<SEC-DOCUMENT>0001176256-12-000788.txt : 20121115
<SEC-HEADER>0001176256-12-000788.hdr.sgml : 20121115
<ACCEPTANCE-DATETIME>20121114193606
ACCESSION NUMBER:		0001176256-12-000788
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20120930
FILED AS OF DATE:		20121115
DATE AS OF CHANGE:		20121114

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:		121206348

	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>silvercorp6k120930.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER FOR NOVEMBER 13, 2012
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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"><FONT size=4><B>UNITED STATES<BR></B><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><B> <BR>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">November 13, 2012</P>

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

<P style="TEXT-ALIGN: center"><font size=6><B><U>SILVERCORP METALS INC.<BR></U></B></font>(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; ] No [ X ]</P>

<P style="TEXT-ALIGN: center">If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):</P>

<P style="TEXT-ALIGN: center">1</P></DIV>

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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: November 13, 2012</TD>

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

   <TD noWrap align=left width="46%">&nbsp;<STRONG>SILVERCORP METALS INC.</STRONG></TD></TR>

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   <TD noWrap align=left width="50%" colSpan=2>&nbsp;</TD></TR>

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

   <TD noWrap align=left width="50%" colSpan=2><U>/s/ Maria Tang</U></TD></TR>

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

   <TD noWrap align=left width="50%" colSpan=2>Maria Tang</TD></TR>

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

   <TD noWrap align=left width="50%" colSpan=2>Chief Financial Officer</TD></TR></TABLE></DIV>

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

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

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   <TD noWrap align=left width="50%"><U>EXHIBIT</U></TD>

   <TD noWrap align=left width="50%"><U>DESCRIPTION OF EXHIBIT</U></TD></TR></TABLE></DIV>

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

   <TD style="BACKGROUND-COLOR: #ececec" width="92%">

   <P align=justify><a href="exhibit99-1.htm">News Release- November 13, 2012 Silvercorp Reports Financial And Operating Results For The Second Quarter Of Fiscal 2013</a></P></TD></TR>

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   <P align=justify>&nbsp;</P></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" vAlign=top noWrap width="8%"><a href="exhibit99-2.htm">99.2</a>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><a href="exhibit99-2.htm">Silvercorp Metals Inc. Financial Statements For The 2<SUP>nd </SUP>Quarter Ended September 30, 2012</a></P></TD></TR>

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   <P align=justify>&nbsp;</P></TD></TR>

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

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   <P align=justify><a href="exhibit99-3.htm">Silvercorp Metals Inc. MD&amp;A For The 2<SUP>nd </SUP>Quarter Ended September 30, 2012</a></P></TD></TR>

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   <P align=justify>&nbsp;</P></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" vAlign=top noWrap width="8%"><a href="exhibit99-4.htm">99.4</a>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><a href="exhibit99-4.htm">Form 52-109F2 Certificate Of Interim Filings- Full Certificate- CFO</a></P></TD></TR>

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   <P align=justify>&nbsp;</P></TD></TR>

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

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   <P align=justify><a href="exhibit99-5.htm">Form 52-109F2 Certificate Of Interim Filings- Full Certificate- CEO</a></P></TD></TR>

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   <P align=justify>&nbsp;</P></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" vAlign=top noWrap width="8%"><a href="exhibit99-6.htm">99.6</a>&nbsp; &nbsp; &nbsp; </TD>

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   <P align=justify><a href="exhibit99-6.htm">News Release- November 13, 2012 Silvercorp Announces Dividend Of CAD$0.025</a></P></TD></TR></TABLE>

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

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<TYPE>EX-99.1
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<FILENAME>exhibit99-1.htm
<DESCRIPTION>NEWS RELEASE DATED NOVEMBER 13, 2012
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<div align="right"><strong>Exhibit 99.1</strong></div>
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<P style="TEXT-ALIGN: justify"><B>NEWS RELEASE</B></P>

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   <P><B>Trading Symbol:</B></P></TD>

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   <P><B>TSX: SVM </B></P></TD></TR>

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   <P><B></B></P></TD>

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   <P><B>NYSE: SVM</B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B>SILVERCORP REPORTS FINANCIAL AND OPERATING RESULTS<BR></B><B>FOR THE SECOND QUARTER OF FISCAL 2013</B></P>

<P style="TEXT-ALIGN: justify">VANCOUVER, British Columbia &#8211; November 13, 2012 <B>&#8211; </B>Silvercorp Metals Inc. (&#8220;Silvercorp&#8221; or the &#8220;Company&#8221;) (TSX: SVM) (NYSE: SVM) today reported its unaudited financial and operating results for the second quarter ended September 30, 2012 (&#8220;Q2 2013&#8221;).</P>

<P style="TEXT-ALIGN: justify"><I>This earnings release should be read in conjunction with the Company's Management Discussion &amp; Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on SEDAR at www.sedar.com and are also available on the Company's website at www.silvercorp.ca. All figures are in United States dollars unless otherwise stated.</I></P>

<P style="TEXT-ALIGN: justify"><B>SECOND QUARTER HIGHLIGHTS</B></P>

<UL>

<LI>

<P style="MARGIN-LEFT: -24px" align=justify>Silver production of 1.3 million ounces;</P>

<LI>

<P style="MARGIN-LEFT: -24px" align=justify>Gold production of 2,481 ounces;</P>

<LI>

<P style="MARGIN-LEFT: -24px" align=justify>Sales of $45.2 million;</P>

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<P style="MARGIN-LEFT: -24px" align=justify>Net income of $9.5 million, or $0.06 per share;</P>

<LI>

<P style="MARGIN-LEFT: -24px" align=justify>Cash flow from operations of $23.9 million, or $0.14 per share;</P>

<LI>

<P style="MARGIN-LEFT: -24px" align=justify>Cash costs of negative $0.74 per ounce of silver at the Ying Mining District;</P>

<LI>

<P style="MARGIN-LEFT: -24px" align=justify>Payment of $4.2 million, or CAD$0.025 per share, in quarterly dividends to shareholders.</P></LI></UL>

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

<P style="TEXT-ALIGN: justify">In Q2 2013, the Company recorded net income attributable to equity holders of the Company of $9.5 million or $0.06 per share, compared to $18.5 million or $0.11 per share, in the quarter ended September 30, 2011 (&#8220;Q2 2012&#8221;). The decrease compared to prior year was primarily due to lower sales and higher production costs as well as fluctuations in foreign currency.</P>

<P style="TEXT-ALIGN: justify">In Q2 2013, the Company recorded sales of $45.2 million, compared to $62.1 million in Q2 2012. This decrease was due to a lower silver price, which was $30.50 per ounce in Q2 2013, a decrease of 24% compared to $40.13 per ounce in Q2 2012. During the quarter, the Company sold 1.3 million ounces of silver, comparable to the 1.4 million ounces of silver sold in Q2 2012.</P>

<P style="TEXT-ALIGN: justify">Cost of sales in Q2 2013 was $16.4 million, an increase of 14%, compared to $14.4 million in Q2 2012. The cost of sales included cash costs of $13.7 million compared to $11.4 million in Q2 2012. The increase in cost of sales was due to more ore being mined and processed along with a higher production cost per tonne. In Q2 2013, ore production increased by 16% to 240,447 tonnes, while overall production costs increased by 8% to $80 per tonne from $74 per tonne in Q2 2012.</P>

<P style="TEXT-ALIGN: justify">Gross profit margin in Q2 2013 was 64%, compared to 77% in Q2 2012.</P>

<P style="TEXT-ALIGN: center">1</P></DIV>

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<P style="TEXT-ALIGN: justify">Cash flow from operations in Q2 2013 was $23.9 million or $0.14 per share, compared to $35.2 million, or $0.20 per share, in Q2 2012.</P>

<P style="TEXT-ALIGN: justify">Comparing this quarter to the first quarter Fiscal 2013, net income increased $3.4 million or 55%. This increase was attributable to a decrease in overall production costs from $85 per tonne in the prior quarter to $80 per tonne in Q2 2013. As such, the gross profit margin for this quarter improved to 64% compared to 57% in the previous quarter.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2012, net income was $15.6 million or $0.09 per share compared to $44.1 million or $0.25 per share, in the same prior year period. During the same comparative periods, sales were $89.8 million compared to $131.8 million, cost of sales were $35.4 million compared to $28.5 million, which resulted in gross profit margins of 61% compared to 78%. Cash flow from operations was $43.2 million compared to $69.1 million over the same periods.</P>

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

<P style="TEXT-ALIGN: justify">On a consolidated basis, in Q2 2013, the Company produced 1.3 million ounces of silver, 2,481 ounces of gold, 13.9 million pounds of lead and 3.5 million pounds of zinc, compared to 1.4 million ounces of silver, 2,516 ounces of gold, 16.5 million pounds of lead and 3.2 million pounds of zinc in Q2 2012.</P>

<P style="TEXT-ALIGN: justify">Compared to production reported for the first quarter of Fiscal 2013, the Company produced an additional 117,000 ounces of silver in Q2 2013. This increase is attributable to a 15% increase in ore mined and processed during the quarter.</P>

<P style="TEXT-ALIGN: justify">As at September 30, 2012, inventory of 480 tonnes of direct smelting ore and 100 tonnes of lead concentrate remains on hand at the Ying Mining District, which is approximately 55,000 ounces of silver produced but not sold.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2012, on a consolidated basis, the Company produced 2.5 million ounces of silver, 5,134 ounces of gold, 27.6 million pounds of lead and 6.5 million pounds of zinc, compared to 3.0 million ounces of silver, 3,905 ounces of gold, 37.1 million pounds of lead and 7.3 million pounds of zinc, respectively, in the same prior year period.</P>

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   <TD noWrap align=left>1.</TD>

   <TD noWrap align=left>Ying Mining District, Henan Province, China</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q2 2013, the Company mined 205,811 tonnes of ore at the Ying Mining District, an increase of 13%, compared to 182,542 tonnes in Q2 2012. During the quarter, metal production totaled 1.3 million ounces of silver, 1,238 ounces of gold, 13.4 million pounds of lead and 3.4 million pounds of zinc, compared to 1.4 million ounces of silver, 903 ounces of gold, 16.5 million pounds of lead and 3.2 million pounds of zinc in Q2 2012. Compared with metal production in first quarter of Fiscal 2013, there has been a 9% increase in silver production attributable to a 9% increase in ore processed. Grades were 224 grams per tonne (&#8220;g/t&#8221;) for silver, 3.4% for lead and 1.2% for zinc, compared to 271 g/t for silver, 4.6% for lead and 1.2% for zinc in the same quarter last year.</P>

<P style="TEXT-ALIGN: justify">Compared to Q2 2012, production from HPG, TLP, and LM satellite mines in this quarter increased by 10% and represent 43% of total production at the Ying Mining District compared to 33% in the prior year. The reduction in production from the SGX mine was a result of mechanical problems with one of the shafts which impacted production for 20 days during the quarter. This shaft is fully operational again but as a result of this issue, the Ying Mining District realized lower overall grades in this quarter.</P>

<P style="TEXT-ALIGN: justify">In Q2 2013, total and cash mining costs per tonne were $62.56 and $53.27 respectively compared to $57.23 and $45.74 respectively in Q2 2012. The increase in cash mining costs was due to the following: (i) an increase in labour costs for both the Company&#8217;s employees as well as those of its mining contractors of approximately $3.80 per tonne, (ii) an increase in mining administration and</P>

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<P style="TEXT-ALIGN: justify">preparation costs of $2.00 per tonne and (ii) the impact of US dollar depreciation versus the Chinese RMB of approximately $1.00 per tonne. Compared to the first quarter of Fiscal 2013, total and cash mining costs decreased by 9% and 4%, respectively.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2012, the Company mined 386,829 tonnes of ore at the Ying Mining District, resulting in metal production of 2.5 million ounces of silver, 2,067 ounces of gold, 27.1 million pounds of lead and 6.4 million pounds of zinc, compared to 352,747 tonnes with metal production of 3.0 million ounces of silver, 1,703 ounces of gold, 37.1 million pounds of lead and 7.3 million pounds of zinc in the same prior year period. Grades were 226 g/t for silver, 3.5% for lead, and 1.2% for zinc compared to 287 g/t for silver, 5.0% for lead and 1.4% for zinc, over the same period.</P>

<P style="TEXT-ALIGN: justify">In Q2 2013, a total of 203,170 tonnes of ore were milled, an increase of 13% compared to 180,164 tonnes in Q2 2012. The cash milling cost per tonne decreased to $12.12 from $13.48 in Q2 2012, attributable to the increased tonnage milled. For the six months ended September 30, 2012, a total of 389,625 tonnes of ore were milled compared to 355,091 tonnes in the same prior year period. Over the same period, cash milling cost per tonne were $13.10 compared to $12.78.</P>

<P style="TEXT-ALIGN: justify">Total and cash costs per ounce of silver in Q2 2013 for the Ying Mining District were $1.05 and negative $0.74, compared to negative $2.74 and negative $4.55, respectively in Q2 2012. Compared with first quarter Fiscal 2013, total and cash costs per ounce of silver decreased $1.44 and $0.90 respectively, due to lower overall production costs in Q2 2013.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2012, total and cash costs per ounce of silver were $1.75 and negative $0.31 compared to negative $3.75 and negative $5.39, respectively, in the same prior year period.</P>

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

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<P style="TEXT-ALIGN: justify">The operational results for the past five quarters at the Ying Mining District are summarized in the table below:</P>

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   <TD noWrap align=left width="40%" bgColor=#993300><B><FONT color=#ffffff>Quarterly opertional results - Ying Mining District</FONT></B></TD>

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   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>Q2 2013</FONT></B></TD>

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

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Q1 2013</FONT></TD>

   <TD noWrap align=right width="12%" bgColor=#993300><FONT color=#ffffff>Q4 2012</FONT></TD>

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

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Q3 2012</FONT></TD>

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

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Q2 2012</FONT></TD>

   <TD 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="10%" bgColor=#993300><B><FONT color=#ffffff>30-Sep-12</FONT></B></TD>

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

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>30-Jun-12</FONT></TD>

   <TD noWrap align=right width="12%" bgColor=#993300><FONT color=#ffffff>31-Mar-12</FONT></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">Ore Mined <I>(tonne)</I></TD>

   <TD noWrap align=left width="10%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

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

   <TD noWrap align=left width="12%">&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="10%">&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%">Direct Smelting Ore <I>(tonne)</I></P></TD>

   <TD noWrap align=right width="10%" bgColor=#f2dcdb><B>2,442</B></TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD noWrap align=right width="10%">2,250</TD>

   <TD noWrap align=right width="12%">2,761</TD>

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

   <TD noWrap align=right width="10%">4,151</TD>

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

   <TD noWrap align=right width="10%">2,579</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>203,369</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">178,768</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">132,986</TD>

   <TD 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%">169,926</TD>

   <TD 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%">179,963</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="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>205,811</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">181,018</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">135,747</TD>

   <TD 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%">174,077</TD>

   <TD 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%">182,542</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%">Run of Mine Ore <I>(tonne)</I></TD>

   <TD noWrap align=left width="10%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

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

   <TD noWrap align=left width="12%">&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="10%">&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%">Direct Smelting Ore <I>(tonne)</I></P></TD>

   <TD noWrap align=right width="10%" bgColor=#f2dcdb><B>2,442</B></TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD noWrap align=right width="10%">2,250</TD>

   <TD noWrap align=right width="12%">2,761</TD>

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

   <TD noWrap align=right width="10%">4,151</TD>

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

   <TD noWrap align=right width="10%">2,579</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>200,728</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">184,205</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">133,848</TD>

   <TD 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%">171,243</TD>

   <TD 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%">177,586</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="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>203,170</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">186,455</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">136,609</TD>

   <TD 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%">175,394</TD>

   <TD 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%">180,165</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%">Metal Sales</TD>

   <TD noWrap align=left width="10%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

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

   <TD noWrap align=left width="12%">&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="10%">&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%">Silver <I>(in thousands of ounces)</I></P></TD>

   <TD noWrap align=right width="10%" bgColor=#f2dcdb><B>1,277</B></TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD noWrap align=right width="10%">1,223</TD>

   <TD noWrap align=right width="12%">1,082</TD>

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

   <TD noWrap align=right width="10%">1,542</TD>

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

   <TD noWrap align=right width="10%">1,396</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

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

   <TD noWrap align=right width="10%" bgColor=#f2dcdb><B>1.3</B></TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

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

   <TD noWrap align=right width="12%">1.0</TD>

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

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

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

   <TD noWrap align=right width="10%">0.9</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

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

   <TD noWrap align=right width="10%" bgColor=#f2dcdb><B>13,403</B></TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD noWrap align=right width="10%">13,713</TD>

   <TD noWrap align=right width="12%">14,668</TD>

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

   <TD noWrap align=right width="10%">20,551</TD>

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

   <TD noWrap align=right width="10%">16,520</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="40%">

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>3,412</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2,974</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">2,637</TD>

   <TD 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%">3,525</TD>

   <TD 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%">3,236</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%">Head Grade of Run of Mine Ore</TD>

   <TD noWrap align=left width="10%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

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

   <TD noWrap align=left width="12%">&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="10%">&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%">Silver <I>(gram/tonne)</I></P></TD>

   <TD noWrap align=right width="10%" bgColor=#f2dcdb><B>224</B></TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD noWrap align=right width="10%">227</TD>

   <TD noWrap align=right width="12%">275</TD>

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

   <TD noWrap align=right width="10%">296</TD>

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

   <TD noWrap align=right width="10%">271</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

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

   <TD noWrap align=right width="10%" bgColor=#f2dcdb><B>3.4</B></TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD noWrap align=right width="10%">3.6</TD>

   <TD noWrap align=right width="12%">5.2</TD>

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

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

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

   <TD noWrap align=right width="10%">4.6</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="40%">

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>1.2</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1.1</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">1.4</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="10%">1.4</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="10%">1.2</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%">Recovery Rate of Run of Mine Ore</TD>

   <TD noWrap align=left width="10%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

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

   <TD noWrap align=left width="12%">&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="10%">&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%">Silver (<I>%)</I></P></TD>

   <TD noWrap align=right width="10%" bgColor=#f2dcdb><B>92.7</B></TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

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

   <TD noWrap align=right width="12%">93.2</TD>

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

   <TD noWrap align=right width="10%">93.3</TD>

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">

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

   <TD noWrap align=right width="10%" bgColor=#f2dcdb><B>94.3</B></TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD noWrap align=right width="10%">94</TD>

   <TD noWrap align=right width="12%">96.4</TD>

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

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

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

   <TD noWrap align=right width="10%">95.5</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="40%">

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>69.6</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">64.6</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="10%">67.7</TD>

   <TD 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%">70.8</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%">Cash Mining Cost <I>($ per tonne)</I></TD>

   <TD noWrap align=right width="10%" bgColor=#f2dcdb><B>53.27</B></TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD noWrap align=right width="10%">55.47</TD>

   <TD noWrap align=right width="12%">57.62</TD>

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

   <TD noWrap align=right width="10%">55.92</TD>

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

   <TD noWrap align=right width="10%">45.74</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">Total Mining Costs<I>($ per tonne)</I></TD>

   <TD noWrap align=right width="10%" bgColor=#f2dcdb><B>62.56</B></TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD noWrap align=right width="10%">69.02</TD>

   <TD noWrap align=right width="12%">73.52</TD>

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

   <TD noWrap align=right width="10%">70.23</TD>

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

   <TD noWrap align=right width="10%">57.23</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">Cash Milling Cost <I>($ per tonne)</I></TD>

   <TD noWrap align=right width="10%" bgColor=#f2dcdb><B>12.12</B></TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD noWrap align=right width="10%">14.17</TD>

   <TD noWrap align=right width="12%">16.84</TD>

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

   <TD noWrap align=right width="10%">14.76</TD>

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

   <TD noWrap align=right width="10%">13.48</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="40%">Total Milling Cost <I>($ per tonne)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>13.84</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">16.05</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">19.4</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="10%">16.42</TD>

   <TD 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%">15.03</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%">Cash Cost per Ounce of Silver <I>($)</I></TD>

   <TD noWrap align=right width="10%" bgColor=#f2dcdb><B>(0.74</B></TD>

   <TD noWrap align=left width="2%" bgColor=#f2dcdb><B>)</B></TD>

   <TD noWrap align=right width="10%">0.16</TD>

   <TD noWrap align=right width="12%">(4.22</TD>

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

   <TD noWrap align=right width="10%">(4.64</TD>

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

   <TD noWrap align=right width="10%">(4.55</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="40%">Total Production Cost per Ounce of Silver <I>($)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>1.05</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%" bgColor=#f2dcdb>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2.49</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">(1.84</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="10%">(2.67</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="10%">(2.74</TD>

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

<P style="MARGIN: 0px">&nbsp;</P>

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   <TD noWrap align=left>2.</TD>

   <TD noWrap align=left>BYP Mine, Hunan Province, China</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q2 2013, the Company mined 26,641 tonnes of ore at the BYP mine with gold head grade of 3.3 g/t compared to 24,754 tonnes with gold head grade of 3.3 g/t in Q2 2012. During the quarter, 1,212 ounces of gold was sold at a cash cost per ounce of gold of $361 compared to 1,613 ounces of gold sold at cash cost per ounce of gold of $276 in the same prior year period.</P>

<P style="TEXT-ALIGN: justify"><B>DEVELOPMENT AND EXPLORATION</B></P>

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   <TD noWrap align=left>1.</TD>

   <TD noWrap align=left>Ying Mining District, Henan Province, China</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><I>SGX (Ying) Mine</I></P>

<P style="TEXT-ALIGN: justify">As at the end of Q2 2013, the Company had completed a total of 1,407 metres (&#8220;m&#8221;) of development work for a 5,200m ramp at the SGX mine, making construction of the ramp now 27% complete. The ramp is designed to follow the main S7-1 vein from the 450m elevation to the 150m elevation and then bottom at the zero metre elevation, where it will be connected to three existing vertical blind</P>

<P style="TEXT-ALIGN: center">4</P></DIV>

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<P style="TEXT-ALIGN: justify">shafts. Silvercorp expects to complete construction of the ramp in calendar 2015 but as construction progresses the ramp is expected to increase production capacity at the SGX mine with effect from the second quarter of Fiscal 2014.</P>

<P style="TEXT-ALIGN: justify">In Q2 2013, the Company also developed 7,300m of horizontal tunnels and completed 15,000m of underground drilling at the SGX mine.</P>

<P style="TEXT-ALIGN: justify">To support the ongoing expansion work at SGX, the Company has also commenced construction of a new 5,000m<SUP>2 </SUP>facility which will include offices and dormitories.</P>

<P style="TEXT-ALIGN: justify"><I>LM Mine and LM Mine West</I></P>

<P style="TEXT-ALIGN: justify">During the second quarter of Fiscal 2013 tunnel development on five mining levels at the LM mine continued and two new stopes along the 750m elevation commenced production which contributed to the increase in ore mined during the quarter.</P>

<P style="TEXT-ALIGN: justify">At LM Mine West (&#8220;LM West&#8221;), the construction of Shaft 969 was completed during the quarter and preparation for tunnel development work is underway. It is expected that Shaft 969 will become operational during the third quarter of Fiscal 2013 and will start to produce ore during the third quarter of Fiscal 2014.</P>

<P style="TEXT-ALIGN: justify">In addition, the Company completed a total of 1,084m of the development work of a 4,800m access ramp at LM West in Q2 2013. The access ramp has already been connected to existing tunnels at LM West and this has vastly improved the tunnels&#8217; ventilation and hauling capacity. It is expected that this new access ramp will contribute to an increase in production by first quarter of Fiscal 2014.</P>

<P style="TEXT-ALIGN: justify">Once Shaft 969, the access ramp and all the mining levels are completed down to the 500m elevation at LM West in Fiscal 2015, the combined production capacity of the two mines is expected to be 300,000 tonnes of ore per year. In order to support the expected growth in operations at the LM Mine and LM West, the Company has commenced construction of a 3,000m<SUP>2 </SUP>facility which will include offices and a dormitory.</P>

<P style="TEXT-ALIGN: justify">In Q2 2013, the Company also developed 5,000m of decline and horizontal tunnels and completed 12,500m of underground drilling at the LM Mine and LM West.</P>

<P style="TEXT-ALIGN: justify"><I>TLP Mine</I></P>

<P style="TEXT-ALIGN: justify">In Q2 2013, the Company continued to ramp up production at the TLP mine while developing over 6,400m of horizontal tunnels for mining and underground drilling purpose. The Company also completed 9,700m of underground drilling during the quarter.</P>

<P style="TEXT-ALIGN: justify"><I>HPG Mine</I></P>

<P style="TEXT-ALIGN: justify">In Q2 2013, the Company began construction of a 400m shaft in the HPG mine to support a future increase in ore production. The Company also developed over 3,200m of decline and horizontal tunnels and completed 4,300m of underground drilling.</P>

<P style="TEXT-ALIGN: justify"><I>Adoption of New Mining Method</I></P>

<P style="TEXT-ALIGN: justify">At the Ying Mining District, the mining method has been comprised of 40% short-hole shrinkage and 60% resuing, with cut-off grades (before mining dilution) of 300 g/t silver-equivalent (&#8220;AgEq&#8221;) at the SGX (Ying) mine, and 150 g/t AgEq at the HPG, LM and TLP mines. The resuing method is more selective and is used to mine narrow veins under 0.7m, while the shrinkage method is used to mine wider stopes ranging from 0.8m to 3m.</P>

<P style="TEXT-ALIGN: justify">With effect from October 2012, and following a reduction in the cut-off grades for the Ying Mining District Resource as per the 2012 NI 43-101 Technical Report prepared by AMC Consultants, the Company has started to gradually increase the use of the shrinkage method for mining. As such the</P>

<P style="TEXT-ALIGN: center">5</P></DIV>

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<P style="TEXT-ALIGN: justify">mining width has been increased and the cut-off grades have been lowered to 150 g/t AgEq at the SGX (Ying) mine, and 110 g/t AgEq at HPG, LM and TLP mines.</P>

<P style="TEXT-ALIGN: justify">The implementation of the new mining method will take place over the next 12 months and the Company expects to gradually increase the use of the shrinkage method at the Ying Mining District from 40% to 80% and reduce the use of the resuing method from 60% to 20%.</P>

<P style="TEXT-ALIGN: justify">The expected benefits of the change in mining method are:</P>

<DIV align=left>

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

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   <TD width="92%"></TD></TR>

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

   <TD vAlign=top noWrap align=left width="4%">-</TD>

   <TD align=left width="92%"><div align="justify">Lower cash mining cost per tonne - the short-hole shrinkage method have a cash mining cost of $32 per tonne compared to $75 per tonne for the resuing method.</div></TD></TR>
<TR vAlign=bottom>
  <TD noWrap align=left></TD>
  <TD vAlign=top noWrap align=left>&nbsp;</TD>
  <TD align=left><div align="justify"></div></TD>
</TR>

<TR vAlign=bottom>

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

   <TD vAlign=top noWrap align=left width="4%">-</TD>

   <TD align=left width="92%"><div align="justify">Less development work required - due to the increase in mining stope width, less mine tunnel development work will be required to produce the same amount of ore.</div></TD></TR>
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  <TD noWrap align=left></TD>
  <TD vAlign=top noWrap align=left>&nbsp;</TD>
  <TD align=left><div align="justify"></div></TD>
</TR>

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

   <TD vAlign=top noWrap align=left width="4%">-</TD>

   <TD align=left width="92%"><div align="justify">Higher tonnage produced - as less tunnelling is required, this is expected to have a positive effect on hauling capacity and therefore allow for an increase in production.</div></TD></TR>
<TR vAlign=bottom>
  <TD noWrap align=left></TD>
  <TD vAlign=top noWrap align=left>&nbsp;</TD>
  <TD align=left><div align="justify"></div></TD>
</TR>

<TR vAlign=bottom>

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

   <TD vAlign=top noWrap align=left width="4%">-</TD>

   <TD align=left width="92%"><div align="justify">Increase in operational efficiency - reducing the number of stopes required to produce the same amount of ore will result in a more focused and efficient mining operation.</div></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">It should be noted that the impact to overall head grades for the Ying Mining District following the adoption of the new mining method is currently unknown.</P>

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   <TD noWrap align=left>2.</TD>

   <TD noWrap align=left>GC Project, Guangdong Province, China</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company continued to progress the development of the GC project.</P>

<P style="TEXT-ALIGN: justify">As of September 30, 2012, 376m of the construction of the 618m main shaft was complete. The shaft is expected to reach its designed elevation of -370m in the first quarter of Fiscal 2015. The main access ramp is now 65% complete with a cumulative total of 1,447m of the 2,210m ramp having been developed as at the end of the quarter. In addition to the main access ramp, the Company has also been developing a 4,600m exploration ramp which will provide access to all known veins within a horizontal distance of 250m. As of September 30, 2012, 804m of the exploration ramp was completed.</P>

<P style="TEXT-ALIGN: justify">As at the end of this quarter, all major equipment for the 1,600 t/d floatation mill, including the jaw crusher, cone crusher, ball mills and flotation cells, has been installed and is currently undergoing testing in anticipation of the commencement of production. Remaining work includes secondary concrete casting and installation of auxiliary power equipment. It is expected that the mill will be operational in third quarter of Fiscal 2013.</P>

<P style="TEXT-ALIGN: justify">The construction of a 5.8 kilometre long, 110KV power line and a substation began in late July 2012. As of Q2 2013, the foundation work for 8 of the 13 power lines along with the substation&#8217;s building framework has been completed. The power line and substation are expected to be operational by the end of third quarter of Fiscal 2013.</P>

<P style="TEXT-ALIGN: justify">As of Q2 2013, the Company successfully completed and passed a health and safety review of engineering designs for the tailings storage facilities as reported in the previous quarter. Accordingly, the construction of the dry stacking tailings storage facility has resumed and is expected to be complete by the end of the third quarter of Fiscal 2013.</P>

<P style="TEXT-ALIGN: justify">The construction of a lab, administrative offices and dormitory facilities were completed as of Q2 2013.</P>

<P style="TEXT-ALIGN: justify">Assuming a positive final approval to commence operations at GC from the local authorities, the Company continues to expect to be able to commence initial production at GC in early 2013, processing ore stockpiles and maintains its production guidance of 170,000 ounces of silver and 2.7</P>

<P style="TEXT-ALIGN: center">6</P></DIV>

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<P style="TEXT-ALIGN: justify">million pounds of lead and zinc for Fiscal 2013.</P>

<P style="TEXT-ALIGN: justify">In Q2 2013, the Company completed 7,500m of diamond drilling using five underground drill rigs currently on site at the GC project. During the quarter, exploration, mine development, mill and facility construction expenditures at the GC project were $7.3 million, with development expenditure of the project now totalling $40 million as of the end this quarter.</P>

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   <TD noWrap align=left>3.</TD>

   <TD noWrap align=left>BYP Mine, Hunan Province, China</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q2 2013, the Company released an update to the BYP mine NI 43-101 technical report, with indicated resources of 292,000 ounces of gold, 187 million pounds of lead and 408 million pounds of zinc.</P>

<P style="TEXT-ALIGN: justify">As of Q2 2013, the Company had completed the excavation work for a 265m deep shaft that will facilitate the mining of the #3 gold mineralization body and the #5 zinc and lead ore body. The installation of shaft equipment and construction of the head frame is currently underway. In addition, the construction of a 1,500 t/d tailing-backfill facility is well underway and is expected to be completed in fourth quarter Fiscal 2013.</P>

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   <TD noWrap align=left>4.</TD>

   <TD noWrap align=left>X mines (&#8220;XBG and XHP projects&#8221;), Henan Province, China</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">At the XHP and XBG projects, construction of a 286m incline shaft and a 225m incline shaft, respectively, are underway with completion expected in the first quarter of Fiscal 2014. During the quarter, approximately 1,400m of tunneling and 6,300m of diamond drilling were also completed at the X mines.</P>

<P style="TEXT-ALIGN: justify">The X mines will continue to focus on the executions of an exploration program that will include surface and underground mapping and systematic sampling, surface and underground diamond drilling, with the intention of defining a NI 43-101 compliant mineral resource. Exploration and mine development at the X mines will be partially supported from cash flows generated from limited tunneling ore and existing ore stockpiles.</P>

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   <TD noWrap align=left>5.</TD>

   <TD noWrap align=left>RZY Project, Qinghai Province, China</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The RZY exploration permit is currently owned by the Qinghai Geological Survey Bureau, the non-controlling interest holder of Qinghai Found Mining Co. (&#8220;Qinghai Found&#8221;), an 82% owned-subsidiary of the Company. Pursuant to the joint-exploration agreement, Qinghai Found currently owns 67% of the mineral interest in the RZY project, and can acquire up to 82% interest by providing exploration funding of $4.8 million. Upon the completion of exploration funding, the exploration permit will be transferred to Qinghai Found. The Company expects to fund up to $32 million in exploration and capital expenditures for the RZY project.</P>

<P style="TEXT-ALIGN: justify">In Q2 2013, the Company commenced its first diamond drilling program at the RZY project with five diamond drill holes and 833m of drilling completed.</P>

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   <TD noWrap align=left>6.</TD>

   <TD noWrap align=left>Silvertip Project, British Columbia, Canada</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company is in the process of preparing a Small Mine Permit application to be submitted to the British Columbia Ministry of Energy and Mines. A Small Mine Permit will allow a 75,000 tonnes per year mining operation.</P>

<P style="TEXT-ALIGN: justify">Myles Gao, P.Geo., President of Silvercorp, is a Qualified Person for Silvercorp under NI 43-101 and has reviewed and given consent to the technical information contained in this News Release.</P>

<P style="TEXT-ALIGN: center">7</P></DIV>

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<P style="TEXT-ALIGN: justify"><B>CONFERENCE CALL AND WEBCAST INFORMATION</B><br>
  An investor conference call will be held on Wednesday, November 14, 2012 at 8 a.m. Pacific Time (11 a.m. Eastern Time) to discuss the results. Participants may join the call by dialing 1-877-240-9772 toll-free or 1-416-340-8527 for calls outside Canada and the U.S.</P>
<P style="TEXT-ALIGN: justify">A live webcast of the conference call, together with supporting presentation slides will be available on the home page of the Company's website, www.silvercorp.ca. The webcast will be archived and available on the Company&#8217;s website for up to one year.</P>

<P style="TEXT-ALIGN: justify">An audio replay will be available until November 21, 2012 by calling 1-800-408-3053 toll free or 1-905-694-9451 for calls outside Canada and the U.S. and entering pass code 5953693.</P>

<P style="TEXT-ALIGN: justify"><B>About Silvercorp</B></P>

<P style="TEXT-ALIGN: justify">Silvercorp is a low-cost silver-producing Canadian mining company with multiple mines in China which has paid a cash dividend since 2007. The Company is currently developing the GC project in southern China which it expects will become its next operating mine in early 2013. The Company&#8217;s vision is to deliver shareholder value by focusing on the acquisition of small-scale projects with resource potential and self-fund the growth of those assets. For more information, please visit our website at www.silvercorp.ca.</P>

<P style="TEXT-ALIGN: justify"><B>For further information</B></P>

<P style="TEXT-ALIGN: justify">Jonathan Hackshaw<BR>Director, Investor Relations</P>

<P style="TEXT-ALIGN: justify">Phone: (604) 669-9397<BR>Toll Free 1(888) 224-1881<BR>Email: investor@silvercorp.ca<BR>Website: www.silvercorp.ca</P>

<P style="TEXT-ALIGN: justify"><B>CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS</B></P>

<P style="TEXT-ALIGN: justify; font-size: 8pt">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 Camp; 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; font-size: 8pt">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</P>

<P style="TEXT-ALIGN: center">8</P></DIV>

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<P style="TEXT-ALIGN: justify; font-size: 8pt">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; font-size: 8pt">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, 2012 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 anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.</P>

<P style="TEXT-ALIGN: justify; font-size: 8pt">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">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 1px solid" noWrap align=left><B>Unaudited Consolidated Balance Sheets</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR>

   <TD width="74%"></TD>

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

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

   <TD align=right 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="74%">&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>September 30, 2012</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%">March 31, 2012</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="74%"><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="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%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="74%"><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="2%">&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" noWrap align=left width="74%">

   <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>89,334</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">109,960</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="74%">

   <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>47,236</B></TD>

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

   <TD noWrap align=right width="10%">44,551</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="74%">

   <P style="MARGIN-LEFT: 4%">Accounts receivable</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>3,197</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">12,904</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="74%">

   <P style="MARGIN-LEFT: 4%">Inventories</P></TD>

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

   <TD noWrap align=right width="10%"><B>7,665</B></TD>

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

   <TD noWrap align=right width="10%">7,006</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="74%">

   <P style="MARGIN-LEFT: 4%">Due from related parties</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>369</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">679</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="74%">

   <P style="MARGIN-LEFT: 4%">Prepaids and deposits</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>5,640</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%">5,210</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="74%">&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>153,441</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">180,310</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="74%"><B>Non-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="2%">&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" noWrap align=left width="74%">

   <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="10%"><B>5,786</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">6,015</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="74%">

   <P style="MARGIN-LEFT: 4%">Investment in an associate</P></TD>

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

   <TD noWrap align=right width="10%"><B>16,534</B></TD>

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

   <TD noWrap align=right width="10%">15,872</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="74%">

   <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="10%"><B>42,300</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">45,757</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="74%">

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

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

   <TD noWrap align=right width="10%"><B>80,992</B></TD>

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

   <TD noWrap align=right width="10%">68,788</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="74%">

   <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="10%"><B>288,123</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">258,521</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="74%">

   <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="10%"><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%">171</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="74%"><B>TOTAL ASSETS</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>587,176</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%">575,434</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="74%"><B></B></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="74%"><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="10%">&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%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="74%"><B>Current Liabilities</B></TD>

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

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

   <TD noWrap align=right width="2%">&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" noWrap align=left width="74%">

   <P style="MARGIN-LEFT: 4%">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>26,738</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">23,590</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="74%">

   <P style="MARGIN-LEFT: 4%">Deposits received</P></TD>

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

   <TD noWrap align=right width="10%"><B>7,255</B></TD>

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

   <TD noWrap align=right width="10%">7,268</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="74%">

   <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="10%"><B>4,339</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">4,271</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="74%">

   <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="10%"><B>3,141</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%">5,082</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="74%">&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>41,473</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">40,211</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="74%"><B>Non-current Liabilities</B></TD>

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

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

   <TD noWrap align=right width="2%">&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" noWrap align=left width="74%">

   <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="10%"><B>22,509</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">19,991</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="74%">

   <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="10%"><B>4,467</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%">4,400</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="74%"><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>68,449</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%">64,602</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="74%"><B></B></TD>

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="74%"><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="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%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="74%">

   <P style="MARGIN-LEFT: 4%">Share capital</P></TD>

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

   <TD noWrap align=right width="10%"><B>232,843</B></TD>

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

   <TD noWrap align=right width="10%">232,678</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="74%">

   <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>7,108</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5,552</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="74%">

   <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="2%">&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" noWrap align=left width="74%">

   <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>24,198</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">25,285</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="74%">

   <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="10%"><B>152,715</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%">145,580</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="74%"><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>441,581</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">433,812</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR height=20>

   <TD noWrap align=left width="74%"><B></B></TD>

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

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

   <TD noWrap align=right width="2%"></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" noWrap align=left width="74%"><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>77,146</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%">77,020</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="74%"><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>518,727</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%">510,832</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="74%"><B></B></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=right width="2%"></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" noWrap align=left width="74%"><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>587,176</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="10%">575,434</TD>

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

<P style="TEXT-ALIGN: center">10</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 1px solid" noWrap align=left><B>Unaudited 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="42%"></TD>

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

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

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

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

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

   <TD width="2%"></TD>
   <TD align=right width="2%"></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="42%">&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="24%" colSpan=4><B>Three Months Ended September 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
   <TD 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="24%" colSpan=4><B>Six Months Ended September 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="42%">&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>2012</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%">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=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%"><B>2012</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%">2011</TD>

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

<TR height=20>

   <TD noWrap align=left width="42%"></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>
   <TD noWrap align=right width="2%"></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=left 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="42%"><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>45,209</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%">62,055</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</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="10%"><B>89,758</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%">131,774</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="42%"><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>16,446</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%">14,435</TD>

   <TD 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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>35,440</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%">28,494</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="42%"><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>28,763</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%">47,620</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="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>54,318</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%">103,280</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="42%"><B></B></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>
   <TD noWrap align=right width="2%"></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=left 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="42%">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>6,191</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%">7,456</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&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=right width="10%"><B>13,037</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%">12,401</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="42%">General exploration and property investigation</TD>

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

   <TD noWrap align=right width="10%"><B>887</B></TD>

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

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

   <TD noWrap align=right width="10%">1,209</TD>

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

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

   <TD noWrap align=right width="10%"><B>1,853</B></TD>

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

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

   <TD noWrap align=right width="10%">3,001</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%">Other taxes</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>842</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%">1,039</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&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=right width="10%"><B>1,648</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%">2,177</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="42%">Foreign exchange loss (gain)</TD>

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

   <TD noWrap align=right width="10%"><B>1,142</B></TD>

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

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

   <TD noWrap align=right width="10%">(1,284</TD>

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

   <TD noWrap align=right 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%">(760</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="42%">Loss on disposal of plant and equipment</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>5</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%">171</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>25</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%">253</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="42%"><B>Income from operations</B></TD>

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

   <TD noWrap align=right width="10%"><B>19,696</B></TD>

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

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

   <TD noWrap align=right width="10%">39,029</TD>

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

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

   <TD noWrap align=right width="10%"><B>37,390</B></TD>

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

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

   <TD noWrap align=right width="10%">86,208</TD>

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

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%"><B></B></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%"></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>
   <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="10%"><B></B></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="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="42%">Share of gain (loss) in an associate</TD>

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

   <TD noWrap align=right width="10%"><B>(182</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%">116</TD>

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

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

   <TD noWrap align=right width="10%"><B>(189</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%">92</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%">Write down of inventories</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(348</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>
   <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%"><B>(348</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="42%">Gain (loss) on investments</TD>

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

   <TD noWrap align=right width="10%"><B>693</B></TD>

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

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

   <TD noWrap align=right width="10%">(670</TD>

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

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

   <TD noWrap align=right width="10%"><B>(593</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%">(1,829</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="42%">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="10%"><B>93</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%">126</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>168</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%">301</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="42%"><B>Income before finance items and income taxes</B></TD>

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

   <TD noWrap align=right width="10%"><B>19,952</B></TD>

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

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

   <TD noWrap align=right width="10%">38,601</TD>

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

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

   <TD noWrap align=right width="10%"><B>36,428</B></TD>

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

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

   <TD noWrap align=right width="10%">84,772</TD>

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

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%"><B></B></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%"></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>
   <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="10%"><B></B></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="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="42%">Finance income</TD>

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

   <TD noWrap align=right width="10%"><B>851</B></TD>

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

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

   <TD noWrap align=right width="10%">1,110</TD>

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

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

   <TD noWrap align=right width="10%"><B>1,842</B></TD>

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

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

   <TD noWrap align=right width="10%">1,780</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="42%">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="10%"><B>(23</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%">(23</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(45</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%">(46</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="42%"><B>Income before income taxes</B></TD>

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

   <TD noWrap align=right width="10%"><B>20,780</B></TD>

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

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

   <TD noWrap align=right width="10%">39,688</TD>

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

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

   <TD noWrap align=right width="10%"><B>38,225</B></TD>

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

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

   <TD noWrap align=right width="10%">86,506</TD>

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

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%"><B></B></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%"></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>
   <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="10%"><B></B></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="10%"></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="42%">Income tax expense</TD>

   <TD 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>7,277</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%">13,786</TD>

   <TD 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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>15,204</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%">26,360</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="42%"><B>Net income</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>13,503</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%">25,902</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="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>23,021</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%">60,146</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="42%"><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>
   <TD noWrap align=right width="2%">&nbsp;</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" noWrap align=left width="42%"><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="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=right 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=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="42%">

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

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

   <TD noWrap align=right width="10%"><B>9,500</B></TD>

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

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

   <TD noWrap align=right width="10%">18,471</TD>

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

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

   <TD noWrap align=right width="10%"><B>15,614</B></TD>

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

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

   <TD noWrap align=right width="10%">44,113</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="42%">

   <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="10%"><B>4,003</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%">7,431</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>7,407</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%">16,033</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="42%">&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>13,503</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%">25,902</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="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>23,021</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%">60,146</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="42%"><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=right 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=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="42%"><B>Basic earnings per share</B></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="10%"><B>0.06</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%">0.11</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&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="10%"><B>0.09</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%">0.25</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="42%"><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>0.06</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%">0.11</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="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>0.09</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%">0.25</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="42%"><B>Weighted Average Number of Shares Outstanding - Basic</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>170,719,933</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%">173,664,959</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>170,706,702</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%">174,343,192</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="42%"><B>Weighted Average Number of Shares Outstanding - Diluted</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>171,062,715</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%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">174,282,790</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>171,072,838</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%">175,122,557</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>

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<BR>

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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 1px solid" noWrap align=left><B>Unaudited 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="42%"></TD>

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="42%">&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 September 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
   <TD 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="24%" colSpan=4><B>Six Months Ended September 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="42%">&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>2012</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%">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=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%"><B>2012</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%">2011</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="42%"><B>Cash provided by</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=right width="10%">&nbsp;</TD>

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

   <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 noWrap align=left width="42%"><B>Operating activities</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=right width="10%">&nbsp;</TD>

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

   <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="42%">

   <P style="MARGIN-LEFT: 4%">Net income</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>13,503</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%">25,902</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</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="10%"><B>23,021</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%">60,146</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="42%">

   <P style="MARGIN-LEFT: 4%">Add (deduct) items not affecting cash:</P></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=right width="10%">&nbsp;</TD>

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

   <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="42%">

   <P style="MARGIN-LEFT: 8%">Accretion 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>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%">23</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&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=right width="10%"><B>45</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%">46</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="42%">

   <P style="MARGIN-LEFT: 8%">Depreciation, amortization and depletion</P></TD>

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

   <TD noWrap align=right width="10%"><B>3,114</B></TD>

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

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

   <TD noWrap align=right width="10%">3,294</TD>

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

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

   <TD noWrap align=right width="10%"><B>7,190</B></TD>

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

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

   <TD noWrap align=right width="10%">5,881</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%">

   <P style="MARGIN-LEFT: 8%">Share of loss (gain) 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>182</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%">(116</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="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>189</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%">(92</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="42%">

   <P style="MARGIN-LEFT: 8%">Write down of inventories</P></TD>

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

   <TD noWrap align=right width="10%"><B>348</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>
   <TD noWrap align=right width="2%">&nbsp;</TD>

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

   <TD noWrap align=right width="10%"><B>348</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="42%">

   <P style="MARGIN-LEFT: 8%">Deferred income tax expense</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>129</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%">4,379</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&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=right width="10%"><B>3,113</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%">5,507</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="42%">

   <P style="MARGIN-LEFT: 8%">Loss (gain) on investments</P></TD>

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

   <TD noWrap align=right width="10%"><B>(693</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%">670</TD>

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

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

   <TD noWrap align=right width="10%"><B>593</B></TD>

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

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

   <TD noWrap align=right width="10%">1,829</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%">

   <P style="MARGIN-LEFT: 8%">Loss on disposal of 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>5</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%">171</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&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=right width="10%"><B>25</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%">253</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="42%">

   <P style="MARGIN-LEFT: 8%">Stock-based compensation</P></TD>

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

   <TD noWrap align=right width="10%"><B>872</B></TD>

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

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

   <TD noWrap align=right width="10%">841</TD>

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

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

   <TD noWrap align=right width="10%"><B>1,608</B></TD>

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

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

   <TD noWrap align=right width="10%">1,619</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="42%">

   <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=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>6,434</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%">15</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>7,037</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%">(6,075</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="42%"><B>Net cash provided by operating activities</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>23,917</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%">35,179</TD>

   <TD 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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>43,169</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%">69,114</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="42%"><B></B></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%"></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>
   <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="10%"><B></B></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="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="42%"><B>Investing activities</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=right width="10%">&nbsp;</TD>

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

   <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="42%">

   <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=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=right 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=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=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="42%">

   <P style="MARGIN-LEFT: 8%">Capital expenditures</P></TD>

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

   <TD noWrap align=right width="10%"><B>(14,097</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%">(7,326</TD>

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

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

   <TD noWrap align=right width="10%"><B>(26,413</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%">(13,701</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%">

   <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=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=right 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=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=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="42%">

   <P style="MARGIN-LEFT: 8%">Additions</P></TD>

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

   <TD noWrap align=right width="10%"><B>(5,328</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%">(6,018</TD>

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

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

   <TD noWrap align=right width="10%"><B>(13,485</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%">(10,150</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%">

   <P style="MARGIN-LEFT: 4%">Investments</P></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=right 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=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=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="42%">

   <P style="MARGIN-LEFT: 8%">Acquisition</P></TD>

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

   <TD noWrap align=right width="10%"><B>(80</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%">-</TD>

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

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

   <TD noWrap align=right width="10%"><B>(595</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%">(1,020</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%">

   <P style="MARGIN-LEFT: 4%">Net purchases of short-term investments</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>12,457</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%">12,813</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&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=right width="10%"><B>(2,355</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%">7,820</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="42%">

   <P style="MARGIN-LEFT: 4%">Acquisition of Zhongxing/Chuanxin (net of cash acquired, $20)</P></TD>

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

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

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

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

   <TD noWrap align=right width="10%">(3,403</TD>

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

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

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

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

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

   <TD noWrap align=right width="10%">(3,403</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="42%">

   <P style="MARGIN-LEFT: 4%">Prepayments to acquire mineral property, plant and equipment</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>(2,629</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%">(19,989</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(4,100</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%">(21,095</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="42%"><B>Net cash used in investing activities</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>(9,677</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%">(23,923</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>(46,948</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%">(41,549</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="42%"><B></B></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>
   <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="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 noWrap align=left width="42%"><B>Financing activities</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=right width="10%">&nbsp;</TD>

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

   <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="42%">

   <P style="MARGIN-LEFT: 4%">Net repayment from (advance to) related parties</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>253</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%">(11,113</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="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>310</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%">(12,290</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="42%">

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></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=right width="10%">&nbsp;</TD>

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

   <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="42%">

   <P style="MARGIN-LEFT: 8%">Contribution</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=left width="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%">578</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&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=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%">5,158</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="42%">

   <P style="MARGIN-LEFT: 8%">Distribution</P></TD>

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

   <TD noWrap align=right width="10%"><B>(7,388</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%">-</TD>

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

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

   <TD noWrap align=right width="10%"><B>(7,388</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%">-</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%">

   <P style="MARGIN-LEFT: 4%">Cash dividends distributed</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>(4,220</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%">(3,705</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="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(8,525</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%">(7,305</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="42%">

   <P style="MARGIN-LEFT: 4%">Share capital</P></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=right width="10%">&nbsp;</TD>

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

   <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="42%">

   <P style="MARGIN-LEFT: 8%">Proceeds from issuance of common shares</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>19</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%">61</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&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=right width="10%"><B>113</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%">951</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="42%">

   <P style="MARGIN-LEFT: 8%">Normal course issuer bid</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>-</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%">(35,380</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><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="10%">(35,380</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="42%"><B>Net cash used in financing activities</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>(11,336</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%">(49,559</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(15,490</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%">(48,866</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="42%"><B>Effect of exchange rate changes on cash and cash equivalents</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>2,775</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%">(3,330</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>(1,357</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%">(1,880</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="42%"><B>Increase (decrease) in cash and cash equivalents</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>5,679</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%">(41,633</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="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(20,626</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%">(23,181</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="42%"><B>Cash and cash equivalents, beginning of the period</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>83,655</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%">165,676</TD>

   <TD 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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>109,960</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%">147,224</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="42%"><B>Cash and cash equivalents, end of the period</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>89,334</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%">124,043</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="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>89,334</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%">124,043</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">12</P></DIV>

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<BR>

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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 1px 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>
  <DIV align=left>
    <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="12%"></TD>
          <TD width="2%"></TD>
          <TD width="12%"></TD>
          <TD width="2%"></TD>
          <TD width="14%"></TD>
          <TD width="12%"></TD>
          <TD width="2%"></TD>
        </TR>
        <TR vAlign=bottom>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="12%" bgColor=#993300>&nbsp;</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=middle width="28%" bgColor=#993300 colSpan=3><B><FONT color=#ffffff>Three months ended September 30, 2012</FONT></B></TD>
          <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="12%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        </TR>
        <TR height=20>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=left width="44%" bgColor=#993300></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="14%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=right width="14%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff></FONT></B><B><FONT></FONT></B></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=right width="14%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
          <TD noWrap align=right width="12%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
          <TD noWrap align=left width="2%" bgColor=#993300></TD>
        </TR>
        <TR vAlign=bottom>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="14%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="14%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>X Mines</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B> <B><FONT></FONT></B></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="14%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>
          <TD noWrap align=middle width="14%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>Total</FONT></B></TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><B>Production Data</B></TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P></TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>
          <TD noWrap align=right width="12%"><B>2,442</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>2,442</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><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="12%"><B>203,369</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="12%"><B>7,995</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>*&nbsp;</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%"><B>26,641</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>238,005</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="44%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>205,811</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="12%"><B>7,995</B></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="14%"><B>26,641</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>240,447</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="44%"><P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P></TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>
          <TD noWrap align=right width="12%"><B>2,442</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>2,442</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><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="12%"><B>200,728</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="12%"><B>27,473</B></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="14%"><B>18,564</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>246,765</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="44%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>203,170</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="12%"><B>27,473</B></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="14%"><B>18,564</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>249,207</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="44%"><P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P></TD>
          <TD noWrap align=right width="12%"><B>62.56</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>61.24</B></TD>
          <TD noWrap align=right width="12%"><B>62.41</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>
          <TD noWrap align=right width="12%"><B>53.27</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>25.71</B></TD>
          <TD noWrap align=right width="12%"><B>50.11</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>
          <TD noWrap align=right width="12%"><B>9.29</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>35.54</B></TD>
          <TD noWrap align=right width="12%"><B>12.30</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Unit shipping costs($)</B></P></TD>
          <TD noWrap align=right width="12%"><B>3.73</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>3.30</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P></TD>
          <TD noWrap align=right width="12%"><B>13.84</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>17.03</B></TD>
          <TD noWrap align=right width="12%"><B>14.11</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>
          <TD noWrap align=right width="12%"><B>12.12</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>15.50</B></TD>
          <TD noWrap align=right width="12%"><B>12.40</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>
          <TD noWrap align=right width="12%"><B>1.72</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>1.53</B></TD>
          <TD noWrap align=right width="12%"><B>1.70</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P></TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="12%"><B>8.21</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>8.21</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="12%"><B>366</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>769</B></TD>
          <TD noWrap align=right width="12%"><B>404</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="12%"><B>0.28</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>0.28</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="12%"><B>0.22</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>0.22</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P></TD>
          <TD noWrap align=right width="12%"><B>1.05</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>1.05</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P></TD>
          <TD noWrap align=right width="12%"><B>(0.74</B></TD>
          <TD noWrap align=left width="2%"><B>)</B></TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>(0.74</B></TD>
          <TD noWrap align=left width="2%"><B>)</B></TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Gold </B>($)</P></TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>769</B></TD>
          <TD noWrap align=right width="12%"><B>769</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Gold </B>($)</P></TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>361</B></TD>
          <TD noWrap align=right width="12%"><B>361</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P></TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="12%"><B>92.7</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>92.7</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>94.1</B></TD>
          <TD noWrap align=right width="12%"><B>94.1</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="12%"><B>94.3</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>94.3</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="12%"><B>69.6</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>69.6</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P></TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P></TD>
          <TD noWrap align=right width="12%"><B>224</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>224</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(gram/tonne)</I></P></TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>3.3</B></TD>
          <TD noWrap align=right width="12%"><B>3.3</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="12%"><B>3.4</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>3.4</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="12%"><B>1.2</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>1.2</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><B>Sales Data</B></TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounces)</I></P></TD>
          <TD noWrap align=right width="12%"><B>1,277</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>9</B></TD>
          <TD noWrap align=left width="2%"><B>*</B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>1,286</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounces)</I></P></TD>
          <TD noWrap align=right width="12%"><B>1.3</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>1.2</B></TD>
          <TD noWrap align=right width="12%"><B>2.5</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pounds)</I></P></TD>
          <TD noWrap align=right width="12%"><B>13,403</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>494</B></TD>
          <TD noWrap align=left width="2%"><B>*</B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>13,897</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pounds)</I></P></TD>
          <TD noWrap align=right width="12%"><B>3,412</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>111</B></TD>
          <TD noWrap align=left width="2%"><B>*</B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>3,523</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of $)</I></P></TD>
          <TD noWrap align=right width="12%"><B>29,561</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>29,561</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of $)</I></P></TD>
          <TD noWrap align=right width="12%"><B>1,275</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>1,480</B></TD>
          <TD noWrap align=right width="12%"><B>2,755</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of $)</I></P></TD>
          <TD noWrap align=right width="12%"><B>10,749</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>10,749</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><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="12%"><B>2,144</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="12%"><B>-</B></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="14%"><B>-</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>2,144</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="44%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>43,729</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="12%"><B>-</B></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="14%"><B>1,480</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>45,209</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR height=20>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%"><STRONG>Average Selling Price, Net of Value Added Tax and Smelter Charges</STRONG></P></TD>
          <TD noWrap align=right width="12%"><B></B></TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=right width="12%"><B></B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B></B></TD>
          <TD noWrap align=right width="12%"><B></B></TD>
          <TD noWrap align=left width="2%"></TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="12%"><B>23.15</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>23.15</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="12%"><B>1,030</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>1,220</B></TD>
          <TD noWrap align=right width="12%"><B>1,111</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="12%"><B>0.80</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>0.80</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="12%"><B>0.63</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="2%"><B></B></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>0.63</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
      </TABLE>
    </DIV>
  </DIV>
</DIV>

<P style="TEXT-ALIGN: justify"><SUP><FONT style="FONT-SIZE: 8pt">1 </FONT></SUP><FONT style="FONT-SIZE: 8pt">Ying Mining District includes mines: SGX (Ying), TLP, HPG&amp;LM.<BR><SUP>2 </SUP>X Mines includes the XBG project and XHP project.<BR>* Represents development tunnelling ore at XHP Project.</FONT></P>

<P style="TEXT-ALIGN: center">13</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 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="44%"></TD>
          <TD width="14%"></TD>
          <TD width="2%"></TD>
          <TD width="12%"></TD>
          <TD width="14%"></TD>
          <TD width="12%"></TD>
          <TD width="2%"></TD>
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          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="54%" bgColor=#993300 colSpan=5><B><FONT color=#ffffff>Three months ended September 30, 2011</FONT></B></TD>
          <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
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        <TR vAlign=bottom>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="16%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="12%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="14%" bgColor=#993300>&nbsp;</TD>
          <TD noWrap align=middle width="12%" bgColor=#993300>&nbsp;</TD>
          <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="16%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="12%" bgColor=#993300><B><FONT color=#ffffff>X Mines</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="14%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>
          <TD noWrap align=middle width="14%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>Total</FONT></B></TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><B>Production Data</B></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>
          <TD noWrap align=right width="14%">2,579</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">2,579</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><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="14%">179,963</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">-</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">24,754</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">204,717</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">182,542</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">-</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">24,754</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">207,296</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>
          <TD noWrap align=right width="14%">2,579</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">2,579</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><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="14%">177,585</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">-</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">19,813</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">197,398</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">180,164</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">-</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">19,813</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">199,977</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P></TD>
          <TD noWrap align=right width="14%">57.23</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">44.11</TD>
          <TD noWrap align=right width="12%">55.66</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>
          <TD noWrap align=right width="14%">45.74</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">16.95</TD>
          <TD noWrap align=right width="12%">42.30</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>
          <TD noWrap align=right width="14%">11.49</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">27.16</TD>
          <TD noWrap align=right width="12%">13.36</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Unit shipping costs($)</B></P></TD>
          <TD noWrap align=right width="14%">3.78</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">3.33</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P></TD>
          <TD noWrap align=right width="14%">15.03</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">12.53</TD>
          <TD noWrap align=right width="12%">14.78</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>
          <TD noWrap align=right width="14%">13.48</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">11.87</TD>
          <TD noWrap align=right width="12%">13.32</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>
          <TD noWrap align=right width="14%">1.54</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">0.66</TD>
          <TD noWrap align=right width="12%">1.45</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="14%">7.09</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">7.09</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="14%">270</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">599</TD>
          <TD noWrap align=right width="12%">305</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="14%">0.20</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">0.20</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="14%">0.15</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">0.15</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P></TD>
          <TD noWrap align=right width="14%">(2.74</TD>
          <TD noWrap align=left width="2%">)</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%">(2.74</TD>
          <TD noWrap align=left width="2%">)</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P></TD>
          <TD noWrap align=right width="14%">(4.55</TD>
          <TD noWrap align=left width="2%">)</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%">(4.55</TD>
          <TD noWrap align=left width="2%">)</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Gold </B>($)</P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=right width="14%">599</TD>
          <TD noWrap align=right width="12%">599</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Gold </B>($)</P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=right width="14%">276</TD>
          <TD noWrap align=right width="12%">276</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="14%">92.1</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%">92.1</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">89.1</TD>
          <TD noWrap align=right width="12%">89.1</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="14%">94.7</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%">94.7</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>( </I></B><I>%)</I></P></TD>
          <TD noWrap align=right width="14%">75.1</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">75.1</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P></TD>
          <TD noWrap align=right width="14%">271</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%">271</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(gram/tonne)</I></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">3.3</TD>
          <TD noWrap align=right width="12%">3.3</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="14%">4.6</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%">4.6</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="14%">1.2</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">1.2</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><B>Sales Data</B></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounces)</I></P></TD>
          <TD noWrap align=right width="14%">1,396</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">1,396</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounces)</I></P></TD>
          <TD noWrap align=right width="14%">0.9</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">1.6</TD>
          <TD noWrap align=right width="12%">2.5</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pounds)</I></P></TD>
          <TD noWrap align=right width="14%">16,520</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">16,520</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pounds)</I></P></TD>
          <TD noWrap align=right width="14%">3,236</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">3,236</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of $)</I></P></TD>
          <TD noWrap align=right width="14%">42,535</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">42,535</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of $)</I></P></TD>
          <TD noWrap align=right width="14%">1,081</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">2,220</TD>
          <TD noWrap align=right width="12%">3,301</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of $)</I></P></TD>
          <TD noWrap align=right width="14%">14,145</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">14,145</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of $)</I></P></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">2,074</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">-</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">-</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">2,074</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">59,835</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">-</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">2,220</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">62,055</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR height=20>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P></TD>
          <TD noWrap align=right width="14%"></TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=right width="12%"></TD>
          <TD noWrap align=right width="14%"></TD>
          <TD noWrap align=right width="12%"></TD>
          <TD noWrap align=left width="2%"></TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="14%">30.48</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">30.48</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="14%">1,198</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">1,376</TD>
          <TD noWrap align=right width="12%">1,313</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="14%">0.86</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">0.86</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="14%">0.64</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">0.64</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
      </TABLE>
    </DIV>
  </DIV>
</DIV>

<P style="TEXT-ALIGN: justify"><SUP><FONT style="FONT-SIZE: 8pt">1 </FONT></SUP><FONT style="FONT-SIZE: 8pt">Ying Mining District includes mines: SGX (Ying), TLP, HPG&amp;LM.<BR><SUP>2 </SUP>X Mines includes the XBG project and XHP project.</FONT></P>

<P style="TEXT-ALIGN: center">14</P></DIV>

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<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



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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>

<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>

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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="44%"></TD>
          <TD width="14%"></TD>
          <TD width="2%"></TD>
          <TD width="12%"></TD>
          <TD width="2%"></TD>
          <TD width="12%"></TD>
          <TD width="12%"></TD>
          <TD width="2%"></TD>
        </TR>
        <TR vAlign=bottom>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="44%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="14%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="2%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="26%" bgColor=#993300 colSpan=3><B><FONT color=#ffffff>Six months ended September 30, 2012</FONT></B></TD>
          <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="12%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="2%" bgColor=#993300>&nbsp;</TD>
        </TR>
        <TR height=20>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="44%" bgColor=#993300></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="16%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="14%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff></FONT></B></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="12%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
          <TD noWrap align=middle width="12%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
          <TD noWrap align=middle width="2%" bgColor=#993300></TD>
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        <TR vAlign=bottom>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="44%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="16%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="14%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>X Mines</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="12%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>
          <TD noWrap align=middle width="14%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>Total</FONT></B></TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><B>Production Data</B></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>
          <TD noWrap align=right width="14%"><B>4,693</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>4,693</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><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="14%"><B>382,136</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="12%"><B>10,377</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="12%"><B>54,201</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>446,714</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="44%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%"><B>386,829</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="12%"><B>10,377</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="12%"><B>54,201</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>451,407</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="44%"><P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>
          <TD noWrap align=right width="14%"><B>4,693</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>4,693</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><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="14%"><B>384,932</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="12%"><B>31,084</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="12%"><B>45,163</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>461,179</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="44%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%"><B>389,625</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="12%"><B>31,084</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="12%"><B>45,163</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>465,872</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="44%"><P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P></TD>
          <TD noWrap align=right width="14%"><B>65.58</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>54.38</B></TD>
          <TD noWrap align=right width="12%"><B>64.20</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>
          <TD noWrap align=right width="14%"><B>54.30</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>23.30</B></TD>
          <TD noWrap align=right width="12%"><B>50.49</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>
          <TD noWrap align=right width="14%"><B>11.28</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>31.08</B></TD>
          <TD noWrap align=right width="12%"><B>13.71</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Unit shipping costs($)</B></P></TD>
          <TD noWrap align=right width="14%"><B>3.79</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>3.32</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P></TD>
          <TD noWrap align=right width="14%"><B>14.90</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>15.61</B></TD>
          <TD noWrap align=right width="12%"><B>14.97</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>
          <TD noWrap align=right width="14%"><B>13.10</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>14.36</B></TD>
          <TD noWrap align=right width="12%"><B>13.23</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>
          <TD noWrap align=right width="14%"><B>1.79</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>1.25</B></TD>
          <TD noWrap align=right width="12%"><B>1.74</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="14%"><B>8.77</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>8.77</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="14%"><B>434</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>932</B></TD>
          <TD noWrap align=right width="12%"><B>469</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="14%"><B>0.31</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>0.31</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="14%"><B>0.24</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>0.24</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P></TD>
          <TD noWrap align=right width="14%"><B>1.75</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>1.75</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P></TD>
          <TD noWrap align=right width="14%"><B>(0.31</B></TD>
          <TD noWrap align=left width="2%"><B>)</B></TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>(0.31</B></TD>
          <TD noWrap align=left width="2%"><B>)</B></TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Gold </B>($)</P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>932</B></TD>
          <TD noWrap align=right width="12%"><B>932</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Gold </B>($)</P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>488</B></TD>
          <TD noWrap align=right width="12%"><B>488</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="14%"><B>92.2</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>92.2</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>91.7</B></TD>
          <TD noWrap align=right width="12%"><B>91.7</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="14%"><B>94.1</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>94.1</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="14%"><B>66.5</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>66.5</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P></TD>
          <TD noWrap align=right width="14%"><B>226</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>226</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(gram/tonne)</I></P></TD>
          <TD noWrap align=right width="14%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>2.8</B></TD>
          <TD noWrap align=right width="12%"><B>2.8</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="14%"><B>3.5</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>3.5</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="14%"><B>1.2</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>1.2</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><B>Sales Data</B></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Metal Sales</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(in thousands of ounces)</I></P></TD>
          <TD noWrap align=right width="14%"><B>2,500</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>10</B></TD>
          <TD noWrap align=left width="2%"><B>*</B></TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>2,510</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(in thousands of ounces)</I></P></TD>
          <TD noWrap align=right width="14%"><B>2.1</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>0.1</B></TD>
          <TD noWrap align=left width="2%"><B>*</B></TD>
          <TD noWrap align=right width="12%"><B>2.9</B></TD>
          <TD noWrap align=right width="12%"><B>5.1</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(in thousands of pounds)</I></P></TD>
          <TD noWrap align=right width="14%"><B>27,116</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>525</B></TD>
          <TD noWrap align=left width="2%"><B>*</B></TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>27,641</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(in thousands of pounds)</I></P></TD>
          <TD noWrap align=right width="14%"><B>6,386</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>111</B></TD>
          <TD noWrap align=left width="2%"><B>*</B></TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>6,497</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Metal Sales</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(in thousands of $)</I></P></TD>
          <TD noWrap align=right width="14%"><B>57,690</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>57,690</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(in thousands of $)</I></P></TD>
          <TD noWrap align=right width="14%"><B>2,362</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>3,732</B></TD>
          <TD noWrap align=right width="12%"><B>6,094</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(in thousands of $)</I></P></TD>
          <TD noWrap align=right width="14%"><B>21,932</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>21,932</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(in thousands of $)</I></P></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%"><B>4,042</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="12%"><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="12%"><B>-</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>4,042</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="44%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%"><B>86,026</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="12%"><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="12%"><B>3,732</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>89,758</B></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR height=20>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><STRONG>Average Selling Price, Net of Value Added Tax and Smelter Charges</STRONG></P></TD>
          <TD noWrap align=right width="14%"><B></B></TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=right width="12%"><B></B></TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=right width="12%"><B></B></TD>
          <TD noWrap align=right width="12%"><B></B></TD>
          <TD noWrap align=left width="2%"></TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="14%"><B>23.07</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>23.07</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="14%"><B>1,142</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>1,271</B></TD>
          <TD noWrap align=right width="12%"><B>1,187</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="14%"><B>0.81</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>0.81</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="14%"><B>0.63</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%"><B>-</B></TD>
          <TD noWrap align=right width="12%"><B>0.63</B></TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
      </TABLE>
    </DIV>
  </DIV>
</DIV>

<P style="TEXT-ALIGN: justify"><SUP><FONT style="FONT-SIZE: 8pt">1 </FONT></SUP><FONT style="FONT-SIZE: 8pt">Ying Mining District includes mines: SGX (Ying), TLP, HPG&amp;LM.<BR></FONT><FONT style="FONT-SIZE: 8pt"><SUP>2 </SUP>X Mines includes the XBG project and XHP project.<BR>* Represents development tunnelling ore at XHP Project.</P></FONT>

<P style="TEXT-ALIGN: center">15</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 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="44%"></TD>
          <TD align=middle width="14%"></TD>
          <TD align=middle width="2%"></TD>
          <TD align=middle width="12%"></TD>
          <TD align=middle width="14%"></TD>
          <TD align=middle width="12%"></TD>
          <TD width="2%"></TD>
        </TR>
        <TR vAlign=bottom>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="14%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="2%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="26%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>Six months ended September 30, 2011</FONT></B></TD>
          <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="12%" 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 style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="16%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="12%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="14%" bgColor=#993300>&nbsp;</TD>
          <TD noWrap align=middle width="12%" bgColor=#993300>&nbsp;</TD>
          <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="16%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="12%" bgColor=#993300><B><FONT color=#ffffff>X Mines</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B></TD>
          <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=middle width="14%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>
          <TD noWrap align=middle width="14%" bgColor=#993300 colSpan=2><B><FONT color=#ffffff>Total</FONT></B></TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><B>Production Data</B></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Ore Mined </B><I>(tonne)</I></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>
          <TD noWrap align=right width="14%">5,686</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">5,686</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><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="14%">347,061</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">-</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">33,667</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">380,728</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">352,747</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">-</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">33,667</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">386,414</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Run of Mine Ore </B><I>(tonne)</I></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>
          <TD noWrap align=right width="14%">5,687</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">5,687</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><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="14%">349,404</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">-</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">27,777</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">377,181</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">355,091</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">-</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">27,777</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">382,868</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P></TD>
          <TD noWrap align=right width="14%">58.57</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">32.71</TD>
          <TD noWrap align=right width="12%">56.32</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>
          <TD noWrap align=right width="14%">47.15</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">12.46</TD>
          <TD noWrap align=right width="12%">44.13</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>
          <TD noWrap align=right width="14%">11.42</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">20.25</TD>
          <TD noWrap align=right width="12%">12.19</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Unit shipping costs($)</B></P></TD>
          <TD noWrap align=right width="14%">3.80</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">3.47</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P></TD>
          <TD noWrap align=right width="14%">14.33</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">15.05</TD>
          <TD noWrap align=right width="12%">14.38</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>
          <TD noWrap align=right width="14%">12.78</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">14.35</TD>
          <TD noWrap align=right width="12%">12.89</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>
          <TD noWrap align=right width="14%">1.55</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">0.70</TD>
          <TD noWrap align=right width="12%">1.49</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="14%">6.53</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">6.53</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="14%">257</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">513</TD>
          <TD noWrap align=right width="12%">268</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="14%">0.19</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">0.19</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="14%">0.13</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">0.13</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P></TD>
          <TD noWrap align=right width="14%">(3.75</TD>
          <TD noWrap align=left width="2%">)</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%">(3.75</TD>
          <TD noWrap align=left width="2%">)</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P></TD>
          <TD noWrap align=right width="14%">(5.39</TD>
          <TD noWrap align=left width="2%">)</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%">(5.39</TD>
          <TD noWrap align=left width="2%">)</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Gold </B>($)</P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=right width="14%">513</TD>
          <TD noWrap align=right width="12%">513</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Gold </B>($)</P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=right width="14%">276</TD>
          <TD noWrap align=right width="12%">276</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Total Recovery of the Run of Mine Ore</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="14%">91.7</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%">91.7</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">86.7</TD>
          <TD noWrap align=right width="12%">86.7</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="14%">94.7</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%">94.7</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>( </I></B><I>%)</I></P></TD>
          <TD noWrap align=right width="14%">73.9</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">73.9</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Head Grades of Run of Mine Ore</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P></TD>
          <TD noWrap align=right width="14%">287</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%">287</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(gram/tonne)</I></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">2.9</TD>
          <TD noWrap align=right width="12%">2.9</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="14%">5.0</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%">5.0</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>
          <TD noWrap align=right width="14%">1.4</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">1.4</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><B>Sales Data</B></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounces)</I></P></TD>
          <TD noWrap align=right width="14%">2,988</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">2,988</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounces)</I></P></TD>
          <TD noWrap align=right width="14%">1.7</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">2.2</TD>
          <TD noWrap align=right width="12%">3.9</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pounds)</I></P></TD>
          <TD noWrap align=right width="14%">37,142</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">37,142</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pounds)</I></P></TD>
          <TD noWrap align=right width="14%">7,339</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">7,339</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">&nbsp;</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=left width="12%">&nbsp;</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of $)</I></P></TD>
          <TD noWrap align=right width="14%">90,291</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">90,291</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of $)</I></P></TD>
          <TD noWrap align=right width="14%">1,923</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">2,909</TD>
          <TD noWrap align=right width="12%">4,832</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of $)</I></P></TD>
          <TD noWrap align=right width="14%">32,081</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">32,081</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of $)</I></P></TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">4,570</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">-</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">-</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">4,570</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">128,865</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">-</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">2,909</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">131,774</TD>
          <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR height=20>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%"><B>Average Selling Price, Net of Value Added Tax and Smelter Charges</B></P></TD>
          <TD noWrap align=right width="14%"></TD>
          <TD noWrap align=left width="2%"></TD>
          <TD noWrap align=right width="12%"></TD>
          <TD noWrap align=left width="14%"></TD>
          <TD noWrap align=right width="12%"></TD>
          <TD noWrap align=left width="2%"></TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="14%">30.22</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%">30.22</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P></TD>
          <TD noWrap align=right width="14%">1,130</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">1,321</TD>
          <TD noWrap align=right width="12%">1,237</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="14%">0.86</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=left width="14%">&nbsp;</TD>
          <TD noWrap align=right width="12%">0.86</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
        <TR vAlign=bottom>
          <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P></TD>
          <TD noWrap align=right width="14%">0.62</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
          <TD noWrap align=right width="12%">-</TD>
          <TD noWrap align=right width="14%">-</TD>
          <TD noWrap align=right width="12%">0.62</TD>
          <TD noWrap align=left width="2%">&nbsp;</TD>
        </TR>
      </TABLE>
    </DIV>
  </DIV>
</DIV>

<P style="TEXT-ALIGN: justify"><SUP><FONT style="FONT-SIZE: 8pt">1 </FONT></SUP><FONT style="FONT-SIZE: 8pt">Ying Mining District includes mines: SGX (Ying), TLP, HPG&amp;LM.<BR><SUP>2 </SUP>X Mines includes the XBG project and XHP project.</FONT></P>

<P style="TEXT-ALIGN: center">16</P></DIV>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>FINANCIAL STATEMENTS FOR THE 2ND QUARTER ENDED SEPTEMBER 30, 2012
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.2</TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">
<HR noshade align="center" width="100%" size=3 margin=0>
<div align="right"><strong>Exhibit 99.2</strong></div>
<A name="page_1"></A> <BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;%"> <IMG src="exhibit99-2p1x1x1.jpg" alt="" border=0> <BR>
  <P style="TEXT-ALIGN: justify"><B>SILVERCORP</B><B>&nbsp;</B><B>METALS</B><B>&nbsp;</B><B>INC.</B><B>&nbsp;</B></P>
  <P style="TEXT-ALIGN: justify"><B>UNAUDITED</B><B>&nbsp;</B><B>CONSOLIDATED</B><B>&nbsp;</B><B>FINANCIAL</B><B>&nbsp;</B><B>STATEMENTS</B><B>&nbsp;&nbsp;&nbsp;<BR>
    </B><B>September</B><B>&nbsp;</B><B>30,</B><B>&nbsp;</B><B>2012</B><B>&nbsp;<BR>
    </B><B>(Expressed</B><B>&nbsp;</B><B>in</B><B>&nbsp;</B><B>thousands</B><B>&nbsp;</B><B>of</B><B>&nbsp;</B><B>US</B><B>&nbsp;</B><B>dollars,</B><B>&nbsp;</B><B>unless</B><B>&nbsp;</B><B>otherwise</B><B>&nbsp;</B><B>stated)</B><B>&nbsp;</B></P>
  <BR>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<!--$$/page=-->
<A name="page_2"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="100%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Unaudited Consolidated Balance Sheets</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars)</I></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="64%"></TD>
        <TD width="8%"></TD>
        <TD align=right width="2%"></TD>
        <TD width="10%"></TD>
        <TD align=right 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="64%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="8%"><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>September 30, 2012</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%">March 31, 2012</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="64%"><B>ASSETS</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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=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="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="64%"><B>Current Assets</B></TD>
        <TD noWrap align=left width="8%">&nbsp;</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="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Cash and cash equivalents</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%">21</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>89,334</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">109,960</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Short-term investments</P></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>47,236</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">44,551</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Accounts receivable</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>3,197</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">12,904</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Inventories</P></TD>
        <TD noWrap align=middle width="8%">3</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>7,665</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">7,006</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Due from related parties</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%">11</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>369</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">679</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="64%"><P style="MARGIN-LEFT: 4%">Prepaids and deposits</P></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="8%">&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>5,640</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%">5,210</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="64%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>153,441</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">180,310</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR height=20>
        <TD noWrap align=left width="64%"><B>&nbsp;</B></TD>
        <TD noWrap align=left width="8%"></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="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><B>Non-current Assets</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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=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="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Long term prepaids and deposits</P></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>5,786</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">6,015</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Investment in an associate</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%">4</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>16,534</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">15,872</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Other investments</P></TD>
        <TD noWrap align=middle width="8%">5</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>42,300</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">45,757</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%">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>80,992</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">68,788</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>
        <TD noWrap align=middle width="8%">7</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>288,123</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">258,521</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><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="8%">&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="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">171</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="64%"><B>TOTAL ASSETS</B></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>587,176</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%">575,434</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR height=20>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><B>&nbsp;</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></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="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="64%"><B>LIABILITIES AND EQUITY</B></TD>
        <TD noWrap align=left width="8%">&nbsp;</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="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><B>Current Liabilities</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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=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="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%"><B>$</B></TD>
        <TD noWrap align=right width="10%"><B>26,738</B></TD>
        <TD noWrap align=right width="4%">$</TD>
        <TD noWrap align=right width="10%">23,590</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Deposits received</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>7,255</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">7,268</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Dividends payable</P></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>4,339</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">4,271</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Income tax payable</P></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>3,141</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%">5,082</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="64%">&nbsp;</TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>41,473</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">40,211</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR height=20>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><B>&nbsp;</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></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="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="64%"><B>Non-current Liabilities</B></TD>
        <TD noWrap align=left width="8%">&nbsp;</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="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Deferred income tax liabilities</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>22,509</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">19,991</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="64%"><P style="MARGIN-LEFT: 4%">Environmental rehabilitation</P></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="8%">&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>4,467</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%">4,400</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="64%"><B>Total Liabilities</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>68,449</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%">64,602</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="64%"><B>&nbsp;</B></TD>
        <TD noWrap align=left width="8%"></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="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><B>Equity</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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=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="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Share capital</P></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>232,843</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">232,678</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Contributed surplus</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>7,108</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5,552</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Reserves</P></TD>
        <TD noWrap align=left width="8%">&nbsp;</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=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Accumulated other comprehensive income</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%">9</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>24,198</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">25,285</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="64%"><P style="MARGIN-LEFT: 4%">Retained earnings</P></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="8%">&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>152,715</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%">145,580</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="64%"><B>Total equity attributable to the equity holders of the Company</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>441,581</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">433,812</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR height=20>
        <TD noWrap align=left width="64%"><B>&nbsp;</B></TD>
        <TD noWrap align=middle width="8%"></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=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><B>Non-controlling interests</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%">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="10%"><B>77,146</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%">77,020</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="64%"><B>Total Equity</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="8%">&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>518,727</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%">510,832</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="64%"><B>&nbsp;</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></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="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="64%"><B>TOTAL LIABILITIES AND EQUITY</B></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>587,176</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%">575,434</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="64%"><B>Commitments</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%">20</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="2%"></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">Approved on behalf of the Board:</P>
  <P style="TEXT-ALIGN: justify"><B><I><U>(Signed) David Kong<BR>
    </U></I></B>Director</P>
  <P style="TEXT-ALIGN: justify"><B><I><U>(Signed) Rui Feng<BR>
    </U></I></B>Director</P>
  <P style="TEXT-ALIGN: center">See accompanying notes to the unaudited consolidated financial statements</P>
  <P style="TEXT-ALIGN: right">1</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
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<A name="page_3"></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 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="34%"></TD>
        <TD width="8%"></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="4%" colSpan=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="34%">&nbsp;</TD>
        <TD noWrap align=left width="8%">&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="24%" colSpan=4><B>Three Months Ended September 30,</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD 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="24%" colSpan=4><B>Six Months Ended September 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 2px solid" noWrap align=left width="34%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="8%"><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>2012</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%">2011</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%" colSpan=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%"><B>2012</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%">2011</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR height=20>
        <TD noWrap align=left width="34%"><B>&nbsp;</B></TD>
        <TD noWrap align=left width="8%"></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="4%" colSpan=2></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" noWrap align=left width="34%"><B>Sales</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>45,209</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%">62,055</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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="10%"><B>89,758</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%">131,774</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="34%"><B>Cost of sales</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="8%">12</TD>
        <TD 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>16,446</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%">14,435</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" colSpan=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%"><B>35,440</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%">28,494</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="34%"><B>Gross profit</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>28,763</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%">47,620</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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%"><B>54,318</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%">103,280</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR height=20>
        <TD noWrap align=left width="34%">&nbsp;</TD>
        <TD noWrap align=middle width="8%"></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="4%" colSpan=2></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="34%">General and administrative</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%">13</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>6,191</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%">7,456</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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%"><B>13,037</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%">12,401</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="34%">General exploration and property investigation</TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>887</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,209</TD>
        <TD noWrap align=left width="4%" colSpan=2>&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>1,853</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,001</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="34%">Other taxes</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%">14</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>842</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%">1,039</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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%"><B>1,648</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%">2,177</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="34%">Foreign exchange loss (gain)</TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>1,142</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(1,284</TD>
        <TD noWrap align=left width="4%" colSpan=2>)</TD>
        <TD noWrap align=right 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=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(760</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="34%">Loss on disposal of plant and equipment</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>5</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%">171</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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>25</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%">253</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="34%"><B>Income from operations</B></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>19,696</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">39,029</TD>
        <TD noWrap align=left width="4%" colSpan=2>&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>37,390</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">86,208</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR height=20>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="34%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%"></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="4%" colSpan=2></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 noWrap align=left width="34%">Share of gain (loss) in an associate</TD>
        <TD noWrap align=middle width="8%">4</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(182</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%">116</TD>
        <TD noWrap align=left width="4%" colSpan=2>&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(189</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%">92</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="34%">Write down of inventories</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%">3</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(348</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="4%" colSpan=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%"><B>(348</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="34%">Gain (loss) on investments</TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>693</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(670</TD>
        <TD noWrap align=left width="4%" colSpan=2>)</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(593</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%">(1,829</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="34%">Other income</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>93</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%">126</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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>168</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%">301</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="34%"><B>Income before finance items and income taxes</B></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>19,952</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">38,601</TD>
        <TD noWrap align=left width="4%" colSpan=2>&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>36,428</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">84,772</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR height=20>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="34%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%"></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%"></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="4%" colSpan=2></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%"></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 noWrap align=left width="34%">Finance income</TD>
        <TD noWrap align=middle width="8%">15</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>851</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,110</TD>
        <TD noWrap align=left width="4%" colSpan=2>&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>1,842</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,780</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="34%">Finance costs</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%">15</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>(23</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%">(23</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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="10%"><B>(45</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%">(46</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="34%"><B>Income before income taxes</B></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>20,780</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">39,688</TD>
        <TD noWrap align=left width="4%" colSpan=2>&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>38,225</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">86,506</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR height=20>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="34%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%"></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%"></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="4%" colSpan=2></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%"></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 style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="34%">Income tax expense</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="8%">16</TD>
        <TD 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>7,277</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%">13,786</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" colSpan=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%"><B>15,204</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%">26,360</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="34%"><B>Net income</B></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=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>13,503</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%">25,902</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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>23,021</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%">60,146</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="34%"><B>&nbsp;</B></TD>
        <TD noWrap align=left width="8%"></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="4%" colSpan=2></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" noWrap align=left width="34%"><B>Attributable to:</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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="4%" colSpan=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>
        <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="34%"><P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%"><B>$</B></TD>
        <TD noWrap align=right width="10%"><B>9,500</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">18,471</TD>
        <TD noWrap align=left width="4%" colSpan=2>&nbsp;</TD>
        <TD noWrap align=right width="2%"><B>$</B></TD>
        <TD noWrap align=right width="10%"><B>15,614</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">44,113</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="34%"><P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%">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="10%"><B>4,003</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%">7,431</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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>7,407</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%">16,033</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="34%">&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>13,503</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%">25,902</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%" colSpan=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>23,021</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%">60,146</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="34%"><B>&nbsp;</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></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="4%" colSpan=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>
        <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="34%"><B>Earnings per share attributable to the equity holders of the Company</B></TD>
        <TD noWrap align=left width="8%">&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="4%" colSpan=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>
        <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 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="34%"><B>Basic earnings per share</B></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=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>0.06</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%">0.11</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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>0.09</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%">0.25</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="34%"><B>Diluted earnings per share</B></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>0.06</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%">0.11</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%" colSpan=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>0.09</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%">0.25</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="34%"><B>Weighted Average Number of Shares Outstanding - Basic</B></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=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>170,719,933</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%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">173,664,959</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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%"><B>170,706,702</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%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">174,343,192</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="34%"><B>Weighted Average Number of Shares Outstanding - Diluted</B></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%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>171,062,715</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%">174,282,790</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%" colSpan=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%"><B>171,072,838</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%">175,122,557</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: center">See accompanying notes to the unaudited consolidated financial statements</P>
  <P style="TEXT-ALIGN: right">2</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
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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 Consolidated Statements of Comprehensive Income (Loss)</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="42%"></TD>
        <TD align=right width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="4%" colSpan=2></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="42%">&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="24%" colSpan=3><B>Three Months Ended September 30,</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;&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="24%" colSpan=4><B>Six Months Ended September 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="42%">&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>2012</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="10%">2011</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%" colSpan=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%"><B>2012</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%">2011</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR height=20>
        <TD noWrap align=left width="42%"><B>&nbsp;</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="4%"></TD>
        <TD noWrap align=right width="10%"></TD>
        <TD noWrap align=left width="4%" colSpan=2></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" noWrap align=left width="42%"><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="10%"><B>13,503</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">25,902</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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="10%"><B>23,021</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%">60,146</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="42%"><B>Other comprehensive income (loss), net of taxes:</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%" colSpan=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>
        <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="42%"><P style="MARGIN-LEFT: 4%">Unrealized gain (loss) on equity investments designated as FVTOCI, net of tax</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>405</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(2,271</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=2>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(3,374</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%">(4,187</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="42%"><P style="MARGIN-LEFT: 4%">Currency translation adjustment, net of tax</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>8,587</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%">(5,108</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" colSpan=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%"><B>2,394</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%">18</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="42%"><B>Other comprehensive income (loss), net of taxes</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>8,992</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%">(7,379</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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="10%"><B>(980</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%">(4,169</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="42%"><B>Comprehensive income, net of taxes</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>22,495</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%">18,523</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%" colSpan=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>22,041</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%">55,977</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="42%"><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=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%" colSpan=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>
        <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="42%"><B>Attributable to:</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%" colSpan=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>
        <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="42%"><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>17,752</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">10,261</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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="10%"><B>14,527</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%">38,411</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="42%"><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>4,743</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%">8,262</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" colSpan=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%"><B>7,514</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%">17,566</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="42%">&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>22,495</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="10%">18,523</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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>22,041</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%">55,977</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">See accompanying notes to the unaudited consolidated financial statements</P>
  <P style="TEXT-ALIGN: right">3</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<!--$$/page=-->
<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 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="34%"></TD>
        <TD width="8%"></TD>
        <TD align=right width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
        <TD align=right width="2%"></TD>
        <TD align=right width="10%"></TD>
        <TD width="4%" colSpan=2></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="34%">&nbsp;</TD>
        <TD noWrap align=left width="8%">&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 September 30,</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;&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>Six Months Ended September 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="34%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="8%"><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>2012</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%">2011</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="4%" colSpan=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%"><B>2012</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%">2011</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="34%"><B>Cash provided by</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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=right width="10%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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>
        <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="34%"><B>Operating activities</B></TD>
        <TD noWrap align=left width="8%">&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=right width="10%">&nbsp;</TD>
        <TD noWrap align=left width="4%" colSpan=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>
        <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="34%"><P style="MARGIN-LEFT: 4%">Net income</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>13,503</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">25,902</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=2>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>23,021</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">60,146</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="34%"><P style="MARGIN-LEFT: 4%">Add (deduct) items not affecting cash:</P></TD>
        <TD noWrap align=left width="8%">&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=right width="10%">&nbsp;</TD>
        <TD noWrap align=left width="4%" colSpan=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>
        <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="34%"><P style="MARGIN-LEFT: 8%">Accretion of environmental rehabilitation</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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%">23</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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%"><B>45</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%">46</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="34%"><P style="MARGIN-LEFT: 8%">Depreciation, amortization and depletion</P></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>3,114</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,294</TD>
        <TD noWrap align=left width="4%" colSpan=2>&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>7,190</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">5,881</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="34%"><P style="MARGIN-LEFT: 8%">Share of loss (gain) in an associate</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>182</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%">(116</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=2>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>189</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%">(92</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="34%"><P style="MARGIN-LEFT: 8%">Write down of inventories</P></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>348</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="4%" colSpan=2>&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>348</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="34%"><P style="MARGIN-LEFT: 8%">Deferred income tax expense</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>129</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%">4,379</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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%"><B>3,113</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%">5,507</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="34%"><P style="MARGIN-LEFT: 8%">Loss (gain) on investments</P></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(693</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%">670</TD>
        <TD noWrap align=left width="4%" colSpan=2>&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>593</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,829</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="34%"><P style="MARGIN-LEFT: 8%">Loss on disposal of plant and equipment</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>5</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%">171</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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%"><B>25</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%">253</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="34%"><P style="MARGIN-LEFT: 8%">Stock-based compensation</P></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>872</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">841</TD>
        <TD noWrap align=left width="4%" colSpan=2>&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>1,608</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,619</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="34%"><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="8%">21</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>6,434</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%">15</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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>7,037</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%">(6,075</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="34%"><B>Net cash provided by operating activities</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="8%">&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>23,917</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%">35,179</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" colSpan=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%"><B>43,169</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%">69,114</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="34%"><B>&nbsp;</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></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=right width="10%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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>
        <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="34%"><B>Investing activities</B></TD>
        <TD noWrap align=left width="8%">&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=right width="10%">&nbsp;</TD>
        <TD noWrap align=left width="4%" colSpan=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>
        <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="34%"><P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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=right width="10%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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>
        <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="34%"><P style="MARGIN-LEFT: 8%">Capital expenditures</P></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(14,097</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%">(7,326</TD>
        <TD noWrap align=left width="4%" colSpan=2>)</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(26,413</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%">(13,701</TD>
        <TD noWrap align=left width="2%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="34%"><P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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=right width="10%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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>
        <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="34%"><P style="MARGIN-LEFT: 8%">Additions</P></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(5,328</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%">(6,018</TD>
        <TD noWrap align=left width="4%" colSpan=2>)</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(13,485</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%">(10,150</TD>
        <TD noWrap align=left width="2%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="34%"><P style="MARGIN-LEFT: 4%">Investments</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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=right width="10%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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>
        <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="34%"><P style="MARGIN-LEFT: 8%">Acquisition</P></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(80</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%">-</TD>
        <TD noWrap align=left width="4%" colSpan=2>&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(595</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%">(1,020</TD>
        <TD noWrap align=left width="2%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="34%"><P style="MARGIN-LEFT: 4%">Net redemptions (purchases) of short-term investments</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>12,457</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%">12,813</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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%"><B>(2,355</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%">7,820</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="34%"><P style="MARGIN-LEFT: 4%">Acquisition of Zhongxing/Chuanxin (net of cash acquired, $20)</P></TD>
        <TD noWrap align=left width="8%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>-</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(3,403</TD>
        <TD noWrap align=left width="4%" colSpan=2>)</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>-</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(3,403</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="34%"><P style="MARGIN-LEFT: 4%">Prepayments to acquire mineral property, plant and equipment</P></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>(2,629</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%">(19,989</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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="10%"><B>(4,100</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%">(21,095</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="34%"><B>Net cash used in investing activities</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="8%">&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>(9,677</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%">(23,923</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" colSpan=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%"><B>(46,948</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%">(41,549</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="34%"><B>&nbsp;</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></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=right width="10%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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>
        <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="34%"><B>Financing activities</B></TD>
        <TD noWrap align=left width="8%">&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=right width="10%">&nbsp;</TD>
        <TD noWrap align=left width="4%" colSpan=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>
        <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="34%"><P style="MARGIN-LEFT: 4%">Net repayment from (advance to) related parties</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>253</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%">(11,113</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=2>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>310</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%">(12,290</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="34%"><P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>
        <TD noWrap align=left width="8%">&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=right width="10%">&nbsp;</TD>
        <TD noWrap align=left width="4%" colSpan=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>
        <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="34%"><P style="MARGIN-LEFT: 8%">Contribution</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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%">578</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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%"><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%">5,158</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="34%"><P style="MARGIN-LEFT: 8%">Distribution</P></TD>
        <TD noWrap align=middle width="8%">10</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(7,388</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%">-</TD>
        <TD noWrap align=left width="4%" colSpan=2>&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(7,388</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%">-</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="34%"><P style="MARGIN-LEFT: 4%">Cash dividends distributed</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>(4,220</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%">(3,705</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=2>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(8,525</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%">(7,305</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="34%"><P style="MARGIN-LEFT: 4%">Share capital</P></TD>
        <TD noWrap align=left width="8%">&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=right width="10%">&nbsp;</TD>
        <TD noWrap align=left width="4%" colSpan=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>
        <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="34%"><P style="MARGIN-LEFT: 8%">Proceeds from issuance of common shares</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>19</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%">61</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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%"><B>113</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%">951</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="34%"><P style="MARGIN-LEFT: 8%">Normal course issuer bid</P></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="8%">&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>-</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%">(35,380</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%" colSpan=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%"><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="10%">(35,380</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="34%"><B>Net cash used in financing activities</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>(11,336</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%">(49,559</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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="10%"><B>(15,490</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%">(48,866</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="34%"><B>&nbsp;</B></TD>
        <TD noWrap align=left width="8%"></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="4%" colSpan=2></TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="10%"><B></B></TD>
        <TD noWrap align=left width="2%"><B></B></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="34%"><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="8%">&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>2,775</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%">(3,330</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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="10%"><B>(1,357</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%">(1,880</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="34%"><B>&nbsp;</B></TD>
        <TD noWrap align=left width="8%"></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="4%" colSpan=2></TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="10%"><B></B></TD>
        <TD noWrap align=left width="2%"><B></B></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="34%"><B>Increase (decrease) in cash and cash equivalents</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&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>5,679</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%">(41,633</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=2>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(20,626</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%">(23,181</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>
      </TR>
      <TR height=20>
        <TD noWrap align=left width="34%"><B>&nbsp;</B></TD>
        <TD noWrap align=left width="8%"></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="4%" colSpan=2></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="34%"><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="8%">&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>83,655</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%">165,676</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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>109,960</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%">147,224</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="34%"><B>&nbsp;</B></TD>
        <TD noWrap align=left width="8%"></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="4%" colSpan=2></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="34%"><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="8%">&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>89,334</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%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">124,043</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=2>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>89,334</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%">124,043</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="34%"><B>&nbsp;</B></TD>
        <TD noWrap align=middle width="8%"></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=right width="10%"></TD>
        <TD noWrap align=left width="4%" colSpan=2></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=left 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" noWrap align=left width="34%"><B>Supplementary cash flow information</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%">21</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=right width="10%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%" colSpan=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>
        <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>
  <P style="TEXT-ALIGN: center">See accompanying notes to the unaudited consolidated financial statements</P>
  <P style="TEXT-ALIGN: right">4</P>
</DIV>
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  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="100%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Unaudited Consolidated Statements of 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="25%"></TD>
        <TD width="4%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=middle width="25%">&nbsp;</TD>
        <TD noWrap align=middle width="4%">&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="14%" colSpan=4>Share capital</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=middle width="25%">&nbsp;</TD>
        <TD noWrap align=middle width="4%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">Accumulated other</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">Total equity attributable</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">Non-</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=middle width="25%">&nbsp;</TD>
        <TD noWrap align=middle width="4%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">Number of</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">Contributed</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">comprehensive</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">Retained</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">to the equity holders of</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">controlling</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="1%">&nbsp;</TD>
        <TD noWrap align=middle width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="25%">&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=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">shares</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Amount</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">surplus </TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">&nbsp;Reserves</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">income (loss) </TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">&nbsp;earnings</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">the Company</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">interests </TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="6%">Total equity&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%"><B>Balance, April 1, 2011</B></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="6%">174,925,709</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="6%">266,081</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">3,131</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">24,717</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">19,362</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">87,326</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">400,617</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">53,060</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="6%">453,677</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="25%">Options exercised</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">145,445</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">1,430</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(479</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">951</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">951</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Stock-based compensation</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="6%">-</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="6%">-</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="6%">1,619</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">-</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=right width="6%">1,619</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="6%">-</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="6%">1,619</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="25%">Normal course issuer bid</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(4,468,012</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(35,275</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(35,275</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(35,275</TD>
        <TD noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Transaction cost</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="6%">-</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="6%">(105</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="6%">-</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">-</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=right width="6%">(105</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="6%">-</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="6%">(105</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="25%">Unrealized loss on equity investments designated as FVTOCI, net of taxes</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(4,187</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(4,187</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(4,187</TD>
        <TD noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Cash dividends</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="6%">-</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="6%">-</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="6%">-</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">(7,119</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(7,119</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="6%">-</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="6%">(7,119</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="25%">Acquisition of ZX/CX</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">523</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">523</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Contribution from non-controlling interests</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="6%">-</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="6%">-</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="6%">-</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">-</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=right width="6%">-</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="6%">5,158</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="6%">5,158</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="25%">Net income</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">44,113</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">44,113</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">16,033</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">60,146</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">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=left width="1%">&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="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="6%">-</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="6%">-</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="6%">-</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="6%">(1,515</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="6%">-</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=left width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(1,515</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="6%">1,533</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="6%">18</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="25%"><B>Balance, September 30, 2011</B></TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">170,603,142</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">232,131</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">4,271</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">24,717</TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">13,660</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">124,320</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">$</TD>
        <TD noWrap align=right width="6%">399,099</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">76,307</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">475,406</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Options exercised</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="6%">78,832</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="6%">547</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="6%">(194</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">-</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=right width="6%">353</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="6%">-</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="6%">353</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="25%">Stock-based compensation</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">1,475</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">1,475</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">1,475</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" align=left width="25%">Unrealized loss on equity investments designated as FVTOCI, net of taxes</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="6%">-</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="6%">-</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="6%">-</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">3,588</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="6%">-</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=right width="6%">3,588</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="6%">-</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="6%">3,588</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="25%">Cash dividends</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(8,465</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(8,465</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(8,465</TD>
        <TD noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Acquisition of ZX/CX</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="6%">-</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="6%">-</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="6%">-</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">-</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=right width="6%">-</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="6%">813</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="6%">813</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="25%">Acquisition of SX Gold</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">753</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">753</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Contribution from non-controlling interests</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="6%">-</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="6%">-</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="6%">-</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">-</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=right width="6%">-</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="6%">361</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="6%">361</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="25%">Distribution to non-controlling interests</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(13,804</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(13,804</TD>
        <TD noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Net income</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="6%">-</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="6%">-</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="6%">-</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">29,725</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=right width="6%">29,725</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="6%">11,357</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="6%">41,082</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="25%">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=left width="1%">&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="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="6%">-</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="6%">-</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="6%">-</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="6%">8,037</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="6%">-</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="6%">8,037</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="6%">1,233</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="6%">9,270</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%"><B>Balance, March 31, 2012</B></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="6%">170,681,974</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="6%">232,678</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">5,552</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">24,717</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">25,285</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">145,580</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">433,812</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">77,020</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="6%">510,832</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="25%">Options exercised</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">43,084</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">165</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(52</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">113</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">113</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Stock-based compensation</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="6%">-</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="6%">-</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="6%">1,608</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">-</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=right width="6%">1,608</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="6%">-</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="6%">1,608</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="25%">Unrealized loss on equity investments designated as FVTOCI, net of taxes</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(3,374</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(3,374</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(3,374</TD>
        <TD noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Cash dividends</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">8(c)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">-</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="6%">-</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">(8,479</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(8,479</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="6%">-</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="6%">(8,479</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="25%">Distribution to non-controlling interests</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(7,388</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(7,388</TD>
        <TD noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Net income</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="6%">-</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="6%">-</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="6%">-</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">15,614</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=right width="6%">15,614</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="6%">7,407</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="6%">23,021</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="25%">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=left width="1%">&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="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="6%">-</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="6%">-</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="6%">-</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="6%">2,287</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="6%">-</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="6%">2,287</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="6%">107</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="6%">2,394</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%"><B>Balance, September 30, 2012</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="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>170,725,058</B></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%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>232,843</B></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%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>7,108</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>24,717</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>24,198</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>152,715</B></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=left width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>441,581</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>77,146</B></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%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>518,727</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: center">See accompanying notes to the unaudited consolidated financial statements</P>
  <P style="TEXT-ALIGN: right">5</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
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<A name="page_7"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;%">
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="100%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited 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>1.</B></TD>
        <TD noWrap align=left><B>CORPORATE INFORMATION</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <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 consolidated financial statements of the Company as at and for the three and six months ended September 30, 2012 were authorized for issue in accordance with a resolution of the Board of Directors dated on November 9, 2012.</P>
  <P style="TEXT-ALIGN: justify">Operating results for the three and six months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending March 31, 2013.</P>
  <P style="TEXT-ALIGN: justify">Details of the Company&#8217;s significant 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="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=middle width="16%">&nbsp;</TD>
        <TD noWrap align=middle width="16%">&nbsp;</TD>
        <TD noWrap align=middle width="32%" colSpan=2>Proportion of ownership interest held</TD>
        <TD noWrap align=middle width="16%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="16%">&nbsp;</TD>
        <TD noWrap align=middle width="16%">&nbsp;</TD>
        <TD noWrap align=middle width="16%">Place of</TD>
        <TD noWrap align=middle width="16%"><B>September 30,</B></TD>
        <TD noWrap align=middle width="16%">March 31,</TD>
        <TD noWrap align=middle width="16%">Mineral</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="16%">Name of subsidiaries</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>2012</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="16%">2012</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="16%">properties</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">Silvercorp Metals China Inc.</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Holding company</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Canada</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%"><B>100<B>%</B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">100%</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="16%">Silvercorp Metals (China) Inc.</TD>
        <TD noWrap align=middle width="16%">Holding company</TD>
        <TD noWrap align=middle width="16%">China</TD>
        <TD noWrap align=middle width="16%"><B>100<B>%</B></B></TD>
        <TD noWrap align=middle width="16%">N/A</TD>
        <TD noWrap align=middle width="16%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">0875786 B.C. LTD.</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Mining</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Canada</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%"><B>100<B>%</B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">100%</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Silvertip</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="16%">Fortune Mining Limited</TD>
        <TD noWrap align=middle width="16%">Holding company</TD>
        <TD noWrap align=middle width="16%">BVI (i)</TD>
        <TD noWrap align=middle width="16%"><B>100<B>%</B></B></TD>
        <TD noWrap align=middle width="16%">100%</TD>
        <TD noWrap align=middle width="16%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">Fortune Copper Limited</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Holding company</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">BVI</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%"><B>100<B>%</B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">100%</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="16%">Fortress Mining Inc.</TD>
        <TD noWrap align=middle width="16%">Holding company</TD>
        <TD noWrap align=middle width="16%">BVI</TD>
        <TD noWrap align=middle width="16%"><B>100<B>%</B></B></TD>
        <TD noWrap align=middle width="16%">100%</TD>
        <TD noWrap align=middle width="16%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">Fortune Gold Mining Limited</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Holding company</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">BVI</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%"><B>100<B>%</B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">100%</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="16%">Victor Resources Ltd.</TD>
        <TD noWrap align=middle width="16%">Holding company</TD>
        <TD noWrap align=middle width="16%">BVI</TD>
        <TD noWrap align=middle width="16%"><B>100<B>%</B></B></TD>
        <TD noWrap align=middle width="16%">100%</TD>
        <TD noWrap align=middle width="16%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">Yangtze Mining Ltd.</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Holding company</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">BVI</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%"><B>100<B>%</B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">100%</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="16%">Victor Mining Ltd.</TD>
        <TD noWrap align=middle width="16%">Holding company</TD>
        <TD noWrap align=middle width="16%">Barbados</TD>
        <TD noWrap align=middle width="16%"><B>100<B>%</B></B></TD>
        <TD noWrap align=middle width="16%">100%</TD>
        <TD noWrap align=middle width="16%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">Yangtze Mining (H.K.) Ltd.</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Holding company</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Hong Kong</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%"><B>100<B>%</B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">100%</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="16%">Fortune Gold Mining (H.K.) Limited</TD>
        <TD noWrap align=middle width="16%">Holding company</TD>
        <TD noWrap align=middle width="16%">Hong Kong</TD>
        <TD noWrap align=middle width="16%"><B>100<B>%</B></B></TD>
        <TD noWrap align=middle width="16%">100%</TD>
        <TD noWrap align=middle width="16%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">Wonder Success Limited</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Holding company</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Hong Kong</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%"><B>100<B>%</B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">100%</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="16%">Qinghai Found Mining Co. Ltd. ("Qinghai Found")</TD>
        <TD noWrap align=middle width="16%">Mining</TD>
        <TD noWrap align=middle width="16%">China</TD>
        <TD noWrap align=middle width="16%"><B>82<B>%</B></B></TD>
        <TD noWrap align=middle width="16%">82%</TD>
        <TD noWrap align=middle width="16%">RZY</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">Henan Huawei Mining Co. Ltd. ("Henan Huawei")</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Mining</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">China</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%"><B>80<B>%</B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">80%</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">HPG, LM</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="16%">Henan Found Mining Co. Ltd. ("Henan Found")</TD>
        <TD noWrap align=middle width="16%">Mining</TD>
        <TD noWrap align=middle width="16%">China</TD>
        <TD noWrap align=middle width="16%"><B>77.5<B>%</B></B></TD>
        <TD noWrap align=middle width="16%">77.5%</TD>
        <TD noWrap align=middle width="16%">Ying, TLP</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">Zhongxing Mining Co., Ltd. ("ZX")</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Mining</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">China</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%"><B>69.75<B>%</B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">69.75%</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">XBG</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="16%">Chuanxin Mining Co., Ltd. ("CX")</TD>
        <TD noWrap align=middle width="16%">Mining</TD>
        <TD noWrap align=middle width="16%">China</TD>
        <TD noWrap align=middle width="16%"><B>69.75<B>%</B></B></TD>
        <TD noWrap align=middle width="16%">69.75%</TD>
        <TD noWrap align=middle width="16%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">Songxian Gold Mining Co., Ltd. ("SX Gold")</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">Mining</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">China</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%"><B>77.50<B>%</B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">77.50%</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">XHP</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="16%">Xinshao Yunxiang Mining Co., Ltd. ("Yunxiang")</TD>
        <TD noWrap align=middle width="16%">Mining</TD>
        <TD noWrap align=middle width="16%">China</TD>
        <TD noWrap align=middle width="16%"><B>70<B>%</B></B></TD>
        <TD noWrap align=middle width="16%">70%</TD>
        <TD noWrap align=middle width="16%">BYP</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">Guangdong Found Mining Co. Ltd. (Guangdong Found")</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%">China</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%"><B>95<B>%</B></B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">95%</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="16%">GC</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="16%">(i) British Virgin Island ("BVI")</TD>
        <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=left width="16%">&nbsp;</TD>
        <TD noWrap align=left width="16%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">Details of the Company&#8217;s associate 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="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=middle width="20%">&nbsp;</TD>
        <TD noWrap align=middle width="20%">&nbsp;</TD>
        <TD noWrap align=middle width="40%" colSpan=2>Proportion of ownership interest held</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="20%">&nbsp;</TD>
        <TD noWrap align=middle width="20%">&nbsp;</TD>
        <TD noWrap align=middle width="20%">Place of</TD>
        <TD noWrap align=middle width="20%"><B>September 30,</B></TD>
        <TD noWrap align=middle width="20%">March 31,</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">Name of associate</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="20%">Principal activity</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="20%">incorporation</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="20%"><B>2012</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="20%">2012</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">New Pacific Metals Corp. ("NUX")</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="20%">Mining</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="20%">Canada</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="20%"><B>16.0%</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="20%">14.8%</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: right">6</P>
</DIV>
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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 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>2.</B></TD>
        <TD noWrap align=left><B>SIGNIFICANT ACCOUNTING POLICIES</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(a)Statement of Compliance</I></P>
  <P style="TEXT-ALIGN: justify">These unaudited consolidated financial statements have been prepared in accordance with International Accounting Standard 34 &#8211; <I>Interim Financial Reporting </I>(&#8220;IAS 34&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). These unaudited interim financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements for the year ended March 31, 2012. These unaudited interim financial statements follow the same significant accounting policies set out in note 2 to the audited consolidated financial statements for the year ended March 31, 2012, except for the changes in note 2(b) here.</P>
  <P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b)Change in Accounting Policy</I></P>
  <P style="TEXT-ALIGN: justify">In November 2009, the IASB introduced IFRS 9, <I>Financial Instruments </I>(&#8220;IFRS 9&#8221;), which is part of a project to replace IAS 39, <I>Financial Instruments: Recognition and </I>Measurement (&#8220;IAS 39&#8221;). IFRS 9 replaces the current multiple classification and measurement model for financial assets and liabilities with a single model that has only two classification categories: amortized cost and fair value. Classification depends on the Company&#8217;s business model for managing its financial instruments and the contractual cash flow characteristics of the financial instruments. Adoption of IFRS 9 is required for annual periods beginning on or after January 1, 2015, with early adoption permitted. The Company has elected to early adopt IFRS 9 and the related consequential amendments effective April 1, 2012, which was the date of initial application (&#8220;DOIA&#8221;). The Company retrospectively applied IFRS 9 to comparative periods&#8217; financial statements.</P>
  <P style="TEXT-ALIGN: justify">The adoption of this new standard has had a material impact on the classification of the Company&#8217;s financial instruments compared to the old standard under IAS 39. There were no quantitative changes as a result of adopting IFRS 9.</P>
  <P style="TEXT-ALIGN: justify">Upon the initial adoption of IFRS 9, the following changes in classification of the Company&#8217;s financial instruments were applied:</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-BOTTOM: #000000 2px solid" noWrap align=left width="33%"><B>Financial Assets:</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="33%"><B>IAS 39</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="33%"><B>IFRS 9</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Cash and cash equivalents</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">FVTPL</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">FVTPL</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="33%">Accounts receivable</TD>
        <TD noWrap align=left width="33%">Loans and receivables</TD>
        <TD noWrap align=left width="33%">Amortized cost</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Due from related parties</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Loans and receivables</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Amortized cost</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="33%">Short term investments</TD>
        <TD noWrap align=left width="33%">Available-for-sale</TD>
        <TD noWrap align=left width="33%">Amortized cost</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Equity investments</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Available-for-sale</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">FVTOCI</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="33%">Warrants</TD>
        <TD noWrap align=left width="33%">FVTPL</TD>
        <TD noWrap align=left width="33%">FVTPL</TD>
      </TR>
      <TR height=20>
        <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="33%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=middle width="33%"><B>&nbsp;</B></TD>
        <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=middle width="33%"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="33%"><B>Financial Liabilities:</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="33%"><B>IAS 39</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="33%"><B>IFRS 9</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Accounts payable and accrued liabilities</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Other liabilities</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Amortized cost</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="33%">Dividends payable</TD>
        <TD noWrap align=left width="33%">Other liabilities</TD>
        <TD noWrap align=left width="33%">Amortized cost</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Due to related parties</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Other liabilities</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Amortized cost</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: right">7</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>Notes to Unaudited 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 Company&#8217;s accounting policies for financial instruments under IFRS 9 are as follow:</P>
  <P style="TEXT-ALIGN: justify">The Company applies IFRS 9 to the recognition and measurement of financial assets and liabilities.</P>
  <P style="TEXT-ALIGN: justify"><I>Initial recognition:<BR>
    </I>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"><I>Subsequent measurement of financial assets:<BR>
    </I>Subsequent measurement of financial assets depends on the classification of such assets.</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD vAlign=top noWrap width="4%">I.</TD>
      <TD width="92%"><P align=justify>Non-equity instruments:</P></TD>
    </TR>
    <TR>
      <TD width="4%"></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="92%"><P align=justify>IFRS 9 includes a single model that has only two classification categories for financial instruments other than equity instruments: amortized cost and fair value. To qualify for amortized cost accounting, the instrument must meet two criteria:</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%">&nbsp;</TD>
      <TD vAlign=top noWrap width="4%">i.</TD>
      <TD width="88%"><P align=justify>The objective of the business model is to hold the financial asset for the collection of the cash flows; and</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="8%"></TD>
      <TD vAlign=top noWrap width="4%">ii.</TD>
      <TD width="88%"><P align=justify>All contractual cash flows represent only principal and interest on that principal.</P></TD>
    </TR>
  </TABLE>
  <P style="MARGIN-LEFT: 8%; TEXT-ALIGN: justify">All other instruments are mandatorily measured at fair value.</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD vAlign=top noWrap width="4%">II.</TD>
      <TD width="92%"><P align=justify>Equity instruments:</P></TD>
    </TR>
    <TR>
      <TD width="4%"></TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="92%"><P align=justify>At initial recognition, for equity instruments other than held for trading, the Company may make an irrevocable election to designate it as either FVTPL or fair value through other comprehensive income (&#8220;FVTOCI&#8221;).</P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify">Financial assets classified as amortized cost are measured 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 income.</P>
  <P style="TEXT-ALIGN: justify">Financial assets classified as FVTPL are measured at fair value with changes in fair values recognized in profit or loss. Equity investments designated as FVTOCI are measured at fair value with changes in fair values recognized in other comprehensive income (&#8220;OCI&#8221;). Dividends from that investment are recorded in profit or loss when the Company's right to receive payment of the dividend is established unless they represent a recovery of part of the cost of the investment.</P>
  <P style="TEXT-ALIGN: justify"><I>Impairment of financial assets carried at amortized cost:<BR>
    </I>The Company assesses at the end of each reporting period whether there is objective evidence that financial assets or group of financial assets measured at amortized cost are impaired. Impairment losses and reversal of impairment losses, if any, are recognized in profit or loss in the period they are incurred.</P>
  <P style="TEXT-ALIGN: justify"><I>Subsequent measurement of financial liabilities:<BR>
    </I>Financial liabilities classified as amortized cost are measured 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 using the effective interest method is included in finance costs.</P>
  <P style="TEXT-ALIGN: right">8</P>
</DIV>
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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 1px solid" noWrap align=left><B>Notes to Unaudited 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">Financial liabilities classified as FVTPL are measured at fair value with gains and losses recognized in profit or loss.</P>
  <P style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: justify">The Company classifies its financial instruments as follows:</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR height=20>
      <TD vAlign=top noWrap width="4%">-</TD>
      <TD width="95%"><P align=justify>Financial assets classified as FVTPL: cash and cash equivalents and warrants;</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%">- </TD>
      <TD width="95%"><P align=justify>Financial assets classified as FVTOCI: equity investments designated as FVTOCI;</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%">-</TD>
      <TD width="95%"><P align=justify>Financial assets classified as amortized cost: short-term investments, accounts receivable and due from related parties;</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap>-</TD>
      <TD><P align=justify>Financial liabilities classified as amortized cost: accounts payable and accrued liabilities and dividends payable.</p></TD>
    </TR>
  </TABLE>
  <P style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: justify"><I>Derecognition of financial assets and financial liabilities:<BR>
    </I>A financial asset is derecognized when:</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR height=20>
      <TD vAlign=top noWrap width="4%">-</TD>
      <TD width="95%"><P align=justify>The rights to receive cash flows from the asset have expired; or</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%">-</TD>
      <TD width="95%"><P align=justify>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></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify">Gains and losses on derecognition of financial assets and liabilities classified as amortized cost are recognized in profit or loss when the instrument is derecognized or impaired, as well as through the amortization process.</P>
  <P style="TEXT-ALIGN: justify">Gains and losses on derecognition of equity investments designated as FVTOCI (including any related foreign exchange component) are recognized in OCI. Amounts presented in OCI are not subsequently transferred to profit or loss, although the cumulative gain or loss may be transferred within equity.</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 income.</P>
  <P style="TEXT-ALIGN: justify"><I>Offsetting of financial instruments:<BR>
    </I>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:<BR>
    </I>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 between knowledgeable and willing parties, discounted cash flow analysis, reference to the current fair value of another instrument that is substantially the same, or other valuation models.</P>
  <P style="TEXT-ALIGN: right">9</P>
</DIV>
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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 1px solid" noWrap align=left><B>Notes to Unaudited 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) Accounting standards issued but not yet effective</I></P>
  <P style="TEXT-ALIGN: justify">IAS 1 &#8211; <I>Presentation of Financial Statements </I>amendment issued by the IASB in June 2011 provides improved consistency and clarity of the presentation of items of other comprehensive income. The main change was a requirement to group items presented in other comprehensive income on the basis of whether they are potentially reclassifiable to profit or loss subsequently. This amendment is effective for annual periods beginning on or after July 1, 2012, with earlier application permitted. The Company does not anticipate this amendment to have a significant impact on the consolidated financial statements.</P>
  <P style="TEXT-ALIGN: justify">IFRS 10 &#8211; <I>Consolidated Financial Statements </I>supersedes SIC 12 &#8211; <I>Consolidation &#8211; Special Purpose Entities </I>and the requirements relating to consolidated financial statements in IAS 27 &#8211; <I>Consolidated and Separate Financial Statements</I>. IFRS 10 establishes the principle and application of control as the basis for an investor to identify whether an investor controls an investee and thereby requiring consolidation. This standard is effective for annual periods beginning on or after January 1, 2013, with earlier application permitted.</P>
  <P style="TEXT-ALIGN: justify">IFRS 12 <I>&#8211; Disclosure of Interests in Other Entities </I>requires the disclosure of information that enables users of financial statements to evaluate the nature of, and risks associated with, its interests in other entities and the effects of those interests on its financial position, financial performance and cash flows. This standard is effective for annual periods beginning on or after January 1, 2013, with earlier application permitted.</P>
  <P style="TEXT-ALIGN: justify">The Company is still in the process of assessing the impact of the application of IFRS 10 and IFRS 12 on the consolidated financial statements.</P>
  <P style="TEXT-ALIGN: justify">IFRS 11 <I>&#8211; Joint Arrangements </I>establishes the principle a joint arrangement are classified as joint operations or joint ventures based on the rights and obligations of the parties to the joint arrangement, rather than its legal form. This standard is effective for annual periods beginning on or after January 1, 2013, with earlier application permitted.</P>
  <P style="TEXT-ALIGN: justify">IAS 28 <I>&#8211; Investments in Associates and Joint Ventures </I>prescribes the accounting for investments in associates and sets out the requirements for the application of the equity method for investments in associates and joint ventures. This standard is effective for annual periods beginning on or after January 1, 2013, with earlier application permitted.</P>
  <P style="TEXT-ALIGN: justify">The Company is still in the process of assessing the impact of the application of IFRS 11 and IAS 28 on the consolidated financial statements.</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>3.</B></TD>
        <TD noWrap align=left><B>INVENTORIES</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <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="72%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD align=right 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="72%">&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%"><B>September 30, 2012</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%">March 31, 2012</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="72%">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>3,022</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,743</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%">Concentrate inventory</TD>
        <TD 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>1,385</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%">1,233</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%">Total stockpile and concentrate</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>4,407</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,976</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%">Material and supplies</TD>
        <TD 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>3,258</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%">3,030</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>7,665</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="10%">7,006</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">10</P>
</DIV>
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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 1px solid" noWrap align=left><B>Notes to Unaudited 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 amounts of inventory recognized as expenses during the three and six months ended September 30, 2012 and 2011 were equivalent to the cost of sales.</P>
  <P style="TEXT-ALIGN: justify">For the three and six months ended September 30, 2012, stockpile and concentrate inventory in the amount of $348 and $348, respectively, (for three and six months ended September 30, 2011, $nil and $nil, respectively) were written down to its net realizable value.</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>4.</B></TD>
        <TD noWrap align=left><B>INVESTMENT IN AN ASSOCIATE</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">New Pacific Metals Corp. (&#8220;NUX&#8221;) is a Canadian public company listed on the TSX (symbol: NUX). NUX is a related party of the Company by way of two common directors and officers.</P>
  <P style="TEXT-ALIGN: justify">As at September 30, 2012, the Company owned 10,806,300 common shares (March 31, 2012 - 9,956,300) of NUX, representing an ownership interest of 16.0% (March 31, 2012 &#8211; 14.8%).</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 the financial and operating policies of 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>
  <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="12%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%">&nbsp;</TD>
        <TD noWrap align=left width="12%">&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>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">Value of NUX's</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%">&nbsp;</TD>
        <TD noWrap align=right width="12%">Number of</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>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">common shares per</TD>
        <TD noWrap align=right 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=right width="12%">shares</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%">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>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Balance, April 1, 2011</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">9,402,100</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</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>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%">Acquisition from market</TD>
        <TD noWrap align=right width="12%">554,200</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">662</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="58%">Share of loss</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="12%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(182</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=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="58%">Foreign exchange impact</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="12%">&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="10%">(430</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</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="58%">Balance, March 31, 2012</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">9,956,300</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">15,872</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%">9,367</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%">Acquisition from market</TD>
        <TD noWrap align=right width="12%">850,000</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">595</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="58%">Share of loss</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="12%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(189</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=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="58%">Foreign exchange impact</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="12%">&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="10%">256</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="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="58%"><B>Balance, September 30, 2012</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%"><B>10,806,300</B></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="10%"><B>16,534</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>7,031</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%"></TD>
        <TD width="96%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>5.</B></TD>
        <TD noWrap align=left><B>OTHER INVESTMENTS</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="64%"></TD>
        <TD width="8%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="64%">&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" align=right width="10%"><B>September 30, 2012</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left 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" align=right width="2%">&nbsp;</TD>
      </TR>
      <TR height=20>
        <TD noWrap align=left width="64%"><B>&nbsp;</B></TD>
        <TD noWrap align=left width="8%"></TD>
        <TD noWrap align=left width="2%"></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" noWrap align=left width="64%"><B>Equity investments designated as FVTOCI</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="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%">&nbsp;</TD>
      </TR>
      <TR height=20>
        <TD noWrap align=left width="64%"><B>&nbsp;</B></TD>
        <TD noWrap align=left width="8%"></TD>
        <TD noWrap align=left width="2%"></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" noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Publicly-traded companies</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle 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>8,636</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">11,890</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR height=20>
        <TD noWrap align=left width="64%">&nbsp;</TD>
        <TD noWrap align=middle width="8%"></TD>
        <TD noWrap align=right width="2%"><B></B></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=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Yongning Smelting Co. Ltd.</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle 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>9,546</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">9,525</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR height=20>
        <TD noWrap align=left width="64%">&nbsp;</TD>
        <TD noWrap align=middle width="8%"></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=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Jinduicheng Xise (Canada) Co. Ltd.</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=middle 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>22,395</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">22,050</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR height=20>
        <TD noWrap align=left width="64%">&nbsp;</TD>
        <TD noWrap align=middle width="8%"></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=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><B>Warrants</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=middle width="8%">(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>1,723</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%">2,292</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="64%">&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>42,300</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%">45,757</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: right">11</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
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<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 1px solid" noWrap align=left><B>Notes to Unaudited 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>(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. Common shares are designated as FVTOCI and are measured at fair value on initial recognition and subsequent measurement. As of September 30, 2012, 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 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. For the three and six months ended September 30, 2012, fair value changes in the amount of $693 and $(593), respectively, are recorded in gain (loss) on investments (for the three and six months ended September 30, 2011 &#8211; loss of $670 and $1,829, respectively).</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="72%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD 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="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>Accumulated mark-to-</B></TD>
        <TD noWrap align=right width="2%"><B>&nbsp;</B></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="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>market gains included in</B></TD>
        <TD noWrap align=right width="2%"><B>&nbsp;</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>Fair value</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%"><B>OCI</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">March 31, 2012</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%">11,890</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">4,151</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="72%"><B>September 30, 2012</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>8,636</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>777</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <P style="TEXT-ALIGN: justify">Warrants:</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="72%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="72%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>Accumulated mark-to-market</B></TD>
        <TD noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>Fair value</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>gains (loss) included in net income</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">March 31, 2012</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,292</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">716</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="72%"><B>September 30, 2012</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>1,723</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=right width="10%"><B>123</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) Luoyang 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 September 30, 2012, the Company&#8217;s total investment in Yongning Smelting is $9,546 (RMB 60 million) (March 31, 2012 - $9,525, RMB 60 million), representing 15% (March 31, 2012 - 15%) of Yongning Smelting&#8217;s equity interest. The investment in Yongning is for long-term investment purpose and consists of common shares of Yongning.</P>
  <P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(c) 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 September 30, 2012, the Company&#8217;s total investment in Jinduicheng is $22,395 (CAD$22 million) (March 31, 2012 - $22,050, CAD$22 million), representing 6% (March 31, 2012 - 6%) of Jinduicheng&#8217;s total equity interest. The investment in Jinduicheng is for long-term investment purpose and consists of common shares of Jinduicheng.</P>
  <P style="TEXT-ALIGN: right">12</P>
</DIV>
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<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
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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>Notes to Unaudited 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 width="4%"><B>6.</B></TD>
        <TD noWrap align=left width="96%"><B>PLANT AND EQUIPMENT</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="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="27%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="7%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="5%"></TD>
        <TD width="2%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="5%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="5%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=center><B>Land and</B></TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=center><B>Office</B></TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=center><B>Motor</B></TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD align=right><B>Construction</B></TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Cost</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center><B>building</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>equipment</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>Machinery</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center><B>vehicle</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" align=right><B>in progress</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Total</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Balance as at March 31, 2012</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>47,250</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>3,051</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>18,167</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>5,570</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>6,580</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>80,618</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><P style="MARGIN-LEFT: 4%">Additions</P></TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>1,887</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>626</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>1,614</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>307</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>10,332</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>14,766</TD>
        <TD noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><P style="MARGIN-LEFT: 4%">Disposals</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(6</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(132</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(140</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><P style="MARGIN-LEFT: 4%">Reclassify from construction in progress</P></TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>264</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>129</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>(393</TD>
        <TD noWrap align=left>)</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>152</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>29</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>58</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>17</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>107</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>363</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Ending balance as at September 30, 2012</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>49,552</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>3,705</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>19,833</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>5,891</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>16,626</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>95,607</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Accumulated depreciation and amortization</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Balance as at March 31, 2012</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(4,370</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,355</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(4,193</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,912</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(11,830</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><P style="MARGIN-LEFT: 4%">Disposals</P></TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>4</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>111</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>115</TD>
        <TD noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><P style="MARGIN-LEFT: 4%">Depreciation and amortization</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,029</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(289</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,033</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(481</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(2,832</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(24</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(15</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(20</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(9</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(68</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Ending balance as at Septmber 30, 2012</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(5,423</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(1,659</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(5,242</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(2,291</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>(14,615</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>)</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>&nbsp;</B></TD>
        <TD noWrap align=right></TD>
        <TD noWrap align=left></TD>
        <TD noWrap align=left></TD>
        <TD noWrap align=right></TD>
        <TD noWrap align=left></TD>
        <TD noWrap align=left></TD>
        <TD noWrap align=right></TD>
        <TD noWrap align=left></TD>
        <TD noWrap align=left></TD>
        <TD noWrap align=right></TD>
        <TD noWrap align=left></TD>
        <TD noWrap align=left></TD>
        <TD noWrap align=right></TD>
        <TD noWrap align=left></TD>
        <TD noWrap align=left></TD>
        <TD noWrap align=right></TD>
        <TD noWrap align=left></TD>
        <TD noWrap align=left></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Carrying amounts</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Balance as at March 31, 2012</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>42,880</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>1,696</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>13,974</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>3,658</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>6,580</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>68,788</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Balance as at September 30, 2012</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>44,129</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>2,046</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>14,591</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>3,600</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>16,626</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>80,992</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">During the three and six months ended September 30, 2012, certain plant and equipment were disposed of with proceeds of $nil (for the three and six months ended September 30, 2011 - $nil) and loss of $5 and $25, respectively (for the three and six months ended September 30, 2011 - $171 and $253, respectively).</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>7.</B></TD>
        <TD noWrap align=left><B>MINERAL RIGHTS AND PROPERTIES</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="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="16%"></TD>
        <TD width="2%"></TD>
        <TD width="5%"></TD>
        <TD width="2%"></TD>
        <TD width="1%"></TD>
        <TD width="3%"></TD>
        <TD width="2%"></TD>
        <TD width="1%"></TD>
        <TD width="3%"></TD>
        <TD width="2%"></TD>
        <TD width="1%"></TD>
        <TD width="4%"></TD>
        <TD width="2%"></TD>
        <TD width="1%"></TD>
        <TD width="3%"></TD>
        <TD width="2%"></TD>
        <TD width="1%"></TD>
        <TD width="4%"></TD>
        <TD width="1%"></TD>
        <TD width="4%"></TD>
        <TD width="1%"></TD>
        <TD width="3%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="3%"></TD>
        <TD width="1%"></TD>
        <TD width="4%"></TD>
        <TD width="2%"></TD>
        <TD width="5%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Cost</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Ying</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>TLP</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>HPG</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>LM</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>BYP</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>GC</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>XBG</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>XHP</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>RZY</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Silvertip</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>Total</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Balance as at March 31, 2012</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>66,019</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>14,043</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>6,653</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>11,374</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>55,858</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>76,980</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>12,334</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>13,564</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>27,137</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>283,962</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><P style="MARGIN-LEFT: 4%">Capitalized expenditures</P></TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>9,310</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>2,863</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>1,718</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>5,072</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>2,557</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>6,213</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>629</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>3,266</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>757</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>1,248</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>33,633</TD>
        <TD noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><P style="MARGIN-LEFT: 4%">Mining exploration tax credit</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><P style="MARGIN-LEFT: 4%">Environmental rehabiliation</P></TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>242</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>57</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>30</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>72</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>147</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>230</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>32</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>60</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>7</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>449</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>1,326</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Ending balance as at September 30, 2012</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>75,571</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>16,963</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>8,401</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>16,518</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>58,562</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>83,423</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>12,995</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>16,890</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>764</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>28,834</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>318,921</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Accumulated depletion</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Balance as at March 31, 2012</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(18,531</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,142</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(1,536</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(2,102</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(2,064</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(66</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>(25,441</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><P style="MARGIN-LEFT: 4%">Depletion</P></TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>(2,504</TD>
        <TD noWrap align=left>)</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>(333</TD>
        <TD noWrap align=left>)</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>(339</TD>
        <TD noWrap align=left>)</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>(334</TD>
        <TD noWrap align=left>)</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>(1,649</TD>
        <TD noWrap align=left>)</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>(92</TD>
        <TD noWrap align=left>)</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>(5,251</TD>
        <TD noWrap align=left>)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(64</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(6</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(7</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(8</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(20</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(1</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(106</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Ending balance as at September 30, 2012</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>(21,099</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>(1,481</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>(1,882</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>(2,444</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>(3,733</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>(159</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>(30,798</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>)</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Carrying amounts</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Balance as at March 31, 2012</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>47,488</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>12,901</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>5,117</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>9,272</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>53,794</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>76,980</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>12,334</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>13,498</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>27,137</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>258,521</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Balance as at September 30, 2012</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>54,472</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>15,482</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>6,519</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>14,074</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>54,829</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>83,423</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>12,995</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>16,731</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>764</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>28,834</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>288,123</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&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>
  <P style="TEXT-ALIGN: justify">During the three months ended September 30, 2012, the Company commenced its first diamond drilling program at Ran Zhe Yong (&#8220;RZY&#8221;) Project in Qinghai Province, China. RZY exploration permit is currently owned by Qinghai Geological Survey Bureau, the non-controlling interest holder of Qinghai Found, which is an 82% owned-subsidiary of the Company. Pursuant to the joint-exploration agreement, Qinghai Found</P>
  <P style="TEXT-ALIGN: right">13</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_15"></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 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">has 67% of mineral interest of the RZY Project, and is able to earn up to 82% of it by providing $4.8 million (RMB 30 million) exploration funding, and by which time, the exploration permit will be transferred to Qinghai Found. The Company plans to fund up to $32 million (RMB 200 million) in exploration and capital expenditures for the RZY project. For three and six months ended September 2012, five diamond drilling holes, with a total of 833 meters were completed. Exploration expenditures in the amount of $757 were spent.</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>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 September 30, 2012 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="72%"></TD>
        <TD width="12%"></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="12%">&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%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="72%">&nbsp;</TD>
        <TD noWrap align=right width="12%">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%"></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=right width="12%">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 style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Balance, March 31, 2012</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">3,834,253</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%">7.23</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="72%">Options granted</TD>
        <TD noWrap align=right width="12%">723,000</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">5.86</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Options exercised</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">(43,084</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%">2.65</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="72%">Options forfeited</TD>
        <TD noWrap align=right width="12%">(90,000</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">8.73</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Options expired</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">(373,500</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="10%">6.74</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%"><B>Balance, September 30, 2012</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="12%"><B>4,050,669</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>7.05</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">During the six months ended September 30, 2012, a total of 723,000 options with a life of five years were granted to directors, officers, and employees at an exercise price of CAD$5.35 - CAD$6.53 per share subject to a vesting schedule over a four-year term with 6.25% options vesting every three months from the date of grant.</P>
  <P style="TEXT-ALIGN: right">14</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 style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited 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 fair value of stock options granted during the six months ended September 30, 2012 and 2011 were calculated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:</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="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=4><B>Six months ended September 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="72%">&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>2012</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%">2011</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="72%">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>1.16<B>%</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="10%">2.06%</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="72%">Expected life of option in years</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>3.12 years</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3.12 years</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">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>63<B>%</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="10%">67%</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="72%">Expected dividend yield</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>1.7<B>%</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="10%">1%</TD>
        <TD noWrap align=left width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Estimated forfeiture 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>10<B>%</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="10%">10%</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="72%">Weighted average share price</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>5.86</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">11.70</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">The weighted average grant date fair value of options granted during the six months ended September 30, 2012 was CAD$2.28 (six months ended September 30, 2011 - CAD$5.21). Volatility was determined based on the historical volatility over the estimated life of options. For the three and six months ended September 30, 2012, a total of $872 and $1,608, respectively (three and six months ended September 30, 2011 - $841 and $1,619, respectively) in stock-based compensation expenses was recorded and included in the general and administrative expenses on the consolidated statements of income.</P>
  <P style="TEXT-ALIGN: justify">The following table summarizes information about stock options outstanding at September 30, 2012:</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="2%"></TD>
        <TD width="12%"></TD>
        <TD width="4%"></TD>
        <TD width="12%"></TD>
        <TD width="4%"></TD>
        <TD width="13%"></TD>
        <TD width="4%"></TD>
        <TD width="13%"></TD>
        <TD width="4%"></TD>
        <TD width="13%"></TD>
        <TD width="4%"></TD>
        <TD width="13%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">Exercise price<BR>
          in CAD$</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="12%">Number of options<BR>
          outstanding at<BR>
          September 30,<BR>
          2012</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="13%">Weighted average<BR>
          remaining contractual<BR>
          life (Years)</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="13%">Weighted average<BR>
          exercise price in<BR>
          CAD$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%">Number of<BR>
          options<BR>
          exercisable at<BR>
          September 30,<BR>
          2012</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%">Weighted average<BR>
          exercise price in<BR>
          CAD$</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=right width="2%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">6.95</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">15,000</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">0.00</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">6.95</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">15,000</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">6.95</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">9.05</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="12%">13,700</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="13%">0.30</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="13%">9.05</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="13%">13,700</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="13%">9.05</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">7.54</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">25,000</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">0.62</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">7.54</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">25,000</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">7.54</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">5.99</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="12%">202,500</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="13%">0.75</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="13%">5.99</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="13%">202,500</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="13%">5.99</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">3.05</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">60,000</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">1.00</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">3.05</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">60,000</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">3.05</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">2.65</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="12%">573,001</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="13%">1.55</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="13%">2.65</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="13%">573,001</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="13%">2.65</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">7.00</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">385,500</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">2.26</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">7.00</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">319,168</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">7.00</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">7.40</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="12%">193,250</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="13%">2.55</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="13%">7.40</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="13%">142,751</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="13%">7.40</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">8.23</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">366,437</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">3.01</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">8.23</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">156,627</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">8.23</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">12.16</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="12%">223,781</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="13%">3.26</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="13%">12.16</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="13%">83,781</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="13%">12.16</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">14.96</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">208,500</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">3.52</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">14.96</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">65,163</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">14.96</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">9.20</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="12%">280,000</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="13%">3.68</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="13%">9.20</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="13%">70,000</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="13%">9.20</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">7.27</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">321,000</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">4.15</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">7.27</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">60,193</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">7.27</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">6.69</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="12%">466,000</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="13%">4.43</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="13%">6.69</TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="13%">58,253</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="13%">6.69</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">6.53</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%">307,000</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">4.71</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">6.53</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">19,196</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">6.53</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=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">5.35</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="12%">410,000</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="13%">4.85</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="13%">5.35</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="13%">-</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="13%">-</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=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right width="12%"><B>2.65-14.96</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>&nbsp;</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="12%"><B>4,050,669</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>&nbsp;</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%"><B>3.19</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%"><B>7.05</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>&nbsp;</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%"><B>1,864,333</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%"><B>6.17</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <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 and six months ended September 30, 2012, dividends of $4,255 and $8,479, respectively (three and six months ended September 30, 2011 - $3,500 and $7,119, respectively) were declared.</P>
  <P style="TEXT-ALIGN: right">15</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 style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Unaudited Consolidated Financial Statements</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><B>9.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="96%"><P align=justify><B>ACCUMULATED OTHER COMPREHENSIVE INCOME</B></P></TD>
    </TR>
  </TABLE>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="72%">&nbsp;</TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2012</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%">March 31, 2012</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%">Unrealized gain on equity investments designated as FVTOCI</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>777</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">4,151</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="72%">Currency translation adjustment</TD>
        <TD 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>23,421</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%">21,134</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%">Balance, end of the year</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>24,198</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">25,285</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">The unrealized gain on equity investments designated as FVTOCI and on currency translation adjustment are net of tax nil for all periods presented.</P>
  <P style="TEXT-ALIGN: justify"><B></B></P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><B>10.&nbsp;</B>&nbsp; </TD>
      <TD width="96%"><B>
        <P style="TEXT-ALIGN: justify"><B>NON-CONTROLLING INTERESTS</B></P>
        </B></TD>
    </TR>
  </TABLE>
  <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="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=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=right width="6%">Henan</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">Qinghai</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=right width="6%">Guangdong</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="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=right width="6%">Henan Found</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%">ZX/CX</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%">Huawei</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%">Found</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%">Yunxiang</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%">Found</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%">SX Gold</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%">Total</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%">Balance, March 31, 2011</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">39,430</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</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%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,364</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(11</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">11,174</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,103</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">53,060</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="20%">Share of net income (loss)</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">25,247</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">66</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">2,321</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(84</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">137</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(19</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(278</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">27,390</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">Share of other comprehensive income</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,821</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="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%">62</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="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%">97</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="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%">12</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="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%">559</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="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%">189</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%">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="6%">2,766</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="20%">Acquisition of Zhongxing/Chuanxin</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(2,706</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">4,042</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=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%">1,336</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">Acquisition of SX Gold</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(5,150</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=left width="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=left width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">5,903</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="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%">753</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="20%">Contribution</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%">940</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%">3,655</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">924</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%">5,519</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%">Distribution</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%">(13,804</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=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=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="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%">(13,804</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="20%">Balance, March 31, 2012</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="6%">44,838</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="6%">5,110</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="6%">3,782</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="6%">(83</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="6%">15,525</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="6%">2,197</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="6%">5,651</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="6%">77,020</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">Share of net income (loss)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">6,638</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="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%">(73</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%">1,154</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="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%">(33</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%">(19</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</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%">(259</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%">7,407</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="20%">Share of other comprehensive income (loss)</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">61</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">10</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">17</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(16</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">32</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(5</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">8</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">107</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%">Distribution</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%">(7,073</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%">(315</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=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%">(7,388</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="20%"><B>Balance, September 30, 2012</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>44,464</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>5,047</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>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>4,638</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(132</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>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>15,538</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>2,191</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>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>5,400</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>77,146</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">As at September 30, 2012, non-controlling interests in Henan Found, ZX, CX, Henan Huawei, Qinghai Found, Yunxiang, Guangdong Found and SX Gold were 22.5%, 30.25%, 30.25%, 20%, 18%, 30%, 5% and 22.5%, respectively.</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><B>11.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="96%"><P align=justify><B>RELATED PARTY TRANSACTIONS</B></P></TD>
    </TR>
  </TABLE>
  <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="72%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%"><B>Due from related parties</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2012</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%">March 31, 2012</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%">NUX (a)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>70</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">95</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="72%">Henan Non-ferrous Geology Bureau (b)</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>17</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">17</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Z.X. Zhu (e)</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>282</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%">567</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>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>369</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">679</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%">(a)&nbsp;&nbsp;&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 and six months ended September 30, 2012, the Company recovered $143 and $269, respectively (for the three and six months ended September 30, 2011 - $302 and $379, respectively) from NUX for services rendered and expenses incurred on behalf of NUX. The costs recovered from NUX were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income.</P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: right">16</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_18"></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 Consolidated Financial Statements</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%">(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 and six months ended September 30, 2012, Henan Found paid dividends of $7,073 (for the three and six months ended September 30, 2011 - $nil) to Henan Geology Bureau.</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%">(c)&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><P align=justify>For the three and six months ended September 30, 2012, the Company paid $101 and $194, respectively (for the three and six months ended September 30, 2011 - $57 and $154, respectively) to McBrighton Consulting Ltd., a private company controlled by a director of the Company for consulting services. These amounts are included in salaries for key management personnel in note 11 (h).</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify>&nbsp;</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%">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="96%"><P align=justify>For the three and six months ended September 30, 2012, the Company paid $152 and $300, respectively (for the three and six months ended September 30, 2011 - $128 and $171, respectively) to R. Feng Consulting Ltd., a private company controlled by a director of the Company for consulting services. These amounts are included in salaries for key management personnel in note 11 (h).</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%">(e)&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><P align=justify>Z.X. Zhu is the 30% non-controlling interest shareholder of Yunxiang.</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%"></TD>
      <TD width="98%"><P align=justify>&nbsp;</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%">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="96%"><P align=justify>The Company rents an office space (6,700 square feet) in Beijing from a relative of a director and officer of the Company for $12 (RMB 74,712) per month. During the three and six months ended September 30, 2012, total rents were $36 and $72, respectively (for the three and six months ended September 30, 2011 - $36 and $72, respectively).</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD width="96%"><P align=justify>&nbsp;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="2%">(g)&nbsp; &nbsp; &nbsp; </TD>
      <TD width="98%"><P align=justify>Henan Xinhui Mining Co., Ltd. (&#8220;Henan Xinhui&#8221;) is a 20% equity interest holder of Henan Huawei. During the three and six months ended September 30, 2012, Henan Huawei paid dividends of $315 (for the three and six months ended September 30, 2011 - $nil) to Henan Xinhui.</P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify">The balances with related parties are unsecured, non-interest bearing, and due on demand.</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%">(h)&nbsp;&nbsp;&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 and six months ended September 30, 2012 and 2011 were 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="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 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" align=right width="24%" colSpan=3><B>Three months ended September 30,</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="24%" colSpan=3><B>Six months ended September 30,</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></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=center width="10%"><B>2012</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%">2011</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%"><B>2012</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%">2011</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%">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>61</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">128</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>120</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">174</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Salaries for key management personnel</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>879</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,140</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>1,289</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,505</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%">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>571</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%">836</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%"><B>1,132</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%">2,011</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="44%">&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>1,511</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">2,104</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>2,541</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%">3,690</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 11 (c) &amp; (d). Stock-based compensation expenses were measured at grant date fair value.</P>
  <P style="TEXT-ALIGN: right">17</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<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 Consolidated Financial Statements</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><B>12.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="96%"><P align=justify><B>COST OF SALES</B></P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify">Cost of sales consists of:</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="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 noWrap align=left width="44%">&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="24%" colSpan=3><B>Three months ended September 30,</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="24%" colSpan=3><B>Six months ended September 30,</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></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=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2012</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%">2011</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%"><B>2012</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%">2011</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%">Direct mining and milling cost</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>13,665</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">11,393</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>28,995</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">23,074</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="44%">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>2,781</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%">3,042</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%"><B>6,445</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%">5,420</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="44%"><B>Cost of sales</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>16,446</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">14,435</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>35,440</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">28,494</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>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><B>13.</B>&nbsp; &nbsp; &nbsp; </TD>
      <TD width="96%"><P align=justify><B>GENERAL AND ADMINISTRATIVE</B></P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify">General and administrative expenses 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="44%"></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="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="24%" colSpan=3><B>Three months ended September 30,</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="24%" colSpan=3><B>Six months ended September 30,</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%"><B>General and administrative</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>2012</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%">2011</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%"><B>2012</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%">2011</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%">Office and administrative expenses</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>2,145</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,042</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>5,095</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5,107</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Amortization and depreciation</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>333</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">251</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>745</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">460</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%">Salaries and benefits</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>2,187</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,974</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>4,299</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,814</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Stock based compensation</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>872</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">841</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>1,608</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,619</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%">Professional fees</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>654</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%">1,348</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%"><B>1,290</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%">1,401</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="44%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>6,191</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">7,456</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>13,037</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">12,401</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><B>14.</B>&nbsp; &nbsp; &nbsp; </TD>
      <TD width="96%"><P align=justify><B>OTHER TAXES</B></P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify">Other taxes were composed of surtax on value-added tax, land usage levy, stamp duty and other miscellaneous levies, duties and taxes imposed by the state and local Chinese government.</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><B>15.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="96%"><P align=justify><B>FINANCE ITEMS</B></P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify">Finance items 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="44%"></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="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="24%" colSpan=3><B>Three months ended September 30,</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="24%" colSpan=3><B>Six months ended September 30,</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%"><B>Finance income</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>2012</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%">2011</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%"><B>2012</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%">2011</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="44%">Interest income</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>851</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,110</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,842</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,780</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="44%"></TD>
        <TD align=right width="2%"></TD>
        <TD align=right width="10%"></TD>
        <TD align=right width="4%"></TD>
        <TD align=right width="10%"></TD>
        <TD align=right width="4%"></TD>
        <TD align=right width="10%"></TD>
        <TD align=right width="4%"></TD>
        <TD align=right width="10%"></TD>
        <TD align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="24%" colSpan=3><B>Three months ended September 30,</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="24%" colSpan=3><B>Six months ended September 30,</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%"><B>Finance costs</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>2012</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%">2011</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%"><B>2012</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%">2011</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="44%">Accretion of environmental rehabilitation provision</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>23</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">23</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>45</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">46</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>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><B>16.</B>&nbsp; &nbsp; &nbsp; </TD>
      <TD width="96%"><P align=justify><B>INCOME TAX</B></P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify">Income tax expense consists of:</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="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 noWrap align=left width="44%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="24%" colSpan=3><B>Three months ended September 30,</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="24%" colSpan=3><B>Six months ended September 30,</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%"><B>Income tax expense</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>2012</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%">2011</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%"><B>2012</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%">2011</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%">Current</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>7,148</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">9,407</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>12,091</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">20,853</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="44%">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>129</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%">4,379</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%"><B>3,113</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%">5,507</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="44%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>7,277</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">13,786</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>15,204</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">26,360</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">18</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<A name="page_20"></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 Consolidated Financial Statements</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><B>17.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
      <TD width="96%"><P align=justify><B>CAPITAL DISCLOSURES</B></P></TD>
    </TR>
  </TABLE>
  <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>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><B>18.</B>&nbsp; &nbsp; &nbsp; </TD>
      <TD width="96%"><P align=justify><B>FINANCIAL INSTRUMENTS</B></P></TD>
    </TR>
  </TABLE>
  <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: 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 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 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 September 30, 2012 and March 31, 2012, the Company did not have financial liabilities measured at fair value on a recurring basis.</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="44%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="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 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="4%">&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="4%">&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="4%">&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="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="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 noWrap align=left width="44%">Cash and cash equivalents</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">89,334</TD>
        <TD noWrap align=right width="4%">$</TD>
        <TD noWrap align=right width="10%">-</TD>
        <TD noWrap align=right width="4%">$</TD>
        <TD noWrap align=right width="10%">-</TD>
        <TD noWrap align=right width="4%">$</TD>
        <TD noWrap align=right width="10%">89,334</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%">Common shares of publicly traded companies</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">8,636</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">8,636</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Yongning Smelting Co. Ltd.</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">-</TD>
        <TD noWrap align=left 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%">9,546</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">9,546</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%">Jinduicheng Xise (Canada) Co. Ltd.</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="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">22,395</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">22,395</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="44%">Warrants</TD>
        <TD 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=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=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,723</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%">1,723</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">Fair value of the other financial instruments excluded from the table above approximates to their carrying amount as of September 30, 2012 and March 31, 2012, respectively.</P>
  <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="72%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 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" align=right width="10%"><B>September 30, 2012</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%">March 31, 2012</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="72%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="28%" colSpan=5><B>Within a year</B> <B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Accounts payable and accrued liabilities</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>26,738</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">23,590</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="72%">Dividends payable</TD>
        <TD 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>4,339</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%">4,271</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>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>31,077</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">27,861</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"><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: 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 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 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="72%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"><B>September 30, 2012</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%">March 31, 2012</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%">Financial assets denominated in U.S. Dollars</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>16,494</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">18,510</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="72%">Financial assets denominated in Chinese RMB</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>116,196</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">33,542</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">As at September 30, 2012, with other variables unchanged, a 1% strengthening (weakening) of the RMB against the USD would have increased (decreased) net income by approximately $0.3 million.</P>
  <P style="TEXT-ALIGN: justify">As at September 30, 2012, with other variables unchanged, a 1% strengthening (weakening) of the CAD against the USD would have decreased (increased) net income by approximately $0.2 million.</P>
  <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 interest 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 September 30, 2012.</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, due from related parties, 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 trade receivables 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 trade receivables are no more than 180 days, and, as a result, the credit risk associated with trade receivables from customers as at September 30, 2012 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 September 30, 2012, 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 million.</P>
  <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 Consolidated Financial Statements</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><B>19.</B>&nbsp; &nbsp; &nbsp; </TD>
      <TD width="96%"><P align=justify><B>SEGMENTED INFORMATION</B></P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify">Operating segments are components of the Company whose separate financial information is available and 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 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="33%"></TD>
        <TD width="33%"></TD>
        <TD width="33%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="33%"><B>Operational Segments</B></TD>
        <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="33%"><B>Subsidiaries Included in the Segment</B></TD>
        <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="33%"><B>Properties Included in the Segment</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%"><B>China</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="33%"><P style="MARGIN-LEFT: 4%">Henan Luoning</P></TD>
        <TD noWrap align=left width="33%">Henan Found and Henan Huawei</TD>
        <TD noWrap align=left width="33%">Ying, TLP, HPG and LM</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%"><P style="MARGIN-LEFT: 4%">ZX/CX</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Zhongxing and Chuanxin</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">XBG</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="33%"><P style="MARGIN-LEFT: 4%">SX Gold</P></TD>
        <TD noWrap align=left width="33%">SX Gold</TD>
        <TD noWrap align=left width="33%">XHP</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%"><P style="MARGIN-LEFT: 4%">Hunan</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Yunxiang</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">BYP</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="33%"><P style="MARGIN-LEFT: 4%">Guangdong</P></TD>
        <TD noWrap align=left width="33%">Guangdong Found</TD>
        <TD noWrap align=left width="33%">GC</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%"><P style="MARGIN-LEFT: 4%">Other</P></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Qinghai Found, Silvercorp Metals (China) Inc.</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">RZY</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="33%"><B>Canada</B></TD>
        <TD noWrap align=left width="33%">&nbsp;</TD>
        <TD noWrap align=left width="33%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%"><P style="MARGIN-LEFT: 4%">Silvertip</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">0875786 B.C. Ltd.</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Silvertip</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="33%"><P style="MARGIN-LEFT: 4%">Head Office</P></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="33%">Silvercorp Metals Inc.</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="33%">N/A</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%"><B>Other Regions</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">BVI and Barbados' holding companies</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">N/A</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD vAlign=top width="96%">(a) Geographic information for certain long-term assets are as follows:</TD>
    </TR>
  </TABLE>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="17%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="2%"></TD>
        <TD width="6%"></TD>
        <TD width="2%"></TD>
        <TD width="6%"></TD>
        <TD width="2%"></TD>
        <TD width="6%"></TD>
        <TD width="2%"></TD>
        <TD width="6%"></TD>
        <TD width="2%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="2%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="100%" colSpan=28><B>September 30, 2012</B> <B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%">&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=center width="46%" colSpan=11><B>China</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="16%" colSpan=5><B>Canada</B></TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%"><B></B></TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="17%"><B>Balance sheet items:</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=center width="6%"><B>Henan</B><BR>
          <B>Luoning</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>ZX/CX</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>SX Gold</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>Hunan</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>Guangdong</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>Other</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>Silvertip</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>Head Office</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><STRONG>Other<BR>
          Regions</STRONG>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>Total</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></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%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></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%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD width="17%" align=left noWrap bgcolor="#e6efff"><B>Plant and equipment</B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"><B>$</B></TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>38,240</B></TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff"><B>$</B></TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>4,524</B></TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff"><B>$</B></TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>8,066</B></TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff"><B>$</B></TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>4,158</B></TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff"><B>$</B></TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>21,841</B></TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff"><B>$</B></TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>1,736</B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"><B></B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"><B></B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"><B>$</B></TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>1,709</B></TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff"><B>$</B></TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>718</B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"><B></B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"><B></B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"><B>$</B></TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>-</B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"><B></B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"><B></B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"><B>$</B></TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>80,992</B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%"><B>Mineral rights and properties</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>90,547</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>12,995</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>16,731</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>54,829</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>83,423</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>764</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>28,834</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>-</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>-</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>288,123</B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD width="17%" align=left noWrap bgcolor="#e6efff"><B>Investment in an associate</B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>-</B></TD>
        <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>-</B></TD>
        <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>-</B></TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>-</B></TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>-</B></TD>
        <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>-</B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>-</B></TD>
        <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>15,251</B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>1,283</B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff"><B>16,534</B></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="17%"><B>Other investments</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="6%"><B>9,546</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>-</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>-</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>-</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>-</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>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></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="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="6%"><B>31,267</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%">&nbsp;</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="6%"><B>1,487</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%">&nbsp;</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="6%"><B>42,300</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=center width="99%" colSpan=27>&nbsp;</TD>
        <TD align=center width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="100%" colSpan=28>March 31, 2012</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=center width="17%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="46%" colSpan=11>China</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="16%" colSpan=5>Canada</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%"></TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="17%">Balance sheet items:</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">Henan<BR>
          Luoning</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">ZX/CX</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">SX Gold</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">Hunan</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">Guangdong</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">Other</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">Silvertip</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">Head Office</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">&nbsp;Other<BR>
          Regions</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">&nbsp;Total</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></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=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=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=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></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=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=right width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD width="17%" align=left noWrap bgcolor="#e6efff">Plant and equipment</TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff">$</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">37,631</TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff">$</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">4,646</TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff">$</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">7,603</TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff">$</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">3,488</TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff">$</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">11,223</TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff">$</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">1,746</TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff">$</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">1,779</TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff">$</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">662</TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff">$</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">-</TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff">$</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">68,778</TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%">Mineral rights and properties</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">74,778</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">12,334</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">13,498</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">53,794</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">76,980</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">27,137</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">258,521</TD>
        <TD noWrap align=right width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD width="17%" align=left noWrap bgcolor="#e6efff">Investment in an associate</TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">-</TD>
        <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">-</TD>
        <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">-</TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">-</TD>
        <TD width="2%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">-</TD>
        <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">-</TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">-</TD>
        <TD width="2%" align=left noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">15,206</TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">666</TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff">&nbsp;</TD>
        <TD width="6%" align=right noWrap bgcolor="#e6efff">15,872</TD>
        <TD width="1%" align=right noWrap bgcolor="#e6efff"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="17%">Other investments</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="6%">9,525</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=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="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="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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></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="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="6%">34,346</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%">&nbsp;&nbsp; </TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">1,886</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=right width="1%">&nbsp;&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">45,757</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</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 Consolidated Financial Statements</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD vAlign=top width="96%">(b) Geographic information for operating results are as follows:</TD>
    </TR>
  </TABLE>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="17%">&nbsp;</TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="100%" colSpan=34><B>Three months ended September 30, 2012</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="48%" colSpan=18><B>China</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="16%" colSpan=6><B>Canada</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%"><B>Henan</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;<STRONG>Other</STRONG></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>Total</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="17%"><B>Statement of operations:</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=center width="6%"><B>Luoning</B></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=center width="6%"><B>ZX/CX</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>SX Gold</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>Hunan</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>Guangdong</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>Other</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>Silvertip</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="7%" colSpan=2><B>Head Office</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>Regions</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%"><B>Sales</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>43,730</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>1,479</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>45,209</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="17%"><B>Cost of sales</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="6%"><B>(15,514</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><B>)</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="6%"><B>-</B></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="6%"><B>-</B></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="6%"><B>(932</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><B>)</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="6%"><B>-</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="1%">&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="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%"><B>-</B></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="6%"><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%"><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%"><B>(16,446</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><B>)</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%"><B>Gross profit</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>28,216</B></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="6%"><B>-</B></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="6%"><B>-</B></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="6%"><B>547</B></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="6%"><B>-</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></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="6%"><B>-</B></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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>28,763</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%"><B>Operating expenses</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(2,949</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(117</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(308</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(465</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>6</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(1,095</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(26</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(3,734</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(379</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(9,067</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%"><B>Other income (loss)</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>60</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>-</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>1</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(347</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>-</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>-</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>-</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>541</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>1</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>256</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%"><B>Finance items</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>872</B></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="6%"><B>17</B></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="6%"><B>(209</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>7</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>53</B></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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></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="6%"><B>9</B></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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>78</B></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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>828</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="17%"><B>Income tax recovery (expenses)</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="6%"><B>(6,863</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><B>)</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="6%"><B>-</B></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="6%"><B>-</B></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="6%"><B>67</B></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="6%"><B>-</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="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>(1</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right 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="6%"><B>-</B></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="6%"><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%"><B>(480</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right 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="6%"><B>(7,277</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><B>)</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%"><B>Net income</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>19,336</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(100</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(516</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(197</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>13</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(1,043</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(26</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(3,184</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(780</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>13,503</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=left width="6%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=left width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=left width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=left width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%"><B>Attributed to:</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&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=right width="6%">&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=right width="6%">&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=right width="6%">&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="6%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&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=right width="6%">&nbsp;</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%"><B>Equity holders of the Company</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>15,107</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(69</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(400</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(139</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>12</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(1,021</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(26</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(3,184</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(780</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>9,500</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%"><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="6%"><B>4,229</B></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="6%"><B>(31</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</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="6%"><B>(116</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</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="6%"><B>(58</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</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="6%"><B>1</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="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(22</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="6%"><B>-</B></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="6%"><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="6%"><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="6%"><B>4,003</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="17%"><B>Net income</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>19,336</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(100</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>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(516</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(197</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>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>13</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>&nbsp;</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(1,043</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(26</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(3,184</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(780</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>13,503</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&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="17%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="100%" colSpan=34>Three months ended September 30, 2011</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="48%" colSpan=18>China</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="16%" colSpan=6>Canada</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">Henan</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;Other</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">Total</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="17%">Statement of operations:</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">Luoning</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">ZX/CX</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=center width="6%">SX Gold&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;&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=center width="6%">Hunan</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;&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=center width="6%">Guangdong</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=center width="6%">Other</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%">Silvertip</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="7%" colSpan=2>Head Office</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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=center width="6%">Regions</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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=left width="6%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%">Sales</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">59,835</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">- </TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">- </TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">2,220</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">62,055</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="17%">Cost of sales</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="6%">(13,469</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="6%">-</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="6%">-</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="6%">(966</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="6%">-</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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%">-</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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%">(14,435</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%">Gross profit</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">46,366</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,254</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="6%">-</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="6%">-</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">-</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">47,620</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%">Operating expenses</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(4,513</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(547</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="6%">(579</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="6%">26</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(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="6%">(4,109</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,154</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(8,591</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%">Other income</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">76</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%">12</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(1</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(471</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(44</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(428</TD>
        <TD noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%">Finance items</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">914</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(7</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="6%">38</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="6%">1</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">133</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">8</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,087</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="17%">Income tax expenses</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="6%">(10,336</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="6%">-</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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;&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="6%">150</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="6%">-</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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%">-</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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%">(3,600</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>
        <TD noWrap align=right 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="6%">(13,786</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%">Net income</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">32,507</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">- </TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">- </TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">862</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(542</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">27</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="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(23</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(4,447</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="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(2,482</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">25,902</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"></TD>
        <TD noWrap align=left width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%">Attributed to:</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&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=right width="6%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&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="6%">&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="6%">&nbsp;</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&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="6%">&nbsp;</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%">Equity holders of the Company</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">25,283</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%">603</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(515</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">52</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(23</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(4,447</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(2,482</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">18,471</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%">Non-controlling interests</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="6%">7,224</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="6%">-</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="1%">&nbsp;&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="1%">&nbsp;&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="6%">259</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="6%">(27</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="6%">(25</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="6%">-</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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="6%">7,431</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="17%">Net income</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">32,507</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">- </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%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">- </TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">862</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%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(542</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">)</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">27</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(23</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">)</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(4,447</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(2,482</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">25,902</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <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>&nbsp;<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 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="17%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="100%" colSpan=34><B>Six months ended September 30, 2012</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="48%" colSpan=18><B>China</B></TD>
        <TD noWrap align=center width="1%"><STRONG></STRONG></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="16%" colSpan=6><STRONG>Canada</STRONG></TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%"><B></B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%"><B>Henan</B></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;<STRONG>Other</STRONG></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>Total</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="17%"><B>Statement of operations:</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=center width="6%"><B>Luoning</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>ZX/CX</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>SX Gold</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>Hunan</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>Guangdong</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>Other</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>Silvertip</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="7%" colSpan=2><B>Head Office</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%"><B>Regions</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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=left width="6%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%"><B>Sales</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>86,026</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>3,732</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>89,758</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="17%"><B>Cost of sales</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="6%"><B>(32,704</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><B>)</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="6%"><B>-</B></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="6%"><B>-</B></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="6%"><B>(2,736</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><B>)</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="6%"><B>-</B></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="6%"><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%"><B>-</B></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="6%"><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%"><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%"><B>(35,440</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><B>)</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%"><B>Gross profit</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>53,322</B></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="6%"><B>-</B></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="6%"><B>-</B></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="6%"><B>996</B></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="6%"><B>-</B></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="6%"><B>-</B></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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></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="6%"><B>-</B></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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>54,318</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"></TD>

        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%"><B>Operating income (expenses)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(6,812</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(268</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(746</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(923</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>6</B></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="6%"><B>(1,026</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&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="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(6,960</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(161</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(16,928</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%"><B>Other income (loss)</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>139</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>-</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>1</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(343</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(38</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>-</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>-</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(719</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(2</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(962</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%"><B>Finance items</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>1,737</B></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="6%"><B>30</B></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="6%"><B>(405</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>3</B></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="6%"><B>7</B></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="6%"><B>262</B></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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></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="6%"><B>82</B></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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>81</B></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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>1,797</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="17%"><B>Income tax recovery (expenses)</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="6%"><B>(12,957</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><B>)</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="6%"><B>-</B></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="6%"><B>(3</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><B>)</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="6%"><B>201</B></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="6%"><B>-</B></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="6%"><B>(12</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right 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="6%"><B>-</B></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="6%"><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%"><B>(2,433</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right 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="6%"><B>(15,204</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%"><B>)</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%"><B>Net income (loss)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>35,429</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(238</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(1,153</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(66</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(25</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(776</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(38</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(7,597</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(2,515</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>23,021</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD noWrap align=right width="6%"><B></B></TD>
        <TD noWrap align=left width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%"><B>Attributable to:</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&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=right width="6%">&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=right width="6%">&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=right width="6%">&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="6%">&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=right width="6%">&nbsp;</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&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=right width="6%">&nbsp;</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%"><B>Equity holders of the Company</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>27,637</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(165</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(894</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(47</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(24</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(743</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(38</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(7,597</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>(2,515</B></TD>
        <TD noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>15,614</B></TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="17%"><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="6%"><B>7,792</B></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="6%"><B>(73</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</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="6%"><B>(259</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</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="6%"><B>(19</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</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="6%"><B>(1</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</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="6%"><B>(33</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="6%"><B>-</B></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="6%"><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="6%"><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="6%"><B>7,407</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="17%"><B>Net income (loss)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>35,429</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(238</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>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(1,153</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(66</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>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(25</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(776</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(38</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(7,597</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>(2,515</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD>
        <TD noWrap align=right width="1%"><B></B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>23,021</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&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="17%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="1%"></TD>
        <TD width="6%"></TD>
        <TD width="1%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="100%" colSpan=34>Six months ended September 30, 2011</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="48%" colSpan=18>China</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="16%" colSpan=6>Canada</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%"></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="17%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">Henan</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="6%">&nbsp;Other</TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">Total</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="17%">Statement of operations:</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">Luoning</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">ZX/CX&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">SX Gold</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">Hunan</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;&nbsp; </TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="6%">Guangdong</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">&nbsp;Other</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">Silvertip</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="7%" colSpan=2>Head Office</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="6%">Regions</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD noWrap align=center width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="6%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" align=left width="17%">Sales</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">128,865</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">- </TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">- </TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">2,909</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">131,774</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="17%">Cost of sales</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="6%">(27,365</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="6%">-</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="6%">-</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="6%">(1,129</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="6%">-</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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%">-</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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right 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="6%">(28,494</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" align=left width="17%">Gross profit</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">101,500</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="6%">-</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,780</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="6%">-</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="6%">-</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">-</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">103,280</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="17%">Operating income (expenses)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(8,924</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%">(971</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(989</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(267</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(66</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(6,828</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">973</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(17,072</TD>
        <TD noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" align=left width="17%">Other income (loss)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">217</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="6%">-</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="6%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">12</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="6%">(7</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="6%">-</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</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="6%">(1,490</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(168</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(1,436</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="17%">Finance items</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">1,369</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%">(21</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">76</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">2</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">281</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">27</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">1,734</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left width="17%">Income tax recovery (expenses)</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="6%">(22,871</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="6%">-</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="6%">-</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="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">111</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="6%">-</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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="6%">-</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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="6%">(3,600</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="6%">(26,360</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="17%">Net income (loss)</TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">71,291</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">- </TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;$</TD>
        <TD noWrap align=right width="6%">- </TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">911</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">(920</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">(265</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">(66</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">(8,037</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">(2,768</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">$</TD>
        <TD noWrap align=right width="6%">60,146</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" align=left width="17%">Attributable to:</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&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=right width="6%">&nbsp;</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="6%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&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="6%">&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="6%">&nbsp;</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&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="6%">&nbsp;</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</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="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="17%">Equity holders of the Company</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">55,437</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=left width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">-</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="6%">638</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(874</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(217</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(66</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(8,037</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">(2,768</TD>
        <TD noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD noWrap align=right width="1%">&nbsp;</TD>
        <TD noWrap align=right width="6%">44,113</TD>
        <TD noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left width="17%">Non-controlling interests</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="6%">15,854</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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;&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="6%">-</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="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">273</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="6%">(46</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="6%">(48</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="6%">-</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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="6%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="6%">16,033</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="17%">Net income (loss)</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">71,291</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">- </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;$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">- </TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">911</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%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(920</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">)</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(265</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(66</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">)</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(8,037</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">(2,768</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">)</TD>
        <TD noWrap align=right width="1%"></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">60,146</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</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 and six months ended September 30, 2012 and 2011 comprise:</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="42%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="42%">&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=3><B>Three months ended September 30,</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=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=3><B>Six months ended September 30,</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="42%">&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>2012</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="10%">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=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>2012</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="10%">2011</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="42%"><B>Silver (Ag)</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>29,561</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">42,535</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>57,690</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">90,291</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="42%"><B>Gold (Au)</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>2,755</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,300</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>6,094</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">4,832</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%"><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>10,749</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">14,145</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="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>21,932</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">32,081</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="42%"><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>2,144</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%">2,075</TD>
        <TD 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="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>4,042</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%">4,570</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="42%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>45,209</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">62,055</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>&nbsp;</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>&nbsp;</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>89,758</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">131,774</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 six months ended September 30, 2012, two major customers (six months ended September 30, 2011 - five) accounted for 23% and 54%, respectively (six months ended September 30, 2011 - 10% to 33%) and collectively 77% (six months ended September 30, 2011 - 88%) of the total sales of the Company.</P>
  <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>
    <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 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>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>
  <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="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 style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">&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>Total</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%"><B>Less than 1 year</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%"><B>1-5 years</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%"><B>After 5 years</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%">Operating leases</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5,846</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">283</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,814</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,749</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="44%">Commitments</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">8,854</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2,436</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">6,418</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">As of September 30, 2012, the Company has two office rental agreements totaling $5,846 for the next eleven years and commitments of $8,854 related to the GC property.</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%"></TD>
        <TD width="96%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>21.</B></TD>
        <TD noWrap align=left><B>SUPPLEMENTARY CASH FLOW INFORMATION</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="72%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2012</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">March 31, 2012</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Cash on hand and at bank</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>55,413</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">79,062</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">Bank term deposits and GICs</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>33,921</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">30,898</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Total cash and cash equivalents</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>89,334</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="10%">109,960</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="42%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="42%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="28%" colSpan=6><B>Three Months Ended September 30,</B></TD>
        <TD noWrap align=center width="2%"></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="28%" colSpan=6><B>Six Months Ended September 30,</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="42%"><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>2012</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%">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=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>2012</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%">2011</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="42%"><P style="MARGIN-LEFT: 4%">Accounts receivable</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>4,620</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(429</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>9,651</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%">(977</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="42%"><P style="MARGIN-LEFT: 4%">Inventory</P></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(304</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%">(59</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(959</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%">(101</TD>
        <TD noWrap align=left width="2%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%"><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>(1,039</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%">(918</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="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(379</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%">(1,633</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="42%"><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>(1,709</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%">(331</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>707</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">2,274</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%"><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>1,806</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%">2,805</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="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(1,929</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%">4,082</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="42%"><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>3,060</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%">(1,053</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="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>(54</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%">(9,720</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="42%">&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>6,434</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%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">15</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>&nbsp;</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>7,037</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%">(6,075</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="42%"><B>&nbsp;</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>
        <TD noWrap align=right width="2%"></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" noWrap align=left width="42%"><B>Supplemental information:</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>
        <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="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="42%"><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>5,860</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">6,732</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="2%"><B>$</B></TD>
        <TD noWrap align=right width="10%"><B>14,375</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">16,790</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%"><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>
        <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="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="42%"><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>
        <TD noWrap align=right 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>
        <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="42%"><P style="MARGIN-LEFT: 4%">Acquisition and expenditure of plant and equipment included in</P></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>
        <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="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="42%"><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>-</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">-</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="2%"><B>$</B></TD>
        <TD noWrap align=right width="10%"><B>1,099</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">143</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="42%"><P style="MARGIN-LEFT: 4%">Acquisition and expenditure of mineral rights and properties included in</P></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="42%"><P style="MARGIN-LEFT: 4%">accounts payable and accrued liabilities</P></TD>
        <TD noWrap align=right width="2%"><B>$</B></TD>
        <TD noWrap align=right width="10%"><B>-</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">2,346</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="2%"><B>$</B></TD>
        <TD noWrap align=right width="10%"><B>1,414</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">3,811</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
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  <P style="TEXT-ALIGN: right">25</P>
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<TYPE>EX-99.3
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<FILENAME>exhibit99-3.htm
<DESCRIPTION>MANAGEMENT'S DISCUSSION AND ANALYSIS FOR 2ND QUARTER ENDED SEPTEMBER 30, 2012
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<p align="right" style="margin:0px"><b>Exhibit 99.3</b></p>
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<P style="TEXT-ALIGN: justify"><B>SILVERCORP METALS INC.</B></P>

<P style="TEXT-ALIGN: justify"><B>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</B></P>

<P style="TEXT-ALIGN: justify"><B>September 30, 2012</B></P>

<P style="TEXT-ALIGN: justify"><B>(Expressed in thousands of US dollars, unless otherwise stated)</B></P></DIV><BR>

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

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%"><B>1.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%"><B>Core Business and Strategy</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>2</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B>2.</B></TD>

   <TD noWrap align=left width="92%"><B>Second Quarter Fiscal 2013 Highlights</B></TD>

   <TD noWrap align=right width="4%"><B>2</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%"><B>3.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%"><B>Operating Performance</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>3</B></TD></TR>

<TR vAlign=bottom>

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

   <TD noWrap align=left width="92%"><B>Second Quarter Fiscal 2013 Financial Results</B></TD>

   <TD noWrap align=right width="4%"><B>16</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%"><B>5.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%"><B>Liquidity and Capital Resources</B></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%"><B>6.</B></TD>

   <TD noWrap align=left width="92%"><B>Financial Instruments and Related Risks</B></TD>

   <TD noWrap align=right width="4%"><B>19</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%"><B>7.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%"><B>Off-Balance Sheet Arrangements</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>21</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B>8.</B></TD>

   <TD noWrap align=left width="92%"><B>Transactions with Related Parties</B></TD>

   <TD noWrap align=right width="4%"><B>21</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%"><B>9.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%"><B>Critical Accounting Policies and Estimates</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>22</B></TD></TR>

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   <TD noWrap align=left width="4%"><B>10.</B></TD>

   <TD noWrap align=left width="92%"><B>Future Accounting Changes</B></TD>

   <TD noWrap align=right width="4%"><B>24</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%"><B>11.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%"><B>Other MD&amp;A Requirements</B></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%"><B>12.</B></TD>

   <TD noWrap align=left width="92%"><B>Outstanding Share Data</B></TD>

   <TD noWrap align=right width="4%"><B>25</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%"><B>13.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%"><B>Risks and Uncertainties</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>25</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B>14.</B></TD>

   <TD noWrap align=left width="92%"><B>Disclosure Controls and Procedures</B></TD>

   <TD noWrap align=right width="4%"><B>26</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%"><B>15.</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="92%"><B>Changes in Internal Control over Financial Reporting</B></TD>

   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="4%"><B>26</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><B>16.</B></TD>

   <TD noWrap align=left width="92%"><B>Directors and Officers</B></TD>

   <TD noWrap align=right width="4%"><B>26</B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="96%" colSpan=2><B>Forward Looking Statements</B></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>

<TR vAlign=bottom>

   <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 and Six Months Ended September 30, 2012</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>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 consolidated financial statements for the three and six months ended September 30, 2012 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, 2012, 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;). Silvercorp&#8217;s significant accounting policies are set out in Note 2 of the unaudited consolidated financial statements for the three and six months ended September 30, 2012, as well as Note 2 to the audited consolidated financial statements for the year ended March 31, 2012. This MD&amp;A refers to various non-IFRS measures, such as cash flow from operations per share and cash and total production cost per ounce of silver. Those measures are used by the Company to manage and evaluate operating performance and its ability to generate cash. These measures are widely reported in the silver mining industry as benchmarks for performance. Non-IFRS measures do not have standardized meanings 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 November 9, 2012.</I></P>

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   <TD noWrap align=left><B>Core Business and Strategy</B></TD></TR></TABLE></DIV>

<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 Henan Province, China. In 2011, Silvercorp acquired the XBG and XHP silver-gold-zinc projects near the Ying Mining District in Henan Province, further consolidating the region. Silvercorp has commenced production at its second production foothold in China, the BYP gold-lead-zinc project in Hunan Province, and is currently completing construction of the GC silver-lead-zinc project in Guangdong Province which will become its third production base in China. 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. The Company&#8217;s shares are traded on the New York Stock Exchange and the 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>

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   <TD noWrap align=left><B>2.</B></TD>

   <TD noWrap align=left><B>Second Quarter Fiscal 2013 Highlights</B></TD></TR></TABLE></DIV>

<UL>

<LI>

<P style="MARGIN-LEFT: -24px" align=justify>Silver production of 1.3 million ounces;</P>

<LI>

<P style="MARGIN-LEFT: -24px" align=justify>Gold production of 2,481 ounces;</P>

<LI>

<P style="MARGIN-LEFT: -24px" align=justify>Sales of $45.2 million;</P>

<LI>

<P style="MARGIN-LEFT: -24px" align=justify>Net income of $9.5 million, or $0.06 per share;</P>

<LI>

<P style="MARGIN-LEFT: -24px" align=justify>Cash flow from operations of $23.9 million, or $0.14 per share;</P>

<LI>

<P style="MARGIN-LEFT: -24px" align=justify>Cash costs of negative $0.74 per ounce of silver at the Ying Mining District<SUP>1 </SUP>;</P>

<LI>

<P style="MARGIN-LEFT: -24px" align=justify>Payment of $4.2 million, or CAD$0.025 per share, in quarterly dividends to shareholders.</P></LI></UL>

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   <TD noWrap align=left width="100%" colSpan=2><SUP>1 </SUP>Ying Mining District represents consolidated results from the SGX (Ying), HPG, TLP, and LM mines. <SUP></SUP></TD></TR></TABLE></DIV>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center 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>Management&#8217;s Discussion and Analysis</B></TD></TR>

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   <TD noWrap align=left><B>For the Three and Six Months Ended September 30, 2012</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>

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   <TD noWrap align=left><B>Operating Performance</B></TD></TR></TABLE></DIV>

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   <TD noWrap align=left>a)</TD>

   <TD noWrap align=left>Mine Production</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">For the three months ended September 30, 2012 (&#8220;Q2 2013&#8221;), on a consolidated basis, the Company mined 240,447 tonnes of ore, a 16% increase compared to 207,296 tonnes in the three months ended September 30, 2011 (&#8220;Q2 2012&#8221;). For the six months ended September 30, 2012, the Company mined 451,407 tonnes of ore, a 17% increase compared to 386,414 tonnes in the same prior year period. The increased mine production was achieved through increases in production from the Ying Mining District, full operation of BYP mine compared to the prior year as well as the processing of development tunnelling ore at the X mines<SUP>2</SUP>.</P>

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<P style="TEXT-ALIGN: justify">On a consolidated basis, in Q2 2013, the Company milled 249,207 tonnes of ore, a 25% increase compared to 199,977 tonnes in Q2 2012. For the six months ended September 30, 2012, the Company milled 465,872 tonnes of ore, a 22% increase compared to 382,868 in the same prior year period. The Ying Mining District has a total milling capacity of 3,200 tonnes per day (&#8220;t/d&#8221;) or approximately 1 million tonnes per year. The BYP mine and X mines have current milling capacities of 500 t/d and 1,350 t/d respectively.</P>

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   <TD noWrap align=left>c)</TD>

   <TD noWrap align=left>Mining Cost</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q2 2013, the consolidated total mining cost and the cash mining cost were $62.41 and $50.11 per tonne compared to $55.66 and $42.30 per tonne, respectively, in Q2 2012. The major components of cash mining cost consisted of: 39% for mining contractor costs (Q2 2012 &#8211; 42%); 16% for materials and supplies (Q2 2012 &#8211; 16%); 20% for labour costs (Q2 2012 &#8211; 21%); 6% for utility costs (Q2 2012 &#8211; 6%) and 19% for other costs (Q2 2012 &#8211; 15%).</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2012, the consolidated total mining cost and the cash mining cost were $64.20 and $50.49 per tonne compared to $56.32 and $44.13, respectively, in the same prior year period. The major components of cash mining cost consisted of: 39% for mining contractor costs (six months ended September 30, 2011 &#8211; 41%); 16% for materials and supplies (six months ended September 30, 2011 &#8211; 17%); 20% for labour costs (six months ended September 30, 2011 &#8211; 18%); 6% for utility costs (six months ended September 30, 2011 &#8211; 6%) and 19% for other costs (six months ended September 30, 2011 &#8211; 18%).</P>

<P style="TEXT-ALIGN: justify">The increase in cash mining cost per tonne was mainly due to (i) an increase in labour costs for both the Company&#8217;s employees as well as those of its mining contractors, and (ii) the impact of US dollar depreciation versus the Chinese RMB.</P>

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   <TD noWrap align=left>Milling Cost</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q2 2013, the consolidated total milling cost and cash milling cost were $14.11 and $12.40 per tonne compared to $14.78 and $13.32 per tonne, respectively, in Q2 2012. The major components of cash milling costs consisted of: 21% for raw materials (Q2 2012 &#8211; 31%); 34% for utilities (Q2 2012 &#8211; 28%); 15% for mineral resources tax (Q2 2012 &#8211; 15%); 24% for labour costs (Q2 2012 &#8211; 20%) and 6% for milling related administrative and other costs (Q1 2012 &#8211; 6%).</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2012, the consolidated total milling cost and cash milling cost were $14.97 and $13.23 per tonne compared to $14.38 and $12.89 per tonne, respectively, in the same prior year period. The major components of cash milling costs consisted of: 23% for raw materials (six months ended September 30, 2011 &#8211; 29%); 34% for utilities (six months ended September 30, 2011 &#8211;30%); 14% for mineral resources tax (six months ended September 30, 2011 &#8211; 15%); 22% for labour costs (six months ended September 30, 2011 &#8211; 19%) and 7% for milling related administrative and other</P>

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   <TD noWrap align=left width="100%" colSpan=2><SUP>2 </SUP>X mines represent consolidated results from the XBG and XHP projects. <SUP></SUP></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 and Six Months Ended September 30, 2012</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">costs (six months ended September 30, 2011 &#8211; 7%).</P>

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   <TD noWrap align=left>e)</TD>

   <TD noWrap align=left>Metal Production</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">On a consolidated basis, in Q2 2013, the Company produced 1.3 million ounces of silver, 2,481 ounces of gold, 13.9 million pounds of lead and 3.5 million pounds of zinc, compared to 1.4 million ounces of silver, 2,516 ounces of gold, 16.5 million pounds of lead and 3.2 million pounds of zinc, respectively, in Q2 2012.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2012, on a consolidated basis the Company produced 2.5 million ounces of silver, 5,134 ounces of gold, 27.6 million pounds of lead and 6.5 million pounds of zinc, compared to 3.0 million ounces of silver, 3,905 ounces of gold, 37.1 million pounds of lead and 7.3 million pounds of zinc, respectively, in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">The decreases in metal production compared to the prior year were due to lower overall head grades of ore mined at the Ying Mining District. The increase in gold production is attributed to the BYP mine now being in commercial production compared to prior year when it was still in initial production.</P>

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   <TD noWrap align=left>f)</TD>

   <TD noWrap align=left>Cash and Total Cost per Ounce of Silver (Gold from the BYP mine)</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In Q2 2013, the consolidated total production cost and cash cost per ounce of silver were $1.05 and negative $0.74 compared to negative $2.74 and negative $4.55, respectively, in Q2 2012. The consolidated total production cost and cash cost per ounce of silver in this quarter has decreased $1.42 and $0.88 from $2.47 and $0.14, respectively, as compared to first quarter Fiscal 2013. The improvement is attributable to the decrease in overall production costs from $85 per tonne in the prior quarter to $80 per tonne in Q2 2013.</P>

<P style="TEXT-ALIGN: justify">For the six months ended September 30, 2012, the consolidated total production cost and cash cost per ounce of silver were $1.75 and negative $0.31 compared to negative $3.75 and negative $5.39, respectively in the same prior year period. The increase was a result of higher production costs, noted above, and a decrease in by-product metal credits.</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 and six months ended September 30, 2012 and 2011, respectively:</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 style="BORDER-BOTTOM: #ffffff 1px solid" align=center width="100%" bgColor=#993300 colSpan=7><B><FONT color=#ffffff>Three months ended September 30, 2012</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%" bgColor=#993300>&nbsp;</TD>

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

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>Ying Mining</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=left width="10%" bgColor=#993300>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%" bgColor=#993300>&nbsp;</TD>

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

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>District</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=center 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="72%"><B>Cost of sales</B></TD>

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

   <TD noWrap align=right width="10%"><B>15,514</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>15,514</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="72%"><B>By-product lead, zinc, and gold 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>(14,169</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%"><B>(14,169</B></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%"><B>Total adjusted cost of sales</B></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>1,345</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%"><B>1,345</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="72%"><B>Divided by thousands of silver ounces sold</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>1,277</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%"><B>1,277</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%"><B>Total production cost per ounce of silver</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>1.05</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>1.05</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="72%"><B>&nbsp;</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%"><B></B></TD>

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>Total adjusted cost of sales</B></TD>

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

   <TD noWrap align=right width="10%"><B>1,345</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>1,345</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="72%"><B>Amortization and depletion</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>(2,287</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%"><B>(2,287</B></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%"><B>Total adjusted cash cost</B></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>(942</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%"><B>(942</B></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%"><B>Divided by thousands of silver ounces sold</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>1,277</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%"><B>1,277</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%"><B>Total cash cost per ounce of silver</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>(0.74</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="10%"><B>(0.74</B></TD>

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

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center 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>



<!--$$/page=--><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 and Six Months Ended September 30, 2012</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="72%"></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=center width="100%" bgColor=#993300 colSpan=7><FONT color=#ffffff>Three months ended September 30, 2011</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%" bgColor=#993300>&nbsp;</TD>

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

   <TD noWrap align=center width="10%" bgColor=#993300><FONT color=#ffffff>Ying Mining</FONT></TD>

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

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

   <TD noWrap align=left width="10%" bgColor=#993300>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%" bgColor=#993300>&nbsp;</TD>

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

   <TD noWrap align=center width="10%" bgColor=#993300><FONT color=#ffffff>District</FONT></TD>

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

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

   <TD noWrap align=center width="10%" bgColor=#993300><FONT color=#ffffff>Total</FONT></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">Cost of sales</TD>

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

   <TD noWrap align=right width="10%">13,469</TD>

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

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

   <TD noWrap align=right width="10%">13,469</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">By-product lead, zinc, and gold 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="10%">(17,300</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%">(17,300</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="72%">

   <P style="MARGIN-LEFT: 4%">Total adjusted cost of sales</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%">(3,831</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%">(3,831</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="72%">Divided by thousands of silver ounces sold</TD>

   <TD 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%">1,396</TD>

   <TD 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%">1,396</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%">Total production cost per ounce of silver</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%">(2.74</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="10%">(2.74</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">&nbsp;</TD>

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

   <TD noWrap align=right width="10%"></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 noWrap align=left width="72%">Total adjusted cost of sales</TD>

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

   <TD noWrap align=right width="10%">(3,831</TD>

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

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

   <TD noWrap align=right width="10%">(3,831</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">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%">(2,521</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%">(2,521</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="72%">

   <P style="MARGIN-LEFT: 4%">Total adjusted cash cost</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%">(6,352</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%">(6,352</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="72%">Divided by thousands of silver ounces sold</TD>

   <TD 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%">1,396</TD>

   <TD 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%">1,396</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%">Total cash cost per ounce of silver</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%">(4.55</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="10%">(4.55</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">&nbsp;</TD>

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

   <TD noWrap align=right width="10%"></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: #ffffff 1px solid" align=center width="100%" bgColor=#993300 colSpan=7><B><FONT color=#ffffff>Six months ended September 30, 2012</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%" bgColor=#993300>&nbsp;</TD>

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

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>Ying Mining</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=left width="10%" bgColor=#993300>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%" bgColor=#993300>&nbsp;</TD>

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

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>District</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=center 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="72%"><B>Cost of sales</B></TD>

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

   <TD noWrap align=right width="10%"><B>32,704</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>32,704</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="72%"><B>By-product lead, zinc, and gold 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>(28,336</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%"><B>(28,336</B></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%"><B>Total adjusted cost of sales</B></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>4,368</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%"><B>4,368</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="72%"><B>Divided by thousands of silver ounces sold</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>2,500</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%"><B>2,500</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%"><B>Total production cost per ounce of silver</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>1.75</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>1.75</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="72%"><B>&nbsp;</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%"><B></B></TD>

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>Total adjusted cost of sales</B></TD>

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

   <TD noWrap align=right width="10%"><B>4,368</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>4,368</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="72%"><B>Amortization and depletion</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>(5,141</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%"><B>(5,141</B></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%"><B>Total adjusted cash cost</B></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>(773</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%"><B>(773</B></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%"><B>Divided by thousands of silver ounces sold</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>2,500</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%"><B>2,500</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%"><B>Total cash cost per ounce of silver</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>(0.31</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="10%"><B>(0.31</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>&nbsp;</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%"><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%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=center width="100%" bgColor=#993300 colSpan=7><FONT color=#ffffff>Six months ended September 30, 2011</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%" bgColor=#993300>&nbsp;</TD>

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

   <TD noWrap align=center width="10%" bgColor=#993300><FONT color=#ffffff>Ying Mining</FONT></TD>

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

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

   <TD noWrap align=left width="10%" bgColor=#993300>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%" bgColor=#993300>&nbsp;</TD>

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

   <TD noWrap align=center width="10%" bgColor=#993300><FONT color=#ffffff>District</FONT></TD>

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

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

   <TD noWrap align=center width="10%" bgColor=#993300><FONT color=#ffffff>Total</FONT></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">Cost of sales</TD>

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

   <TD noWrap align=right width="10%">27,365</TD>

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

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

   <TD noWrap align=right width="10%">27,365</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">By-product lead, zinc, and gold 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="10%">(38,574</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%">(38,574</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="72%">

   <P style="MARGIN-LEFT: 4%">Total adjusted cost of sales</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%">(11,209</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%">(11,209</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="72%">Divided by thousands of silver ounces sold</TD>

   <TD 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%">2,988</TD>

   <TD 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%">2,988</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%">Total production cost per ounce of silver</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%">(3.75</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="10%">(3.75</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">&nbsp;</TD>

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

   <TD noWrap align=right width="10%"></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 noWrap align=left width="72%">Total adjusted cost of sales</TD>

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

   <TD noWrap align=right width="10%">(11,209</TD>

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

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

   <TD noWrap align=right width="10%">(11,209</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">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%">(4,899</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%">(4,899</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="72%">

   <P style="MARGIN-LEFT: 4%">Total adjusted cash cost</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%">(16,108</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%">(16,108</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="72%">Divided by thousands of silver ounces sold</TD>

   <TD 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%">2,988</TD>

   <TD 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%">2,988</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%">Total cash cost per ounce of silver</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%">(5.39</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="10%">(5.39</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>

<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=center width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center 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>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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



<!--$$/page=--><A name="page_7"></A><BR>

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

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></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 and Six Months Ended September 30, 2012</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px 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 tables provide a reconciliation of cash and total production cost per ounce of gold (non-IFRS measures) for production results from the BYP mine for the three and six months ended September 30, 2012 and 2011, respectively:</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 style="BORDER-BOTTOM: #ffffff 1px solid" align=center width="100%" bgColor=#993300 colSpan=7><B><FONT color=#ffffff>BYP</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%" 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>Three months ended,</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>Six months ended,</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%" 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>September 30, 2012</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>September 30, 2012</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>Cost of sales</B></TD>

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

   <TD noWrap align=right width="10%"><B>932</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>2,736</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="72%"><B>By-product lead and zinc 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>-</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%"><B>-</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="72%">

   <P style="MARGIN-LEFT: 4%"><B>Total adjusted cost of sales</B></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>932</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%"><B>2,736</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="72%"><B>Divided by thousands of gold ounces sold</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>1.2</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%"><B>2.9</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%"><B>Total production cost per ounce of gold</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>769</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>932</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="72%"><B>&nbsp;</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%"><B></B></TD>

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>Total adjusted cost of sales</B></TD>

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

   <TD noWrap align=right width="10%"><B>932</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>2,736</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="72%"><B>Amortization and depletion</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>(494</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%"><B>(1,304</B></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%"><B>Total adjusted cash cost</B></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>438</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%"><B>1,432</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="72%"><B>Divided by thousands of gold ounces sold</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>1.2</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%"><B>2.9</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%"><B>Total cash cost per ounce of gold</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>361</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>488</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="72%"><B>&nbsp;</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%"><B></B></TD>

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" align=center width="100%" bgColor=#993300 colSpan=7><FONT color=#ffffff>BYP</FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%" bgColor=#993300>&nbsp;</TD>

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

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Three months ended,</FONT></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><FONT color=#ffffff>Six months ended,</FONT></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%" bgColor=#993300>&nbsp;</TD>

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

   <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>September 30, 2011</FONT></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><FONT color=#ffffff>September 30, 2011</FONT></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">Cost of sales</TD>

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

   <TD noWrap align=right width="10%">966</TD>

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

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

   <TD noWrap align=right width="10%">1,129</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">By-product lead and zinc 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="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=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Total adjusted cost of sales</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%">966</TD>

   <TD 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%">1,129</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="72%">Divided by thousands of gold ounces s old</TD>

   <TD 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%">1.6</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="10%">2.2</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%">Total production cost per ounce of gold</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%">599</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%">513</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">&nbsp;</TD>

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

   <TD noWrap align=right width="10%"></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 noWrap align=left width="72%">Total adjusted cost of sales</TD>

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

   <TD noWrap align=right width="10%">966</TD>

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

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

   <TD noWrap align=right width="10%">1,129</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">Amortiza tion 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%">(521</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%">(521</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="72%">

   <P style="MARGIN-LEFT: 4%">Total adjusted cash cost</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%">445</TD>

   <TD 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%">608</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="72%">Divided by thousands of gold ounces s old</TD>

   <TD 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%">1.6</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="10%">2.2</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%">Total cash cost per ounce of gold</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%">276</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%">276</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="33%"></TD>

   <TD width="33%"></TD>

   <TD width="33%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center 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%">

<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 noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>For the Three and Six Months Ended September 30, 2012</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="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>g)</TD>

   <TD noWrap align=left>Operation Review</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><I>The following table summarizes consolidated and each mining district&#8217;s operational information for the three months ended September 30, 2012:</I></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 style="BORDER-LEFT: #ffffff 1px solid; BORDER-BOTTOM: #ffffff 1px solid" noWrap align=center width="56%" bgColor=#993300 colSpan=12><B><FONT color=#ffffff>Three months ended September 30, 2012</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>Ying Mining<BR>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

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

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>X Mines</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300>&nbsp;</TD>

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

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center 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%"><B>Production Data</B></TD>

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>2,442</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>2,442</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>203,369</B></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=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>7,995</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"><B>*</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>26,641</B></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="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>238,005</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="44%">&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>205,811</B></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=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>7,995</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>26,641</B></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="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>240,447</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="44%"></TD>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>2,442</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>2,442</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>200,728</B></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=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>27,473</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>18,564</B></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="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>246,765</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="44%">&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>203,170</B></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=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>27,473</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>18,564</B></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="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>249,207</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="44%">

   <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="10%"><B>62.56</B></TD>

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

   <TD noWrap align=right width="10%"><B>61.24</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>62.41</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>53.27</B></TD>

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

   <TD noWrap align=right width="10%"><B>25.71</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>50.11</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>9.29</B></TD>

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

   <TD noWrap align=right width="10%"><B>35.54</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>12.30</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>3.73</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>3.30</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>13.84</B></TD>

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

   <TD noWrap align=right width="10%"><B>17.03</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>14.11</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>12.12</B></TD>

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

   <TD noWrap align=right width="10%"><B>15.50</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>12.40</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>1.72</B></TD>

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

   <TD noWrap align=right width="10%"><B>1.53</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>1.70</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P></TD>

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>8.21</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>8.21</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>366</B></TD>

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

   <TD noWrap align=right width="10%"><B>769</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>404</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>0.28</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>0.28</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>0.22</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>0.22</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>1.05</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>1.05</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>(0.74</B></TD>

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

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

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

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

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

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

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

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

   <TD noWrap align=right width="10%"><B>(0.74</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></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%"><B><B></B></B></TD>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Gold </B>($)</P></TD>

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

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

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

   <TD noWrap align=right width="10%"><B>769</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>769</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Gold </B>($)</P></TD>

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

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

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

   <TD noWrap align=right width="10%"><B>361</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>361</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>92.7</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>92.7</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></TD>

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

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

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

   <TD noWrap align=right width="10%"><B>94.1</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>94.1</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>94.3</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>94.3</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>69.6</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>69.6</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>224</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>224</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

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

   <TD noWrap align=right width="10%"><B>3.3</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>3.3</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>3.4</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>3.4</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>1.2</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>1.2</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%"><B>Sales Data</B></TD>

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounces)</I></P></TD>

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

   <TD noWrap align=right width="10%"><B>1,277</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>9</B></TD>

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

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

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

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

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

   <TD noWrap align=right width="10%"><B>1,286</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounces)</I></P></TD>

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

   <TD noWrap align=right width="10%"><B>1.3</B></TD>

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

   <TD noWrap align=right width="10%"><B>1.2</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>2.5</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pounds)</I></P></TD>

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

   <TD noWrap align=right width="10%"><B>13,403</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>494</B></TD>

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

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

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

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

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

   <TD noWrap align=right width="10%"><B>13,897</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pounds)</I></P></TD>

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

   <TD noWrap align=right width="10%"><B>3,412</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>111</B></TD>

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

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

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

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

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

   <TD noWrap align=right width="10%"><B>3,523</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B></B>&nbsp;</P></TD>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>29,561</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>29,561</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>1,275</B></TD>

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

   <TD noWrap align=right width="10%"><B>1,480</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>2,755</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>10,749</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>10,749</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>2,144</B></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=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><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=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>-</B></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="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2,144</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="44%">&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>43,729</B></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=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><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=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>1,480</B></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="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>45,209</B></TD>

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

<TR vAlign=bottom>

   <TD align=left width="44%">

   <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="10%">&nbsp;</TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>23.15</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>23.15</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>1,030</B></TD>

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

   <TD noWrap align=right width="10%"><B>1,220</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>1,111</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>0.80</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>0.80</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>0.63</B></TD>

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

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

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

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

   <TD noWrap align=right width="10%"><B>0.63</B></TD>

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

<P style="TEXT-ALIGN: justify"><SUP>1 </SUP>Ying Mining District includes mines: SGX (Ying), TLP, HPG&amp;LM.<BR><SUP>2 </SUP>X Mines includes the XBG project and XHP project.<BR>* Represents development tunnelling ore at XHP Project.</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=center width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center 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 7</B></TD></TR></TABLE></DIV>

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<A name="page_9"></A><BR>

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<TR>

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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 and Six Months Ended September 30, 2012</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"><I>The following table summarizes consolidated and each mining district&#8217;s operational information for the three months ended September 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="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 style="BORDER-LEFT: #ffffff 1px solid; BORDER-BOTTOM: #ffffff 1px solid" noWrap align=center width="56%" bgColor=#993300 colSpan=12><B><FONT color=#ffffff>Three months ended September 30, 2011</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>Ying Mining<BR>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300>&nbsp;</TD>

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

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>X Mines</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%"><B>Production Data</B></TD>

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

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

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

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>

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

   <TD noWrap align=right width="10%">2,579</TD>

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

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

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

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

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

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

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

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

   <TD noWrap align=right width="10%">2,579</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">179,963</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=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%">24,754</TD>

   <TD 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%">204,717</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">&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%">182,542</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=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%">24,754</TD>

   <TD 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%">207,296</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

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

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>

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

   <TD noWrap align=right width="10%">2,579</TD>

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

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

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

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

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

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

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

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

   <TD noWrap align=right width="10%">2,579</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">177,585</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=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%">19,813</TD>

   <TD 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%">197,398</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">&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%">180,164</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=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%">19,813</TD>

   <TD 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%">199,977</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P></TD>

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

   <TD noWrap align=right width="10%">57.23</TD>

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

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

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

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

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

   <TD noWrap align=right width="10%">44.11</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">55.66</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">45.74</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">16.95</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">42.30</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">11.49</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">27.16</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">13.36</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right 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 noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Unit shipping costs($)</B></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">3.78</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">3.33</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right 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 noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">15.03</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">12.53</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">14.78</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">13.48</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">11.87</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">13.32</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1.54</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">0.66</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1.45</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right 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 noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">7.09</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">7.09</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">270</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">599</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">305</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.20</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.20</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.15</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.15</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right 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 noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">(2.74</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">(2.74</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">(4.55</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">(4.55</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Gold </B>($)</P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">599</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">599</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Gold </B>($)</P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">276</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">276</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right 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 noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">92.1</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">92.1</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">89.1</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">89.1</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">94.7</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">94.7</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>( </I></B><I>%)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">75.1</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">75.1</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">271</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">271</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">3.3</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">3.3</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">4.6</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">4.6</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1.2</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1.2</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right 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 noWrap align=left width="44%"><B>Sales Data</B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounces)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1,396</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1,396</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounces)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.9</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">1.6</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">2.5</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pounds)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">16,520</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">16,520</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pounds)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">3,236</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">3,236</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">42,535</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">42,535</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right 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%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">2,220</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">3,301</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">14,145</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">14,145</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">2,074</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=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>

   <TD 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%">2,074</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">&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%">59,835</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=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%">2,220</TD>

   <TD 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%">62,055</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="44%">

   <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="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">30.48</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">30.48</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1,198</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">1,376</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1,313</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.86</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.86</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.64</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.64</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>1 </SUP>Ying Mining District includes mines: SGX (Ying), TLP, HPG&amp;LM.<BR><SUP>2 </SUP>X Mines includes the XBG project and XHP project.</P>

<DIV align=left>

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   <TD width="33%"></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center 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 8</B></TD></TR></TABLE></DIV>

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<A name="page_10"></A><BR>

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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 and Six Months Ended September 30, 2012</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px 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>

<P style="TEXT-ALIGN: justify"><I>The following table summarizes consolidated and each mining district&#8217;s operational information for the six months ended September 30, 2012:</I></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 style="BORDER-LEFT: #ffffff 1px solid; BORDER-BOTTOM: #ffffff 1px solid" noWrap align=center width="56%" bgColor=#993300 colSpan=12><B><FONT color=#ffffff>Six months ended September 30, 2012</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>Ying Mining<BR>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=center width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>X Mines</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=center width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD noWrap align=center width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%"><B>Production Data</B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>4,693</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>4,693</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>382,136</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>10,377</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"><B>*</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>54,201</B></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="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>446,714</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="44%">&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>386,829</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>10,377</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>54,201</B></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="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>451,407</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="44%">

   <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="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>4,693</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>4,693</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>384,932</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>31,084</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>45,163</B></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="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>461,179</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="44%">&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>389,625</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>31,084</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>45,163</B></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="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>465,872</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="44%">

   <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="10%"><B>65.58</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>54.38</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>64.20</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>54.30</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>23.30</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>50.49</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>11.28</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>31.08</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>13.71</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></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=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=right width="2%"><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></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>3.79</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>3.32</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></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=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=right width="2%"><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></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>14.90</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>15.61</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>14.97</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>13.10</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>14.36</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>13.23</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>1.79</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>1.25</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>1.74</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></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=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=right width="2%"><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></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>8.77</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>8.77</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>434</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>932</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>469</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>0.31</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>0.31</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>0.24</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>0.24</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></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=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=right width="2%"><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></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>1.75</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>1.75</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>(0.31</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="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>(0.31</B></TD>

   <TD noWrap align=left width="2%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></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%"><B></B></TD>

   <TD noWrap align=left width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=left width="2%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Gold </B>($)</P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>932</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>932</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Gold </B>($)</P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>488</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>488</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=right width="2%"><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></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>92.2</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>92.2</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></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%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>91.7</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>91.7</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>94.1</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>94.1</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>66.5</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>66.5</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></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=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=right width="2%"><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></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>226</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>226</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(gram/tonne)</I></P></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%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>2.8</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>2.8</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>3.5</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>3.5</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>1.2</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>1.2</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%"><B>&nbsp;</B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%"><B>Sales Data</B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounces)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>2,500</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>10</B></TD>

   <TD noWrap align=center width="2%"><B>*</B></TD>

   <TD noWrap align=center width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>2,510</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounces)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>2.1</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>0.1</B></TD>

   <TD noWrap align=center width="2%"><B>*</B></TD>

   <TD noWrap align=center width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>2.9</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>5.1</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pounds)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>27,116</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>525</B></TD>

   <TD noWrap align=center width="2%"><B>*</B></TD>

   <TD noWrap align=center width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>27,641</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pounds)</I></P></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>6,386</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>111</B></TD>

   <TD noWrap align=center width="2%"><B>*</B></TD>

   <TD noWrap align=center width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>6,497</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B></B>&nbsp;</P></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=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=center width="2%"><B></B></TD>

   <TD noWrap align=center width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B></B></TD>

   <TD noWrap align=right width="2%"><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></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>57,690</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>57,690</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>2,362</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>3,732</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>6,094</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>21,932</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>21,932</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>4,042</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>-</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>-</B></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="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>4,042</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="44%">&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>86,026</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>-</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>3,732</B></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="2%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>89,758</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="44%">

   <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="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>23.07</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>23.07</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>1,142</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>1,271</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>1,187</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>0.81</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>0.81</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%"><B>0.63</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></TD>

   <TD noWrap align=right width="10%"><B>0.63</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>1 </SUP>Ying Mining District includes mines: SGX (Ying), TLP, HPG&amp;LM.<BR><SUP>2 </SUP>X Mines includes the XBG project and XHP project.<BR>* Represents development tunnelling ore at XHP Project.</P>

<DIV align=right>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center width="33%"><B>&nbsp;</B></TD>

   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center 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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<A name="page_11"></A><BR>

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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 and Six Months Ended September 30, 2012</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"><I>The following table summarizes consolidated and each mining district&#8217;s operational information for the six months ended September 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="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 style="BORDER-LEFT: #ffffff 1px solid; BORDER-BOTTOM: #ffffff 1px solid" noWrap align=center width="56%" bgColor=#993300 colSpan=12><B><FONT color=#ffffff>Six months ended September 30, 2011</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>Ying Mining<BR>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=center width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>X Mines</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 1px solid" noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>

   <TD noWrap align=center width="10%" bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD noWrap align=center width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%"><B>Production Data</B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B>Mine Data</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">5,686</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">5,686</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">347,061</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>

   <TD 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%">33,667</TD>

   <TD 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%">380,728</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">&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%">352,747</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>

   <TD 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%">33,667</TD>

   <TD 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%">386,414</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">5,687</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">5,687</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">349,404</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>

   <TD 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%">27,777</TD>

   <TD 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%">377,181</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">&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%">355,091</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>

   <TD 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%">27,777</TD>

   <TD 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%">382,868</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">58.57</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">32.71</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">56.32</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">47.15</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">12.46</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">44.13</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">11.42</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">20.25</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">12.19</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right 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 noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Unit shipping costs($)</B></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">3.80</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">3.47</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right 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 noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">14.33</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">15.05</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">14.38</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">12.78</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">14.35</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">12.89</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1.55</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.70</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1.49</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right 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 noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Average Production Cost</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">6.53</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">6.53</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">257</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">513</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">268</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.19</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.19</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.13</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.13</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right 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 noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Silver </B>($)</P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">(3.75</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">(3.75</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Silver </B>($)</P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">(5.39</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">(5.39</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right width="2%"></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=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Total production cost per ounce of Gold </B>($)</P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">513</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">513</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Total cash cost per ounce of Gold </B>($)</P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">276</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">276</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right 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 noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">91.7</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">91.7</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Gold </B><I>(%)</I></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">86.7</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">86.7</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">94.7</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">94.7</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><B><I>( </I></B><I>%)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">73.9</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">73.9</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right 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 noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(gram/tonne)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">287</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">287</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">2.9</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">2.9</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Lead </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">5.0</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">5.0</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Zinc </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1.4</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1.4</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right 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 noWrap align=left width="44%"><B>Sales Data</B></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of ounces)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">2,988</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">2,988</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of ounces)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1.7</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">2.2</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">3.9</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of pounds)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">37,142</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">37,142</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>(in thousands of pounds)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">7,339</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">7,339</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B>&nbsp;</B></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=right 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 noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B>Metal Sales</B></P></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">90,291</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">90,291</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1,923</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">2,909</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">4,832</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>(in thousands of $)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">32,081</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">32,081</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <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="10%">4,570</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>

   <TD 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>

   <TD 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%">4,570</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">&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%">128,865</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>

   <TD 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%">2,909</TD>

   <TD 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%">131,774</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="44%">

   <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="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Silver </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">30.22</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">30.22</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Gold </B><I>($ per ounce)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1,130</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1,321</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">1,237</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Lead </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.86</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">0.86</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Zinc </B><I>($ per pound)</I></P></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.62</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="10%">0.62</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify"><SUP>1 </SUP>Ying Mining District includes mines: SGX (Ying), TLP, HPG&amp;LM.<BR><SUP>2 </SUP>X Mines includes the XBG project and XHP project.</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=center 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 10</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 and Six Months Ended September 30, 2012</B></TD></TR>

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   <TD noWrap align=left width="4%"><I>(i)</I></TD>

   <TD noWrap align=left width="92%"><I>Ying Mining District</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Ying Mining District consists of four mines; SGX (Ying), HPG, TLP and LM and is the Company&#8217;s primary source of production.</P>

<P style="TEXT-ALIGN: justify">In Q2 2013, the total ore mined at the Ying Mining District was 205,811 tonnes, of which 2,442 tonnes was direct smelting ore, an increase of 13% compared to total ore production of 182,542 tonnes in Q2 2012. For the six months ended September 30, 2012, the total ore mined at the Ying Mining District was 386,829 tonnes, an increase of 10% compared to total ore production of 352,747 in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">In Q2 2013, head grades at the Ying Mining District were 224 g/t for silver, 3.4% for lead, and 1.2% for zinc, compared to 271 g/t for silver, 4.6% for lead and 1.2% for zinc, respectively, in Q2 2012. For the six months ended September 30, 2012, head grades were 226 g/t for silver, 3.5% for lead, and 1.2% for zinc, compared to 287 g/t for silver, 5.0% for lead and 1.4% for zinc, respectively, in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">Compared to Q2 2012, production from HPG, TLP, and LM satellite mines in this quarter increased by 10% and represent 43% of total production at the Ying Mining District compared to 33% in the prior year. The reduction in production from the SGX mine is also a result of mechanical problems with one of the shafts which impacted production for 20 days during the quarter. This shaft is fully operational again but as a result of this issue, the Ying Mining District realized lower overall grades in this quarter.</P>

<P style="TEXT-ALIGN: justify">In Q2 2013, the Ying Mining District produced 1.3 million ounces of silver, 1,238 ounces of gold, 13.4 million pounds of lead and 3.4 million pounds of zinc, compared to metal production in Q2 2012 of 1.4 million ounces of silver, 903 ounces of gold, 16.5 million pounds of lead and 3.2 million pounds of zinc.</P>

<P style="TEXT-ALIGN: justify">Compared with metal production in first quarter of Fiscal 2013, there has been a 9% increase in silver production attributable to a 9% increase in ore processed. For the six months ended September 30, 2012, the Ying Mining District produced 2.5 million ounces of silver, 2,067 ounces of gold, 27.1 million pounds of lead and 6.4 million pounds of zinc, compared to metal production of 3.0 million ounces of silver, 1,703 ounces of gold, 37.1 million pounds of lead and 7.3 million pounds of zinc in the same prior year period. As at September 30, 2012, inventory of 480 tonnes of direct smelting ore and 100 tonnes of lead concentrate remains on hand at the Ying Mining District, which is approximately 55,000 ounces of silver produced but not sold.</P>

<P style="TEXT-ALIGN: justify">In Q2 2013, total and cash mining costs per tonne were $62.56 and $53.27 compared to $57.23 and $45.74, respectively, in Q2 2012. For the six months ended September 30, 2012, total and cash mining costs per tonne were $65.58 and $54.30 compared to $58.57 and $47.15, respectively, compared to the same prior year period. The increase in cash mining costs was mainly due to the following: (i) an increase in labour costs for both the Company&#8217;s employees as well as those of its mining contractors of approximately $3.80 per tonne, and (ii) an increase in mining administration and preparation costs of $2.00 per tonne (iii) the impact of US dollar depreciation versus the Chinese RMB of approximately $1.00 per tonne. However, compared to the first quarter of Fiscal 2013, total and cash mining costs decreased by 9% and 4%, respectively.</P>

<P style="TEXT-ALIGN: justify">In Q2 2013, total ore milled was 203,170 tonnes, an increase of 13% compared to 180,164 tonnes in Q2 2012. For the six months ended September 30, 2012, total ore milled was 389,625, an increase of 10% compared to 355,091 tonnes in the same prior year period. In Q2 2013, cash milling costs were $12.12 compared to $13.48 in Q2 2012 attributable to the increased tonnage milled. For the six months ended September 30, 2012, cash milling costs were $13.10 compared to $12.78 in the same prior year period.</P>

<P style="TEXT-ALIGN: justify">Including by-product credits, in Q2 2013, total cost and cash cost per ounce of silver were $1.05 and negative $0.74 compared to negative $2.74 and negative $4.55, respectively, in Q2 2012. For the six months ended September 30, 2012, total cost and cash cost per ounce of silver were $1.75 and negative $0.31 compared to negative $3.75 and negative $5.39, respectively, in the same prior year</P>

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   <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page 11</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 and Six Months Ended September 30, 2012</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">period. The increase was a result of higher production costs and a decrease in by-product metal credits compared to prior year.</P>

<P style="TEXT-ALIGN: justify">Comparing to the first quarter Fiscal 2013, the total cost and cash cost per ounce of silver in this quarter decreased $1.44 and $0.90 from $2.47 and $0.16, respectively. The improvement is attributable to lower overall production cost compared to the prior quarter.</P>

<P style="TEXT-ALIGN: justify"><I>Exploration and Development</I></P>

<P style="TEXT-ALIGN: justify">In Q2 2013, exploration and development expenditure for the Ying Mining District was $9.4 million compared to $6.8 million in Q2 2012. For the six months ended September 30, 2012, exploration and development expenditure for the Ying Mining District was $19.0 million compared to $12.3 million in the same period for the prior year.</P>

<P style="TEXT-ALIGN: justify"><I>SGX (Ying) Mine - Exploration and Development</I></P>

<P style="TEXT-ALIGN: justify">As at the end of Q2 2013, the Company had completed a total of 1,407 metres (&#8220;m&#8221;) of development work for a 5,200m ramp at the SGX mine, making construction of the ramp now 27% complete. The ramp is designed to follow the main S7-1 vein from the 450m elevation to the 150m elevation and then bottom at the zero metre elevation, where it will be connected to three existing vertical blind shafts. Silvercorp expects to complete construction of the ramp in calendar 2015 but as construction progresses the ramp is expected to increase production capacity at the SGX mine with effect from the second quarter of Fiscal 2014.</P>

<P style="TEXT-ALIGN: justify">In Q2 2013, the Company also developed 7,300m of horizontal tunnels and completed 15,000m of underground drilling at the SGX mine.</P>

<P style="TEXT-ALIGN: justify">To support the ongoing expansion work at SGX, the Company has also commenced construction of a new 5,000m<SUP>2 </SUP>facility which will include offices and dormitories.</P>

<P style="TEXT-ALIGN: justify"><I>LM Mine and LM Mine West - Exploration and Development</I></P>

<P style="TEXT-ALIGN: justify">During the second quarter of Fiscal 2013 tunnel development on five mining levels at the LM mine continued and two new stopes along the 750m elevation commenced production which contributed to the increase in ore mined during the quarter.</P>

<P style="TEXT-ALIGN: justify">At LM Mine West (&#8220;LM West&#8221;), the construction of Shaft 969 was completed during the quarter and preparation for tunnel development work is underway. It is expected that Shaft 969 will become operational during the third quarter of Fiscal 2013 and will start to produce ore during the third quarter of Fiscal 2014.</P>

<P style="TEXT-ALIGN: justify">In addition, the Company completed a total of 1,084m of the development work of a 4,800m access ramp at LM West in Q2 2013. The access ramp has already been connected to existing tunnels at LM West and this has vastly improved the tunnels&#8217; ventilation and hauling capacity. It is expected that this new access ramp will contribute to an increase in production by first quarter of Fiscal 2014.</P>

<P style="TEXT-ALIGN: justify">Once Shaft 969, the access ramp and all the mining levels are completed down to the 500m elevation at LM West in Fiscal 2015, the combined production capacity of the two mines is expected to be 300,000 tonnes of ore per year. In order to support the expected growth in operations at the LM Mine and LM West, the Company has commenced construction of a 3,000m<SUP>2 </SUP>facility which will include offices and a dormitory.</P>

<P style="TEXT-ALIGN: justify">In Q2 2013, the Company also developed 5,000m of decline and horizontal tunnels and completed 12,500m of underground drilling at the LM Mine and LM West.</P>

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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 and Six Months Ended September 30, 2012</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>TLP Mine - Exploration and Development</I></P>

<P style="TEXT-ALIGN: justify">In Q2 2013, the Company continued to ramp up production at the TLP mine while developing over 6,400m of horizontal tunnels for mining and underground drilling purpose. The Company also completed 9,700m of underground drilling during the quarter.</P>

<P style="TEXT-ALIGN: justify"><I>HPG Mine - Exploration and Development</I></P>

<P style="TEXT-ALIGN: justify">In Q2 2013, the Company began construction of a 400m shaft in the HPG mine to support a future increase in ore production. The Company also developed over 3,200m of decline and horizontal tunnels and completed 4,300m of underground drilling.</P>

<P style="TEXT-ALIGN: justify"><I>Adoption of New Mining Method</I></P>

<P style="TEXT-ALIGN: justify">At the Ying Mining District, the mining method has been comprised of 40% short-hole shrinkage and 60% resuing, with cut-off grades (before mining dilution) of 300 g/t silver-equivalent (&#8220;AgEq&#8221;) at the SGX (Ying) mine, and 150 g/t AgEq at the HPG, LM and TLP mines. The resuing method is more selective and is used to mine narrow veins under 0.7m, while the shrinkage method is used to mine wider stopes ranging from 0.8m to 3m.</P>

<P style="TEXT-ALIGN: justify">With effect from October 2012, and following a reduction in the cut-off grades for the Ying Mining District Resource as per the 2012 NI 43-101 Technical Report prepared by AMC Consultants, the Company has started to gradually increase the use of the shrinkage method for mining. As such the mining width has been increased and the cut-off grades have been lowered to 150 g/t AgEq at the SGX (Ying) mine, and 110 g/t AgEq at HPG, LM and TLP mines.</P>

<P style="TEXT-ALIGN: justify">The implementation of the new mining method will take place over the next 12 months and the Company expects to gradually increase the use of the shrinkage method at the Ying Mining District from 40% to 80% and reduce the use of the resuing method from 60% to 20%.</P>

<P style="TEXT-ALIGN: justify">The expected benefits of the change in mining method are:</P>
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    <TD vAlign=top noWrap width="4%">&nbsp;</TD>
    <TD vAlign=top noWrap width="4%">-</TD>
    <TD width="92%"><P align=justify>Lower cash mining cost per tonne - the short-hole shrinkage method have a cash mining cost of $32 per tonne compared to $75 per tonne for the resuing method.</P></TD>
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    <TD>&nbsp;</TD>
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    <TD vAlign=top noWrap width="4%">&nbsp;</TD>
    <TD vAlign=top noWrap width="4%">- </TD>
    <TD width="92%"><P align=justify>Less development work required - due to the increase in mining stope width, less mine tunnel development work will be required to produce the same amount of ore.</P></TD>
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    <TD>&nbsp;</TD>
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    <TD vAlign=top noWrap width="4%">-</TD>
    <TD width="92%"><P align=justify>Higher tonnage produced - as less tunnelling is required, this is expected to have a positive effect on hauling capacity and therefore allow for an increase in production.</P></TD>
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    <TD>&nbsp;</TD>
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    <TD vAlign=top noWrap>-</TD>
    <TD width="92%"><P align=justify>Increase in operational efficiency - reducing the number of stopes required to produce the same amount of ore will result in a more focused and efficient mining operation.</P></TD>
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<P style="TEXT-ALIGN: justify">It should be noted that the impact to overall head grades for the Ying Mining District following the adoption of the new mining method is currently unknown.</P>

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<P style="TEXT-ALIGN: justify">The Company continued to progress the development of the GC project.</P>

<P style="TEXT-ALIGN: justify">As of September 30, 2012, 376m of the construction of the 618m main shaft was complete. The shaft is expected to reach its designed elevation of -370m in the first quarter of Fiscal 2015. The main access ramp is now 65% complete with a cumulative total of 1,447m of the 2,210m ramp having been developed as at the end of the quarter. In addition to the main access ramp, the Company has also been developing a 4,600m exploration ramp which will provide access to all known veins within a horizontal distance of 250m. As of September 30, 2012, 804m of the exploration ramp was completed.</P>

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        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="99%"><B>(Expressed</B><B> </B><B>in</B><B> </B><B>thousands</B><B> </B><B>of</B><B> </B><B>U.S.</B><B> </B><B>dollars,</B><B> </B><B>unless</B><B> </B><B>otherwise</B><B> </B><B>stated)</B><B> </B>&nbsp;</TD>
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  <P style="TEXT-ALIGN: justify">As at the end of this quarter, all major equipment for the 1,600 t/d floatation mill, including the jaw crusher, cone crusher, ball mills and flotation cells, has been installed and is currently undergoing testing in anticipation of the commencement of production.  Remaining work includes secondary concrete casting and installation of auxiliary power equipment.  It is expected that the mill will be operational in third quarter of Fiscal 2013. </P>
  <P style="TEXT-ALIGN: justify">The construction of a 5.8 kilometre long, 110KV power line and a substation began in late July 2012.  As of Q2 2013, the foundation work for 8 of the 13 power lines along with the substation&#8217;s building framework has been completed.  The power line and substation are expected to be operational by the end of third quarter of Fiscal 2013. </P>
  <P style="TEXT-ALIGN: justify">As of Q2  2013, the Company successfully completed and passed a health and safety review of engineering designs for the tailings storage facilities as reported in the previous quarter. Accordingly, the construction of the dry stacking tailings storage facility has resumed and is expected to be complete by the end of the third quarter of Fiscal 2013.</P>
  <P style="TEXT-ALIGN: justify">The construction of a lab, administrative offices and dormitory facilities were completed as of Q2 2013. </P>
  <P style="TEXT-ALIGN: justify">Assuming a positive final approval to commence operations at GC from the local authorities, the Company continues to expect to be able to commence initial production at GC in early 2013, processing ore stockpiles and maintains its production guidance of 170,000 ounces of silver and 2.7 million pounds of lead and zinc for Fiscal 2013. </P>
  <P style="TEXT-ALIGN: justify">In Q2 2013, the Company completed 7,500m of diamond drilling using five underground drill rigs currently on site at the GC project.  During the quarter, exploration, mine development, mill and facility construction expenditures at the GC project were $7.3 million, with development expenditure of the project now totalling $40 million as of the end this quarter. </P>
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  <P style="TEXT-ALIGN: justify">In Q2 2013, the total ore mined was 26,641 tonnes compared to 24,754 tonnes in Q2 2012.  For the six months ended September 30, 2012, the total ore mined was 54,201 tonnes compared to 33,667 tonnes in the same prior year period.  In Q2 2013 and for the six months ended September 30, 2012, the Company sold 1,212 ounces of gold and 2,937 ounces of gold, respectively, compared to 1,613 ounces of gold and 2,202 ounces of gold in the same prior year periods.  Cash cost per ounce of gold was $361 and $488 in Q2 2013 and for the six months ended September 30, 2012 compared to $276 and $276, respectively, in the same prior year periods. </P>
  <P style="TEXT-ALIGN: justify">In Q2 2013, the Company released an update to the BYP mine NI 43-101 technical report, with indicated resources of 292,000 ounces of gold, 187 million pounds of lead and 408 million pounds of zinc. </P>
  <P style="TEXT-ALIGN: justify">As of Q2 2013, the Company had completed the excavation work for a 265m deep shaft that will facilitate the mining of the #3 gold mineralization body and the #5 zinc and lead ore body.  The installation of shaft equipment and construction of the head frame is currently underway.  In addition, the construction of a 1,500 t/d tailing-backfill facility is well underway and is expected to be completed in fourth quarter Fiscal 2013. </P>
  <P style="TEXT-ALIGN: justify">In Q2 2013, exploration and development expenditures at the BYP mine were $1.3 million compared to $1.0 million in Q2 2012.  For the six months ended September 30, 2012, exploration and development expenditures at the BYP mine were $2.6 million compared to $1.9 million in the same prior year period. </P>
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      <TD vAlign=top noWrap width="4%"><I>(iv)</I></TD>
      <TD width="92%"><P align=justify><I>X Mines</I></P></TD>
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  <P style="TEXT-ALIGN: justify">At the XHP and XBG projects, construction of a 286m incline shaft and a 225m incline shaft, respectively, are  underway  with  completion  expected  in  the  first  quarter  of  Fiscal  2014.   During  the  quarter, approximately 1,400m of tunneling and 6,300m of diamond drilling were also completed at the X mines The X mines will continue to focus on the executions of an exploration program that will include surface</P>
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      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>(Expressed</B><B> </B><B>in</B><B> </B><B>thousands</B><B> </B><B>of</B><B> </B><B>U.S.</B><B> </B><B>dollars,</B><B> </B><B>unless</B><B> </B><B>otherwise</B><B> </B><B>stated)</B><B>&nbsp;</B></TD>
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  <P style="TEXT-ALIGN: justify">and underground mapping and systematic sampling, surface and underground diamond drilling, with the intention of defining a NI 43-101 compliant mineral resource.  Exploration and mine development at the X mines will be partially supported from cash flows generated from limited tunneling ore and existing ore stockpiles. </P>
  <P style="TEXT-ALIGN: justify">In Q2 2013, exploration and development expenditures at the X Mines was $2.2 million.  For the six months ended September 30, 2012, exploration and development expenditures at the X Mines were $3.9 million.  In the same prior year periods, no such expenditures were incurred. </P>
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      <TD vAlign=top noWrap width="4%"><I>(v)</I></TD>
      <TD width="92%"><P align=justify><I>RZY Project</I></P></TD>
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  <P style="TEXT-ALIGN: justify">The RZY exploration permit is currently owned by the Qinghai Geological Survey Bureau, the non-controlling interest holder of Qinghai Found Mining Co. (&#8220;Qinghai Found&#8221;), an 82% owned-subsidiary of the Company.  Pursuant to the joint-exploration agreement, Qinghai Found currently owns 67% of the mineral interest in the RZY project, and can acquire up to 82% interest by providing exploration funding of $4.8 million.  Upon the completion of exploration funding, the exploration permit will be transferred to  Qinghai  Found.   The  Company  expects  to  fund  up  to  $32  million  in  exploration  and  capital expenditures for the RZY project. </P>
  <P style="TEXT-ALIGN: justify">In Q2 2013, the Company commenced its first diamond drilling program at the RZY project.  In Q2 2013, the Company incurred $0.8 million of exploration expenditure at the RZY project with five diamond drill holes and 833m of drilling completed. </P>
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      <TD vAlign=top noWrap width="4%"><I>(vi)</I></TD>
      <TD width="92%"><P align=justify><I>Silvertip Project</I></P></TD>
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  <P style="TEXT-ALIGN: justify">The Silvertip Project is located in British Columbia, Canada.  In Q1 2013, the Company released an update to the Silvertip NI 43-101 technical report, with indicated resources of 25 million ounces of silver. </P>
  <P style="TEXT-ALIGN: justify">The Company is in the process of preparing a Small Mine Permit application to be submitted to the British Columbia Ministry of Energy and Mines.  A Small Mine Permit will allow a 75,000 tonnes per year mining operation. </P>
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        <TD noWrap align=left><B>For the Three and Six Months Ended September 30, 2012</B></TD>
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        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>(Expressed</B><B> </B><B>in</B><B> </B><B>thousands</B><B> </B><B>of</B><B> </B><B>U.S.</B><B> </B><B>dollars,</B><B> </B><B>unless</B><B> </B><B>otherwise</B><B> </B><B>stated)</B><B>&nbsp;</B></TD>
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        <TD noWrap align=left><B>Second</B><B> </B><B>Quarter</B><B> </B><B>Fiscal</B><B> </B><B>2013</B><B> </B><B>Financial</B><B> </B><B>Results</B><B>&nbsp;</B></TD>
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  <P style="TEXT-ALIGN: justify">The tables below set out selected quarterly results for the past eight quarters: </P>
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        <TD width="2%"></TD>
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        <TD noWrap align=right width="2%" bgColor=#9a3300><B><FONT color=#ffffff> </FONT></B></TD>
        <TD noWrap align=right width="10%" bgColor=#9a3300><B><FONT color=#ffffff>Sept 30,<B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>2012</FONT></B></FONT></B></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300><B><FONT color=#ffffff></FONT></B></TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><FONT color=#ffffff> </FONT></TD>
        <TD noWrap align=right width="10%" bgColor=#9a3300><FONT color=#ffffff>Jun 30,<FONT color=#ffffff> </FONT><FONT color=#ffffff>2012</FONT></FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300><FONT color=#ffffff></FONT></TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><FONT color=#ffffff> </FONT></TD>
        <TD noWrap align=right width="10%" bgColor=#9a3300><FONT color=#ffffff>Mar 31,<FONT color=#ffffff> </FONT><FONT color=#ffffff>2012</FONT><FONT color=#ffffff> </FONT></FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300><FONT color=#ffffff></FONT></TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><FONT color=#ffffff> </FONT></TD>
        <TD noWrap align=right width="10%" bgColor=#9a3300><FONT color=#ffffff>Dec 31,<FONT color=#ffffff> </FONT><FONT color=#ffffff>2011</FONT></FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300><FONT color=#ffffff></FONT></TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="44%">Sales </TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>$</B><B> </B><B>45,209</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">$       44,549 </TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">$       44,312 </TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">$       61,876 </TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="44%">Gross profit </TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>28,763</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">25,555</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">29,983</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">43,550</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="44%">Expenses and foreign exchange </TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(9,062)<B> </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="10%">(7,841)</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(9,458)</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(8,534)</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="44%">Other items </TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>1,079</B></TD>
        <TD noWrap align=left width="2%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(229)</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,188</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,641</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD 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>9,500</B></TD>
        <TD noWrap align=left width="2%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">6,114</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">9,700</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">20,025</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="44%">Basic earnings per share </TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>0.06</B></TD>
        <TD noWrap align=left width="2%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.04</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>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.12</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="44%">Diluted earnings per share </TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>0.06</B></TD>
        <TD noWrap align=left width="2%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.04</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>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.12</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="44%">Cash dividend declared </TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>4,255</B></TD>
        <TD noWrap align=left width="2%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">4,224</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">4,271</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">4,194</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD 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>0.025</B></TD>
        <TD noWrap align=left width="2%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.025</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.025</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.025</TD>
        <TD 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="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=#9a3300><FONT color=#ffffff> </FONT></TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><FONT><FONT color=#ffffff></FONT></FONT></TD>
        <TD noWrap align=right width="10%" bgColor=#9a3300><FONT color=#ffffff>Sept 30, 2011</FONT></FONT>&nbsp;</TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300><FONT color=#ffffff></FONT></TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><FONT color=#ffffff> </FONT></TD>
        <TD noWrap align=right width="10%" bgColor=#9a3300><FONT color=#ffffff>Jun 30,<FONT color=#ffffff> </FONT>2011</FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300><FONT color=#ffffff></FONT></TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><FONT color=#ffffff> </FONT></TD>
        <TD noWrap align=right width="10%" bgColor=#9a3300><FONT color=#ffffff>Mar 31,<FONT color=#ffffff> </FONT><FONT color=#ffffff>2011</FONT></FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300><FONT color=#ffffff> </FONT></TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><FONT color=#ffffff> </FONT></TD>
        <TD noWrap align=right width="10%" bgColor=#9a3300><FONT color=#ffffff>Dec 31,<FONT color=#ffffff> </FONT><FONT color=#ffffff>2010</FONT></FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300><FONT color=#ffffff></FONT></TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="44%">Sales </TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">$       62,055 </TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">$      69,719 </TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">$      42,422 </TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">$        51,838 </TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="44%">Gross profit </TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">47,620</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">55,660</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=left 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>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="44%">Expenses and foreign exchange </TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(8,420)</TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(8,399)</TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(8,725)</TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(5,592)</TD>
        <TD noWrap align=left width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="44%">Other items </TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">488</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">443</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">392</TD>
        <TD noWrap align=left 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>
      </TR>
      <TR vAlign=bottom>
        <TD 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%">18,471</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">25,642</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=left 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>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="44%">Basic earnings per share </TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.11</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.15</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=left 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>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="44%">Diluted earnings per share </TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.11</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.15</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=left 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>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="44%">Cash dividend declared </TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,500</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,619</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=left 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>
      </TR>
      <TR vAlign=bottom>
        <TD 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=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>
        <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 align=left width="44%">&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>
        <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>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">Financial results including sales, gross profit, net income, basic earnings per share, and diluted earnings per share are heavily influenced by changes in commodity prices, particularly, the silver price. </P>
  <P style="TEXT-ALIGN: justify"><B>Net</B><B> </B><B>income</B><B> </B><B>attributable</B><B> </B><B>to</B><B> </B><B>the</B><B> </B><B>shareholders</B><B> </B><B>of</B><B> </B><B>the</B><B> </B><B>Company</B> in Q2 2013 was $9.5 million, or $0.06 per share compared to net income of $18.5 million, or $0.11 per share, in Q2 2012.  Compared to first quarter of Fiscal 2013, net income has increased $3.4 million or 55%.  For the six months ended September 30, 2012, net income was $15.6 million or $0.09 per share compared to net income of $44.1 million or $0.25 per share, in the same prior year period.  The decrease compared to prior year was primarily due to lower sales and higher production costs as well as fluctuations in foreign currency. </P>
  <P style="TEXT-ALIGN: justify"><B>Sales</B><B> </B>in Q2 2013 were $45.2 million compared to $62.1 million in Q2 2012.  For the six months ended September 30, 2012, sales were $89.8 million compared to $131.8 million in the same prior year period.  The decrease was due to lower silver price and lower metal production.  The price per ounce of silver in Q2 2013 and the six months ended September 30, 2012 were both 24% lower compared to the same prior year periods. </P>
  <P style="TEXT-ALIGN: justify">The net realized selling price is calculated using Shanghai Metal Exchange (&#8220;SME&#8221;) prices, less smelter charges and recovery, and a value added tax (&#8220;VAT&#8221;) at a rate of 17% (note that VAT is not applied to gold sales).  The following table is a reconciliation of the Company&#8217;s net realized selling prices in Q2 2013, including a comparison with London Metal Exchange (&#8220;LME&#8221;) prices: </P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
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        <TD width="99%" colSpan=3></TD>
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        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left width="33%">&nbsp;</TD>
        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><STRONG>Management&#8217;s Discussion and Analysis</STRONG>&nbsp;</TD>
        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><STRONG>Page 16</STRONG></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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<BR>
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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>
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        <TD width="85%"></TD>
        <TD width="14%"></TD>
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      <TR vAlign=bottom>
        <TD noWrap align=left width="85%"><B>SILVERCORP</B><B> </B><B>METALS</B><B> </B><B>INC.</B><B> </B><B> </B></TD>
        <TD noWrap align=left width="14%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="85%"><B>Management&#8217;s</B><B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B>&nbsp;</B></TD>
        <TD noWrap align=left width="14%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%" colSpan=2><B>For</B><B> </B><B>the</B><B> </B><B>Three</B><B> </B><B>and</B><B> </B><B>Six</B><B> </B><B>Months</B><B> </B><B>Ended</B><B> </B><B>September</B><B> </B><B>30,</B><B> </B><B>2012</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="99%" colSpan=2><B>(Expressed</B><B> </B><B>in</B><B> </B><B>thousands</B><B> </B><B>of</B><B> </B><B>U.S.</B><B> </B><B>dollars,</B><B> </B><B>unless</B><B> </B><B>otherwise</B><B> </B><B>stated)</B><B> </B>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <DIV align=left><BR>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
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      <TR vAlign=bottom>
        <TD noWrap align=left width="20%" bgColor=#9a3300>&nbsp;</TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300>&nbsp;</TD>
        <TD noWrap align=right width="16%" bgColor=#9a3300 colSpan=4><B><FONT color=#ffffff>Silver</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>(in</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>US$/ounce)</FONT></B></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300>&nbsp;</TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300>&nbsp;</TD>
        <TD noWrap align=right width="16%" bgColor=#9a3300 colSpan=4><B><FONT color=#ffffff>Gold</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>(in</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>US$/ounce)</FONT></B></TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300>&nbsp;</TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300>&nbsp;</TD>
        <TD noWrap align=right width="16%" bgColor=#9a3300 colSpan=4><B><FONT color=#ffffff>Lead</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>(in</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>US$/pound)</FONT></B></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300>&nbsp;</TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300>&nbsp;</TD>
        <TD noWrap align=right width="16%" bgColor=#9a3300 colSpan=4><B><FONT color=#ffffff>Zinc</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>(in</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>US$/pound)</FONT></B></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="20%" bgColor=#9a3300>&nbsp;</TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><B><FONT color=#ffffff></FONT></B></TD>
        <TD noWrap align=right width="6%" bgColor=#9a3300><B><FONT color=#ffffff>Q2<B><FONT color=#ffffff> </FONT></B>2013</FONT></B></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300>&nbsp;</TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><FONT color=#ffffff></FONT></TD>
        <TD noWrap align=right width="6%" bgColor=#9a3300><FONT color=#ffffff>Q2<FONT color=#ffffff> </FONT>2012</FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300>&nbsp;</TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><B><FONT color=#ffffff></FONT></B></TD>
        <TD noWrap align=right width="6%" bgColor=#9a3300><B><FONT color=#ffffff>Q2<B><FONT color=#ffffff> </FONT></B>2013</FONT></B></TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><FONT color=#ffffff></FONT></TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><FONT color=#ffffff> </FONT></TD>
        <TD noWrap align=right width="6%" bgColor=#9a3300><FONT color=#ffffff>Q2 2012</FONT></TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><B><FONT color=#ffffff> </FONT></B></TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><B><FONT color=#ffffff></FONT></B></TD>
        <TD noWrap align=right width="6%" bgColor=#9a3300><B><FONT color=#ffffff>Q2<B><FONT color=#ffffff> </FONT></B>2013</FONT></B></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300>&nbsp;</TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300></TD>
        <TD noWrap align=right width="6%" bgColor=#9a3300><FONT color=#ffffff>Q2<FONT color=#ffffff> </FONT>2012</FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300>&nbsp;</TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><B><FONT color=#ffffff></FONT></B></TD>
        <TD noWrap align=right width="6%" bgColor=#9a3300><B><FONT color=#ffffff>Q2<B><FONT color=#ffffff> </FONT></B>2013</FONT></B></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300>&nbsp;</TD>
        <TD noWrap align=right width="2%" bgColor=#9a3300><FONT color=#ffffff> </FONT></TD>
        <TD noWrap align=right width="6%" bgColor=#9a3300><FONT color=#ffffff>Q2 2012</FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#9a3300>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="20%"><B>Net</B><B> </B><B>realized</B><B> </B><B>selling</B><B> </B><B>prices</B></TD>
        <TD noWrap align=right width="2%"><STRONG>$</STRONG></TD>
        <TD noWrap align=right width="6%"><B> </B><B> </B><B>23.15</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%"> $</TD>
        <TD noWrap align=right width="6%">30.48</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%"><STRONG>$</STRONG></TD>
        <TD noWrap align=right width="6%"><B>1,111</B><B></B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="6%">1,313</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%"><STRONG>$</STRONG></TD>
        <TD noWrap align=right width="6%"><STRONG>0.80</STRONG></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%"> $</TD>
        <TD noWrap align=right width="6%"> 0.86</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%"><STRONG>$</STRONG></TD>
        <TD noWrap align=right width="6%"><STRONG>0.63</STRONG></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%"> $</TD>
        <TD noWrap align=right width="6%"> 0.64</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="20%"><B>Add</B><B> </B><B>back:</B><B> </B><B>Value</B><B> </B><B>added</B><B> </B><B>taxes</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>3.94</B></TD>
        <TD noWrap align=left width="2%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">5.18</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=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%"><B>0.14</B></TD>
        <TD noWrap align=left width="2%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">0.15</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>0.11</B></TD>
        <TD noWrap align=left width="2%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%">0.11</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="20%"><B>Add</B><B> </B><B>back:</B><B> </B><B>Smelter</B><B> </B><B>charges</B><B> </B><B>and</B><B> </B><B>recovery</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>3.41</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>&nbsp;</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%">4.47</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> </B><B>542</B><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%">399</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>0.14</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>&nbsp;</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%">0.14</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>0.31</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>&nbsp;</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%">0.45</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" align=left width="20%"><B>SME</B></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="6%"><B> </B><B> </B><B>30.50</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%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"> 40.13</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><STRONG>$</STRONG></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><STRONG>1,653</STRONG></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%"> $</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"> 1,712</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><STRONG>$</STRONG></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><STRONG>1.08</STRONG></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%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"> 1.15</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><STRONG>$</STRONG></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><STRONG>1.05</STRONG></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%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">1.20</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="20%" bgColor=#fde9d9><B>LME</B><B>&nbsp;</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="2%"><STRONG>$</STRONG></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="6%"><B> </B><B> </B><B>29.80</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="2%"> $</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="6%"> 38.92</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="2%"><STRONG>$</STRONG></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="6%"><STRONG> 1,651</STRONG></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="2%"> $</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="6%"> 1,709</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="2%"><STRONG>$</STRONG></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="6%"><STRONG> 0.90</STRONG></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="2%"> $</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="6%"> 1.11</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="2%"><STRONG>$</STRONG></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="6%"><STRONG> </STRONG> <STRONG>0.85</STRONG></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="2%"> $</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=right width="6%"> 1.01</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #fde9d9" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify"><B>Cost of sales</B> in Q2 2013 was $16.4 million, an increase of 14%, compared to $14.4 million in Q2 2012.  The cost of sales included cash costs of $13.7 million compared to $11.4 million in Q2 2012.  For the six months  ended  September  30,  2012,  cost  of  sales  was  $35.4  million  (cash  costs   $29.0  million) compared to $28.5 million (cash costs &#8211; $5.4 million) in the same prior year period.  The increase in cost of sales was due to more ore being mined and processed along with higher production costs per tonne.  For  the  six  months  ended  September  30,  2012,  ore  production  increased  by  17%  while  overall production costs increased by 11% compared to the same prior year period.  Compared to the first quarter Fiscal 2013, overall production costs have decreased from $85 per tonne to $80 per tonne. </P>
  <P style="TEXT-ALIGN: justify"><B>Gross</B><B> </B><B>profit</B><B> </B><B>margin</B><B> </B>in Q2 2013 was 64% compared to 77% in Q2 2012.  For the six months ended September 30, 2012, gross profit margin was 61% compared to 78% in the same prior year period. </P>
  <P style="TEXT-ALIGN: justify"><B>General</B><B> </B><B>and</B> <B>administrative</B><B> </B><B>(&#8220;G&amp;A&#8221;)</B><B> </B><B>expenses</B> in Q2 2013 were $6.2 million compared to $7.5 million in Q2 2012.  The decrease is due to $1.5 million of additional expenses incurred in Q2 2012 related to defending the Company against the &#8220;short and distort&#8221; campaign whereas in Q2 2013 such expenses decreased to $0.6 million. </P>
  <P style="TEXT-ALIGN: justify">For the six months ended September 30, 2012, G&amp;A expenses were $13.0 million compared to $12.4 million in the same prior year period.  The increase is mainly due to the Company now having three projects under development compared to two projects last year.  Significant items included in general and administrative expenses in Q2 2013 and the six months ended September 30, 2012, respectively, are as follows: </P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><B>&nbsp;</B></TD>
      <TD vAlign=top noWrap width="4%"><B>(a)</B></TD>
      <TD width="92%"><P align=justify><B>Office</B><B> </B><B>and</B><B> </B><B>administrative</B><B> </B><B>expenses</B><B> </B>of $2.5 million and $5.8 million (Q2 2012  $3.3 million, six  months ended September 30, 2011  $5.6 million); </P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%"><B></B></TD>
      <TD vAlign=top noWrap width="4%"><B></B></TD>
      <TD width="92%"><P align=justify><B></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%"><B>&nbsp;</B></TD>
      <TD vAlign=top noWrap width="4%"><B>(b)</B></TD>
      <TD width="92%"><P align=justify><B>Salaries</B><B> </B><B>and</B><B> </B><B>benefits</B><B> </B>of $2.2 million and $4.3 million (Q2 2012  $2.0 million, six months ended September 30, 2011  $3.8 million); </P></TD>
    </TR>
    <TR>
      <TD width="4%">&nbsp;</TD>
      <TD width="4%">&nbsp;</TD>
      <TD width="92%"><P align=justify> </P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%"><B>&nbsp;</B></TD>
      <TD vAlign=top noWrap width="4%"><B>(c)</B></TD>
      <TD width="92%"><P align=justify><B>Stock</B><B> </B><B>based</B><B> </B><B>compensation</B><B> </B><B>expense</B> of  $872  and  $1.6  million  (Q2  2012   $840,  six  months  ended September 30, 2011  $1.6 million); </P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%"><B></B></TD>
      <TD vAlign=top noWrap width="4%"><B></B></TD>
      <TD width="92%"><P align=justify><B></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%"><B>&nbsp;</B></TD>
      <TD vAlign=top noWrap width="4%"><B>(d)</B></TD>
      <TD width="92%"><P align=justify><B>Professional</B><B> </B><B>fees</B><B> </B>of  $654  and  $1.3  million  (Q2  2012   $1.3  million,  six  months  ended  September 30, 2011  $1.4 million). </P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify"><B>General exploration and property investigation expenses</B> in Q2 2013 and the six months ended September 30, 2012 were $887 and $1.9 million (Q2 2012  $1.2 million, six months ended September 30, 2012  $3.0 million).  The decrease was due to less expense incurred proportionally to the sales. </P>
  <P style="TEXT-ALIGN: justify"><B>Foreign</B><B> </B><B>exchange</B><B> </B><B>gain</B><B> </B><B>or</B><B> </B><B>loss</B><B> </B>in Q2 2013 and six months ended September 30, 2012 were losses of $1.1 million and $365 (Q2 2012  $1.3 million gain, six months ended September 30, 2011  $760 gain), respectively.  The foreign exchange loss was mainly driven by the weakening of the RMB and US dollar against the functional currency of the entity that held such deposits. </P>
  <P style="TEXT-ALIGN: justify"><B>Loss</B><B> </B><B>on</B><B> </B><B>disposal</B><B> </B><B>of</B><B> </B><B>plant</B><B> </B><B>and</B><B> </B><B>equipment</B><B> </B>in Q2 2013 and six months ended September 30, 2012 was $5 and $25 (Q2 2012  $171, six months ended September 30, 2011  $253), respectively, which was mainly due to the disposal of obsolete equipment. </P>
  <P style="TEXT-ALIGN: justify"><B>Share</B><B> </B><B>of</B><B> </B><B>gain</B><B> </B><B>or</B><B> </B><B>loss</B><B> </B><B>in</B><B> </B><B>an</B><B> </B><B>associate</B><B> </B>in Q2 2013 and six months ended September 30, 2012 was $182 and $189 (Q2 2012  $116 gain, six months ended September 30, 2011  $92 gain), respectively,  representing the Company&#8217;s equity pickup in New Pacific Metals Corp. (&#8220;New Pacific&#8221;).  The Company </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<B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B></B></TD>
        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page</B><B> </B><B>17</B>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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        <TD noWrap align=left width="99%"><B>SILVERCORP</B><B> </B><B>METALS</B><B> </B><B>INC.</B><B> </B><B> </B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>Management&#8217;s</B><B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>For</B><B> </B><B>the</B><B> </B><B>Three</B><B> </B><B>and</B><B> </B><B>Six</B><B> </B><B>Months</B><B> </B><B>Ended</B><B> </B><B>September</B><B> </B><B>30,</B><B> </B><B>2012</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="99%"><B>(Expressed</B><B> </B><B>in</B><B> </B><B>thousands</B><B> </B><B>of</B><B> </B><B>U.S.</B><B> </B><B>dollars,</B><B> </B><B>unless</B><B> </B><B>otherwise</B><B> </B><B>stated)</B><B> </B>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">recorded on the statement of income its proportionate share of New Pacific&#8217;s net gain or loss, as the Company is able to exercise significant influence over the financial and operating policies of New Pacific. </P>
  <P style="TEXT-ALIGN: justify"><B>Write</B><B> </B><B>down</B><B> </B><B>of</B><B> </B><B>inventory</B> in Q2 2013 and six months ended September 30, 2012 was $348 and $348 (Q2 2012  $nil, six months ended September 30, 2011  $nil), respectively, representing stockpile and concentrate inventory that was written down to its net realizable value. </P>
  <P style="TEXT-ALIGN: justify"><B>Gain</B><B> </B><B>or</B><B> </B><B>loss</B><B> </B><B>on</B><B> </B><B>investments</B> in Q2 2013 and six months ended September 30, 2012 was $693 gain and $593 loss (Q2 2012  $670 loss, six months ended September 30, 2011 &#8211; $1.8 million loss), respectively.  The Company has been acquiring, on open market or by participating in private placements, equity interests in other publicly-traded mining companies.  These equity interests, including common shares and warrants are for long-term investment purpose.  Due to their nature, warrants meet the definition of derivatives and are accounted for as &#8220;Fair value through profit and loss&#8221; (&#8220;FVTPL&#8221;).  The fair value of warrants was determined using the Black-Scholes pricing model as at the acquisition date as well as at each period end.  Gain or loss in such securities, arising from changes in the fair value of the warrants, is included in net income for the period in which they arise. </P>
  <P style="TEXT-ALIGN: justify"><B>Finance</B><B> </B><B>income</B><B> </B>in Q2 2013 and six months ended September 30, 2012 was $851 and $1.8 million (Q2 2012  $1.1 million, six months ended September 30, 2011 &#8211; $1.8 million), respectively.  The Company invests in high yield short-term investments as well as long-term corporate bonds. </P>
  <P style="TEXT-ALIGN: justify"><B>Finance</B><B> </B><B>costs</B> in Q2 2013 and six months ended September 30, 2012 was $23 and $45 (Q2 2012  $23, six months ended September 30, 2011 &#8211; $46), respectively.  As the Company does not hold any interest bearing  debt,  the  finance  cost  in  the  current  period  relates  to  the  accretion  of  environmental rehabilitation. </P>
  <P style="TEXT-ALIGN: justify"><B>Income</B><B> </B><B>tax</B><B> </B><B>expense</B> in Q2 2013 was $7.3 million (Q2 2012  $13.8 million).  The income tax expenses recorded in Q2 2013 included current income tax expense of $7.2 million (Q2 2012 &#8211; $9.4 million) and deferred income tax expense of $129 (Q2 2012 &#8211; $4.4 million).  For the six months ended September 30, 2012, income tax expenses were $15.2 million (current tax  $12.1 million, deferred tax  $3.1 million) compared to $26.4 million (current tax  $20.9 million, deferred tax  $5.5 million) in the same prior year period. </P>
  <P style="TEXT-ALIGN: justify">Of the deferred income tax expense recorded in the current year, $2.4 million relates to withholding tax accrual  for  anticipated  future  dividend  repatriation  from  the  Company&#8217;s  Chinese  subsidiary.   The decrease in current income tax expense was mainly due to lower taxable income in the current period. </P>
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    <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>Liquidity</B><B> </B><B>and</B><B> </B><B>Capital</B><B> </B><B>Resources</B><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify"><B>Cash</B><B> </B><B>and</B><B> </B><B>cash</B><B> </B><B>equivalents</B><B> </B><B>and</B><B> </B><B>short</B><B> </B><B>term</B><B> </B><B>investments</B><B> </B>as<B> </B>at September 30, 2012 was $136.6 million. </P>
  <P style="TEXT-ALIGN: justify"><B>Working</B><B> </B><B>capital</B> as at September 30, 2012 was $112.0 million. </P>
  <P style="TEXT-ALIGN: justify"><B>Cash</B><B> </B><B>flows</B><B> </B><B>provided</B><B> </B><B>by</B><B> </B><B>operating</B><B> </B><B>activities</B> were  $23.9  million  or  $0.14  per  share,  in  Q2  2013 compared to $35.2 million or $0.20 per share in Q2 2012.  For the six months ended September 30, 2012, cash flows provided by operating activities were $43.2 million or $0.25 per share compared to $69.1 million or $0.40 per share in the same prior year period. </P>
  <P style="TEXT-ALIGN: justify">The decrease in cash flow from operations is mainly due to lower operating earnings as a result of lower metal production and lower metal prices as compared to same prior year periods. </P>
  <P style="TEXT-ALIGN: justify"><B>Cash</B><B> </B><B>flows</B><B> </B><B>used</B><B> </B><B>in</B><B> </B><B>investing</B><B> </B><B>activities</B> were $9.7 million in Q2 2013, comprising mainly cash used in capital expenditures, including prepayments, of $22.1 million offset by net redemption of short term investments and other investments of $12.4 million.  In Q2 2012, cash flows used in investing activities were $23.9 million comprising mainly cash used in capital expenditures, including prepayments, of $33.3 million, cash used in acquisition of subsidiary of $3.4 million offset by net redemption of short-term investments of $12.8 million. </P>
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        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s<B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B> </B></B></TD>
        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B> </B><B>Page</B><B> </B><B>18</B></TD>
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  </DIV>
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        <TD noWrap align=left width="99%"><B>SILVERCORP</B><B> </B><B>METALS</B><B> </B><B>INC.</B><B> </B><B> </B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>Management&#8217;s</B><B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>For</B><B> </B><B>the</B><B> </B><B>Three</B><B> </B><B>and</B><B> </B><B>Six</B><B> </B><B>Months</B><B> </B><B>Ended</B><B> </B><B>September</B><B> </B><B>30,</B><B> </B><B>2012</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="99%"><B>(Expressed</B><B> </B><B>in</B><B> </B><B>thousands</B><B> </B><B>of</B><B> </B><B>U.S.</B><B> </B><B>dollars,</B><B> </B><B>unless</B><B> </B><B>otherwise</B><B> </B><B>stated)</B><B> </B>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">For the six months ended September 30, 2012, cash flows used in investing activities were $46.9 million comprising mainly cash used in capital expenditures, including prepayments, of $44.0 million and net purchases of short-term investments of $3.0 million.  In the same prior year period, cash flows used in investing activities were $41.5 million comprising mainly cash used in capital expenditures, including prepayments, of $44.9 million, cash used in acquisition of subsidiary of $3.4 million offset by net redemption of short-term and other investments of $6.8 million. </P>
  <P style="TEXT-ALIGN: justify"><B>Cash</B><B> </B><B>flows</B><B> </B><B>used</B><B> </B><B>in</B><B> </B><B>financing</B><B> </B><B>activities</B> were $11.3 million in Q2 2013, comprising mainly cash dividends paid of $4.2 million and distributions to non-controlling interests of $7.4 million.  In Q2 2012, cash flow used in financing activities were $49.6 million, comprising mainly cash dividends paid of $3.7 million and advances to related parties of $11.1 million, and cash used to repurchase the Company&#8217;s shares as part of the normal course issuer bid of $35.4 million. </P>
  <P style="TEXT-ALIGN: justify">For the six months ended September 30, 2012, cash flows used in financing activities were $15.5 million, comprising mainly cash dividends paid of $8.5 million and distributions to non-controlling interests of $7.4 million.  In the same prior year period, cash flows used in financing activities were $48.9 million, comprising mainly cash dividends paid of $7.3 million, advances to related parties of $12.3 million, cash used to repurchase the Company&#8217;s shares as part of the normal course issuer bid of $35.4 million offset by non-controlling interest contributions of $5.2 million. </P>
  <P style="TEXT-ALIGN: justify"><B>Contractual</B><B> </B><B>commitments</B><B> </B><B>and</B><B> </B><B>contingencies</B><B> </B>not disclosed elsewhere in this Management&#8217;s Discussion and Analysis are as follows: </P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="44%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="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 style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">&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>Total</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="10%"><B>Less</B><B> </B><B>than</B><B> </B><B>1</B><B> </B><B>year</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="10%"><B>1-5<B> </B><B>years </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="10%"><B>After</B><B> </B><B>5</B><B> </B><B>years</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%">Operating leases</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5,846</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">283</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,814</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,749</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">Commitments</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">8,854</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2,436</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">&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="10%">6,418</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">As of September 30, 2012, the Company has two office rental agreements totaling $5,846 for the next eleven years and commitments of $8,854 related to the GC property. </P>
  <P style="TEXT-ALIGN: justify"><B>Available</B><B> </B><B>sources</B><B> </B><B>of</B><B> </B><B>funding</B><B> </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>
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        <TD width="4%"></TD>
        <TD width="96%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>6.</B></TD>
        <TD noWrap align=left><B>Financial</B><B> </B><B>Instruments</B><B> </B><B>and</B><B> </B><B>Related</B><B> </B><B>Risks</B><B>&nbsp;</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>
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      <TD vAlign=top noWrap width="4%"><I> </I></TD>
      <TD vAlign=top noWrap width="4%"><I>(a)</I></TD>
      <TD width="92%"><P align=justify><I> </I><I>Fair</I><I> </I><I>value</I><I> </I></P></TD>
    </TR>
  </TABLE>
  <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>
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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<B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B> </B></B></TD>
        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B> </B><B>Page</B><B> </B><B>19</B></TD>
      </TR>
    </TABLE>
  </DIV>
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        <TD noWrap align=left width="99%"><B>SILVERCORP</B><B> </B><B>METALS</B><B> </B><B>INC.</B><B> </B><B> </B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>Management&#8217;s</B><B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>For</B><B> </B><B>the</B><B> </B><B>Three</B><B> </B><B>and</B><B> </B><B>Six</B><B> </B><B>Months</B><B> </B><B>Ended</B><B> </B><B>September</B><B> </B><B>30,</B><B> </B><B>2012</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="99%"><B>(Expressed</B><B> </B><B>in</B><B> </B><B>thousands</B><B> </B><B>of</B><B> </B><B>U.S.</B><B> </B><B>dollars,</B><B> </B><B>unless</B><B> </B><B>otherwise</B><B> </B><B>stated)</B><B> </B>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <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 September 30, 2012 and March 31, 2012, the Company did not have financial liabilities measured at fair value on a recurring basis. </P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="42%"></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 style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%">&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%">Level 1</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%">Level 2</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%">Level 3</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%">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="42%"><B>Financial</B><B> </B><B>assets</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="10%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right 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="10%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="42%">Cash and cash equivalents</TD>
        <TD noWrap align=right width="4%">$</TD>
        <TD noWrap align=right width="10%">89,334</TD>
        <TD noWrap align=right width="4%">$</TD>
        <TD noWrap align=right width="10%">-</TD>
        <TD noWrap align=right width="4%">$</TD>
        <TD noWrap align=right width="10%">-</TD>
        <TD noWrap align=right width="4%">$ </TD>
        <TD noWrap align=right width="10%">89,334</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" align=left width="42%">Common shares of publicly traded companies</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">8,636</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">8,636</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="42%">Yongning Smelting Co. Ltd.</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">- </TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">- </TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">9,546</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">9,546</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" align=left width="42%">Jinduicheng Xise (Canada) Co. Ltd.</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">- </TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">- </TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">22,395</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">22,395</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="42%">Warrants</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="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,723</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%">1,723</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">Fair value of the other financial instruments excluded from the table above approximates to their carrying amount as of September 30, 2012 and March 31, 2012, respectively. </P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><I> </I></TD>
      <TD vAlign=top noWrap width="4%"><I>(b)</I></TD>
      <TD width="92%"><P align=justify><I> </I><I>Liquidity</I><I> </I><I>risk</I><I> </I></P></TD>
    </TR>
  </TABLE>
  <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="72%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>&nbsp;</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>September</B><B> </B><B>30,</B><B> </B><B>2012</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%">March 31, 2012</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%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="28%" colSpan=5><B></B><B>Within</B><B> </B><B>a</B><B> </B><B>year</B><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Accounts  payable and accrued liabilities</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B> </B><B>26,738</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"> 23,590</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="72%">Dividends payable</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="10%"><B> </B><B>4,339</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%"> 4,271</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="72%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B> </B><B>31,077</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"> 27,861</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><I> </I></TD>
      <TD vAlign=top noWrap width="4%"><I>(c)</I></TD>
      <TD width="92%"><P align=justify><I> </I><I>Foreign</I><I> </I><I>exchange</I><I> </I><I>risk</I><I> </I></P></TD>
    </TR>
  </TABLE>
  <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="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<B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B></B></TD>
        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page</B><B> </B><B>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>
<BR>
<A name="page_8"></A>
<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="99%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>SILVERCORP</B><B> </B><B>METALS</B><B> </B><B>INC.</B><B> </B><B> </B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>Management&#8217;s</B><B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>For</B><B> </B><B>the</B><B> </B><B>Three</B><B> </B><B>and</B><B> </B><B>Six</B><B> </B><B>Months</B><B> </B><B>Ended</B><B> </B><B>September</B><B> </B><B>30,</B><B> </B><B>2012</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="99%"><B>(Expressed</B><B> </B><B>in</B><B> </B><B>thousands</B><B> </B><B>of</B><B> </B><B>U.S.</B><B> </B><B>dollars,</B><B> </B><B>unless</B><B> </B><B>otherwise</B><B> </B><B>stated)</B><B> </B>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="72%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="72%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>&nbsp;</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="10%"><B>September</B><B> </B><B>30,</B><B> </B><B>2012</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%">March 31, 2012</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%">Financial  assets denominated in U.S. Dollars</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%"><B> </B><B>16,494</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"> 18,510</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="72%">Financial  assets denominated in Chinese RMB</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="10%"><B> </B><B>116,196</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"> 33,542</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">As at September 30, 2012, with other variables unchanged, a 1% strengthening (weakening) of the RMB against the USD would have increased (decreased) net income by approximately $1.2 million. </P>
  <P style="TEXT-ALIGN: justify">As at September 30, 2012, with other variables unchanged, a 1% strengthening (weakening) of the CAD against the USD would have decreased (increased) net income by approximately $0.2 million. </P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><I> </I></TD>
      <TD vAlign=top noWrap width="4%"><I>(d)</I></TD>
      <TD width="92%"><P align=justify><I> </I><I>Interest</I><I> </I><I>rate</I><I> </I><I>risk</I><I> </I></P></TD>
    </TR>
  </TABLE>
  <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 interest 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 September 30, 2012. </P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><I> </I></TD>
      <TD vAlign=top noWrap width="4%"><I>(e)</I></TD>
      <TD width="92%"><P align=justify><I> </I><I>Credit</I><I> </I><I>risk</I><I> </I></P></TD>
    </TR>
  </TABLE>
  <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, due from related parties, 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  trade  receivables  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 trade receivables are no more than 180 days, and, as a result, the credit risk associated with trade receivables from customers as at September 30, 2012 is considered to be immaterial. </P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"><I> </I></TD>
      <TD vAlign=top noWrap width="4%"><I>(f)</I></TD>
      <TD width="92%"><P align=justify><I> </I><I>Equity</I><I> </I><I>price</I><I> </I><I>risk</I><I> </I></P></TD>
    </TR>
  </TABLE>
  <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 September 30, 2012, 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 million. </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>7.</B></TD>
        <TD noWrap align=left><B>Off</B><B></B><B>-Balance</B><B> </B><B>Sheet</B><B> </B><B>Arrangements</B><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">The Company does not have any off-balance sheet arrangements. </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>Transactions</B><B> </B><B>with</B><B> </B><B>Related</B><B> </B><B>Parties</B><B>&nbsp;</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="72%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="84%" colSpan=3>Related party transactions not disclosed elsewhere in this MD&amp;A are as follows: </TD>
        <TD noWrap align=left width="4%"></TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR height=20>
        <TD noWrap align=left width="84%" colSpan=3>&nbsp;</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="10%"></TD>
        <TD noWrap align=left width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%"><B>Due</B><B> </B><B>from</B><B> </B><B>related</B><B> </B><B>parties</B></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>September</B><B> </B><B>30,</B><B> </B><B>2012</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%">March 31, 2012</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="72%">New Pacific (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> </B><B>70</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"> 95</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="72%">Henan Non-ferrous Geology Bureau (b)</TD>
        <TD noWrap align=right width="2%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="10%"><B> </B><B>17</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%"> 17</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Z.X. Zhu (e) </TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>&nbsp;</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B> </B><B>282</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"> 567</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="72%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B> </B><B>369</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%"> 679</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <TABLE width="100%" border=0 cellSpacing=0 style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">
    <TR>
      <TD vAlign=top noWrap width="4%">(a) </TD>
      <TD width="96%"><P align=justify>According to a services and administrative costs reallocation agreement between the Company and  New  Pacific,  the  Company  recovers  costs  for  services  rendered  to  New  Pacific  and  expenses </P></TD>
    </TR>
  </TABLE>
  <BR>
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        <TD width="34%"></TD>
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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<B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B> </B></B></TD>
        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="34%"><B>Page</B><B> </B><B>21</B>&nbsp;</TD>
      </TR>
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  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
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        <TD noWrap align=left width="99%"><B>SILVERCORP</B><B> </B><B>METALS</B><B> </B><B>INC.</B><B> </B><B> </B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>Management&#8217;s</B><B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>For</B><B> </B><B>the</B><B> </B><B>Three</B><B> </B><B>and</B><B> </B><B>Six</B><B> </B><B>Months</B><B> </B><B>Ended</B><B> </B><B>September</B><B> </B><B>30,</B><B> </B><B>2012</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="99%"><B>(Expressed</B><B> </B><B>in</B><B> </B><B>thousands</B><B> </B><B>of</B><B> </B><B>U.S.</B><B> </B><B>dollars,</B><B> </B><B>unless</B><B> </B><B>otherwise</B><B> </B><B>stated)</B><B> </B>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">incurred on behalf of New Pacific. During the three and six months ended September 30, 2012, the Company recovered $143 and $269, respectively (for the three and six months ended September 30, 2011  $302 and $379, respectively) from New Pacific for services rendered and expenses incurred on behalf of New Pacific.  The costs recovered from New Pacific were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income. </P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%">(b) </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  and  six  months  ended  September  30,  2012,  Henan  Found  paid  dividends  of  $7,073  (for  the  three  and  six  months  ended  September  30,  2011   $nil) to  Henan  Geology Bureau. </P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD width="96%"><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">(c) </TD>
      <TD width="96%"><P align=justify>For  the  three  and  six  months  ended  September  30,  2012,  the  Company  paid  $101  and  $194,  respectively (for the three and six months ended September 30, 2011  $57 and $154, respectively)  to  McBrighton  Consulting  Ltd.,  a  private  company  controlled  by  a  director  of  the  Company  for  consulting services.  These amounts were included in salaries for key management personnel in (h). </P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD width="96%"><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">(d) </TD>
      <TD width="96%"><P align=justify>For  the  three  and  six  months  ended  September  30,  2012,  the  Company  paid  $152  and  $300,  respectively (for the three and six months ended September 30, 2011  $128 and $171, respectively)  to  R.  Feng  Consulting  Ltd.,  a  private  company  controlled  by  a  director  of  the  Company  for  consulting services.  These amounts were included in salaries for key management personnel in (h). </P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD width="96%"><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">(e) </TD>
      <TD width="96%"><P align=justify>Z.X. Zhu is the 30% non-controlling interest shareholder of Yunxiang. </P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD width="96%"><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">(f) </TD>
      <TD width="96%"><P align=justify>The Company rents an office space (6,700 square feet) in Beijing from a relative of a director and  officer of the Company for $12 (RMB 74,712) per month.   During the three and six months ended  September  30,  2012,  total  rents  were  $36  and  $72,  respectively  (for  the  three  and  six  months  ended September 30, 2011  $36 and $72, respectively). </P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD width="96%"><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">(g) </TD>
      <TD width="96%"><P align=justify>Henan Xinhui Mining Co., Ltd. (&#8220;Henan Xinhui&#8221;) is a 20% equity interest holder of Henan Huawei. During the three and six months ended September 30, 2012, Henan Huawei paid dividends of $315  (for the three and six months ended September 30, 2011  $nil) to Henan Xinhui. </P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify">The balances with related parties are unsecured, non-interest bearing, and due on demand. </P>
  <DIV align=left>
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        <TD width="4%"></TD>
        <TD width="96%"></TD>
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      <TR vAlign=bottom>
        <TD noWrap align=left>(h)</TD>
        <TD noWrap align=left>Compensation of key management personnel </TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">The remuneration of directors and other members of key management personnel for the three months ended September 30, 2012 and 2011 were 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="42%"></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 noWrap align=left width="42%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="28%" colSpan=4><B></B><B>Three</B><B> </B><B>months</B><B> </B><B>ended</B><B> </B><B>September</B><B> </B><B>30,</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%"><B>&nbsp;</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="24%" colSpan=3><B>Six</B><B> </B><B>months</B><B> </B><B>ended</B><B> </B><B>September</B><B> </B><B>30,</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="42%">&nbsp;</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="10%"><B>2012</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%">2011</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="10%"><B>2012</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%">2011</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="42%">Directors' fees</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B> </B><B>61</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"> 128</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B> </B><B>120</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"> 174</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="42%">Salaries for key management personnel</TD>
        <TD noWrap align=right width="4%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="10%"><B> </B><B>879</B></TD>
        <TD noWrap align=right width="4%"></TD>
        <TD noWrap align=right width="10%"> 1,140</TD>
        <TD noWrap align=right width="4%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="10%"><B> </B><B>1,289</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%"> 1,505</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="42%">Stock-based compensation</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>&nbsp;</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B> </B><B>571</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"> 836</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%"><B>&nbsp;</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B> </B><B>1,132</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"> 2,011</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 1px solid" noWrap align=left width="42%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B> </B><B>1,511</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"> 2,104</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%"><B>$<B> </B></B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B> </B><B>2,541</B></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="10%"> 3,690</TD>
        <TD style="BORDER-BOTTOM: #000000 1px 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 (c) &amp; (d) above.  Stock-based compensation expenses were measured at grant date fair value. </P>
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        <TD width="96%"></TD>
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      <TR vAlign=bottom>
        <TD noWrap align=left><B>9.</B></TD>
        <TD noWrap align=left><B>Critical</B><B> </B><B>Accounting</B><B> </B><B>Policies</B><B> </B><B>and</B><B> </B><B>Estimates</B><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <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  unaudited consolidated  financial  statements  as  of  and  ended  September  30,  2012,  as  well  as  the  audited consolidated financial statements as of and ended March 31, 2012. </P>
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        <TD width="33%"></TD>
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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<B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B></B></TD>
        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page</B><B> </B><B>22</B>&nbsp;</TD>
      </TR>
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  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
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        <TD noWrap align=left><B>SILVERCORP</B><B> </B><B>METALS</B><B> </B><B>INC.</B><B> </B><B> </B></TD>
        <TD noWrap align=left><B>&nbsp;</B></TD>
        <TD noWrap align=left><B>&nbsp;</B></TD>
        <TD noWrap align=left><B>&nbsp;</B></TD>
        <TD noWrap align=left><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>Management&#8217;s</B><B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B>&nbsp;</B></TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left colSpan=3><B>For</B><B> </B><B>the</B><B> </B><B>Three</B><B> </B><B>and</B><B> </B><B>Six</B><B> </B><B>Months</B><B> </B><B>Ended</B><B> </B><B>September</B><B> </B><B>30,</B><B> </B><B>2012</B><B>&nbsp;</B></TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left colSpan=3><B>(Expressed</B><B> </B><B>in</B><B> </B><B>thousands</B><B> </B><B>of</B><B> </B><B>U.S.</B><B> </B><B>dollars,</B><B> </B><B>unless</B><B> </B><B>otherwise</B><B> </B><B>stated)</B><B> </B>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
      </TR>
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        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
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        <TD noWrap align=left width="4%"><I>(i)</I></TD>
        <TD noWrap align=left width="95%"><I>Ore</I><I> </I><I>reserve</I><I> </I><I>and</I><I> </I><I>mineral</I><I> </I><I>resource</I><I> </I><I>estimates</I><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">Ore reserves are estimates of the amount of ore that can be economically and legally extracted from the Company&#8217;s mining properties. The Company estimates its ore reserves and mineral resources based on information compiled by appropriately qualified persons relating to the geological and technical data on the size, depth, shape and grade of the ore body and suitable production techniques and recovery rates. Such an analysis requires complex geological judgements to interpret the data. The estimation of recoverable reserves is based upon factors such as estimates of foreign exchange rates, commodity prices,  future  capital  requirements,  and  production  costs  along  with  geological  assumptions  and judgements made in estimating the size and grade of the ore body. </P>
  <P style="TEXT-ALIGN: justify; margin-bottom: 0px">The Company estimates ore reserves in accordance with National Instrument 43-101, &#8220;Standards of Disclosure for Mineral Projects&#8221;, issued by the Canadian Securities Administrators. There are numerous assumptions including: </P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR height=20>
      <TD vAlign=top noWrap width="4%">-</TD>
      <TD width="95%"><P align=justify>Future production estimates &#8211; which include proved and probable reserves, resource estimates and committed expansions;</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%">- </TD>
      <TD width="95%"><P align=justify>Expected  future  commodity  prices,  based  on  current  market  price,  forward  prices  and  the Company&#8217;s assessment of the long-term average price; and </P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%">-</TD>
      <TD width="95%"><P align=justify>Future cash costs of production, capital expenditure and rehabilitation obligations.</P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify; margin-bottom: 0px">As the economic assumptions used may change and as additional geological information is produced during the operation of a mine, estimates of reserves may change. Such changes may impact the Company&#8217;s reported financial position and results which include: </P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR height=20>
      <TD vAlign=top noWrap width="4%">-</TD>
      <TD width="96%"><P align=justify>The carrying value of mineral rights and properties and plant and equipment may be affected due to changes in estimated future cash flows; </P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%">- </TD>
      <TD width="96%"><P align=justify>Depreciation and depletion charges in net income may change where such charges are determined using the units of production method, or where the useful life of the related assets change; and </P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%">-</TD>
      <TD width="96%"><P align=justify>The recognition and carrying value of deferred income tax assets may change due to changes in the judgements regarding the existence of such assets and in estimates of the likely recovery of such assets. </P></TD>
    </TR>
  </TABLE>
  <BR>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%"></TD>
        <TD width="96%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><I>(ii)</I></TD>
        <TD noWrap align=left><I>Impairment</I><I> </I><I>of</I><I> </I><I>assets</I><I> </I></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify; margin-top: 0px">Where an indicator of impairment exists, a formal estimate of the recoverable amount is made, which is considered to be the higher of the fair value less costs to sell and value in use. These assessments require the use of estimates and assumptions such as long-term commodity prices (considering current and historical prices, price trends and related factors), discount rates, operating costs, future capital requirements,  closure  and  rehabilitation  costs,  exploration  potential,  reserves  and  operating performance (which includes production and sales volumes). These estimates and assumptions are subject to risk and uncertainty. Therefore, there is a possibility that changes in circumstances will impact these projections, which may impact the recoverable amount of assets and/or cash generating units. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm&#8217;s length transaction between knowledgeable and willing parties. Fair value for mineral assets is generally determined as the present value of estimated future cash flows arising from the continued use of the asset, which includes estimates such as the cost of future expansion plans and eventual disposal, using assumptions that an independent market participant may take into account. Cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. </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<B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B></B></TD>
        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page</B><B> </B><B>23</B>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
<A name="page_11"></A>
<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="99%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>SILVERCORP</B><B> </B><B>METALS</B><B> </B><B>INC.</B><B> </B><B> </B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>Management&#8217;s</B><B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>For</B><B> </B><B>the</B><B> </B><B>Three</B><B> </B><B>and</B><B> </B><B>Six</B><B> </B><B>Months</B><B> </B><B>Ended</B><B> </B><B>September</B><B> </B><B>30,</B><B> </B><B>2012</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="99%"><B>(Expressed</B><B> </B><B>in</B><B> </B><B>thousands</B><B> </B><B>of</B><B> </B><B>U.S.</B><B> </B><B>dollars,</B><B> </B><B>unless</B><B> </B><B>otherwise</B><B> </B><B>stated)</B><B> </B>&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>10.</B></TD>
        <TD noWrap align=left><B>Future</B><B> </B><B>Accounting</B><B> </B><B>Changes</B><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">IAS 1 &#8211; <I>Presentation</I><I> </I><I>of</I><I> </I><I>Financial</I><I> </I><I>Statements</I> amendment issued by the IASB in June 2011 provides improved consistency and clarity of the presentation of items of other comprehensive income.  The main change was a requirement to group items presented in other comprehensive income on the basis of  whether  they  are  potentially  reclassifiable  to  profit  or  loss  subsequently.   This  amendment  is effective for annual periods beginning on or after July 1, 2012, with earlier application permitted.  The Company does not anticipate this amendment to have a significant impact on the consolidated financial statements. </P>
  <P style="TEXT-ALIGN: justify">IFRS 10 &#8211; <I>Consolidated</I><I> </I><I>Financial</I><I> </I><I>Statements</I> supersedes SIC 12 &#8211; <I>Consolidation</I><I> </I><I>&#8211;</I><I> </I><I>Special</I><I> </I><I>Purpose</I><I> </I><I>Entities</I> and the requirements relating to consolidated financial statements in IAS 27 &#8211; <I>Consolidated</I><I> </I><I>and</I><I> </I><I>Separate</I><I> </I><I>Financial</I><I> </I><I>Statements</I>.  IFRS 10 establishes the principle and application of control as the basis for an investor to identify whether an investor controls an investee and thereby requiring consolidation.  This  standard  is  effective  for  annual  periods  beginning  on  or  after  January  1,  2013,  with  earlier application permitted. </P>
  <P style="TEXT-ALIGN: justify">IFRS 12<I> </I><I>&#8211;</I><I> </I><I>Disclosure</I><I> </I><I>of</I><I> </I><I>Interests</I><I> </I><I>in</I><I> </I><I>Other</I><I> </I><I>Entities</I> requires the disclosure of information that enables users of financial statements to evaluate the nature of, and risks associated with, its interests in other entities and the effects of those interests on its financial position, financial performance and cash flows.  This  standard  is  effective  for  annual  periods  beginning  on  or  after  January  1,  2013,  with  earlier application permitted. </P>
  <P style="TEXT-ALIGN: justify">The Company is still in the process of assessing the impact of the application of IFRS 10 and IFRS 12 on the consolidated financial statements. </P>
  <P style="TEXT-ALIGN: justify">IFRS 11<I> </I><I>&#8211;</I><I> </I><I>Joint</I><I> </I><I>Arrangements</I> establishes the principle a joint arrangement are classified as joint operations or joint ventures based on the rights and obligations of the parties to the joint arrangement, rather than its legal form.  This standard is effective for annual periods beginning on or after January 1, 2013, with earlier application permitted. </P>
  <P style="TEXT-ALIGN: justify">IAS 28<I> </I><I>&#8211;</I><I> </I><I>Investments</I><I> </I><I>in</I><I> </I><I>Associates</I><I> </I><I>and</I><I> </I><I>Joint</I><I> </I><I>Ventures</I> prescribes the accounting for investments in associates and sets out the requirements for the application of the equity method for investments in associates and joint ventures.  This standard is effective for annual periods beginning on or after January 1, 2013, with earlier application permitted. </P>
  <P style="TEXT-ALIGN: justify">The Company is still in the process of assessing the impact of the application of IFRS 11 and IAS 28 on the consolidated financial statements. </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>Other</B><B> </B><B>MD&amp;A</B><B> </B><B>Requirements</B><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">Additional information relating to the Company: </P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%">(a) </TD>
      <TD width="96%"><P align=justify>may be found on SEDAR at www.sedar.com;</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD width="96%"><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">(b) </TD>
      <TD width="96%"><P align=justify>may be found at the Company&#8217;s web-site www.silvercorpmetals.com;</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD width="96%"><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">(c) </TD>
      <TD width="96%"><P align=justify>may be found in the Company&#8217;s Annual Information Form; and,</P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD width="96%"><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">(d) </TD>
      <TD width="96%"><P align=justify>is also provided in the Company&#8217;s annual audited consolidated financial statements as of March 31, 2012. </P></TD>
    </TR>
    <TR height=20>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD width="96%"><P align=justify></P></TD>
    </TR>
  </TABLE>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="33%"></TD>
        <TD width="33%"></TD>
        <TD width="34%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-TOP: #000000 1px solid" 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<B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B> </B></B></TD>
        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="34%"><B>Page</B><B> </B><B>24</B>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
<A name="page_12"></A>
<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="99%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>SILVERCORP</B><B> </B><B>METALS</B><B> </B><B>INC.</B><B> </B><B> </B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>Management&#8217;s</B><B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>For</B><B> </B><B>the</B><B> </B><B>Three</B><B> </B><B>and</B><B> </B><B>Six</B><B> </B><B>Months</B><B> </B><B>Ended</B><B> </B><B>September</B><B> </B><B>30,</B><B> </B><B>2012</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="99%"><B>(Expressed</B><B> </B><B>in</B><B> </B><B>thousands</B><B> </B><B>of</B><B> </B><B>U.S.</B><B> </B><B>dollars,</B><B> </B><B>unless</B><B> </B><B>otherwise</B><B> </B><B>stated)</B><B> </B>&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>12.</B></TD>
        <TD noWrap align=left><B>Outstanding</B><B> </B><B>Share</B><B> </B><B>Data</B><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">As at the date of this report, the following securities were outstanding: </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 width="4%">(a)</TD>
        <TD noWrap align=left width="96%"> Share Capital </TD>
      </TR>
    </TABLE>
  </DIV>
  <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>170,755,058</B><B> </B>common shares with a recorded value of <B>$233.0</B><B> </B><B>million</B><B> </B></P>
  <P style="TEXT-ALIGN: justify">Shares subject to escrow or pooling agreements  $nil. </P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%"></TD>
        <TD width="96%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="4%">(b)</TD>
        <TD noWrap align=left width="96%"> Options </TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">As at the date of this report, the outstanding options comprise the following: </P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%"></TD>
        <TD width="32%"></TD>
        <TD width="32%"></TD>
        <TD width="32%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right width="4%"><B><FONT color=#ffffff> </FONT></B></TD>
        <TD noWrap align=right width="32%" bgColor=#9a3300><B><FONT color=#ffffff>Number</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>of</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>Options</FONT></B></TD>
        <TD noWrap align=right width="32%" bgColor=#9a3300><B><FONT color=#ffffff>Exercise</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>Price</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>(CAD$)</FONT></B></TD>
        <TD noWrap align=right width="32%" bgColor=#9a3300><B><FONT color=#ffffff>Expiry</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>Date</FONT></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="32%"> 13,700</TD>
        <TD noWrap align=right width="32%"> 9.05</TD>
        <TD noWrap align=right width="32%">January 16, 2013</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="32%"> 25,000</TD>
        <TD noWrap align=right width="32%"> 7.54</TD>
        <TD noWrap align=right width="32%">May 13, 2013</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="32%"> 197,500</TD>
        <TD noWrap align=right width="32%"> 5.99</TD>
        <TD noWrap align=right width="32%">July 1, 2013</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="32%"> 60,000</TD>
        <TD noWrap align=right width="32%"> 3.05</TD>
        <TD noWrap align=right width="32%">October 1, 2013</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="32%"> 548,001</TD>
        <TD noWrap align=right width="32%"> 2.65</TD>
        <TD noWrap align=right width="32%">April 19, 2014</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="32%"> 355,500</TD>
        <TD noWrap align=right width="32%"> 7.00</TD>
        <TD noWrap align=right width="32%">January 5, 2015</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="32%"> 178,250</TD>
        <TD noWrap align=right width="32%"> 7.40</TD>
        <TD noWrap align=right width="32%">April 20, 2015</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="32%"> 336,437</TD>
        <TD noWrap align=right width="32%"> 8.23</TD>
        <TD noWrap align=right width="32%">October 3, 2015</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="32%"> 208,781</TD>
        <TD noWrap align=right width="32%"> 12.16</TD>
        <TD noWrap align=right width="32%">January 4, 2016</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="32%"> 193,500</TD>
        <TD noWrap align=right width="32%"> 14.96</TD>
        <TD noWrap align=right width="32%">April 7, 2016</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="32%"> 265,000</TD>
        <TD noWrap align=right width="32%"> 9.20</TD>
        <TD noWrap align=right width="32%">June 4, 2016</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="32%"> 306,000</TD>
        <TD noWrap align=right width="32%"> 7.27</TD>
        <TD noWrap align=right width="32%">November 24, 2016</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="32%"> 451,000</TD>
        <TD noWrap align=right width="32%"> 6.69</TD>
        <TD noWrap align=right width="32%">March 5, 2017</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="32%"> 307,000</TD>
        <TD noWrap align=right width="32%"> 6.53</TD>
        <TD noWrap align=right width="32%">June 17, 2017</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="32%"> 410,000</TD>
        <TD noWrap align=right width="32%"> 5.35</TD>
        <TD noWrap align=right width="32%">August 8, 2017</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="32%"><B> </B><B>3,855,669</B></TD>
        <TD noWrap align=left width="32%">&nbsp;</TD>
        <TD noWrap align=right width="32%">&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 width="4%">(c)</TD>
        <TD noWrap align=left width="96%"> Warrants </TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">As at the date of this report, the outstanding warrants comprise the following: </P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%"></TD>
        <TD width="32%"></TD>
        <TD width="32%"></TD>
        <TD width="32%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right width="4%"><B><FONT color=#ffffff> </FONT></B></TD>
        <TD noWrap align=right width="32%" bgColor=#9a3300><B><FONT color=#ffffff>Number</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>of</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>Warrants</FONT></B></TD>
        <TD noWrap align=right width="32%" bgColor=#9a3300><B><FONT color=#ffffff>Exercise</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>Price</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>(CAD$)</FONT></B></TD>
        <TD noWrap align=middle width="32%" bgColor=#9a3300><B><FONT color=#ffffff>Expiry</FONT></B><B><FONT color=#ffffff> </FONT></B><B><FONT color=#ffffff>Date</FONT></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="32%"> 50,000</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="32%">$                                  6.76</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=middle width="32%">July 30, 2015 </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>13.</B></TD>
        <TD noWrap align=left><B>Risks</B><B> </B><B>and</B><B> </B><B>Uncertainties</B><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">The Company is exposed to many risks in conducting its business, including but not limit to: metal price risk as the Company derives its revenue from the sale of silver, lead, zinc, and gold; credit risk in the normal course of dealing with other companies and financial 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 40F; Audited Consolidated Financial Statements; and Management&#8217;s Discussion and Analysis for the year ended March 31, 2012.  Readers are encouraged to refer to these documents for a more detailed description of some of the risks and uncertainties inherent to Silvercorp&#8217;s business. </P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
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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<B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B> </B></B></TD>
        <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page</B><B> </B><B>25</B>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
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    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
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        <TD width="99%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>SILVERCORP</B><B> </B><B>METALS</B><B> </B><B>INC.</B><B> </B><B> </B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>Management&#8217;s</B><B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="99%"><B>For</B><B> </B><B>the</B><B> </B><B>Three</B><B> </B><B>and</B><B> </B><B>Six</B><B> </B><B>Months</B><B> </B><B>Ended</B><B> </B><B>September</B><B> </B><B>30,</B><B> </B><B>2012</B><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="99%"><B>(Expressed</B><B> </B><B>in</B><B> </B><B>thousands</B><B> </B><B>of</B><B> </B><B>U.S.</B><B> </B><B>dollars,</B><B> </B><B>unless</B><B> </B><B>otherwise</B><B> </B><B>stated)</B><B> </B>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <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>
  <DIV align=left>
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        <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>Disclosure</B><B> </B><B>Controls</B><B> </B><B>and</B><B> </B><B>Procedures</B><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <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 September 30, 2012, 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>
  <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>15.</B></TD>
        <TD noWrap align=left><B>Changes</B><B> </B><B>in</B><B> </B><B>Internal</B><B> </B><B>Control</B><B> </B><B>over</B><B> </B><B>Financial</B><B> </B><B>Reporting</B><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">There was no change in the Company&#8217;s internal control over financial reporting that occurred during the quarter that has materially affected or is reasonably likely to materially affect, its internal control over financial reporting. </P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
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        <TD width="4%"></TD>
        <TD width="96%"></TD>
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      <TR vAlign=bottom>
        <TD noWrap align=left><B>16.</B></TD>
        <TD noWrap align=left><B>Directors</B><B> </B><B>and</B><B> </B><B>Officers</B><B>&nbsp;</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">As at the date of this report, the Company&#8217;s Directors and Officers are as follows: </P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
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        <TD width="50%"></TD>
        <TD width="50%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="border-bottom: #000000 solid 1px" noWrap align=left width="50%"><B>Directors</B></TD>
        <TD style="border-bottom: #000000 solid 1px" noWrap align=left width="50%"><B>Officers</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%">Dr. Rui Feng, Director, Chairman &amp; CEO </TD>
        <TD noWrap align=left width="50%">Dr. Rui Feng, Director, Chairman &amp; CEO </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%">Myles J. Gao, Director, President </TD>
        <TD noWrap align=left width="50%">Myles J. Gao, Director, President </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%">Yikang Liu, Director </TD>
        <TD noWrap align=left width="50%">Maria Tang, Chief Financial Officer </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%">Earl Drake, Director </TD>
        <TD noWrap align=left width="50%">Shaoyang Shen, Chief Operating Officer </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%">Paul Simpson, Director </TD>
        <TD noWrap align=left width="50%">Peter Torn, Corporate Secretary &amp; General Counsel </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%">David Kong, Director </TD>
        <TD noWrap align=left width="50%">&nbsp;</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%">Robert Gayton, Director </TD>
        <TD noWrap align=left width="50%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=left>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">Myles Gao, P.Geo., President of Silvercorp, is a Qualified Person for Silvercorp under NI 43-101 and has reviewed and given consent to the technical information contained in this MD&amp;A. </P>
  <P style="TEXT-ALIGN: justify"><B>Forward</B><B> </B><B>Looking</B><B> </B><B>Statements</B><B> </B></P>
  <P style="TEXT-ALIGN: justify"><I>Certain</I><I> </I><I>of</I><I> </I><I>the</I><I> </I><I>statements</I><I> </I><I>and</I><I> </I><I>information</I><I> </I><I>in</I><I> </I><I>this</I><I> </I><I>MD&amp;A</I><I> </I><I>constitute</I><I> </I><I>&#8220;forward</I><I></I><I>-looking</I><I> </I><I>statements&#8221;</I><I> </I><I>within</I><I> </I><I>the</I><I> </I><I>meaning</I><I> </I><I>of</I><I> </I><I>the</I><I> </I><I>United</I><I> </I><I>States</I><I> </I><I>Private</I><I> </I><I>Securities</I><I> </I><I>Litigation</I><I> </I><I>Reform</I><I> </I><I>Act</I><I> </I><I>of</I><I> </I><I>1995</I><I> </I><I>and</I><I> </I><I>&#8220;forward-</I><I></I><I>looking</I><I> </I><I>information&#8221;</I><I> </I><I>within</I><I> </I><I>the</I><I> </I><I>meaning</I><I> </I><I>of</I><I> </I><I>applicable</I><I> </I><I>Canadian</I><I> </I><I>provincial</I><I> </I><I>securities</I><I> </I><I>laws.</I><I> </I><I>Any</I><I> </I><I>statements</I><I> </I><I>or</I><I> </I><I>information</I><I> </I><I>that</I><I> </I><I>express</I><I> </I><I>or</I><I> </I><I>involve</I><I> </I><I>discussions</I><I> </I><I>with</I><I> </I><I>respect</I><I> </I><I>to</I><I> </I><I>predictions,</I><I> </I><I>expectations,</I><I> </I><I>beliefs,</I><I> </I><I>plans,</I><I> </I><I>projections,</I><I> </I><I>objectives,</I><I> </I><I>assumptions</I><I> </I><I>or</I><I> </I><I>future</I><I> </I><I>events</I><I> </I><I>or</I><I> </I><I>performance</I><I> </I><I>(often,</I><I> </I><I>but</I><I> </I><I>not</I><I> </I><I>always,</I><I> </I><I>using</I><I> </I><I>words</I><I> </I><I>or</I><I> </I><I>phrases</I><I> </I><I>such</I><I> </I><I>as</I><I> </I><I>&#8220;expects&#8221;,</I><I> </I><I>&#8220;is</I><I> </I><I>expected&#8221;,</I><I> </I><I>&#8220;anticipates&#8221;,</I><I> </I><I>&#8220;believes&#8221;,</I><I> </I><I>&#8220;plans&#8221;,</I><I> </I><I>&#8220;projects&#8221;,</I><I> </I><I>&#8220;estimates&#8221;,</I><I> </I><I>&#8220;assumes&#8221;,</I><I> </I><I>&#8220;intends&#8221;,</I><I> </I><I>&#8220;strategies&#8221;,</I><I> </I><I>&#8220;targets&#8221;,</I><I> </I><I>&#8220;goals&#8221;,</I><I> </I><I>&#8220;forecasts&#8221;,</I><I> </I><I>&#8220;objectives&#8221;,</I><I> </I><I>&#8220;budgets&#8221;,</I><I> </I><I>&#8220;schedules&#8221;,</I><I> </I><I>&#8220;potential&#8221;</I><I> </I><I>or</I><I> </I><I>variations</I><I> </I><I>thereof</I><I> </I><I>or</I><I> </I><I>stating</I><I> </I><I>that</I><I> </I><I>certain</I><I> </I><I>actions,</I><I> </I><I>events</I><I> </I><I>or</I><I> </I><I>results</I><I> </I><I>&#8220;may&#8221;,</I><I> </I><I>&#8220;could&#8221;,</I><I> </I><I>&#8220;would&#8221;,</I><I> </I><I>&#8220;might&#8221;</I><I> </I><I>or</I><I> </I><I>&#8220;will&#8221;</I><I> </I><I>be</I><I> </I><I>taken,</I><I> </I><I>occur</I><I> </I><I>or</I><I> </I><I>be</I><I> </I><I>achieved,</I><I> </I><I>or</I><I> </I><I>the</I><I> </I><I>negative</I><I> </I><I>of</I><I> </I><I>any</I><I> </I><I>of</I><I> </I><I>these</I><I> </I><I>terms</I><I> </I><I>and</I><I> </I><I>similar</I><I> </I><I>expressions)</I><I> </I><I>are</I><I> </I><I>not</I><I> </I><I>statements</I><I> </I><I>of</I><I> </I><I>historical</I><I> </I><I>fact</I><I> </I><I>and</I><I> </I><I>may</I><I> </I><I>be</I><I> </I><I>forward</I><I></I><I>-looking</I><I> </I><I>statements</I><I> </I><I>or</I><I> </I><I>information.</I><I> </I><I>Forward-</I><I></I><I>looking</I><I> </I><I>statements</I><I> </I><I>or</I><I> </I><I>information</I><I> </I><I>relate</I><I> </I><I>to,</I><I> </I><I>among</I><I> </I><I>other</I><I> </I><I>things:</I><I> </I></P>
  <DIV align=left></DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<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<b> </b><b>Discussion</b><b> </b><b>and</b><b> </b><b>Analysis</b><b> </b></b></td>
    <td style="BORDER-TOP: #000000 1px solid" nowrap align=right width="33%"><b>Page</b><b> </b><b>26</b>&nbsp;</td>
  </tr>
</table>
<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%" align=left>
  <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
    <TR>
      <TD width="99%"></TD>
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    <TR vAlign=bottom>
      <TD noWrap align=left width="99%"><B>SILVERCORP</B><B> </B><B>METALS</B><B> </B><B>INC.</B><B> </B><B> </B></TD>
    </TR>
    <TR vAlign=bottom>
      <TD noWrap align=left width="99%"><B>Management&#8217;s</B><B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B>&nbsp;</B></TD>
    </TR>
    <TR vAlign=bottom>
      <TD noWrap align=left width="99%"><B>For</B><B> </B><B>the</B><B> </B><B>Three</B><B> </B><B>and</B><B> </B><B>Six</B><B> </B><B>Months</B><B> </B><B>Ended</B><B> </B><B>September</B><B> </B><B>30,</B><B> </B><B>2012</B><B>&nbsp;</B></TD>
    </TR>
    <TR vAlign=bottom>
      <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="99%"><B>(Expressed</B><B> </B><B>in</B><B> </B><B>thousands</B><B> </B><B>of</B><B> </B><B>U.S.</B><B> </B><B>dollars,</B><B> </B><B>unless</B><B> </B><B>otherwise</B><B> </B><B>stated)</B><B> </B>&nbsp;</TD>
    </TR>
  </TABLE>
</DIV>
<UL>
  <LI>
    <P style="MARGIN-LEFT: -24px" align=justify><I>the price of silver and other metals;</I></P>
  <LI>
    <P style="MARGIN-LEFT: -24px" align=justify><I>estimates of the Company&#8217;s revenues and capital expenditures;</I></P>
  <LI>
    <P style="MARGIN-LEFT: -24px" align=justify><I>estimated production from the Company&#8217;s mines in the Ying Mining District; and;</I></P>
  <LI>
    <P style="MARGIN-LEFT: -24px" align=justify><I>timing of receipt of permits and regulatory approvals.</I></P>
  </LI>
</UL>
<P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; TEXT-ALIGN: justify"><I>Forward-</I><I></I><I>looking</I><I> </I><I>statements</I><I> </I><I>or</I><I> </I><I>information</I><I> </I><I>are</I><I> </I><I>subject</I><I> </I><I>to</I><I> </I><I>a</I><I> </I><I>variety</I><I> </I><I>of</I><I> </I><I>known</I><I> </I><I>and</I><I> </I><I>unknown</I><I> </I><I>risks,</I><I> </I><I>uncertainties</I><I> </I><I>and</I><I> </I><I>other</I><I> </I><I>factors</I><I> </I><I>that</I><I> </I><I>could</I><I> </I><I>cause</I><I> </I><I>actual</I><I> </I><I>events</I><I> </I><I>or</I><I> </I><I>results</I><I> </I><I>to</I><I> </I><I>differ</I><I> </I><I>from</I><I> </I><I>those</I><I> </I><I>reflected</I><I> </I><I>in</I><I> </I><I>the</I><I> </I><I>forward</I><I></I><I>-looking</I><I> </I><I>statements</I><I> </I><I>or</I><I> </I><I>information,</I><I> </I><I>including,</I><I> </I><I>without</I><I> </I><I>limitation,</I><I> </I><I>risks</I><I> </I><I>relating</I><I> </I><I>to,</p>
<UL>
  <LI>
    <P style="MARGIN-LEFT: -24px" align=justify><I>fluctuating commodity prices;</I></P>
  <LI>
    <P style="MARGIN-LEFT: -24px" align=justify><I>exploration and development programs;</I></P>
  <LI>
    <P style="MARGIN-LEFT: -24px" align=justify><I>feasibility and engineering reports;</I></P>
  <LI>
    <P style="MARGIN-LEFT: -24px" align=justify><I>permits and licenses;</I></P>
  <LI>
    <P style="MARGIN-LEFT: -24px" align=justify><I>First Nations title claims and rights;</I></P>
  <LI>
    <P style="MARGIN-LEFT: -24px" align=justify><I>operations and political conditions;</I></P>
  <LI>
    <P style="MARGIN-LEFT: -24px" align=justify><I>regulatory environment in China and Canada;</I></P>
  <LI>
    <P style="MARGIN-LEFT: -24px" align=justify><I>environmental risks; and</I></P>
  <LI>
    <P style="MARGIN-LEFT: -24px" align=justify><I>risks and hazards of mining operations.</I></P>
  </LI>
</UL>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"> </DIV>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%"><I>This</I><I> </I><I>list</I><I> </I><I>is</I><I> </I><I>not</I><I> </I><I>exhaustive</I><I> </I><I>of</I><I> </I><I>the</I><I> </I><I>factors</I><I> </I><I>that</I><I> </I><I>may</I><I> </I><I>affect</I><I> </I><I>any</I><I> </I><I>of</I><I> </I><I>the</I><I> </I><I>Company&#8217;s</I><I> </I><I>forward</I><I></I><I>-looking</I><I> </I><I>statements</I><I> </I><I>or</I><I> </I><I>information.</I><I> </I><I>Forward</I><I></I><I>-looking</I><I> </I><I>statements</I><I> </I><I>or</I><I> </I><I>information</I><I> </I><I>are</I><I> </I><I>statements</I><I> </I><I>about</I><I> </I><I>the</I><I> </I><I>future</I><I> </I><I>and</I><I> </I><I>are</I><I> </I><I>inherently</I><I> </I><I>uncertain,</I><I> </I><I>and</I><I> </I><I>actual</I><I> </I><I>achievements</I><I> </I><I>of</I><I> </I><I>the</I><I> </I><I>Company</I><I> </I><I>or</I><I> </I><I>other</I><I> </I><I>future</I><I> </I><I>events</I><I> </I><I>or</I><I> </I><I>conditions</I><I> </I><I>may</I><I> </I><I>differ</I><I> </I><I>materially</I><I> </I><I>from</I><I> </I><I>those</I><I> </I><I>reflected</I><I> </I><I>in</I><I> </I><I>the</I><I> </I><I>forward</I><I></I><I>-looking</I><I> </I><I>statements</I><I> </I><I>or</I><I> </I><I>information</I><I> </I><I>due</I><I> </I><I>to</I><I> </I><I>a</I><I> </I><I>variety</I><I> </I><I>of</I><I> </I><I>risks,</I><I> </I><I>uncertainties</I><I> </I><I>and</I><I> </I><I>other</I><I> </I><I>factors,</I><I> </I><I>including,</I><I> </I><I>without</I><I> </I><I>limitation,</I><I> </I><I>those</I><I> </I><I>referred</I><I> </I><I>to</I><I> </I><I>in</I><I> </I><I>this</I><I> </I><I>MD&amp;A</I><I> </I><I>under</I><I> </I><I>the</I><I> </I><I>heading</I><I> </I><I>&#8220;Risks</I><I> </I><I>and</I><I> </I><I>Uncertainties&#8221;</I><I> </I><I>and</I><I> </I><I>elsewhere.</I><I> </I><I>Although</I><I> </I><I>the</I><I> </I><I>Company</I><I> </I><I>has</I><I> </I><I>attempted</I><I> </I><I>to</I><I> </I><I>identify</I><I> </I><I>important</I><I> </I><I>factors</I><I> </I><I>that</I><I> </I><I>could</I><I> </I><I>cause</I><I> </I><I>actual</I><I> </I><I>results</I><I> </I><I>to</I><I> </I><I>differ</I><I> </I><I>materially,</I><I> </I><I>there</I><I> </I><I>may</I><I> </I><I>be</I><I> </I><I>other</I><I> </I><I>factors</I><I> </I><I>that</I><I> </I><I>cause</I><I> </I><I>results</I><I> </I><I>not</I><I> </I><I>to</I><I> </I><I>be</I><I> </I><I>as</I><I> </I><I>anticipated,</I><I> </I><I>estimated,</I><I> </I><I>described</I><I> </I><I>or</I><I> </I><I>intended.</I><I> </I><I>Accordingly,</I><I> </I><I>readers</I><I> </I><I>should</I><I> </I><I>not</I><I> </I><I>place</I><I> </I><I>undue</I><I> </I><I>reliance</I><I> </I><I>on</I><I> </I><I>forward-</I><I></I><I>looking</I><I> </I><I>statements</I><I> </I><I>or</I><I> </I><I>information.</I><I> </I></DIV>
<P style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%; TEXT-ALIGN: justify"><I>The</I><I> </I><I>Company&#8217;s</I><I> </I><I>forward</I><I></I><I>-looking</I><I> </I><I>statements</I><I> </I><I>and</I><I> </I><I>information</I><I> </I><I>are</I><I> </I><I>based</I><I> </I><I>on</I><I> </I><I>the</I><I> </I><I>assumptions,</I><I> </I><I>beliefs,</I><I> </I><I>expectations</I><I> </I><I>and</I><I> </I><I>opinions</I><I> </I><I>of</I><I> </I><I>management</I><I> </I><I>as</I><I> </I><I>of</I><I> </I><I>the</I><I> </I><I>date</I><I> </I><I>of</I><I> </I><I>this</I><I> </I><I>MD&amp;A,</I><I> </I><I>and</I><I> </I><I>other</I><I> </I><I>than</I><I> </I><I>as</I><I> </I><I>required</I><I> </I><I>by</I><I> </I><I>applicable</I><I> </I><I>securities</I><I> </I><I>laws,</I><I> </I><I>the</I><I> </I><I>Company</I><I> </I><I>does</I><I> </I><I>not</I><I> </I><I>assume</I><I> </I><I>any</I><I> </I><I>obligation</I><I> </I><I>to</I><I> </I><I>update</I><I> </I><I>forward-</I><I></I><I>looking</I><I> </I><I>statements</I><I> </I><I>and</I><I> </I><I>information</I><I> </I><I>if</I><I> </I><I>circumstances</I><I> </I><I>or</I><I> </I><I>management&#8217;s</I><I> </I><I>assumptions,</I><I> </I><I>beliefs,</I><I> </I><I>expectations</I><I> </I><I>or</I><I> </I><I>opinions</I><I> </I><I>should</I><I> </I><I>change,</I><I> </I><I>or</I><I> </I><I>changes</I><I> </I><I>in</I><I> </I><I>any</I><I> </I><I>other</I><I> </I><I>events</I><I> </I><I>affecting</I><I> </I><I>such</I><I> </I><I>statements</I><I> </I><I>or</I><I> </I><I>information.</I><I> </I><I>For</I><I> </I><I>the</I><I> </I><I>reasons</I><I> </I><I>set</I><I> </I><I>forth</I><I> </I><I>above,</I><I> </I><I>investors</I><I> </I><I>should</I><I> </I><I>not</I><I> </I><I>place</I><I> </I><I>undue</I><I> </I><I>reliance</I><I> </I><I>on</I><I> </I><I>forward-</I><I></I><I>looking</I><I> </I><I>statements</I><I> </I><I>and</I><I> </I><I>information.</I></P>
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      <TD style="BORDER-TOP: #000000 1px solid" noWrap align=middle width="33%"><B>Management&#8217;s<B> </B><B>Discussion</B><B> </B><B>and</B><B> </B><B>Analysis</B><B> </B></B></TD>
      <TD style="BORDER-TOP: #000000 1px solid" noWrap align=right width="33%"><B>Page</B><B> </B><B>27</B>&nbsp;</TD>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>FORM 52-109F2 CERTIFICATION OF INTERIM FILINGS - CFO
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<div align="right"><strong>Exhibit 99.4</strong></div>

<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>Maria Tang, Chief Financial Officer of Silvercorp Metals Inc. </B>certify the following:</P></DIV>

<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 report 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>September 30, 2012</B>.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">2.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <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>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">3.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">4.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <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>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">5.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <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>

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   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR></TABLE>
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    <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>
    <TD vAlign=top noWrap width="4%"></TD>
    <TD vAlign=top noWrap width="4%"></TD>
    <TD width="92%"><P align=justify>&nbsp;</P></TD>
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  <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>
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  <TR>
    <TD vAlign=top noWrap width="8%"></TD>
    <TD vAlign=top noWrap width="4%"></TD>
    <TD width="88%"><P align=justify>&nbsp;</P></TD>
  </TR>
  <TR>
    <TD vAlign=top noWrap width="8%"></TD>
    <TD vAlign=top noWrap width="4%">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="88%"><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>
    <TD vAlign=top noWrap width="8%"></TD>
    <TD vAlign=top noWrap width="4%"></TD>
    <TD width="88%"><P align=justify>&nbsp;</P></TD>
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  <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>
    <TD vAlign=top noWrap width="4%"></TD>
    <TD vAlign=top noWrap width="4%"></TD>
    <TD width="92%"><P align=justify>&nbsp;</P></TD>
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</TABLE>
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<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>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">5.2&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <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>

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   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR></TABLE>

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   <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></DIV><BR><BR>

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<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>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="92%">

   <P align=justify>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD vAlign=top noWrap width="4%">(c)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="92%">

   <P align=justify>the issuer&#8217;s current plans, if any, or any actions already undertaken, for remediating the material weakness.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="92%">

   <P align=justify>&nbsp;</P></TD></TR></TABLE>

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<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>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">6.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <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 July 1, 2012 and ended on September 30, 2012 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>November 13, 2012</B></P>

<DIV align=left>

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   <TD width="20%"></TD>

   <TD width="80%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><u><I>&#8220;Maria Tang&#8221;</I></u></TD>

   <TD noWrap align=left width="80%"><I></I></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><I>&nbsp; </I></TD>

   <TD noWrap align=left width="80%"><I></I></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">Meng (Maria) Tang</TD>

   <TD noWrap align=left width="80%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">Chief Financial Officer</TD>

   <TD noWrap align=left width="80%"></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>FORM 52-109F2 CERTIFICATION OF INTERIM FILINGS - CEO
<TEXT>

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<HEAD>
   <TITLE>Exhibit 99.5</TITLE>
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<div align="right"><strong>Exhibit 99.5</strong></div>

<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: left">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;&nbsp;&nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>Review: </I></B>I have reviewed the interim financial report 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>September 30, 2012</B>.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">2.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <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>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">3.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <P align=justify><B><I>Fair presentation: </I></B>Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">4.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <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>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">5.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <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>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</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>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="92%">

   <P align=justify>&nbsp;</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>

   <TD vAlign=top noWrap width="8%"></TD>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="88%">

   <P align=justify>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="8%"></TD>

   <TD vAlign=top noWrap width="4%">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>

   <TD width="88%">

   <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>

   <TD vAlign=top noWrap width="8%"></TD>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="88%">

   <P align=justify>&nbsp;</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>
    <TD vAlign=top noWrap width="4%"></TD>
    <TD vAlign=top noWrap width="4%"></TD>
    <TD width="92%"><P align=justify>&nbsp;</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>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">5.2&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <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>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B><I></I></B>&nbsp;</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>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="92%">

   <P align=justify>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD vAlign=top noWrap width="4%">(c)&nbsp; &nbsp; &nbsp; </TD>

   <TD width="92%">

   <P align=justify>the issuer&#8217;s current plans, if any, or any actions already undertaken, for remediating the material weakness.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="92%">

   <P align=justify>&nbsp;</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>

   <TD vAlign=top noWrap width="4%"></TD>

   <TD width="96%">

   <P align=justify><B></B>&nbsp;</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">6.&nbsp; &nbsp; &nbsp; </TD>

   <TD width="96%">

   <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 July 1, 2012 and ended on September 30, 2012 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>November 13, 2012</B></P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="20%"></TD>

   <TD width="80%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><u><I>&#8220;Rui Feng&#8221;</I></u></TD>

   <TD noWrap align=left width="80%"><I></I></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%"><I>&nbsp;</I></TD>

   <TD noWrap align=left width="80%"><I></I></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">Rui Feng</TD>

   <TD noWrap align=left width="80%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">Chief Executive Officer</TD>

   <TD noWrap align=left width="80%"></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV><BR>

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<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>NEWS RELEASE DATED NOVEMBER 13, 2012
<TEXT>

<HTML>
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   <TITLE>Exhibit 99.6</TITLE>
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<div align="right"><strong>Exhibit 99.6</strong></div>

<BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



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   <TD width="50%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="50%"><B>
   <IMG src="exhibit99-1x1x1.jpg" border=0></B></TD>

   <TD noWrap align=left width="50%"><B>

   <P align=right>
   <IMG src="exhibit99-1x1x2.jpg" border=0></P></B></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify"><B>NEWS 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="8%"></TD>

   <TD width="92%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="8%"><B>Trading Symbol: </B></TD>

   <TD noWrap align=left width="92%"><B>TSX: SVM</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="8%"><B></B></TD>

   <TD noWrap align=left width="92%"><B>NYSE: SVM</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B>SILVERCORP ANNOUNCES DIVIDEND OF CAD$0.025</B></P>

<P style="TEXT-ALIGN: justify">VANCOUVER, British Columbia &#8211; November 13, 2012 &#8211; Silvercorp Metals Inc. (&#8220;Silvercorp&#8221; or the &#8220;Company&#8221;) today announced that its Board of Directors has declared a quarterly dividend of CAD$0.025 per share to be paid on or before January 21, 2013 to shareholders of record at the close of business on December 31, 2012. The dividends are considered eligible dividends for Canadian tax purposes.</P>

<P style="TEXT-ALIGN: justify"><B>About Silvercorp</B></P>

<P style="TEXT-ALIGN: justify">Silvercorp is a low-cost silver-producing Canadian mining company with multiple mines in China which has paid a cash dividend since 2007. The Company is currently developing the GC project in southern China which it expects will become its next operating mine in early 2013. The Company&#8217;s vision is to deliver shareholder value by focusing on the acquisition of small-scale projects with resource potential and self-fund the growth of those assets. For more information, please visit our website at www.silvercorp.ca.</P>

<P style="TEXT-ALIGN: justify"><B>Investor contact</B></P>

<P style="TEXT-ALIGN: justify">Jonathan Hackshaw <BR>Director, Investor Relations</P>

<P style="TEXT-ALIGN: justify">Phone: (604) 669-9397 <BR>Toll Free 1(888) 224-1881 <BR>Email: investor@silvercorp.ca <BR>Website: www.silvercorp.ca</P></DIV><BR>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
