"><B>(1.84</B></TD>

   <TD noWrap align=left width="4%"><B>)</B></TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>(6.31</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>91.7</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>89.5</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>85.1</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>90.9</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>96.4</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>93.7</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>89.8</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>95.2</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>( </I></B><I>%)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>69.2</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>60.6</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>74.0</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>69.5</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="40%">

   <P><B>&nbsp;</B></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>470.5</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>179.1</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>115.8</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>326.3</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(gram/tonne)</I></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>8.1</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>4.8</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2.7</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>6.1</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2.8</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.7</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.9</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2.0</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%"><B>Sales Data</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounce)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,147</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>91</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>149</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,387</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounce)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.5</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.4</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.2</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1.1</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pound)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>14,230</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,784</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2,789</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>18,803</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pound)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>3,605</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>209</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>617</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>4,431</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>15,956</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,272</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2,080</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>19,308</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>373</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>333</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>157</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>863</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>10,583</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>1,298</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>2,078</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>13,959</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of $)</I></P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>2,098</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>138</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>363</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>2,599</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>29,010</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>3,041</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>4,678</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%"><B>36,729</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>13.91</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>13.91</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>14.00</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>13.92</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>746</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>879</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>826</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>807</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.74</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.73</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.75</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.74</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.58</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.66</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.59</B></TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="8%"><B>0.59</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 7</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

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   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify"><I>(iii) Ying Mine (77.5%)</I></P>

<P style="TEXT-ALIGN: justify">The Ying Mine is located in Henan Province, China. Production from the Ying Mine commenced on April 1, 2006. Since then, the Ying Mine has become the Company&#8217;s primary focus and most profitable project.</P>

<P style="TEXT-ALIGN: justify">In Q1 2012, the total ore mined was 81,338 tonnes, of which 3,062 tonnes were direct smelting ore, comparable to ore production of 83,212 tonnes in Q1 2011.</P>

<P style="TEXT-ALIGN: justify">Silver head grade at the Ying Mine was 444.0g/t, lower than 470.5g/t in Q1 2011. Head grades for lead and zinc were 8.6% and 2.5%, respectively, comparable to head grades 8.1% for lead and 2.8% for zinc in Q1 2011. Head grades were changing along with the mining sequence.</P>

<P style="TEXT-ALIGN: justify">In Q1 2012, the Ying Mine produced 1.1 million ounces of silver, 15.4 million pounds of lead and 3.6 million pounds of zinc, which were comparable to metal production in Q1 2011 of 1.1 million ounces of silver, 14.2 million pounds of lead and 3.6 million pounds of zinc.</P>

<P style="TEXT-ALIGN: justify">In Q1 2012, total mining costs per tonne and cash mining costs per tonne were $63.27 (Q1 2011 - $55.10) and $48.27 (Q1 2011 - $43.83), respectively. The increase of cash mining costs was mainly due to (i) higher mining contractors costs as the mine paid approximately $1 per tonne more as compensation for increases in miners&#8217; salary and benefits, (ii) increased material costs of $2 per tonne as more mining preparation work was conducted during the quarter, and (iii) the impact of US dollar deprecation versus the Chinese Yuan of $2.5 per tonne. The increase of non-cash mining costs was a result of higher assets base being subject to depletion.</P>

<P style="TEXT-ALIGN: justify">Including by-product credits, Ying Mine&#8217;s total cost and cash cost per ounce of silver were negative $7.81 and negative $9.05, respectively, an improvement from negative $5.83 and negative $6.80 in Q1 2011. The improvement was mainly due to higher by-product credits realized from higher lead and zinc prices, offset by increased production costs.</P>

<P style="TEXT-ALIGN: justify">The Ying Mine incurred $2.7 million in exploration and development expenditures (Q1 2011 &#8211; $3.0 million). With that, 10,559 metres (Q1 2011 &#8211; 13,443 metres) of tunnel, 18,460 metres (Q1 2011 &#8211;7,483 metres) of diamond drilling, and 13 metres (Q1 2011 &#8211; 75 metres) of shafts, declines and raises were completed. The mine development work completed will effectively sustain the Ying Mine&#8217;s production level.</P>

<P style="TEXT-ALIGN: justify"><I>(iv) HPG and LM Mines (80%)</I></P>

<P style="TEXT-ALIGN: justify">The HPG and LM mines are located in Henan Province, China. Silvercorp acquired the HPG and LM mines in 2007.</P>

<P style="TEXT-ALIGN: justify">In Q1 2012, HPG and LM mines produced 190,000 ounces of silver, 1.8 million pounds of lead and 150,000 pounds of zinc, compared to 91,000 ounces of silver, 1.8 million pounds of lead and 209,000 pounds of zinc produced in Q1 2011.</P>

<P style="TEXT-ALIGN: justify">More ore was mined in the quarter as mine development progressed. HPG and LM mined 28,116 tonnes of ore, 10,208 tonnes, or 57%, more than Q1 2011.</P>

<P style="TEXT-ALIGN: justify">In Q1 2012, HPG and LM mines incurred $1.7 million (Q1 2011 &#8211; $858,000) in exploration and development expenditures to complete 4,438 metres of tunnel (Q1 2011 &#8211; 3,906 metres), 19,420 metres (Q1 2011 &#8211; 9,791 metres) of diamond drilling, and 220 metres (Q1 2011 &#8211; 90 metres) of shaft, decline and raises. The continuing mine development work completed in this quarter will allow HPG and LM mines to continue the current production growth trend.</P>

<P style="TEXT-ALIGN: justify"><I>(v) TLP Mine (77.5%)</I></P>

<P style="TEXT-ALIGN: justify">The TLP Mine is located in Henan Province, China. Silvercorp acquired the TLP Mine in 2007.</P>

<P style="TEXT-ALIGN: justify">In Q1 2012, metal production at the TLP mine was 256,000 ounces of silver, 3.4 million pounds of lead</P>

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   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">and 358,000 pounds of zinc, compared to 149,000 ounces of silver, 2.8 million pounds of lead and 617,000 pounds of zinc produced in Q1 2011.</P>

<P style="TEXT-ALIGN: justify">In Q1 2012, total mining costs per tonne and cash mining costs per tonne were $52.59 (Q1 2011 - $33.59) and $46.48 (Q1 2011 - $29.88), respectively. The increase was mainly due to (i) higher mining contractors costs as the mine paid $2 per tonne more as compensation for increases in miners&#8217; salary and benefits, (ii) increased material costs of $8 per tonne as more mining preparation work was conducted during the quarter, and (iii) the impact of US dollar deprecation versus the Chinese Yuan of $2.5 per tonne. The increase of non-cash mining costs was a result of higher assets base being subject to depletion.</P>

<P style="TEXT-ALIGN: justify">More ore was mined in the year due to mine development progress. TLP mined 60,752 tonnes of ore, 16,890 tonnes, or 39%, more than Q1 2011.</P>

<P style="TEXT-ALIGN: justify">In Q1 2012, the Company spent $1.1 million (Q1 2011 - $1.3 million) in exploration and development expenditures to complete 5,455 metres (Q1 2011 &#8211; 5,842 metres) of tunnel, 10 metres of shafts, declines and raises (Q1 2011 &#8211; nil) and 10,685 metres (Q1 2011 &#8211; 8,921 metres) of diamond drilling in Q1 2012. The continuing mine development work completed in this quarter will allow the TLP mine to continue the current production growth trend.</P>

<P style="TEXT-ALIGN: justify"><I>(vi) GC Project (95%)</I></P>

<P style="TEXT-ALIGN: justify">The Company acquired the GC Project in 2008. In December 2010, the GC Project received its mining permit. Since then, the Company has been moving forward with project development. In the quarter, the Company focused on acquisition of land usage rights, construction of the access road and power line, site preparation, negotiating and finalizing mine and mill construction contracts, and completion of a review of safety production measures by Guangdong Provincial Safety Production Bureau. During the quarter, the surface drilling program with two drill rigs continued to perform step-out drilling.</P>

<P style="TEXT-ALIGN: justify"><I>(vii) BYP Project (70%)</I></P>

<P style="TEXT-ALIGN: justify">In January 2011, the Company completed the acquisition of 70% equity interest in Xinshao Yunxiang <I>Mining Co., Ltd., which owns a mining permit in the BYP Gold-Lead-Zinc Mine in Hunan Province, China.</I></P>

<P style="TEXT-ALIGN: justify">During the quarter, the Company refurbished and upgraded the existing 400 tonne per day (&#8220;t/d&#8221;) mill to 500 t/d. Production at the BYP Mine commenced in May 2011 with 7,964 tonnes of ore from existing development tunnels being processed, yielding 590 ounces of gold. Mill operation was temporarily halted in June while the Company installed a liner in the tailings pond. Mill production will be resumed in August.</P>

<P style="TEXT-ALIGN: justify">As the ore produced during the quarter was through development tunnels, no mining costs were incurred. The total and cash milling costs were $21.32 and $20.54 per tonne, respectively. Such costs are higher than normal as the mill was only operating for one quarter of its normal capacity. Total and cash cost per ounce of gold was $277.02 and $271.16, respectively, for the quarter.</P>

<P style="TEXT-ALIGN: justify">The Company intends to utilize the existing 500 t/d floatation mill to mine and process gold mineralization with an initial focus on higher grade mineralization areas. Concurrently, the Company&#8217;s engineers are working with a qualified Chinese engineering firm to complete a detailed and staged mining and development plan to fulfill the Company&#8217;s production goal of expanding the mining and milling capacity to 1,000 t/d gold mineralization for fiscal 2013 and to 2,000 t/d (1,000 t/d gold mineralization and 1,000 t/d lead-zinc mineralization) by fiscal 2014.</P>

<P style="TEXT-ALIGN: justify"><I>(viii) Silvertip Project (100%)</I></P>

<P style="TEXT-ALIGN: justify">The Silvertip Project was acquired in February 2010. During the quarter, the Company continued its effort in completing a Small Mine Permit application. At the same time, the Company initiated the 2011 exploration program to test the DM zone, a new zone of silver-lead-zinc mineralization approximately</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 9</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">eight kilometres to the south of Silvertip Mountain.</P>

<P style="TEXT-ALIGN: justify"><B>4. First Quarter Fiscal 2012 Financial Results</B></P>

<P style="TEXT-ALIGN: justify">For the three months ended June 30, 2011, the Company&#8217;s sales and net income improved significantly from the same period in the prior year. Such increases were primarily due to increased metal prices combined with increased metal production.</P>

<P style="TEXT-ALIGN: justify">The tables below set out selected quarterly results for the past eight quarters:</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 width="44%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>Jun 30, 2011</FONT></B></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Mar 31, 2011</FONT></TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Dec 31, 2010</FONT></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Sept 30, 2010</FONT></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Sales</TD>

   <TD noWrap align=right width="2%"><B>$</B></TD>

   <TD noWrap align=right width="10%"><B>69,719</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">42,422</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">51,838</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">36,338</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Gross profit</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>55,660</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">32,250</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">40,059</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">26,596</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Expenses and foreign exchange</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>8,399</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">8,725</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">5,592</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">5,560</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Other items</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>(443</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">392</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">7,117</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,836</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Net income, attributable to the shareholders of the Company</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>25,642</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">12,019</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">29,079</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">12,434</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Basic earnings per share</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>0.15</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.07</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.17</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.08</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Diluted earnings per share</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>0.15</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.07</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.17</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.08</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Cash dividend declared</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>3,619</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,600</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,511</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,207</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Cash dividend declared per share (CAD)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>0.02</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.02</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.02</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.02</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>
<TR vAlign=bottom>
  <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=right>&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>
</TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Jun 30, 2010</FONT></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Mar 31, 2010</FONT><SUP><FONT color=#ffffff>1</FONT></SUP></TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Dec 31, 2009</FONT><SUP><FONT color=#ffffff>1</FONT></SUP></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Sept 30, 2009</FONT><SUP><FONT color=#ffffff>1</FONT></SUP></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Sales</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">36,729</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">28,224</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">31,283</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">25,085</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Gross profit</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">26,538</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">19,277</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">24,230</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">19,088</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Expenses and foreign exchange</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">5,118</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,936</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">5,191</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,820</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Impairment charges</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(79</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Other items</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">767</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">18</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(52</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(805</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Net income, attributable to the shareholders of the Company</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">14,121</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">9,760</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">12,409</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">8,893</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Basic earnings per share</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.09</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.06</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.08</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.06</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Diluted earnings per share</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.09</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.06</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.08</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.05</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Cash dividend declared</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,109</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,238</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,108</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,020</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Cash dividend declared per share (CAD)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.02</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.02</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.02</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.02</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify"><SUP><FONT style="FONT-SIZE: 8pt">1 </FONT></SUP><FONT style="FONT-SIZE: 8pt">As the Company&#8217;s IFRS transition date was April 1, 2010, comparative information prior to this date has not been restated and is presented in accordance to Canadian GAAP.</FONT></P>

<P style="TEXT-ALIGN: justify">Quarterly financial results including sales, gross profit, net income, basic earnings per share, and diluted earnings per share were heavily influenced by increases in commodity prices, particularly, the silver commodity price.</P>

<P style="TEXT-ALIGN: justify"><B>Net income, attributable to the shareholders of the Company </B>in Q1 2012 was $25.6 million, or $0.15 per share, an increase of 82% over the earnings of $14.1 million, or $0.09 per share in Q1 2011. Net income improved mainly as a result of higher realized selling prices due to increase in commodity prices as well as higher quantities sold.</P>

<P style="TEXT-ALIGN: justify"><B>Sales </B>in Q1 2012 were $69.7 million, an increase of 90% from $36.7 million in Q1 2011. The increase was mainly as a result of higher realized selling prices due to increases in commodity prices as well as higher quantities sold.</P>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

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   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

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   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">The following table summarizes metals sold, realized selling prices and revenues for fiscal 2011 and 2010:</P>

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   <TD align=middle bgColor=#993300 colSpan=19><FONT color=#ffffff>Three Months ended June 30</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle bgColor=#993300 colSpan=4><FONT color=#ffffff>Quantities</FONT></TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle bgColor=#993300 colSpan=4><FONT color=#ffffff>Realized selling prices</FONT></TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle bgColor=#993300 colSpan=4><FONT color=#ffffff>Sales</FONT></TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD></TR>

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   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle bgColor=#993300 colSpan=4><FONT color=#ffffff>(&#8216;000 oz or lb)</FONT></TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle bgColor=#993300 colSpan=4><FONT color=#ffffff>($/oz or lb)</FONT></TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right bgColor=#993300><FONT color=#ffffff>&nbsp;</FONT></TD>

   <TD noWrap align=middle bgColor=#993300 colSpan=4><FONT color=#ffffff>(in &#8216;000$)</FONT> <FONT></FONT></TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD></TR>

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   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right bgColor=#993300><FONT color=#ffffff>2011</FONT></TD>

   <TD noWrap align=right bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right bgColor=#993300><FONT color=#ffffff>2010</FONT></TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right bgColor=#993300><FONT color=#ffffff>2011</FONT></TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right bgColor=#993300><FONT color=#ffffff>2010</FONT></TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right bgColor=#993300><FONT color=#ffffff>2011</FONT></TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right bgColor=#993300><FONT color=#ffffff>2010</FONT></TD>

   <TD noWrap align=right bgColor=#993300>&nbsp;</TD></TR>

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   <TD noWrap align=left>Silver</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right><B>1,592</B></TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>1,378</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>$</B></TD>

   <TD noWrap align=right><B>29.99</B></TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>$</TD>

   <TD noWrap align=right>13.92</TD>

   <TD noWrap align=left><B>&nbsp;</B></TD>

   <TD noWrap align=right><STRONG>$</STRONG></TD>

   <TD noWrap align=right><B>47,756</B></TD>

   <TD noWrap align=right>$</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>19,308</TD>

   <TD noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>Gold</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right><B>1.4</B></TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>1.1</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>1,102</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>807</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><STRONG>&nbsp;</STRONG></TD>

   <TD noWrap align=right><B>1,531</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>863</TD>

   <TD noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>Lead</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right><B>20,621</B></TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>18,803</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>0.87</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>0.74</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><STRONG>&nbsp;</STRONG></TD>

   <TD noWrap align=right><B>17,936</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>13,959</TD>

   <TD noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>Zinc</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right><B>4,102</B></TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>4,431</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>0.61</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>0.59</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><STRONG>&nbsp;</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>2,496</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>2,599</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>Total</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=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=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=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><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><STRONG>&nbsp;$</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>69,719</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>36,729</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify"><B>Cost of sales </B>in Q1 2012 was $14.1 million (Q1 2011 - $10.2 million), including $11.7 million (Q1 2011 - $8.7 million) cash costs and $2.4 million (Q1 2011 - $1.5 million) depreciation, amortization and depletion charges. The cash portion of cost of goods sold increased corresponding with the increases noted in sales. The increase of depreciation, amortization and depletion charges was mainly due to higher assets base being subject to amortization and increased depletion as more production occurred.</P>

<P style="TEXT-ALIGN: justify"><B>Gross profit margin </B>in Q1 2012 was 79.8%. Gross profit margin for the four mines at Ying Mining District was 79.9%, an increase of 7.6% compared to 72.3% in Q1 2011. The increase was mainly attributable to the higher metal prices noted in Q1 2012 compared to Q1 2011. The gross profit margin did not increase in line with metal price increases, mainly due to the change in production mix compared to the same quarter last year. The Company significantly increased production at the HPG, LM and TLP mines which have lower head grades relative to Ying mine. In Q1 2012, 28% of the Company&#8217;s silver production was from the HPG, LM and TLP mines compared with 17% in Q1 2011.</P>

<P style="TEXT-ALIGN: justify"><B>General and administrative expenses </B>in Q1 2012 were $6.1 million, an increase of $1.4 million or 30% compared to the expenses of $4.7 million incurred in Q1 2011. Significant items included in general and administrative expenses are as follows:</P>

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   <TD vAlign=top align=left width="4%"><B>(a)</B></TD>

   <TD vAlign=top align=left width="92%"><B>Office and administrative expenses </B>of $2.0 million (Q1 2011 - $1.4 million);</TD></TR>

<TR height=20>

   <TD vAlign=top align=left width="4%"><B>&nbsp;</B></TD>

   <TD vAlign=top align=left width="4%"><B>&nbsp;</B></TD>

   <TD vAlign=top align=left width="92%"><B>&nbsp;</B></TD></TR>

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   <TD vAlign=top align=left width="4%"><B>&nbsp;</B></TD>

   <TD vAlign=top align=left width="4%"><B>(b)</B></TD>

   <TD vAlign=top align=left width="92%"><B>Salaries and benefits </B>of $1.8 million (Q1 2011 - $2.0 million);</TD></TR>

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   <TD vAlign=top align=left width="4%"><B>&nbsp;</B></TD>

   <TD vAlign=top align=left width="4%"><B>&nbsp;</B></TD>

   <TD vAlign=top align=left width="92%"><B>&nbsp;</B></TD></TR>

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   <TD vAlign=top align=left width="4%"><B>&nbsp;</B></TD>

   <TD vAlign=top align=left width="4%"><B>(c)</B></TD>

   <TD vAlign=top align=left width="92%"><B>Stock based compensation expense </B>of $778 (Q1 2011 - $754);</TD></TR>

<TR height=20>

   <TD vAlign=top align=left width="4%"><B>&nbsp;</B></TD>

   <TD vAlign=top align=left width="4%"><B>&nbsp;</B></TD>

   <TD vAlign=top align=left width="92%"><B>&nbsp;</B></TD></TR>

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   <TD vAlign=top align=left width="4%"><B>&nbsp;</B></TD>

   <TD vAlign=top align=left width="4%"><B>(d)</B></TD>

   <TD vAlign=top align=left width="92%"><B>Professional fees </B>of $53 (Q1 2011 - $237); and</TD></TR>

<TR height=20>

   <TD vAlign=top align=left width="4%"><B>&nbsp;</B></TD>

   <TD vAlign=top align=left width="4%"><B>&nbsp;</B></TD>

   <TD vAlign=top align=left width="92%"><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=top align=left width="4%"><B>&nbsp;</B></TD>

   <TD vAlign=top align=left width="4%"><B>(e)</B></TD>

   <TD vAlign=top align=left width="92%"><B>Other taxes </B>of $1.1 million (Q1 2011 &#8211; $nil). A VAT surtax, which was previously exempt for foreign invested companies in China and represented approximately 1.4% of sales, has been levied since December 1, 2010.</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify"><B>General exploration and property investigation expenses </B>in Q1 2012 were $1.8 million, an increase of $467 or 35% compared to $1,325 in Q1 2011. The increase of the expense in Q1 2012 was mainly due to increased mineral resource development fees to local government.</P>

<P style="TEXT-ALIGN: justify"><B>Foreign exchange loss </B>in Q1 2012 was $524 (Q1 2011 - $872 gain). The higher foreign exchange loss was mainly driven by weakening US dollar versus Chinese Yuan and Canadian dollar.</P>

<P style="TEXT-ALIGN: justify"><B>Loss on disposal of plant and equipment </B>in Q1 2012 was $82 compared to $nil in Q1 2011. The current year&#8217;s loss was mainly due to obsolete equipment that was disposed of in the quarter.</P>

<P style="TEXT-ALIGN: justify"><B>Loss from equity investee </B>represents the equity pick up from our investment in associate, New Pacific Metals Corp. (&#8220;NUX&#8221;). Loss in Q1 2012 was $24 (Q1 2011 - $38). The Company records on the statement of income its proportionate share (14.3%) of NUX&#8217;s net gain or loss.</P>

<P style="TEXT-ALIGN: justify"><B>Loss on investments </B>in Q1 2012 was $1.2 million compared to $49 in Q1 2011. The Company, from</P>

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<P style="TEXT-ALIGN: justify">time to time, may acquire on the open market or in private placements, shares and warrants of other publicly-traded mining companies. The unrealized loss was related to the change of fair value of warrants.</P>

<P style="TEXT-ALIGN: justify"><B>Finance income </B>in Q1 2012 was $670, an increase of $405 or 153% compared to finance income of $265 in Q1 2011. The increase was a result of higher cash balances being invested in higher rate term deposits during the current period.</P>

<P style="TEXT-ALIGN: justify"><B>Finance costs </B>in Q1 2012 were $23, a decrease of $37 or 62% compared to finance costs of $60 in Q1 2011. The decrease is mainly due to the Company not holding any interest-bearing debt in Q1 2012, compared to Q1 2011, where $1.5 million in bank loans were outstanding until May 2010.</P>

<P style="TEXT-ALIGN: justify"><B>Income tax expense </B>in Q1 2012 was $12.6 million, an increase of $9.3 million or 287% over the income tax expense of $3.3 million recorded in Q1 2011. The income tax expenses recorded in Q1 2012 included current income tax expenses of $11.5 million (Q1 2011 &#8211; $2.7 million) and a deferred income tax expense of $1.1 million (Q1 2011 &#8211; $535). The increase of income tax expense was mainly due to higher taxable income in the quarter and a higher tax rate compared to Q1 2011. The Chinese tax holiday, which allowed the Company&#8217;s most profitable Chinese subsidiary, Henan Found Mining Co. Ltd. to have a preferential 12.5% income tax rate, expired on December 31, 2010, increasing the income tax rate to 25%. The Company&#8217;s another Chinese subsidiary, Henan Huawei Mining Co. Ltd., is currently subject to preferential tax rate of 12.5% until December 31, 2011, after which it will be 25%.</P>

<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 June 30, 2011 was $230.5 million, an increase of $24.2 million or 12%, compared to $206.3 million at March 31, 2011.</P>

<P style="TEXT-ALIGN: justify"><B>Working capital </B>at June 30, 2011 was $207.9 million, an increase of $29.9 million, or 17% compared to $178.0 million at March 31, 2011.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flow provided by operating activities </B>were $33.9 million in Q1 2012, an increase of 46% compared to $23.2 million in Q1 2011. The increase in cash flow from operations resulted from improved operating earnings due to higher commodity prices and higher metal production at the Ying Mining District.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flow used in investing activities </B>were $17.6 million in Q1 2012 comprised mainly of cash used in capital expenditures of $10.5 million, cash prepayments to acquire capital assets of $1.1 million, purchase of short term investments (net of redemption) of $5.0 million and purchase of other investments of $1.0 million. In Q1 2011, $22.1 million was used in investing activities, comprised mainly of cash used in purchase of short term investments (net of redemption) of $15.4 million and capital expenditures of $6.4 million.</P>

<P style="TEXT-ALIGN: justify"><B>Cash flow provided by financing activities </B>were $693 in Q1 2012 comprised mainly of net advance to related parties of $1.2 million, cash dividends paid of $3.6 million offset by contributions from non-controlling interests of $4.6 million and proceeds from the issuance of common shares upon exercise of employee stock options of $890. In Q1 2011, cash flow used in financing activities were $3.5 million, comprised mainly of repayments to bank loans of $1.5 million and cash dividends paid of $3.2 million, offset by proceeds from issuance of common shares of $1.2 million.</P>

<P style="TEXT-ALIGN: justify"><B>Contractual commitments and contingencies </B>not disclosed elsewhere in this Management&#8217;s Discussion and Analysis are as follows:</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 12</B></TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">The Company entered into office rental agreements with total rental expense of $1,388 over the next three 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="44%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="44%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="10%">2012</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="10%">2013</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="10%">2014</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">Total</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%">Rental expense</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="10%">415</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="10%">550</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="10%">423</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,388</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<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&#8217;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&#8217;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 believes it has sufficient capital to meet its cash needs for the next 12 months, including the costs of compliance with continuing reporting requirements.</P>

<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&#8217;s Board of Directors has overall responsibility for the establishment and oversight of the Company&#8217;s risk management framework and reviews the Company&#8217;s policies on an ongoing basis.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(a) Fair value</I></P>

<P style="TEXT-ALIGN: justify">The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 7, Financial Instruments: Disclosures (&#8220;IFRS 7&#8221;).</P>

<P style="TEXT-ALIGN: justify">Level 1 &#8211; Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.</P>

<P style="TEXT-ALIGN: justify">Level 2 &#8211; Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.</P>

<P style="TEXT-ALIGN: justify">Level 3 &#8211; Unobservable inputs which are supported by little or no market activity.</P>

<P style="TEXT-ALIGN: justify">The following table sets forth the Company&#8217;s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy. As required by IFRS 7, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of April 1, 2010, March 31, 2011 and June 30, 2011, the Company did not have financial liabilities measured at fair value on a recurring basis.</P>

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   <TD width="33%"></TD>

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   <TD width="33%"></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 13</B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<A name="page_15"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="44%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">Level 1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">Level 2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">Level 3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">Total</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%"><B>Financial assets</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Cash and cash equivalents</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">165,676</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">165,676</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%">Short term investments</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">64,798</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">64,798</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">Common shares of publicly traded companies</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">10,757</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">10,757</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%">Warrants</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,740</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,740</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) Liquidity risk</I></P>

<P style="TEXT-ALIGN: justify">Liquidity risk is the risk that the Company will not be able to meet its short term business requirements. The Company has in place a planning and budgeting process to help determine the funds required to support the Company&#8217;s normal operating requirements on an ongoing basis and its expansion plans.</P>

<P style="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&#8217;s financial liabilities.</P>

<DIV align=left>

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<TR>

   <TD width="58%"></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" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">March 31, 2011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">April 1, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="10%"><B>Within a year</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Accounts payable and accrued liabilities</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>16,903</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">12,770</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">7,504</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="58%">Dividends payable</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>3,631</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,600</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,238</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Bank loan</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,465</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>20,534</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">16,370</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">12,207</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(c) Foreign exchange risk</I></P>

<P style="TEXT-ALIGN: justify">The Company undertakes transactions denominated in foreign currencies and is exposed to foreign exchange risk arising from such transactions.</P>

<P style="TEXT-ALIGN: justify">The Company conducts its mining operations in China and thereby the majority of the Company&#8217;s assets, liabilities, revenues and expenses are denominated in RMB, which was tied to the USD until July 2005, and is now tied to a basket of currencies of China&#8217;s largest trading partners. The RMB is not a freely convertible currency.</P>

<P style="TEXT-ALIGN: justify">The Company currently does not engage in foreign currency hedging, and the exposure of the Company&#8217;s financial assets and financial liabilities to foreign exchange risk is summarized as follows:</P>

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<TR>

   <TD width="58%"></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" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">March 31, 2011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">April 1, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Financial assets denominated in U.S. Dollars</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>46,727</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">77,968</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">29,808</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Financial liabilities denominated in U.S. Dollars</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">As at June 30, 2011, with other variables unchanged, a 1% strengthening (weakening) of the RMB against the USD would have increased (decreased) net income by approximately $0.2 million.</P>

<P style="TEXT-ALIGN: justify">As at June 30, 2011, with other variables unchanged, a 1% strengthening (weakening) of the Canadian Dollar (&#8220;CAD&#8221;) against the USD would have decreased (increased) net income by approximately $0.3 million.</P>

<P style="TEXT-ALIGN: justify">As at June 30, 2011, with other variables unchanged, a 1% strengthening (weakening) of the RMB against the USD would have increased (decreased) net income by approximately $0.2 million.</P>

<P style="TEXT-ALIGN: justify">As at June 30, 2011, with other variables unchanged, a 1% strengthening (weakening) of the CAD against the USD would have decreased (increased) net income by approximately $0.3 million.</P>

<DIV align=left>

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<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 14</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>



<A name="page_16"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(d) Interest rate risk</I></P>

<P style="TEXT-ALIGN: justify">Interest risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate due to changes in market interest rates. The Company&#8217;s cash equivalents and short term investments primarily includes highly liquid investments that earn interests at market rates that are fixed to maturity or at variable interest rates. Due to 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 June 30, 2011.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(e) Credit risk</I></P>

<P style="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, interest 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: justify">The Company undertakes credit evaluations on counterparties as necessary and has monitoring processes intended to mitigate credit risks. The Company has amounts receivable from its major customers primarily in China engaged in the mining and milling of base and polymetallic metals. The historical level of customer defaults is zero and aging of accounts receivable are less than 90 days, and, as a result, the credit risk associated with accounts receivable from customers as at June 30, 2011 is considered to be immaterial.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(f) Equity price risk</I></P>

<P style="TEXT-ALIGN: justify">The Company holds certain marketable securities that will fluctuate in value as a result of trading on Canadian financial markets. As the Company&#8217;s marketable securities holding are mainly in mining companies, the value will also fluctuate based on commodity prices. Based upon the Company&#8217;s portfolio at June 30, 2011, a 10% increase (decrease) in the market price of the securities held, ignoring any foreign currency effects, would have resulted in an increase (decrease) to comprehensive income of approximately $1.1 million.</P>

<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>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="26%"></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" noWrap align=left width="58%"><B>Due from a related party</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="26%">March 31, 2011</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">April 1, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">NUX (a)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>51</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="26%">203</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">138</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%">Henan Non-ferrous Geology Bureau (b)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>1,268</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="26%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,319</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="26%">203</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">138</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="58%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="26%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%"><B>Due to a related party</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>June 30, 2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="26%">March 31, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">April 1, 2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Z.X. Zhu (e)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>3,498</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="26%">3,447</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&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" noWrap align=left width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 15</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>



<A name="page_17"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

   <TD width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="26%"></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 width="58%">&nbsp;</TD>

  <TD noWrap align=right width="2%">&nbsp;</TD>

  <TD noWrap align=left width="10%">&nbsp;</TD>

  <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

  <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="26%" colSpan=5><B>Three months ended June 30,</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%"><B>Transactions with related parties</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="26%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">NUX (a)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="26%"><B>77</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">59</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="58%">Henan Non-ferrous Geology Bureau (b)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="26%"><B>1,268</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">McBrighton Consulting Ltd.(c)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="26%"><B>97</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">55</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%">R. Feng Consulting Ltd. (d)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="26%"><B>43</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">82</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="26%"><B>1,485</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">196</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE><BR>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD vAlign=top noWrap width="4%">(a)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>According to a services and administrative costs reallocation agreement between the Company and NUX, the Company recovers costs for services rendered to NUX and expenses incurred on behalf of NUX. During the three months ended June 30, 2011, the Company recovered $77 (three months ended June 30, 2010 - $59) 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 income.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">(b)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Henan Non-ferrous Geology Bureau (&#8220;Henan Geology Bureau&#8221;) is a 22.5% equity interest holder of Henan Found. During the three months ended June 30, 2011, Henan Found extended a loan of $1,238 (RMB&#165; 8,000,000) to Henan Geology Bureau. The loan bears a prime interest rate set by Bank of China with a maturity date of October 25, 2011.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">(c)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>During the three months ended June 30, 2011, the Company paid $97 (three months ended June 30, 2010 - $55) to McBrighton Consulting Ltd., a private company controlled by a director of the Company for consulting services.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">(d)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>During the three months ended June 30, 2011, the Company paid $43 (three months ended June 30, 2010 - $82) to R. Feng Consulting Ltd., a private company controlled by a director of the Company for consulting services.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">(e)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Z.X. Zhu is the 30% non-controlling interest shareholder of Yunxiang. As at June 30, 2011, the Company has a payable of $3,498 to Z.X. Zhu, of which approximately $3.3 million was related to the liabilities assumed in connection with the acquisition of Yunxiang.</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">The balances with related parties are unsecured, non-interest bearing, and due on demand.</P>

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<TR>

   <TD vAlign=top noWrap width="4%">(f)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Compensation of key management personnel</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">The remuneration of directors and other members of key management personnel for the three months ended June 30, 2011 and 2010 were as follows:</P>

<DIV align=left>

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<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 noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="26%" colSpan=5><B>Three months ended June 30,</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2011</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Directors' fees</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>46</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">35</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">Salaries for key management personnel</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>365</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">256</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Stock-based compensation</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,175</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">642</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>1,586</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">933</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">Salaries of key management personnel include consulting and management fees disclosed in note 8 (c) &amp; (d). Stock-based compensation expenses were measured at grant date fair value.</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 IFRS 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&#8217;s financial statements. Management continuously reviews its estimates and assumptions using the most current information available. The Company&#8217;s critical accounting policies and estimates are described in Note 2 of the accompanied unaudited condensed consolidated financial statements.</P>

<P style="TEXT-ALIGN: justify">Management has identified: (a) Mineral rights and properties, (b) Stock-based payments, and (c)</P>

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   <TD width="33%"></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 16</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">Deferred income taxes as the critical estimates for the following discussion:</P>

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<TR>

   <TD vAlign=top noWrap width="4%">(a)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Mineral rights and properties are the most significant assets of the Company, representing $200 million on the balance sheet as at June 30, 2011. The Company has determined that acquisition costs, direct exploration, evaluation and development expenditures, including costs incurred during production to increase future output by providing access to additional sources of mineral resource, are capitalized where costs related to specific properties for which resources exists.</P></TD></TR></TABLE>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Upon commencement of commercial production, mineral rights and properties and capitalized expenditures are depleted over the mine&#8217;s estimated life using the units of production method calculated based on proven and probable reserves. Changes to estimates of proven and probable reserves can result in a change of future depletion rates.</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Mineral rights and properties are reviewed and tested for impairment when indicators of impairment are considered to exist. Indicators are assessed based on a number of factors such as market prices of commodities, production costs, recovery rates, and overall economic and legal environment. An impairment loss is recognized for any excess of the carrying amount over its recoverable amount, which is the greater of its fair value less costs to sell and value in use. For mineral rights and properties, the fair value less costs to sell is estimated as the discounted future net cash flow expected to be derived from parameters such as expected future production, metal prices, and net proceeds from the disposition of assets on retirement, less operating and capital costs. The Company estimates these parameters based on the information available.</P>

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<TR>

   <TD vAlign=top noWrap width="4%">(b)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Stock-based payments. The Company accounts for stock options granted to employees, officers, directors, and consultants using the fair value method. The fair value of options granted to employees, officers, and directors is determined using the Black-Scholes option pricing model with market related inputs as of the date of grant. The fair value of stock options granted to consultants is measured at the fair value of the services delivered. Market related inputs using the Black-Scholes option pricing model are subject to estimation and includes risk free interest rate, expected life of option, expected volatility, expected dividend yield, and estimated forfeiture rate.</P></TD></TR>

<TR>
  <TD vAlign=top noWrap>&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
<TR>

   <TD vAlign=top noWrap width="4%">(c)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Deferred income taxes assets and liabilities are recognized using the balance sheet liability method on temporary differences at the reporting date between the tax bases of assets and liabilities, and their carrying amounts for financial reporting purposes. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and reduced to the extent that management believes it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognized deferred income tax assets are reassessed at the end of each reporting period and are recognized to the extent that management believes it has become probable that future taxable profit will be available to allow the deferred tax asset to be recovered. Management&#8217;s expectation on future taxable income is based on information available and is subject to estimation.</P></TD></TR></TABLE>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Any changes to tax rates and laws will have an impact on the carrying amount of deferred income tax assets and liabilities.</P>

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   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 17</B></TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify"><B>10. Future Accounting Changes</B></P>

<P style="TEXT-ALIGN: justify">The IASB and IFRIC have issued certain new standards, interpretations, amendments and improvements to existing standards, mandatory for future accounting periods. The most significant of these are as follows, and are all effective for annual periods beginning on or after January 1, 2013, with earlier adoption permitted, unless otherwise specified:</P>

<P style="TEXT-ALIGN: justify">IFRS 9 &#8211; Financial Instruments (&#8220;IFRS 9&#8221;) will be the new standard for financial reporting of financial instruments that is set to replace the existing IAS 39. IFRS 9 is principles-based and is aimed to be less complex than IAS 39. In October 2010, phase 1 of IFRS 9 was amended to address the classification and measurement of financial assets and financial liabilities. The remaining phases containing mainly amendments to address derecognizing financial instruments, impairment, and hedge accounting, are expected to be completed during the second half of 2011.</P>

<P style="TEXT-ALIGN: justify">IFRS 11 &#8211; Joint Arrangements (&#8220;IFRS 11&#8221;) provides a more realistic reflection of joint arrangements by focusing on the rights and obligations of the arrangement, rather than its legal form. The standard addresses inconsistencies in the reporting of joint arrangements by requiring a single method to account for interests in jointly controlled entities. IFRS 11 supersedes IAS 31 and SIC-13.</P>

<P style="TEXT-ALIGN: justify">IFRS 12 &#8211; Disclosures of Interests in Other Entities will be the new standard for disclosure requirements for subsidiaries, joint-ventures, associates and unconsolidated structured entities. As previous disclosure requirements segregated in different standards &#8211; IAS 27, IAS 28, and IAS 31 &#8211; had overlaps in numerous areas, the new combined disclosure standard will present a uniformed requirement that is easier to understand and apply.</P>

<P style="TEXT-ALIGN: justify">IFRS 10 &#8211; Consolidated Financial Statements will be the new standard replaces the consolidation guidance in IAS 27 and SIC-12, by establishing a consistent application of the concept of control as the basis for determining which entities are consolidated in the consolidated financial statements.</P>

<P style="TEXT-ALIGN: justify">IFRS 13 &#8211; Fair Value Measurement will be the new standard that replaces the guidance on fair value measurement in existing IFRS. It defines and provides guidance on measuring fair value and requires disclosures about fair value measurements in a single standard.</P>

<P style="TEXT-ALIGN: justify">IAS 28 &#8211; Investments in Associates and Joint Ventures had an amendment in May 2011 that sets out the requirements for the application of the equity method when accounting for investments in associates and joint-ventures. The amendment specifies that interest in joint-ventures should be recognized as an investment and accounts for it using the equity method, unless the entity meets certain exemption criteria.</P>

<P style="TEXT-ALIGN: justify">The Company is currently evaluating the impact of the future accounting standards on the consolidated financial statements.</P>

<P style="TEXT-ALIGN: justify"><B>11. International Financial Reporting Standards</B></P>

<P style="TEXT-ALIGN: justify">The Company has adopted IFRS effective April 1, 2011 with the transition date being April 1, 2010. The unaudited condensed consolidated financial statements as at and for the three months ending June 30, 2011 have been prepared in accordance with IFRS and represents the Company&#8217;s first report since adopting IFRS. The significant accounting policies adopted by the Company are described in Note 2 of</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 18</B></TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify"> the accompanied unaudited condensed consolidated financial statements.</P>
<P style="TEXT-ALIGN: justify">The conversion from Canadian GAAP to IFRS as the basis of preparing the Company&#8217;s financial statements has resulted in changes in the Company&#8217;s accounting policies, financial reporting process and systems, incremental controls relating to financial reporting, and additional financial expertise and training requirements. The conversion did not have any significant impact on the Company&#8217;s key financial performance indicators, financial covenants, capital requirements or compensation plans.</P>

<P style="TEXT-ALIGN: justify"><B>First-time adoption exemptions applied</B></P>

<P style="TEXT-ALIGN: justify">In preparing the unaudited condensed consolidated financial statements in accordance with IFRS 1, First-time Adoption of IFRS (&#8220;IFRS 1&#8221;), the Company has applied certain of the optional exemptions from full retrospective application of IFRS. The optional exemptions applied are described below.</P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD vAlign=top noWrap width="4%">(i)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Business combinations &#8211; we have elected the business combinations exemption in IFRS 1 to not apply IFRS 3, Business Combinations retrospectively to past business combinations. Accordingly, the Company has not restated business combinations that took place prior to the transition date.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">(ii)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Cumulative translation differences &#8211; we have elected to set the previously accumulated cumulative translation account, which was included in accumulated other comprehensive income, to zero as at the transition date, and absorbed the balance to retained earnings.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">(iii)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Fair value as deemed cost &#8211; a first-time adopter of IFRS is allowed to elect a previous GAAP revaluation of an item of property, plant and equipment at, or before, the transition date to IFRS as deemed cost at the date of the revaluation, if the revaluation was at the date of the revaluation, broadly comparable to fair value. The Company had previously revalued certain mineral rights and properties as a result of a Canadian GAAP impairment on December 31, 2008 and has elected these revalued amounts, which is $nil, as their deemed cost as at the transition date. The fair value was $nil.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">(iv)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify>Share-based payment &#8211; we have elected to not apply IFRS 2, Share-based Payment to equity instruments granted on or before November 7, 2002, or equity instruments that were granted subsequent to November 7, 2002 and vested before the date of transition to IFRS.</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><B>Summary of IFRS conversion impact</B></P>

<P style="TEXT-ALIGN: justify">The following is a summary of the impact of IFRS conversion on the Company. For full details on the IFRS conversion, please refer to Note 22 of the accompanied unaudited condensed consolidated financial statements.</P>

<P style="TEXT-ALIGN: justify">Balance Sheet / Equity as at April 1, 2010:</P>

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<TR>

   <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="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 width="20%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle width="6%" bgColor=#993300><FONT color=#ffffff>Canadian</FONT></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="60%" bgColor=#993300 colSpan=18><I><FONT color=#ffffff>Transitional Adjustments</FONT></I></TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="6%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="6%" bgColor=#993300><FONT color=#ffffff>GAAP</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%" bgColor=#993300><I><FONT color=#ffffff>(i)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%" bgColor=#993300><I><FONT color=#ffffff>(ii)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%" bgColor=#993300><I><FONT color=#ffffff>(iii)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%" bgColor=#993300><I><FONT color=#ffffff>(iv)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%" bgColor=#993300><I><FONT color=#ffffff>(v)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%" bgColor=#993300><I><FONT color=#ffffff>(viii)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="6%" bgColor=#993300><FONT color=#ffffff>IFRS</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">Current Assets</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">100,558</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=left width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">(112</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">100,446</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">Non-current Assets</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">178,896</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">475</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(19,475</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">112</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">160,008</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="20%"><B>Total Assets</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>279,454</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>475</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(19,475</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>260,454</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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=right>&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=right>&nbsp;</TD>

   <TD noWrap align=right>&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=right>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">Current Liabilities</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">20,894</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=left width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">20,894</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">Non-current Liabilities</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">21,832</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(19,475</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">2,357</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">Total Liabilities</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">42,726</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(19,475</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">23,251</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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=right>&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=right>&nbsp;</TD>

   <TD noWrap align=right>&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=right>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">Non-controlling interest</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">21,738</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(21,738</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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=right>&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>

   <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 align=left width="20%">Total equity attributable to equity shareholders of the Company</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">214,990</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">475</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(7,176</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">188</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">208,477</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">Non-controlling interest</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">7,176</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(188</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">21,738</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">28,726</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">Total Shareholders' Equity</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">214,990</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">475</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">21,738</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">237,203</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <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=right>&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=right>&nbsp;</TD>

   <TD noWrap align=right>&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=right>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="20%"><B>Total Liabilities and Shareholders' Equity</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>279,454</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>475</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(19,475</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>21,738</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>260,454</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&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" noWrap align=middle width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 19</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>



<A name="page_21"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">Balance Sheet / Equity as at June 30, 2010:</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="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="4%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="4%" bgColor=#993300><FONT color=#ffffff>Canadian</FONT></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="12%" bgColor=#993300 colSpan=24><I><FONT color=#ffffff>Transitional Adjustments</FONT></I></TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%" bgColor=#993300><FONT color=#ffffff>GAAP</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(i)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(ii)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(iii)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(iv)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(v)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(vi)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(vii)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(viii)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><FONT color=#ffffff>IFRS</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">Current Assets</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">111,449</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp; </TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">(96</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">111,353</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">Non-current Assets</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">180,189</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">4,650</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(19,602</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(973</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">96</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">164,360</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="20%"><B>Total Assets</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>291,638</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>4,650</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>(19,602</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>&nbsp; </B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>(973</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>275,713</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">Current Liabilities</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">20,285</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="4%">20,285</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">Non-current Liabilities</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">22,010</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(19,602</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">2,408</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">Total Liabilities</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">42,295</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(19,602</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">22,693</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">Non-controlling interest</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">26,460</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(26,460</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="20%">Total equity attributable to equity shareholders of the Company</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">222,883</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">4,639</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(7,176</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">188</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(844</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(317</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">219,373</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">Non-controlling interest</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">11</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">7,176</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(188</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(129</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">317</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">26,460</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">33,647</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">Total Shareholders' Equity</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">222,883</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">4,650</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(973</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">26,460</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">253,020</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="20%"><B>Total Liabilities and Shareholders' Equity</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>291,638</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>4,650</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>(19,602</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>- </B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><STRONG>$</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>(973</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>275,713</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">Balance Sheet / Equity as at March 31, 2011:</P>

<DIV align=center>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="22%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="4%"></TD>

   <TD width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="1%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle width="4%" bgColor=#993300><FONT color=#ffffff>Canadian</FONT></TD>

   <TD noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="66%" bgColor=#993300 colSpan=33><I><FONT color=#ffffff>Transitional Adjustments</FONT></I></TD>

   <TD noWrap align=right width="1%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="22%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="4%" bgColor=#993300><FONT color=#ffffff>GAAP</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(i)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(ii)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(iii)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(iv)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(v)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(vi)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(vii)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(viii)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(ix)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(x)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><I><FONT color=#ffffff>(xi)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" bgColor=#993300><FONT color=#ffffff>IFRS</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">Current Assets</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">214,567</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">(414</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">214,153</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="22%">Non-current Assets</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">298,948</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">289</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(20,312</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(723</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">8</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">198</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(117</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">14,171</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">292,462</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="22%"><B>Total Assets</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>513,515</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>289</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>(20,312</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><STRONG>$</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>(723</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>(406</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>198</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>(117</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>14,171</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>506,615</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">Current Liabilities</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">36,549</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">(84</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="4%">36,465</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="22%">Non-current Liabilities</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">33,681</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(20,312</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(322</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(117</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">3,543</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">16,473</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="22%">Total Liabilities</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">70,230</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(20,312</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(406</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(117</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">3,543</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">52,938</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">Non-controlling interest</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">34,333</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(34,333</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="22%">Total equity attributable to equity shareholders of the&nbsp;Company</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">408,952</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">785</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(7,176</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">188</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(589</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(1,528</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">198</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">(213</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="4%">400,617</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="22%">Non-controlling interest</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(496</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">7,176</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(188</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(134</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">1,528</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">34,333</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">10,841</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">53,060</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="22%">Total Shareholders' Equity</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">408,952</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">289</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">(723</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">34,333</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">198</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">10,628</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">453,677</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="22%"><B>Total Liabilities and Shareholders' Equity</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>513,515</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>289</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>(20,312</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;<STRONG>$</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>(723</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>(406</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>198</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>(117</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>14,171</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>506,615</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">Comprehensive income for three months ended June 30, 2010:</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" noWrap align=left width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 20</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>



<A name="page_22"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="28%"></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 width="28%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle width="8%" bgColor=#993300><FONT color=#ffffff>Canadian</FONT></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="36%" bgColor=#993300 colSpan=12><I><FONT color=#ffffff>Transitional Adjustments</FONT></I></TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="8%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="8%" bgColor=#993300><FONT color=#ffffff>GAAP</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="8%" bgColor=#993300><I><FONT color=#ffffff>(i)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="8%" bgColor=#993300><I><FONT color=#ffffff>(v)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="8%" bgColor=#993300><I><FONT color=#ffffff>(vii)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="8%" bgColor=#993300><I><FONT color=#ffffff>(viii)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="8%" bgColor=#993300><FONT color=#ffffff>IFRS</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="28%"><B>Net income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">14,101</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">327</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">26</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">4,481</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">18,935</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%"><B>Attributable to:</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%"><P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">14,101</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">312</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">26</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(318</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">14,121</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%"><P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">15</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">318</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">4,481</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">4,814</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="28%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">14,101</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">327</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">26</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">4,481</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">18,935</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%"><B>Other comprehensive loss, net of taxes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">(6,039</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">4,088</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">(1,951</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="28%"><B>Comprehensive income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">8,062</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">4,415</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">26</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">4,481</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">16,984</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%"><B>Attributable to:</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="8%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%"><P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">8,062</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">4,164</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">26</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(318</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">11,934</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%"><P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">251</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">318</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">4,481</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">5,050</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">8,062</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">4,415</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">26</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">4,481</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">16,984</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">Comprehensive income for the year ended March 31, 2011:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="10%"></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>

   <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 width="10%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle width="6%" bgColor=#993300><FONT color=#ffffff>Canadian</FONT></TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="70%" bgColor=#993300 colSpan=21><I><FONT color=#ffffff>Transitional Adjustments</FONT></I></TD>

   <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="6%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="6%" bgColor=#993300><FONT color=#ffffff>GAAP</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%" bgColor=#993300><I><FONT color=#ffffff>(i)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%" bgColor=#993300><I><FONT color=#ffffff>(v)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%" bgColor=#993300><I><FONT color=#ffffff>(vi)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%" bgColor=#993300><I><FONT color=#ffffff>(vii)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%" bgColor=#993300><I><FONT color=#ffffff>(viii)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%" bgColor=#993300><I><FONT color=#ffffff>(ix)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%" bgColor=#993300><I><FONT color=#ffffff>(xi)</FONT></I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%" bgColor=#993300><FONT color=#ffffff>IFRS</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="10%"><B>Net income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">68,849</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(47</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">135</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">278</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">20,626</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">180</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(304</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">89,717</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="10%"><B>Attributable to:</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="10%"><P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">68,849</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">(44</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">135</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">278</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">(1,528</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">180</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">(215</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">67,655</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%"><P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(3</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">1,528</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">20,626</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(89</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">22,062</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">68,849</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(47</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">135</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">278</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">20,626</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">180</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(304</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">89,717</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%"><B>Other comprehensive income, net of taxes</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">18,691</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">2,047</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(28</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">18</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">2</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">20,730</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="10%"><B>Comprehensive income</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">87,540</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">2,000</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">135</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">250</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">20,626</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">198</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(302</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">110,447</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="10%"><B>Attributable to:</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="10%"><P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">87,540</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">311</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">135</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">256</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">(1,528</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">198</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">(214</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">86,698</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%"><P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">1,689</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(6</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">1,528</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">20,626</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">(88</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">23,749</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">87,540</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">2,000</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">135</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">250</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">20,626</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">198</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(302</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">110,447</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">Transitional adjustments are made according to the following notes:</P>

<P style="TEXT-ALIGN: justify"><B><I>(i) Foreign exchange impact on translation</I></B></P>

<P style="TEXT-ALIGN: justify">With the adoption of IFRS, the Company&#8217;s Chinese subsidiaries changed their functional currency from the CAD to the RMB. Such change resulted in a foreign exchange difference between the two accounting standards on certain non-monetary assets and non-controlling interest. These assets were previously translated from RMB to CAD by using historical rates and then translated from CAD to USD by using period end rates under Canadian GAAP. However under IFRS, they are translated from RMB to USD directly by using period end rates.</P>

<P style="TEXT-ALIGN: justify">April 1, 2010: Foreign exchange differences of $475 were adjusted to the respective non-current assets and retained earnings.</P>

<P style="TEXT-ALIGN: justify">June 30, 2010: Foreign exchange differences of $4,650 were adjusted to respective non-current assets and retained earnings with an exchange gain of $327 recognized in net income in the period.</P>

<P style="TEXT-ALIGN: justify">March 31, 2011: Foreign exchange differences of $289 were adjusted to respective non-current assets and retained earnings with an exchange loss of $47 recognized in net income in the period.</P>

<P style="TEXT-ALIGN: justify"><B><I>(ii) Acquisition cost of GC property</I></B></P>

<P style="TEXT-ALIGN: justify">At the time when the Company acquired its GC property, deferred income tax liabilities arising from acquisition premiums were recognized under the Canadian GAAP with the related assets capitalized to mineral rights and properties. However, IFRS does not allow the recognition of such deferred income tax liabilities.</P>
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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 21</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">April 1, 2010: Adjustments of $19,475 were made to reduce mining rights and properties (non-current assets) and deferred income tax liabilities.</P>
<P style="TEXT-ALIGN: justify">June 30, 2010: Adjustments of $19,602 were made to reduce mining rights and properties (non-current assets) and deferred income tax liabilities.</P>
<P style="TEXT-ALIGN: justify">March 31, 2011: Adjustments of $20,312 were made to reduce mining rights and properties (non-current assets) and deferred income tax liabilities.</P>
<P style="TEXT-ALIGN: justify"><B><I>(iii) Non-controlling interests&#8217; portion of reserves</I></B></P>
<P style="TEXT-ALIGN: justify">IAS 1, Presentation of Financial Statements requires the Company subsidiaries&#8217; non-controlling shareholders to pick up their portion of the reserve funds. Reserves of $7,176 were allocated to non-controlling interest.</P>
<P style="TEXT-ALIGN: justify"><B><I>(iv) Cumulative translation difference</I></B></P>

<P style="TEXT-ALIGN: justify">The Company has elected to eliminate its cumulative translation difference that existed at the date of transition to IFRS. Cumulative translation difference of $14,591 was reclassified from accumulated other comprehensive income to retained earnings. Non-controlling interest of $188 was adjusted to reflect the non-controlling interest holders&#8217; portion of the cumulative translation difference.</P>

<P style="TEXT-ALIGN: justify"><B><I>(v) Stock-based compensation</I></B></P>

<P style="TEXT-ALIGN: justify">Under Canadian GAAP, forfeitures of grants were recognized as they occur. Under IFRS, forfeiture estimates are recognized in the period they are estimated, and are revised for actual forfeitures in subsequent periods.</P>

<P style="TEXT-ALIGN: justify">April 1, 2010: Stock-based compensation was reduced by $82 with respective adjustments made to contributed surplus and retained earnings.</P>

<P style="TEXT-ALIGN: justify">June 30, 2010: Stock-based compensation was reduced by $26 with respective adjustments made to contributed surplus and retained earnings.</P>

<P style="TEXT-ALIGN: justify">March 31, 2011: Stock-based compensation was reduced by $135 with respective adjustments made to contributed surplus and retained earnings.</P>

<P style="TEXT-ALIGN: justify"><B><I>(vi) Henan Huawei 10% share acquisition adjustment</I></B></P>

<P style="TEXT-ALIGN: justify">The acquisition of an additional 10% interest in Henan Huawei was accounted for as a business combination under Canadian GAAP. As the transaction did not result in a change of control in the Company&#8217;s ownership interest in Henan Huawei, under IFRS, the transaction is accounted for as an equity transaction. As a result, the carrying amount of the controlling and non-controlling interests is adjusted to reflect the changes in the relative interests in Huawei.</P>

<P style="TEXT-ALIGN: justify">June 30, 2010: Non-current assets were reduced by $973, with the respective adjustments made to non-controlling interests and equity.</P>

<P style="TEXT-ALIGN: justify">March 31, 2011: Non-current assets were reduced by $723, with the respective adjustments made to non-controlling interests and equity. $278 is adjusted to increase net income mainly due to reversal of deferred taxes.</P>

<P style="TEXT-ALIGN: justify"><B><I>(vii) Non-controlling interests&#8217; pick-up</I></B></P>

<P style="TEXT-ALIGN: justify">Canadian GAAP does not allow the debit balance of non-controlling interests, while IFRS requires picking up of the non-controlling interests&#8217; share of changes in equity since the date of transition, even if the resulting non-controlling interest balance becomes debit. As a result, the non-controlling interests of the Company&#8217;s subsidiaries, Huawei and Qinghai Found have been adjusted to reflect their</P>
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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 22</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">portion of the changes in equity since the date of transition.</P>
<P style="TEXT-ALIGN: justify">June 30, 2010: Non-controlling interests balance increased by $318. </P>
<P style="TEXT-ALIGN: justify">March 31, 2011: Non-controlling interests balance increased by $1,528.</P>
<P style="TEXT-ALIGN: justify"><B><I>(viii) Reclassification of financial statement items</I></B></P>
<P style="TEXT-ALIGN: justify">Current portion of deferred income tax assets (liabilities) under Canadian GAAP were reclassified to long term under IFRS. Non-controlling interests classified as liabilities under Canadian GAAP were reclassified to equity under IFRS. Non-controlling interests on the statement of comprehensive income was reclassified for presentation purposes to be in accordance with IFRS.</P>
<P style="TEXT-ALIGN: justify"><B><I>(ix) Dilution gain and share of income from an associate, NUX</I></B></P>
<P style="TEXT-ALIGN: justify">Adjustments to equity income and dilution gain were made due to changes of financial results of NUX as a result of NUX adopting IFRS. As a result, adjustment of $198 was made to non-current assets with corresponding increase in comprehensive income on March 31, 2011 (June 30, 2010 - $nil).</P>
<P style="TEXT-ALIGN: justify"><B><I>(x) Environmental rehabilitation</I></B></P>

<P style="TEXT-ALIGN: justify">IFRS requires the Company to revisit the environmental rehabilitation at every balance sheet date using the most current market information, such as the discount rate used to calculate future cash flow. This was not required under Canadian GAAP. The Company will revaluate the environmental rehabilitation based on discount rate changes on an annual basis. As a result of discount rate changes, an adjustment of $117 was made to reduce the environmental rehabilitation provision and its related assets on March 31, 2011 (June 30, 2010 - $nil, April 1, 2010 - $nil).</P>

<P style="TEXT-ALIGN: justify"><B><I>(xi) Acquisition of Xinshao Yunxiang Mining Co. Ltd. (&#8220;Yunxiang&#8221;)</I></B></P>

<P style="TEXT-ALIGN: justify">The acquisition of Yunxiang was accounted for as a business combination under Canadian GAAP using the purchase method. Under such method, the non-controlling interest is recorded at its proportionate share of the carrying value of the net assets acquired. The acquisition-related costs are included as part of the purchase consideration. Under IFRS, the acquisition is accounted for as a business combination using the acquisition method. The full fair value of the identifiable assets and liabilities acquired is recorded. The non-controlling interest is recorded at its proportionate share of the fair value of net identifiable assets acquired and the acquisition-related costs are expensed in the period.</P>

<P style="TEXT-ALIGN: justify">As a result, on March 31, 2011, non-current assets were adjusted by $14,171, non-current liabilities related to deferred income liabilities were adjusted by $3,543 and non-controlling interest balance was adjusted by $10,841. Acquisition-related costs of $304 were expensed in statement of income for the period.</P>

<P style="TEXT-ALIGN: justify"><B>12. Other MD&amp;A Requirements</B></P>

<P style="TEXT-ALIGN: justify">Additional information relating to the Company: </P>
<P style="TEXT-ALIGN: justify">(a) may be found on SEDAR at www.sedar.com;</P>

<P style="TEXT-ALIGN: justify">(b) may be found at the Company&#8217;s web-site www.silvercorpmetals.com; </P>

<P style="TEXT-ALIGN: justify">(c) may be found in the Company&#8217;s Annual Information Form; and,</P>

<P style="TEXT-ALIGN: justify">(d) is also provided in the Company&#8217;s annual audited consolidated financial statements as of March 31, 2011.</P>

<P style="TEXT-ALIGN: justify"><B>13. Outstanding Share Data</B></P>

<P style="TEXT-ALIGN: justify">As at the date of this report, the following securities were outstanding: </P>

<P style="TEXT-ALIGN: justify">(a) Share Capital</P>
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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 23</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">Authorized - unlimited number of common shares without par value</P>
<P style="TEXT-ALIGN: justify">Issued and outstanding &#8211; <B>175,060,904 </B>common shares with a recorded value of <B>$267.5 million </B></P>
<P style="TEXT-ALIGN: justify">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>

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   <TD noWrap align=right width="33%" bgColor=#993300><B><FONT color=#ffffff>Number of Options</FONT></B></TD>

   <TD noWrap align=right width="33%" bgColor=#993300><B><FONT color=#ffffff>Exercise Price (CAD$)</FONT></B></TD>

   <TD noWrap align=right width="33%" bgColor=#993300><B><FONT color=#ffffff>Expiry Date</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="33%">406,500</TD>

   <TD noWrap align=right width="33%">6.74</TD>

   <TD noWrap align=right width="33%">April 10, 2012</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="33%">15,000</TD>

   <TD noWrap align=right width="33%">6.95</TD>

   <TD noWrap align=right width="33%">October 1, 2012</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="33%">46,200</TD>

   <TD noWrap align=right width="33%">9.05</TD>

   <TD noWrap align=right width="33%">January 16, 2013</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="33%">25,000</TD>

   <TD noWrap align=right width="33%">7.54</TD>

   <TD noWrap align=right width="33%">May 13, 2013</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="33%">210,000</TD>

   <TD noWrap align=right width="33%">5.99</TD>

   <TD noWrap align=right width="33%">July 1, 2013</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="33%">68,000</TD>

   <TD noWrap align=right width="33%">3.05</TD>

   <TD noWrap align=right width="33%">October 1, 2013</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="33%">674,000</TD>

   <TD noWrap align=right width="33%">2.65</TD>

   <TD noWrap align=right width="33%">April 19, 2014</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="33%">390,500</TD>

   <TD noWrap align=right width="33%">7.00</TD>

   <TD noWrap align=right width="33%">January 5, 2015</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="33%">195,750</TD>

   <TD noWrap align=right width="33%">7.40</TD>

   <TD noWrap align=right width="33%">April 20, 2015</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="33%">379,437</TD>

   <TD noWrap align=right width="33%">8.23</TD>

   <TD noWrap align=right width="33%">October 3, 2015</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="33%">256,281</TD>

   <TD noWrap align=right width="33%">12.16</TD>

   <TD noWrap align=right width="33%">January 4, 2016</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="33%">234,500</TD>

   <TD noWrap align=right width="33%">14.96</TD>

   <TD noWrap align=right width="33%">April 7, 2016</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="33%">309,500</TD>

   <TD noWrap align=right width="33%">9.20</TD>

   <TD noWrap align=right width="33%">July 4, 2016</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="33%"><B>3,210,668</B></TD>

   <TD noWrap align=left width="33%">&nbsp;</TD>

   <TD noWrap align=left width="33%">&nbsp;</TD></TR></TABLE></DIV><BR>

<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>

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   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="25%" bgColor=#993300><B><FONT color=#ffffff>Number of Warrants</FONT></B></TD>

   <TD noWrap align=left width="25%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="25%" bgColor=#993300><B><FONT color=#ffffff>Exercise Price (CAD$)</FONT></B></TD>

   <TD noWrap align=right width="25%" bgColor=#993300><B><FONT color=#ffffff>Expiry Date</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="25%">50,000</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="25%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="25%">6.76</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="25%">July 30, 2015</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify"><B>14. Risks and Uncertainties</B></P>

<P style="TEXT-ALIGN: justify">The Company is exposed to many risks in conducting its business, including but not limited 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 institutions; 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&#8217;s Annual Information Form and NI 43-101 technical reports, which are available on SEDAR at www.sedar.com; Form 40-F; Audited Consolidated Financial Statements; Management&#8217;s Discussion and</P>
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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 24</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify">Analysis for the year ended March 31, 2011; and section 6 above. Readers are encouraged to refer to these documents for a more detailed description of some of the risks and uncertainties inherent to the Company&#8217;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>
<P style="TEXT-ALIGN: justify"><B>15. Disclosure Controls and Procedures</B></P>
<P style="TEXT-ALIGN: justify">Disclosure controls and procedures are designed to provide reasonable assurance that material information is gathered and reported to senior management, including the CEO and CFO, as appropriate to allow for timely decision about public disclosure.</P>
<P style="TEXT-ALIGN: justify">Management, including the CEO and CFO, has evaluated the effectiveness of the design and operation of the Company&#8217;s disclosure controls and procedures as at June 30, 2011, as defined in the rules of the U.S. Securities and Exchange Commission and Canadian Securities Administration. Based on this evaluation, management concluded that the disclosure controls and procedures are effective in providing reasonable assurance that the information required to be disclosed in reports we filed or submitted under United States and Canadian securities legislation was recorded, processed, summarized and reported within the time periods specified in those rules.</P>

<P style="TEXT-ALIGN: justify"><B>16. Changes in Internal Control over Financial Reporting</B></P>

<P style="TEXT-ALIGN: justify">The financial reporting changes that resulted from the application of IFRS accounting policies were implemented during the quarter have not materially affected, or are not reasonably likely to materially affect, the Company&#8217;s control over financial reporting. There are no other changes in internal control over financial reporting during the quarter.</P>

<P style="TEXT-ALIGN: justify"><B>17. Directors and Officers</B></P>

<P style="TEXT-ALIGN: justify">As at the date of this report, the Company&#8217;s Directors and Officers are as follows:</P>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%"><B>Directors</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%"><B>Officers</B></TD></TR>

<TR height=20>

   <TD noWrap align=left width="50%">&nbsp;</TD>

   <TD noWrap align=left width="50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%">Dr. Rui Feng, Director, Chairman &amp; CEO</TD>

   <TD noWrap align=left width="50%">Dr. Rui Feng, Director, Chairman &amp; CEO</TD></TR>

<TR height=20>

   <TD noWrap align=left width="50%">&nbsp;</TD>

   <TD noWrap align=left width="50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%">Myles J. Gao, Director, President &amp; COO</TD>

   <TD noWrap align=left width="50%">Myles J. Gao, Director, President &amp; COO</TD></TR>

<TR height=20>

   <TD noWrap align=left width="50%">&nbsp;</TD>

   <TD noWrap align=left width="50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%">Yikang Liu, Director</TD>

   <TD noWrap align=left width="50%">Maria Tang, Chief Financial Officer</TD></TR>

<TR height=20>

   <TD noWrap align=left width="50%">&nbsp;</TD>

   <TD noWrap align=left width="50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%">Earl Drake, Director</TD>

   <TD noWrap align=left width="50%">Lorne Waldman, Corporate Secretary</TD></TR>

<TR height=20>

   <TD noWrap align=left width="50%">&nbsp;</TD>

   <TD noWrap align=left width="50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%">Paul Simpson, Director</TD>

   <TD noWrap align=left width="50%">Shaoyang Shen, Vice President, China Operations</TD></TR>

<TR height=20>

   <TD noWrap align=left width="50%">&nbsp;</TD>

   <TD noWrap align=left width="50%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%">Robert Gayton, Director</TD>

   <TD noWrap align=left width="50%">&nbsp;</TD></TR></TABLE></DIV><BR>

<P style="TEXT-ALIGN: justify"><B>18. Outlook for the Fiscal Year 2012 Production in China</B></P>

<P style="TEXT-ALIGN: justify">In Q1 2012, from the four mines at the Ying Mining District, a record 1.6 million ounces of silver were produced and sold, well on track for the fiscal year 2012 Production Guidance, which is to process 600,000 tonnes of ore at grades 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 cost is estimated at approximately $75 per tonne of ore. Guidance remains unchanged.</P>

<P style="TEXT-ALIGN: justify">The fiscal year 2012 Production Guidance for the BYP Mine has been revised down from 26,000 ounces of gold as a result of the delay in the first quarter when the mill was temporarily shut down to allow for improvements to the tailings pond. For fiscal 2012, the BYP Mine is now expected to mine and mill 95,000 tonnes of ore at a grade of 6 g/t gold, yielding approximately 17,000 ounces of gold at an</P>
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      <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

  <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 25</B></TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></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></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify"> estimated total production cost of $28 per tonne of ore.</P>
<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 estimate for the three projects in China remains unchanged at $67 million for fiscal 2012, which includes 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&#8217;s past operation experience in China. The details for each project are as follows:</P>
<P style="TEXT-ALIGN: justify"><I>The Ying Mining District</I></P>
<UL>
  <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 tailings facility ($2 million), and equipment as well as surface facilities ($2.7 million).</P></LI>
</UL>

<UL>

  <LI>

<P align=justify>The exploration expenditure for a 171,000 metre underground drilling program at the four mines of the Ying District is estimated to be $8.5 million.</P></LI></UL>

<P style="TEXT-ALIGN: justify"><I>The GC Project</I></P>

<UL>

<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 tailings 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 flow generated from the GC project.</P>

<LI>

<P align=justify>The Company also plans a 20,000 metre surface diamond drilling program, budgeted at $2.5 million.</P></LI></UL>

<P style="TEXT-ALIGN: justify"><I>The BYP Mine</I></P>

<UL>

<LI>

<P align=justify>The capital expenditures for fiscal 2012 are budgeted at $12 million, including upgrading the existing 400 tonne per day floatation mill ($1.5 million), build a cement back-filling facility ($1.5 million), complete 7,000 metres of mine development tunnels ($1.5 million), 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 500 tonne per day mill to a 1,000 tonnes 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. Surface drilling about 3,000 meters is budgeted at $1 million.</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>
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  <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 26</B></TD></TR></TABLE></DIV>

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<p><B>Forward Looking Statements</B></p>
<P style="TEXT-ALIGN: justify"><I>Certain of the statements and information in this MD&amp;A constitute &#8220;forward-looking statements&#8221; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &#8220;forward-looking information&#8221; 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 &#8220;expects&#8221;, &#8220;is expected&#8221;, &#8220;anticipates&#8221;, &#8220;believes&#8221;, &#8220;plans&#8221;, &#8220;projects&#8221;, &#8220;estimates&#8221;, &#8220;assumes&#8221;, &#8220;intends&#8221;, &#8220;strategies&#8221;, &#8220;targets&#8221;, &#8220;goals&#8221;, &#8220;forecasts&#8221;, &#8220;objectives&#8221;, &#8220;budgets&#8221;, &#8220;schedules&#8221;, &#8220;potential&#8221; or variations thereof or stating that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;might&#8221; or &#8220;will&#8221; 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>
<UL>

  <LI>

<P align=justify><I>the price of silver and other metals;</I></P>

<LI>

<P align=justify><I>estimates of the Company&#8217;s revenues and capital expenditures;</I></P>

<LI>

<P align=justify><I>estimated production from the Company&#8217;s mines in the Ying Mining District; and;</I></P>

<LI>

<P align=justify><I>timing of receipt of permits and regulatory approvals.</I></P></LI></UL>

<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>

<UL>

<LI>

<P align=justify><I>fluctuating commodity prices;</I></P>

<LI>

<P align=justify><I>exploration and development programs;</I></P>

<LI>

<P align=justify><I>feasibility and engineering reports;</I></P>

<LI>

<P align=justify><I>permits and licenses;</I></P>

<LI>

<P align=justify><I>First Nations title claims and rights;</I></P>

<LI>

<P align=justify><I>operations and political conditions;</I></P>

<LI>

<P align=justify><I>regulatory environment in China and Canada;</I></P>

<LI>

<P align=justify><I>environmental risks; and</I></P>

<LI>

<P align=justify><I>risks and hazards of mining operations.</I></P></LI></UL>

<P style="TEXT-ALIGN: justify"><I>This list is not exhaustive of the factors that may affect any of the Company&#8217;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 &#8220;Risks and Uncertainties&#8221; 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 intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.</I></P>

<P style="TEXT-ALIGN: justify"><I>The Company&#8217;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&#8217;s assumptions, beliefs, expectations or</I></P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s Discussion and Analysis</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 27</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B>For the Three Months Ended June 30, 2011</B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><I> 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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<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>FORM 52-109F2 CERTIFICATE OF INTERIM FILINGS- FULL CERTIFICATE- CFO
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<TITLE>Exhibit 99.4</TITLE>
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<P style="FONT-SIZE: 10pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: 'Times New Roman'" 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>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="96%"><P align=justify><B><I>Review: </I></B>I have reviewed the interim financial statements and interim MD&amp;A (together, the &#8220;interim filings&#8221;) of <B>Silvercorp Metals Inc. </B>(the &#8220;issuer&#8221;) for the interim period ended <B>June 30, 2011</B>.</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify><B><I></I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%">2.&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><P align=justify><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>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify><B><I></I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%">3.&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><P align=justify><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>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify><B><I></I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%">4.&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><P align=justify><B><I>Responsibility: </I></B>The issuer&#8217;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&#8217; Annual and Interim Filings, </I>for the issuer.</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify><B><I></I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="98%"><P align=justify><B><I>Design: </I></B>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify><B><I></I></B></P></TD>
    </TR>
  </TABLE>
  <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;&nbsp;&nbsp; </TD>
      <TD width="92%"><P align=justify>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap></TD>
      <TD noWrap><P align=justify></P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="8%"></TD>
      <TD vAlign=top noWrap width="4%">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="88%"><P align=justify>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</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap></TD>
      <TD><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap>(ii)&nbsp; &nbsp; &nbsp; </TD>
      <TD><P align=justify>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</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap></TD>
      <TD noWrap><P align=justify></P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD vAlign=top noWrap width="4%">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="92%"><P align=justify>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&#8217;s GAAP.</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap></TD>
      <TD noWrap><P align=justify></P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%">5.1&nbsp; &nbsp; &nbsp; </TD>
      <TD width="96%"><P align=justify><B><I>Control framework: </I></B>The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is <B>the </B><B><I>Internal Control &#8211; Integrated Framework </I></B>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify><B><I></I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%">5.2&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><P align=justify><B><I>ICFR &#8211; 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>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify><B><I></I></B></P></TD>
    </TR>
  </TABLE>
  <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;&nbsp;&nbsp; </TD>
      <TD width="92%"><P align=justify>a description of the material weakness;</P></TD>
    </TR>
  </TABLE>
</DIV>
<BR><br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
<A name="page_2"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
  <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;&nbsp;&nbsp; </TD>
      <TD width="92%"><P align=justify>the impact of the material weakness on the issuer&#8217;s financial reporting and its ICFR; and</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap></TD>
      <TD><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap>(c)&nbsp; &nbsp; &nbsp; </TD>
      <TD><P align=justify>the issuer&#8217;s current plans, if any, or any actions already undertaken, for remediating the material weakness.</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap></TD>
      <TD noWrap><P align=justify></P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%">5.3&nbsp; &nbsp; &nbsp; </TD>
      <TD width="96%"><P align=justify>N/A</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%">6.&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><P align=justify><B>Reporting changes in ICFR: </B>The issuer has disclosed in its interim MD&amp;A any change in the issuer&#8217;s ICFR that occurred during the period beginning on April 1, 2011 and ended on June 30, 2011 that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify">Date: <B>August 3, 2011</B></P>
  <P style="TEXT-ALIGN: justify"><I><U>&#8220;Maria Tang&#8221;<BR>
    </U></I>Meng (Maria) Tang <BR>
    Chief Financial Officer</P>
</DIV>
<BR>
<HR align=center width="100%" noShade SIZE=3>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>FORM 52-109F2 CERTIFICATE OF INTERIM FILINGS- FULL CERTIFICATE- CEO
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.5</TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">
<HR align=center width="100%" noShade SIZE=3>
<P style="FONT-SIZE: 10pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: 'Times New Roman'" align=right><B>Exhibit 99.5</B></P>
<A name="page_1"></A><BR>
<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>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%">1.&nbsp; &nbsp; &nbsp; </TD>
      <TD width="96%"><P align=justify><B><I>Review: </I></B>I have reviewed the interim financial statements and interim MD&amp;A (together, the &#8220;interim filings&#8221;) of <B>Silvercorp Metals Inc. </B>(the &#8220;issuer&#8221;) for the interim period ended <B>June 30, 2011</B>.</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify><B><I></I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%">2.&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><P align=justify><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>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify><B><I></I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%">3.&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><P align=justify><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>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify><B><I></I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%">4.&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><P align=justify><B><I>Responsibility: </I></B>The issuer&#8217;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&#8217; Annual and Interim Filings, </I>for the issuer.</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify><B><I></I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%">5.&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><P align=justify><B><I>Design: </I></B>Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer&#8217;s other certifying officer(s) and I have, as at the end of the period covered by the interim filings</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify><B><I></I></B></P></TD>
    </TR>
  </TABLE>
  <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;&nbsp;&nbsp; </TD>
      <TD width="92%"><P align=justify>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap></TD>
      <TD noWrap><P align=justify></P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="8%"></TD>
      <TD vAlign=top noWrap width="4%">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="88%"><P align=justify>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</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap></TD>
      <TD><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD><P align=justify>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</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap></TD>
      <TD><P align=justify></P></TD>
    </TR>
  </TABLE>
  <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;&nbsp;&nbsp; </TD>
      <TD width="92%"><P align=justify>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&#8217;s GAAP.</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap></TD>
      <TD noWrap><P align=justify></P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="96%"><P align=justify><B><I>Control framework: </I></B>The control framework the issuer&#8217;s other certifying officer(s) and I used to design the issuer&#8217;s ICFR is <B>the </B><B><I>Internal Control &#8211; Integrated Framework </I></B>issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify><B><I></I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="98%"><P align=justify><B><I>ICFR &#8211; 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>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify><B><I></I></B></P></TD>
    </TR>
  </TABLE>
  <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;&nbsp;&nbsp; </TD>
      <TD noWrap width="92%"><P align=justify>a description of the material weakness;</P></TD>
    </TR>
  </TABLE>
</DIV>
<BR><br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
<A name="page_2"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
  <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;&nbsp;&nbsp; </TD>
      <TD width="92%"><P align=justify>the impact of the material weakness on the issuer&#8217;s financial reporting and its ICFR; and</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap></TD>
      <TD><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD><P align=justify>the issuer&#8217;s current plans, if any, or any actions already undertaken, for remediating the material weakness.</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap></TD>
      <TD vAlign=top noWrap></TD>
      <TD noWrap><P align=justify></P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%">5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="96%"><P align=justify>N/A</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%">6.&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><P align=justify><B>Reporting changes in ICFR: </B>The issuer has disclosed in its interim MD&amp;A any change in the issuer&#8217;s ICFR that occurred during the period beginning on April 1, 2011 and ended on June 30, 2011 that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify">Date: <B>August 3, 2011</B></P>
  <P style="TEXT-ALIGN: justify"><I><U>&#8220;Rui Feng&#8221;<BR>
    </U></I>Rui Feng <BR>
    Chief Executive Officer</P>
</DIV>
<BR>
<HR align=center width="100%" noShade SIZE=3>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>NEWS RELEASE DATED AUGUST 4, 2011
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.6</TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">
<HR align=center width="100%" noShade SIZE=3>
<P style="FONT-SIZE: 10pt; MARGIN: 0px; LINE-HEIGHT: 11pt; FONT-FAMILY: 'Times New Roman'" align=right><B>Exhibit 99.6</B></P>
<A name="page_1"></A><BR>
<a name="_bclPageBorder1"></a>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; WIDTH: 100%">
<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 vAlign=center noWrap align=left width="90%" rowSpan=7><IMG src="silvercorplogo.jpg"></TD>
    <TD noWrap align=left width="10%">Suite 1378 &#150; 200 Granville Street</TD>
  </TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%">Vancouver, BC, Canada V6C 1S4</TD>
  </TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT style="COLOR: #7f0000">Tel:</FONT> <FONT style="COLOR: #000000">604-669-9397</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT style="COLOR: #7f0000">Fax:</FONT> <FONT style="COLOR: #000000">604-669-9387</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT style="COLOR: #7f0000">Toll Free Tel:</FONT> <FONT style="COLOR: #000000">1-888-224-1881</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT style="COLOR: #7f0000">Email:</FONT> <FONT style="COLOR: #000000">info@silvercorp.ca</FONT></TD>
  </TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="10%"><FONT style="COLOR: #7f0000">Website:</FONT> <FONT style="COLOR: #000000">www.silvercorp.ca</FONT></TD>
  </TR>
</TABLE>
<P style="TEXT-ALIGN: justify"><B>PRESS RELEASE</B></P>
<DIV align=left>
  <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: ''''''''''''''''''''''''''''''''Times New Roman''''''''''''''''''''''''''''''''" cellSpacing=0 border=0>
    <TR>
      <TD width="15%"></TD>
      <TD width="25%"></TD>
      <TD width="60%"></TD>
    </TR>
    <TR vAlign=bottom>
      <TD noWrap align=left width="15%"><B>Trading Symbol: </B></TD>
      <TD noWrap align=left width="25%"><B>TSX: SVM</B></TD>
      <TD noWrap align=right width="60%"><B>August 4, 2011</B>&nbsp;</TD>
    </TR>
    <TR vAlign=bottom>
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      <TD noWrap align=left width="25%"><B>NYSE: SVM</B></TD>
      <TD noWrap align=left width="60%">&nbsp;</TD>
    </TR>
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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
  <P style="TEXT-ALIGN: center"><B><U>S</U></B><B><U>ILVERCORP </U></B><B><U>A</U></B><B><U>NNOUNCES </U></B><B><U>F</U></B><B><U>IRST </U></B><B><U>Q</U></B><B><U>UARTER </U></B><B><U>D</U></B><B><U>IVIDEND OF </U></B><B><U>CAD$0.02</U></B></P>
  <P style="TEXT-ALIGN: justify">VANCOUVER, British Columbia &#8211; August 4, 2011 &#8211; Silvercorp Metals Inc. (&#8220;Silvercorp&#8221; or the &#8220;Company&#8221;) today announced that its Board of Directors has declared its first quarter fiscal 2012 dividend of CAD$0.02 per share, to be paid on or before October 21, 2011 to shareholders of record at the close of business on September 30, 2011. The dividends are considered eligible dividends for Canadian tax purposes.</P>
  <P style="TEXT-ALIGN: justify"><B>About Silvercorp Metals Inc.</B></P>
  <P style="TEXT-ALIGN: justify">Silvercorp Metals Inc. is engaged in the acquisition, exploration, development and mining of high-grade silver-related mineral properties in China and Canada. Silvercorp is the largest primary silver producer in China through the operation of the four silver-lead-zinc mines at the Ying Mining Camp in the Henan Province of China. The Company is developing its GC silver-lead-zinc mine in the Guangdong Province and recently acquired the BYP gold-lead-zinc mine 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&#8217;s shares are traded on the New York Stock Exchange and Toronto Stock Exchange and are included as a component of the S&amp;P/TSX Composite and the S&amp;P/TSX Global Mining Indexes.</P>
  <P style="TEXT-ALIGN: justify"><B>For further information:</B></P>
  <P style="TEXT-ALIGN: justify">SILVERCORP METALS INC. Rui Feng, Chairman/CEO &amp; Lorne Waldman, Corporate Secretary Phone:(604) 669-9397, Toll Free Phone: 1-888-224-1881 Fax: (604) 669-9387, Email: <FONT style="COLOR: #000000">info@silvercorp.ca</FONT>, website: www.silvercorp.ca.</P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
