<SEC-DOCUMENT>0001176256-13-000448.txt : 20130812
<SEC-HEADER>0001176256-13-000448.hdr.sgml : 20130812
<ACCEPTANCE-DATETIME>20130809174123
ACCESSION NUMBER:		0001176256-13-000448
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20130630
FILED AS OF DATE:		20130812
DATE AS OF CHANGE:		20130809

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:		131027758

	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>silvercorp6kq1130630.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER FOR AUGUST 8, 2013
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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>
    SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
    <B>Washington, D.C. 20549</B></P>
  <P style="TEXT-ALIGN: center"><B><FONT size=5>FORM 6-K</FONT></B></P>
  <P style="TEXT-ALIGN: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>
  <P style="TEXT-ALIGN: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16 OF <BR>
    THE SECURITIES EXCHANGE ACT OF 1934</B></P>
  <P style="TEXT-ALIGN: center">August 8, 2013</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><br>
    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>
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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>
  <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
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      <TD noWrap align=left width="50%">Dated: August 8, 2013</TD>
      <TD noWrap align=left width="50%"><B>SILVERCORP METALS INC.</B></TD>
    </TR>
    <TR vAlign=bottom>
      <TD noWrap align=left>&nbsp;</TD>
      <TD noWrap align=left>&nbsp;</TD>
    </TR>
    <TR vAlign=bottom>
      <TD noWrap align=left width="50%">&nbsp;</TD>
      <TD noWrap align=left width="50%"><P style="MARGIN-LEFT: 8%"><U>/s/ Maria Tang</U></P></TD>
    </TR>
    <TR vAlign=bottom>
      <TD noWrap align=left width="50%">&nbsp;</TD>
      <TD noWrap align=left width="50%"><P style="MARGIN-LEFT: 8%">Maria Tang</P></TD>
    </TR>
    <TR vAlign=bottom>
      <TD noWrap align=left width="50%">&nbsp;</TD>
      <TD noWrap align=left width="50%"><P style="MARGIN-LEFT: 8%">Chief Financial Officer</P></TD>
    </TR>
  </TABLE>
  <P style="MARGIN: 0px">&nbsp;</P>
  <P style="TEXT-ALIGN: center">2</P>
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  <P style="TEXT-ALIGN: center">EXHIBIT INDEX</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 noWrap align=left width="6%"><U>EXHIBIT</U></TD>
        <TD noWrap align=center width="94%"><U>DESCRIPTION OF EXHIBIT</U></TD>
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        <TD noWrap align=left width="6%">&nbsp;</TD>
        <TD noWrap align=left width="94%">&nbsp;</TD>
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        <TD style="BACKGROUND-COLOR: #ececec" align=left width="6%"><a href="exhibit99-1.htm">99.1</a></TD>
        <TD style="BACKGROUND-COLOR: #ececec" align=left width="94%"><a href="exhibit99-1.htm">News Release- August 8, 2013 Silvercorp Reports Financial and Operating Results for the First Quarter of Fiscal Year 2014</a></TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="6%"><a href="exhibit99-2.htm">99.2</a></TD>
        <TD align=left width="94%"><a href="exhibit99-2.htm">Silvercorp Metals Inc. Financial Statements for the 1st Quarter ended June 30, 2013</a></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #ececec" align=left width="6%"><a href="exhibit99-3.htm">99.3</a></TD>
        <TD style="BACKGROUND-COLOR: #ececec" align=left width="94%"><a href="exhibit99-3.htm">Silvercorp Metals Inc. MD&A for the 1st Quarter ended June 30, 2013</a></TD>
      </TR>
      <TR vAlign=bottom>
        <TD align=left width="6%"><a href="exhibit99-4.htm">99.4</a></TD>
        <TD align=left width="94%"><a href="exhibit99-4.htm">Form 52-109F2 Certificate of interim filings- full certificate- CFO</a></TD>
      </TR>
       <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #ececec" align=left width="6%"><a href="exhibit99-5.htm">99.5</a></TD>
        <TD style="BACKGROUND-COLOR: #ececec" align=left width="94%"><a href="exhibit99-5.htm">Form 52-109F2 Certificate of interim filings- full certificate- CEO </a></TD>
      </TR>
            <TR vAlign=bottom>
        <TD align=left width="6%"><a href="exhibit99-6.htm">99.6</a></TD>
        <TD align=left width="94%"><a href="exhibit99-6.htm">News Release- August 8, 2013 Silvercorp announces first quarter dividend of CAD$0.025</a></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <P style="TEXT-ALIGN: center">3</P>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>NEWS RELEASE - AUGUST 8, 2013
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<P style="MARGIN-TOP: 0px" align=right><B>Exhibit 99.1</B></P><BR><BR>

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   <IMG src="exhibit99-1x1x1.jpg" border=0></B></TD>

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   <IMG src="exhibit99-1x1x2.jpg" border=0></B></TD></TR>

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   <TD noWrap align=left width="50%"><B>NEWS RELEASE</B></TD>

   <TD noWrap align=left width="50%"><B>&nbsp;</B></TD></TR></TABLE></DIV>

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   <TD width="10%" align=left noWrap><B>Trading Symbol:</B></TD>

   <TD width="90%" align=left noWrap><B>TSX: SVM</B></TD></TR>

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

  <TD width="90%" align=left noWrap><B>NYSE: SVM</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center"><B>SILVERCORP REPORTS FINANCIAL AND OPERATING RESULTS<br>
  FOR THE FIRST QUARTER OF FISCAL YEAR 2014</B></P>

<P style="TEXT-ALIGN: justify">VANCOUVER, British Columbia &#8211; August 8, 2013 <B>&#8211; </B>Silvercorp Metals Inc. (&#8220;Silvercorp&#8221; or the &#8220;Company&#8221;) (TSX: SVM) (NYSE: SVM) reported its financial and operating results for the first quarter ended June 30, 2013 (&#8220;Q1 Fiscal 2014&#8221;).</P>

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

<UL>

<LI>

<P align=justify>Silver production of 1.4 million ounces and gold production of 3,777 ounces;</P>

<LI>

<P align=justify>Lead production of 13.5 million pounds and zinc production of 3.7 million pounds;</P>

<LI>

<P align=justify>Sales of $39.8 million;</P>

<LI>

<P align=justify>Gross margin of 44% despi<B>te </B>significant decline in precious metal prices;</P>

<LI>

<P align=justify>Net income of $4.6 million or $0.03 per share;</P>

<LI>

<P align=justify>Strong cash flow from operations of $17.6 million, or $0.10 per share;</P>

<LI>

<P align=justify>Cash cost of $3.23 per ounce of silver at the Ying Mining District;</P>

<LI>

<P align=justify>GC Mine continued to undergo trial mining and processing and is progressing towards commercial production; and</P>

<LI>

<P align=justify>Return of value to our shareholders by the $4.2 million quarterly dividend payment of CAD$0.025 per share.</P></LI></UL>

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

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, net income attributable to equity holders of the Company was $4.6 million or $0.03 per share compared to net income of $6.1 million or $0.04 per share in the three months ended June 30, 2012 (&#8220;Q1 Fiscal 2013&#8221;).</P>

<P style="TEXT-ALIGN: justify">Compared to the same prior year quarter, the decrease in net income was mainly due to (i) significantly lower silver price; net realized silver price was $17.66 per ounce this <B>quarter, </B>which was $5.31 or 23% lower compared to $22.97 per ounce in Q1 Fiscal 2013; (ii) lower base metal prices; net realized lead and zinc prices were 7% and 5% lower in this quarter as compared to the same prior year quarter; and (iii) higher overall production costs as more ore were processed.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, the Company realized sales of $39.8 million compared to $44.5 million in Q1 Fiscal 2013.</P>

<P style="TEXT-ALIGN: justify">Cost of sales in Q1 Fiscal 2014 was $22.5 million compared to $19.0 million in Q1 Fiscal 2013 and included cash costs of $18.9 million compared to $15.3 million in Q4 Fiscal 2012. The increase of cost of sales was due to more ore being mined and processed.</P>

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

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<P style="TEXT-ALIGN: justify">The gross profit margin in Q1 Fiscal 2014 was 44%, compared to 57% in Q1 Fiscal 2013.</P>

<P style="TEXT-ALIGN: justify">Cash flow from operations in Q1 Fiscal 2014 was $17.6 million or $0.10 per share, compared to $19.3 million, or $0.11 per share, in Q1 Fiscal 2013.</P>

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

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, on a consolidated basis, the Company produced 1.4 million ounces of silver, 3,777 ounces of gold, 13.5 million pounds of lead, and 3.7 million pounds of zinc compared to 1.2 million ounces of silver and 2,653 ounces of gold, 13.7 million pounds of lead, and 3.0 million pounds of zinc in Q1 Fiscal 2013.</P>

<P style="TEXT-ALIGN: justify"><B>1. Ying Mining District, Henan Province, China</B></P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, the Company mined 233,257 tonnes of ore at the Ying Mining District compared to 181,018 tonnes in Q1 Fiscal 2013. Metal production totalled 1.4 million ounces of silver, 1,282 ounces of gold, 13.1 million pounds of lead and 2.9 million pounds of zinc, compared to 1.2 million ounces of silver, 800 ounces of gold, 13.7 million pounds of lead, and 3.0 million pounds of zinc in Q1 Fiscal 2013.</P>

<P style="TEXT-ALIGN: justify">Head grades were 200 grams per tonne (&#8220;g/t&#8221;) for silver, 2.7% for lead and 0.8% for zinc, compared to 227 g/t for silver, 3.6% for lead and 1.1% for zinc in the same quarter last year.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, total and cash mining costs per tonne were $65.09 and $54.95, respectively, compared to $69.02 and $55.47 in Q1 Fiscal 2013, respectively.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, a total of 236,173 tonnes of ore was milled compared to 186,455 tonnes in Q1 Fiscal 2013. The cash milling cost per tonne was $12.06 in Q1 Fiscal 2014 compared to $14.17 in Q1 Fiscal 2013.</P>

<P style="TEXT-ALIGN: justify">Total and cash costs per ounce of silver in Q1 Fiscal 2014 for the Ying Mining District were $5.33 and $3.23 respectively, compared to $2.49 and $0.16, in Q1 Fiscal 2013, respectively.</P>

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

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

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

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

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

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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>

   <TD noWrap align=left width="10%" bgColor=#993300>&nbsp;</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="8%" bgColor=#993300>&nbsp;</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="8%" bgColor=#993300>&nbsp;</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="8%" bgColor=#993300>&nbsp;</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="8%" bgColor=#993300>&nbsp;</TD>

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   <TD noWrap align=left width="40%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>Q1 2014</FONT></B></TD>

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

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

   <TD noWrap align=right width="8%" bgColor=#993300><FONT color=#ffffff>Q4 2013</FONT></TD>

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

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

   <TD noWrap align=right width="8%" bgColor=#993300><FONT color=#ffffff>Q3 2013</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="8%" bgColor=#993300><FONT color=#ffffff>Q2 2013</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="8%" bgColor=#993300><FONT color=#ffffff>Q1 2013</FONT></TD>

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

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   <TD noWrap align=left width="40%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>30-Jun-13 </FONT></B></TD>

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

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

   <TD noWrap align=right width="8%" bgColor=#993300><FONT color=#ffffff>31-Mar-13</FONT></TD>

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

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

   <TD noWrap align=right width="8%" bgColor=#993300><FONT color=#ffffff>31-Dec-12</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="8%" bgColor=#993300><FONT color=#ffffff>30-Sep-12</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="8%" bgColor=#993300><FONT color=#ffffff>30-Jun-12</FONT></TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD 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>963</B></TD>

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

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

   <TD noWrap align=right width="8%">1,309</TD>

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

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

   <TD noWrap align=right width="8%">2,334</TD>

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

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

   <TD noWrap align=right width="8%">2,442</TD>

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

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

   <TD noWrap align=right width="8%">2,250</TD>

   <TD noWrap align=right 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 2px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>232,294</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">152,014</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">234,360</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">203,369</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">178,768</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>233,257</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">153,323</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">236,694</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">205,811</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">181,018</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD 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>963</B></TD>

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

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

   <TD noWrap align=right width="8%">1,309</TD>

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

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

   <TD noWrap align=right width="8%">2,334</TD>

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

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

   <TD noWrap align=right width="8%">2,442</TD>

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

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

   <TD noWrap align=right width="8%">2,250</TD>

   <TD noWrap align=right 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 2px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>235,210</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">156,836</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">224,430</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">200,728</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">184,205</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="40%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>236,173</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">158,145</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">226,764</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">203,170</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">186,455</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD 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>1,364</B></TD>

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

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

   <TD noWrap align=right width="8%">933</TD>

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

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

   <TD noWrap align=right width="8%">1,508</TD>

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

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

   <TD noWrap align=right width="8%">1,277</TD>

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

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

   <TD noWrap align=right width="8%">1,223</TD>

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

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

   <TD noWrap align=right width="8%">0.8</TD>

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

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

   <TD noWrap align=right width="8%">1.3</TD>

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

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

   <TD noWrap align=right width="8%">1.3</TD>

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

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

   <TD noWrap align=right width="8%">0.8</TD>

   <TD noWrap align=right 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>13,063</B></TD>

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

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

   <TD noWrap align=right width="8%">9,462</TD>

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

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

   <TD noWrap align=right width="8%">15,642</TD>

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

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

   <TD noWrap align=right width="8%">13,403</TD>

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

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

   <TD noWrap align=right width="8%">13,713</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px 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 2px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>2,926</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">1,554</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">3,231</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">3,412</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">2,974</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD 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>200</B></TD>

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

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

   <TD noWrap align=right width="8%">205</TD>

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

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

   <TD noWrap align=right width="8%">222</TD>

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

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

   <TD noWrap align=right width="8%">224</TD>

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

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

   <TD noWrap align=right width="8%">227</TD>

   <TD noWrap align=right 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>2.7</B></TD>

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

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

   <TD noWrap align=right width="8%">2.9</TD>

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

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

   <TD noWrap align=right width="8%">3.2</TD>

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

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

   <TD noWrap align=right width="8%">3.4</TD>

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

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

   <TD noWrap align=right width="8%">3.6</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="40%">

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>0.8</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">0.7</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">1.0</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">1.2</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">1.1</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=left width="8%">&nbsp;</TD>

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

<TR vAlign=bottom>

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

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

   <TD noWrap align=right width="10%" bgColor=#f2dcdb><B>92.3</B></TD>

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

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

   <TD noWrap align=right width="8%">93.5</TD>

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

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

   <TD noWrap align=right width="8%">93.3</TD>

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

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

   <TD noWrap align=right width="8%">92.7</TD>

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

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

   <TD noWrap align=right width="8%">91.7</TD>

   <TD noWrap align=right 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>94.6</B></TD>

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

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

   <TD noWrap align=right width="8%">94.5</TD>

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

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

   <TD noWrap align=right width="8%">95.1</TD>

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

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

   <TD noWrap align=right width="8%">94.3</TD>

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

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

   <TD noWrap align=right width="8%">94.0</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="40%">

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>68.4</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">60.3</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">70.4</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">69.6</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">63.0</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right 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>54.95</B></TD>

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

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

   <TD noWrap align=right width="8%">61.67</TD>

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

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

   <TD noWrap align=right width="8%">54.92</TD>

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

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

   <TD noWrap align=right width="8%">53.27</TD>

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

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

   <TD noWrap align=right width="8%">55.47</TD>

   <TD noWrap align=right 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>65.09</B></TD>

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

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

   <TD noWrap align=right width="8%">72.56</TD>

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

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

   <TD noWrap align=right width="8%">64.47</TD>

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

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

   <TD noWrap align=right width="8%">62.56</TD>

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

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

   <TD noWrap align=right width="8%">69.02</TD>

   <TD noWrap align=right 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>12.06</B></TD>

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

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

   <TD noWrap align=right width="8%">16.05</TD>

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

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

   <TD noWrap align=right width="8%">12.61</TD>

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

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

   <TD noWrap align=right width="8%">12.12</TD>

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

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

   <TD noWrap align=right width="8%">14.17</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="40%">Total Milling Cost <I>($ per tonne)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>13.62</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">18.61</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">14.20</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">13.84</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">16.05</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right 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>3.23</B></TD>

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

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

   <TD noWrap align=right width="8%">3.65</TD>

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

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

   <TD noWrap align=right width="8%">(0.17</TD>

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

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

   <TD noWrap align=right width="8%">(0.74</TD>

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

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

   <TD noWrap align=right width="8%">0.16</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="40%">&nbsp;</TD>

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

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

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

   <TD noWrap align=right width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=right width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=right width="8%">&nbsp;</TD>

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

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

   <TD noWrap align=right width="8%">&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="40%">Total Production Cost per Ounce of Silver <I>($)</I></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%" bgColor=#f2dcdb><B>5.33</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">5.82</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">1.52</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">1.05</TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%">2.49</TD>

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

<P style="TEXT-ALIGN: justify"><B>2. BYP Mine, Hunan Province, China</B></P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, the Company mined 29,075 tonnes of ore at the BYP mine with a gold head grade of 2.8 g/t compared to 27,560 tonnes and a gold head grade of 2.2 g/t in Q1 Fiscal 2013. During the quarter, 2,338 ounces of gold were produced and sold at a cash cost per ounce of gold of $448 compared to 1,724 ounces of gold produced and sold at cash cost per ounce of gold of $577 in the same period last year. In Q1 Fiscal 2014, total and cash mining costs per tonne were $51.17 and $21.04 respectively compared to $47.74 and $20.98 in Q1 Fiscal 2013, respectively.</P>

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

<P style="TEXT-ALIGN: justify"><B>1. Ying Mining District, Henan Province, China</B></P>

<P style="TEXT-ALIGN: justify">As at the end of Q1 Fiscal 2014, the Company completed approximately 2,250 metres (&#8220;m&#8221;) of the 5,200m ramp at the SGX mine and approximately 2,000m of the development work for the 4,800m access ramp at the LM Mine West. During the quarter, the Company also completed approximately 18,000m of horizontal tunnels, raises and declines. In addition, construction for 20,000 square metres of surface facilities, consisting of offices and dormitories within the Ying Mining District, continued.</P>

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

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<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, exploration and development expenditures for the Ying Mining District were $9.7 million compared to $9.6 million in Q1 Fiscal 2013.</P>

<P style="TEXT-ALIGN: justify">In light of the significant decline in precious metal prices, the Company is reviewing its short term operating plans to better adapt to the new price environment. As a result, in July 2013, the Company has suspended mining operations at the Portal PD820, PD850 and PD730 within the Ying Mining District as production from these locations was not economical. The impact of the suspension will reduce ore production by 63,000 tonnes for the remainder of the fiscal year, and is expected to reduce approximately 400,000 ounces from expected silver production in the Ying Mining District. Accordingly, the Company has revised its fiscal year 2014 production guidance for the Ying Mining District to 837,000 tonnes of ore, producing 5.5 million ounces of silver, 4,700 ounces of gold and 74.7 million pounds of lead and zinc.</P>

<P style="TEXT-ALIGN: justify">As part of the capital cost savings review, the Company has also identified opportunities to reduce capital expenditures in the current fiscal year at the Ying Ming District. These measures are expected to reduce fiscal year 2014 budgeted capital expenditures by $8 million to $40 million.</P>

<P style="TEXT-ALIGN: justify"><B>2. GC Project, Guangdong Province, China</B></P>

<P style="TEXT-ALIGN: justify">The Company has substantially completed the construction of GC mine and is progressing well with the preparations for safety and environmental regulatory inspections, prior to commercial production. The majority of the required surface environmental protection facilities together with water and soil conservation engineering work is completed and has undergone test operation. The key component required for passing the safety inspection, in accordance to safety requirements in the Mine Design, is to complete a water sump and pumping station at the -50m elevation. This component is expected to be completed by the end of September 2013, and as such the Company expects to pass the inspection and obtain its Safety Production Permit in the third quarter of fiscal year 2014.</P>

<P style="TEXT-ALIGN: justify">During Q1 Fiscal 2014, approximately 3,100m of tunnels, including 425m of development tunnels, 2,225m of exploration tunnels and 450m of mining preparation tunnels, were completed.</P>

<P style="TEXT-ALIGN: justify">The main access ramp totalling 2,210m in length was completed and has accessed the V2 vein at the +40m, +20m, and 0m elevations. The exploration ramp is completed to a length of 1,800m, representing 39% of the total designed length of 4,600m. To date, the exploration ramp has accessed the V9, V9-1, V9W-1, and V9W-2 veins at the 100m, 50m, 0m and -50 m elevations through cross-cuts and has developed transportation drifts and mining preparation drifts. Once the exploration ramp is completed, access to all known veins within a horizontal distance of 250m is possible. The exploration ramp has also been connected to the main ramp at the 100m and 0m elevations, as well as the main shaft at the +100m, +50m, 0m and -50m elevations to provide ventilation and a safety exit. During the course of fiscal year 2014, the Company will use the main ramp and the exploration ramp access points for mining.</P>

<P style="TEXT-ALIGN: justify">As at the end of Q1 Fiscal 2014, the construction of the 628m main shaft was substantially completed down to its designed depth at elevation -370m. As part of cost savings review for fiscal year 2014, and to coordinate with the planned production schedule, the Company has decided to defer the installation of the hoist system to fiscal year 2015, reducing capital expenditures in the year by $3 million.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, the Company continued equipment testing and trial processing to fine tune the mill circuit to achieve the desired metallurgical recovery rates for silver, lead, zinc, tin, and sulphur in concentrates. Testing will be on-going for the next several months.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, $6.2 million (Q1 Fiscal 2013 - $3.1 million) of exploration and development expenditures were incurred at the GC mine. From the capital cost review for fiscal year 2014, the</P>

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

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<P style="TEXT-ALIGN: justify">Company has reduced the budgeted capital expenditures by approximately $8 million to $21 million at the GC mine.</P>

<P style="TEXT-ALIGN: justify"><B>3. BYP Mine, Hunan Province, China</B></P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, the Company completed the installation of shaft equipment for the newly completed 265m shaft. The construction of the head frame is expected to commence in the next quarter. Once completed, this shaft will facilitate mining of the #3 gold mineralization body and the #5 zinc and lead ore body. In addition, the construction of a 1,500 t/d tailings-backfill facility has been substantially completed with expected trial runs to commence in the next quarter.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, exploration and development expenditures at the BYP mine were $1.6 million compared to $1.3 million in Q1 Fiscal 2013.</P>

<P style="TEXT-ALIGN: justify"><B>4. X Mines, Henan Province, China</B></P>

<P style="TEXT-ALIGN: justify">The X Mines consist of two mining projects: the XBG project and XHP project.</P>

<P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, the Company entered into a share transfer agreement (&#8220;the Agreement&#8221;) with an arm&#8217;s length private Chinese company. Pursuant to the Agreement, the Company&#8217;s subsidiary, Henan Found Mining Co. Ltd., will sell its 90% equity interest in Zhongxing Mining Co. Ltd. (XBG project) for $13.8 million (RMB 84 million). As of the date of this news release, an initial deposit of $4.9 million (RMB 30 million) has been received. The transaction is expected to be completed within 12 months.</P>

<P style="TEXT-ALIGN: justify">As at the end of this quarter, the Company has also suspended activities at the XHP project as part of its cost saving measures.</P>

<P style="TEXT-ALIGN: justify">Myles Gao, P.Geo., President, is the 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: 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>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 2013. The Company&#8217;s vision is to deliver shareholder value by focusing on the acquisition of under developed projects with resource potential and the ability to grow organically. For more information, please visit our website at www.silvercorp.ca.</P>

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

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>Silvercorp Metals Inc.</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>Investor Relations</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>Phone: (604) 669-9397</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>Toll Free: 1 (888) 224-1881</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>Email: investor@silvercorp.ca</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>Website: www.silvercorp.ca</TD></TR></TABLE></DIV>

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

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

<P style="TEXT-ALIGN: justify"><FONT style="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 District; timing of receipt of permits and regulatory approvals; availability of funds from production to finance the Company&#8217;s operations; and access to and availability of funding for future construction, use of proceeds from any financing and development of the Company&#8217;s properties.</FONT></P><FONT style="FONT-SIZE: 8pt">

<P style="TEXT-ALIGN: justify">Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; First Nations title claims and rights; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company&#8217;s existing operations; competition; operations and political conditions; regulatory environment in China and Canada; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting as per the requirements of the Sarbanes-Oxley Act; and bringing actions and enforcing judgments under U.S. securities laws.</P>

<P style="TEXT-ALIGN: justify">This list is not exhaustive of the factors that may affect any of the Company&#8217;s forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company&#8217;s Annual Information Form for the year ended March 31, 2013 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">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></FONT>

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

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Condensed Consolidated Interim Balance Sheets</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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="72%"></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 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>June 30, 2013</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">March 31, 2013</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%"><B>ASSETS</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>Current Assets</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%">&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">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>91,581</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%">72,283</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Short-term investments</P></TD>

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

   <TD noWrap align=right width="10%"><B>20,410</B></TD>

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

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

   <TD noWrap align=right width="10%">45,623</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Trade and other receivables</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>1,382</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,442</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

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

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

   <TD noWrap align=right width="10%"><B>6,252</B></TD>

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

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

   <TD noWrap align=right width="10%">7,522</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>57</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%">123</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Prepaids and deposits</P></TD>

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

   <TD noWrap align=right width="10%"><B>6,249</B></TD>

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

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

   <TD noWrap align=right width="10%">5,118</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%">

   <P style="MARGIN-LEFT: 4%">Assets held for sale</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>18,718</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%">-</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="72%">&nbsp;</TD>

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

   <TD noWrap align=right width="10%"><B>144,649</B></TD>

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

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

   <TD noWrap align=right width="10%">132,111</TD>

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

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%"><B>&nbsp;</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>Non-current Assets</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%">&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Long-term prepaids and deposits</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>2,433</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,877</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

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

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

   <TD noWrap align=right width="10%"><B>6,289</B></TD>

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

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

   <TD noWrap align=right width="10%">6,523</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>11,903</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">15,516</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

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

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

   <TD noWrap align=right width="10%"><B>103,694</B></TD>

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

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

   <TD noWrap align=right width="10%">103,517</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%">

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>321,504</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%">316,678</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%"><B>TOTAL ASSETS</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>590,472</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%">576,222</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="72%"><B>&nbsp;</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>LIABILITIES AND EQUITY</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%">&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%"><B>Current Liabilities</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Accounts payable and accrued liabilities</P></TD>

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

   <TD noWrap align=right width="10%"><B>40,930</B></TD>

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

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

   <TD noWrap align=right width="10%">29,285</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>11,161</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%">11,497</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

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

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

   <TD noWrap align=right width="10%"><B>4,062</B></TD>

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

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

   <TD noWrap align=right width="10%">4,204</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Income tax payable</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>89</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,349</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

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

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

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

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

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

   <TD noWrap align=right width="10%">1,207</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%">

   <P style="MARGIN-LEFT: 4%">Liabilities held for sale</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>3,185</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%">-</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="72%">&nbsp;</TD>

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

   <TD noWrap align=right width="10%"><B>59,427</B></TD>

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

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

   <TD noWrap align=right width="10%">47,542</TD>

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

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%"><B>&nbsp;</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>Non-current Liabilities</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%">&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Deferred income tax liabilities</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>24,523</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">24,603</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="72%">

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

   <TD 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>5,949</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%">5,974</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="72%"><B>Total Liabilities</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%"><B>89,899</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%">78,119</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="72%"><B>&nbsp;</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%">&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%"><B>Equity</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

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

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

   <TD noWrap align=right width="10%"><B>233,082</B></TD>

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

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

   <TD noWrap align=right width="10%">233,082</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>9,029</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%">8,314</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

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

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

   <TD noWrap align=right width="10%"><B>24,717</B></TD>

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

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

   <TD noWrap align=right width="10%">24,717</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Accumulated other comprehensive loss</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(2,969</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%">(1,495</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="72%">

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

   <TD 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>156,206</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%">155,817</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%"><B>Total equity attributable to the equity holders of the Company</B></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>420,065</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%">420,435</TD>

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

<TR height=20>

   <TD noWrap align=left width="72%"><B>&nbsp;</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%"><B>Non-controlling interests</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%"><B>80,508</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%">77,668</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%"><B>Total Equity</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>500,573</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%">498,103</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="72%"><B>&nbsp;</B></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>&nbsp;</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%">&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="72%"><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>590,472</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%">576,222</TD>

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

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

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

<BR>

<A name="page_8"></A><BR>

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

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Income</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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="59%"></TD>

   <TD width="7%"></TD>

   <TD width="12%"></TD>

   <TD width="3%"></TD>

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

   <TD width="11%"></TD>

   <TD width="3%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left>&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right colSpan=4><B>Three Months Ended June 30,</B></TD>

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

<TR vAlign=bottom>

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

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>2013</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>2012</TD>

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

<TR height=20>

   <TD noWrap align=left><B>&nbsp;</B></TD>

   <TD noWrap align=right><B>&nbsp;</B></TD>

   <TD noWrap align=right><B>&nbsp;</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Sales</B></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>39,835</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>44,549</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left><B>Cost of sales</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>22,482</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>18,994</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Gross profit</B></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>17,353</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>25,555</TD>

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

<TR height=20>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>&nbsp;</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>General and administrative</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>7,501</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>6,846</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left>General exploration and property investigation</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>1,048</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>966</TD>

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

<TR vAlign=bottom>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>595</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>806</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left>Foreign exchange gain</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>(1,881</B></TD>

   <TD noWrap align=left><B>)</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>(777</TD>

   <TD noWrap align=left>)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Loss on disposal of plant and equipment</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>28</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>20</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left>Share of loss in associate</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>14</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>7</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Loss on investments</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>574</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>1,286</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Other income</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(115</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(75</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Income from operations</B></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>9,589</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>16,476</TD>

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

<TR height=20>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>&nbsp;</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Finance income</TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>928</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>991</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>Finance costs</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>(33</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>(22</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Income before income taxes</B></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>10,484</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>17,445</TD>

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

<TR height=20>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right><B>&nbsp;</B></TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Income tax expense</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4,000</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>7,927</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>Net income</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>6,484</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>9,518</TD>

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

<TR height=20>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>&nbsp;</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left><B>Attributable to:</B></TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

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

<TR vAlign=bottom>

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

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right><B>4,562</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>6,114</TD>

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

<TR vAlign=bottom>

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

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>1,922</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right>3,404</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>&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>6,484</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>9,518</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left><B>&nbsp;</B></TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

   <TD noWrap align=right>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Earnings per share attributable to the equity holders of the Company</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Basic earnings per share</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>0.03</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right>0.04</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Diluted earnings per share</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right><B>0.03</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>0.04</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Weighted Average Number of Shares Outstanding - Basic</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>170,781,058</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>170,693,325</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left><B>Weighted Average Number of Shares Outstanding - Diluted</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>170,839,083</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>171,082,201</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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

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

<BR>

<A name="page_9"></A><BR>

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

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Cash Flow</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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="72%"></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=4><B>Three Months Ended June 30,</B></TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="72%">&nbsp;</TD>

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>2013</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%">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%"><B>Cash provided by</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>Operating activities</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%">&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">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>6,484</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%">9,518</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

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

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 8%">Unwinding of discount of environmental rehabilitation</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>33</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">22</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

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

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

   <TD noWrap align=right width="10%"><B>3,932</B></TD>

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

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

   <TD noWrap align=right width="10%">4,076</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 8%">Share of loss in associate</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>14</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%">7</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 8%">Income tax expense</P></TD>

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

   <TD noWrap align=right width="10%"><B>4,000</B></TD>

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

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

   <TD noWrap align=right width="10%">7,927</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>574</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,286</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 8%">Loss on disposal of plant and equipment</P></TD>

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

   <TD noWrap align=right width="10%"><B>28</B></TD>

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

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

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>715</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">736</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Income tax paid</P></TD>

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

   <TD noWrap align=right width="10%"><B>(3,349</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%">(8,515</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="72%">

   <P style="MARGIN-LEFT: 4%">Changes in non-cash operating working capital</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>5,194</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%">4,175</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%"><B>Net cash provided by operating activities</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>17,625</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%">19,252</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="72%"><B>&nbsp;</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>Investing activities</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%">&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

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

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

   <TD noWrap align=right width="10%"><B>(13,643</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%">(12,316</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

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

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

   <TD noWrap align=right width="10%"><B>(5,553</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%">(9,628</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

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

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

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

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

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

   <TD noWrap align=right width="10%">(515</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Net redemptions (purchases) of short-term investments</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>24,991</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%">(14,812</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="72%">

   <P style="MARGIN-LEFT: 4%">Deposit received for sale of subsidiaries</P></TD>

   <TD 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>1,630</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%">-</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="72%"><B>Net cash provided by (used in) investing activities</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%"><B>7,425</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%">(37,271</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="72%"><B>&nbsp;</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%">&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%"><B>Financing activities</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Related parties</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%">&nbsp;</TD>

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(1,410</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%">(277</TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

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

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

   <TD noWrap align=right width="10%"><B>270</B></TD>

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

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

   <TD noWrap align=right width="10%">334</TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Cash dividends distributed</P></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(4,160</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%">(4,305</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="72%">

   <P style="MARGIN-LEFT: 4%">Proceeds from issuance of common shares</P></TD>

   <TD 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%">94</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="72%"><B>Net cash used in financing activities</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%"><B>(5,300</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%">(4,154</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="72%"><B>&nbsp;</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%"><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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(400</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%">(4,132</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="72%"><B>&nbsp;</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%"><B>Increase (decrease) in cash and cash equivalents</B></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>19,350</B></TD>

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

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(26,305</TD>

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

<TR height=20>

   <TD noWrap align=left width="72%"><B>&nbsp;</B></TD>

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%"><B>Cash and cash equivalents, beginning of the period</B></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>72,283</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%">109,960</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="72%"><B>Cash and cash equivalents included in held for sale assets</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>(52</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">-</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="72%"><B>&nbsp;</B></TD>

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

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>&nbsp;</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%">&nbsp;</TD>

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="72%"><B>Cash and cash equivalents, end of the period</B></TD>

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

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>91,581</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%">83,655</TD>

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

<P style="TEXT-ALIGN: center">9</P></DIV><BR>

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

<BR>

<A name="page_10"></A><BR>

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

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Mining Data</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Expressed in thousands of U.S. dollars, except for mining data figures)</I></TD></TR></TABLE></DIV>

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

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="44%"></TD>

   <TD width="12%"></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=left width="12%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="32%" bgColor=#993300 colSpan=8><B><FONT color=#ffffff>Three months ended June 30, 2013</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="10%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" align=middle width="12%" bgColor=#993300><B><FONT color=#ffffff>Ying Mining District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>

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

   <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle width="10%" bgColor=#993300><B><FONT color=#ffffff>X Mines</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B></TD>

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

   <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle width="10%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>

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

   <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle width="10%" bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>

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

<TR height=20>

   <TD noWrap align=left width="44%"><B>&nbsp;</B></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 noWrap align=left width="10%">&nbsp;</TD>

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD 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>963</B></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%"><B>-</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>963</B></TD>

   <TD noWrap align=right 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>232,294</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><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>29,075</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>261,369</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>233,257</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><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>29,075</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>262,332</B></TD>

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

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD 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>963</B></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%"><B>-</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>963</B></TD>

   <TD noWrap align=right 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>235,210</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>6,929</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle 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>29,975</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>272,114</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>236,173</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>6,929</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>29,975</B></TD>

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

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>273,077</B></TD>

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

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Mining cost per tonne of ore mined </B>($)</P></TD>

   <TD noWrap align=right width="12%"><B>65.09</B></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%"><B>51.17</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>63.55</B></TD>

   <TD noWrap align=right 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>54.95</B></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%"><B>21.04</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>51.19</B></TD>

   <TD noWrap align=right 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>10.14</B></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%"><B>30.13</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>12.35</B></TD>

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

<TR height=20>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

   <TD noWrap align=right width="12%"><B>&nbsp;</B></TD>

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

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

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

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

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

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

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

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

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

   <TD noWrap align=right 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>3.98</B></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%"><B>-</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>3.54</B></TD>

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

<TR height=20>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

   <TD noWrap align=right width="12%"><B>&nbsp;</B></TD>

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

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

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

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

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

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

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

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

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

   <TD noWrap align=right 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>13.62</B></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%"><B>14.05</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>13.67</B></TD>

   <TD noWrap align=right 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>12.06</B></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%"><B>13.06</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>12.17</B></TD>

   <TD noWrap align=right 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>1.56</B></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%"><B>0.99</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>1.50</B></TD>

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

<TR height=20>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></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 noWrap align=left width="10%">&nbsp;</TD>

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

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

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

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

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

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

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

<TR vAlign=bottom>

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

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

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

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

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

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

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

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

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

<TR vAlign=bottom>

   <TD 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>9.63</B></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%"><B>-</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>9.96</B></TD>

   <TD noWrap align=right 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>546</B></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%"><B>926</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>616</B></TD>

   <TD noWrap align=right 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>0.41</B></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%"><B>-</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>0.42</B></TD>

   <TD noWrap align=right 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>0.34</B></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%"><B>0.44</B></TD>

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

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

   <TD noWrap align=right width="10%"><B>0.34</B></TD>

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

<TR height=20>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></TD>

   <TD noWrap align=right width="12%"><B>&nbsp;</B></TD>

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

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

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

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

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

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

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

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

   <TD noWrap align=right width="10%"><B>&nbsp;</B></TD>

   <TD noWrap align=right 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>5.33</B></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=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>5.33</B></TD>

   <TD noWrap align=right 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>3.23</B></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=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>3.23</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></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 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%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>&nbsp;</B></TD>

   <TD noWrap align=right 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 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="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%"><B>913</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>913</B></TD>

   <TD noWrap align=right 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="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%"><B>448</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>448</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="12%"><B>92.3</B></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=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>92.3</B></TD>

   <TD noWrap align=right 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="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%"><B>92.5</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>92.5</B></TD>

   <TD noWrap align=right 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>94.6</B></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=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>94.6</B></TD>

   <TD noWrap align=right 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>68.4</B></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=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>68.4</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B></B>&nbsp;</P></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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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>200</B></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=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>200</B></TD>

   <TD noWrap align=right 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="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%"><B>2.8</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>2.8</B></TD>

   <TD noWrap align=right 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>2.7</B></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=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>2.7</B></TD>

   <TD noWrap align=right 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>0.8</B></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=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>0.8</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="44%"><B></B></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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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>1,364</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>10</B></TD>

   <TD noWrap align=middle width="2%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>1,374</B></TD>

   <TD noWrap align=right 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=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>0.2</B></TD>

   <TD noWrap align=middle width="2%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>2.3</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>3.8</B></TD>

   <TD noWrap align=right 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>13,063</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>405</B></TD>

   <TD noWrap align=middle width="2%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>13,468</B></TD>

   <TD noWrap align=right 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>2,926</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>484</B></TD>

   <TD noWrap align=middle width="2%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>282</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>3,692</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 4%"><B></B>&nbsp;</P></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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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>24,091</B></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%"><B>-</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>24,091</B></TD>

   <TD noWrap align=right 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>1,283</B></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%"><B>2,669</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>3,952</B></TD>

   <TD noWrap align=right 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>9,833</B></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%"><B>-</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>9,833</B></TD>

   <TD noWrap align=right 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>1,806</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><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>153</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>1,959</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%"><B>37,013</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><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>2,822</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>39,835</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="56%" colSpan=2>

   <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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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>17.66</B></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=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>17.66</B></TD>

   <TD noWrap align=right 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>1,001</B></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%"><B>1,141</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>1,092</B></TD>

   <TD noWrap align=right 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>0.75</B></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=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>0.75</B></TD>

   <TD noWrap align=right 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>0.62</B></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%"><B>0.54</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>0.61</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="44%"><SUP>&nbsp;</SUP></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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%"><SUP>1 </SUP>Ying Mining District includes mines: SGX, TLP, HPG&amp;LM.</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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%"><SUP>2 </SUP>X Mines includes the XBG project and XHP project.</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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">* Represents development tunnelling ore at the X mines.</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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">10</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>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>

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   <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=left width="12%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=middle width="32%" bgColor=#993300 colSpan=9><B><FONT color=#ffffff>Three months ended June 30, 2012</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="10%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #ffffff 1px solid" noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" align=middle width="12%" bgColor=#993300><B><FONT color=#ffffff>Ying Mining District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>

   <TD noWrap align=middle width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=middle width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle width="10%" bgColor=#993300><B><FONT color=#ffffff>X Mines</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B></TD>

   <TD noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=left width="1%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=middle width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle width="10%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>

   <TD noWrap align=middle width="2%" bgColor=#993300>&nbsp;</TD>

   <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=middle width="2%" bgColor=#993300>&nbsp;</TD>

   <TD noWrap align=middle width="10%" bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>

   <TD noWrap align=middle width="2%" bgColor=#993300>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">&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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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%">2,250</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2,250</TD>

   <TD noWrap align=right 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%">178,768</TD>

   <TD 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%">2,382</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%"><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%">27,560</TD>

   <TD 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%">208,710</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right 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%">181,018</TD>

   <TD 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%">2,382</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">27,560</TD>

   <TD 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%">210,960</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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%">2,250</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2,250</TD>

   <TD noWrap align=right 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%">184,205</TD>

   <TD 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%">3,611</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=middle width="1%"><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%">26,599</TD>

   <TD 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%">214,415</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right 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%">186,455</TD>

   <TD 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%">3,611</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">26,599</TD>

   <TD 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%">216,665</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right 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%">69.02</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">8.70</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">47.74</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">65.55</TD>

   <TD noWrap align=right 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%">55.47</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">8.70</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">20.98</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">50.43</TD>

   <TD noWrap align=right 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%">13.55</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">26.76</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">15.12</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">&nbsp;</TD>

   <TD noWrap align=right width="12%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 8%"><B>Unit shipping costs($)</B></P></TD>

   <TD noWrap align=right width="12%">3.85</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">8.58</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3.40</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">&nbsp;</TD>

   <TD noWrap align=right width="12%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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%">16.05</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">44.71</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">14.63</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">16.35</TD>

   <TD noWrap align=right 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%">14.17</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">33.24</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">13.57</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">14.41</TD>

   <TD noWrap align=right 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%">1.88</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">11.47</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1.06</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1.94</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">&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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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%">9.30</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">17.60</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">9.80</TD>

   <TD noWrap align=right 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%">452</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,227</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,046</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">536</TD>

   <TD noWrap align=right 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%">0.33</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.55</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.35</TD>

   <TD noWrap align=right 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%">0.26</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.27</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">&nbsp;</TD>

   <TD noWrap align=right width="12%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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%">2.49</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(27.00</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2.47</TD>

   <TD noWrap align=right 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%">0.16</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(27.00</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.14</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">&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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,046</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,046</TD>

   <TD noWrap align=right 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">577</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">577</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">&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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">

   <P style="MARGIN-LEFT: 12%"><B>Silver </B><I>(%)</I></P></TD>

   <TD noWrap align=right width="12%">91.7</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">49.7</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">90.9</TD>

   <TD noWrap align=right 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">90.1</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">90.1</TD>

   <TD noWrap align=right 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%">94.0</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">49.7</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">93.2</TD>

   <TD noWrap align=right 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="12%">63.0</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">41.9</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">62.6</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">&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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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%">227</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">26</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">225</TD>

   <TD noWrap align=right 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2.2</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2.2</TD>

   <TD noWrap align=right 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%">3.6</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1.3</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3.6</TD>

   <TD noWrap align=right 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%">1.1</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1.3</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1.1</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">&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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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%">1,223</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,224</TD>

   <TD noWrap align=right 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%">0.8</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.1</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1.7</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2.6</TD>

   <TD noWrap align=right 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%">13,713</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">31</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">13,744</TD>

   <TD noWrap align=right 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%">2,974</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2,974</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="44%"><B>&nbsp;</B></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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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%">28,109</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">20</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">28,129</TD>

   <TD noWrap align=right 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%">925</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">161</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2,253</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,339</TD>

   <TD noWrap align=right 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%">11,161</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">22</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=middle width="1%"><B>*</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">11,183</TD>

   <TD noWrap align=right 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%">1,898</TD>

   <TD 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=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="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%">1,898</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right 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%">42,093</TD>

   <TD 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%">203</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2,253</TD>

   <TD 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%">44,549</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="56%" colSpan=2>

   <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="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD 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%">22.97</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">22.98</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">22.97</TD>

   <TD noWrap align=right 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%">1,116</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,602</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,307</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,258</TD>

   <TD noWrap align=right 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%">0.81</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.72</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.81</TD>

   <TD noWrap align=right 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%">0.64</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">0.64</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD></TR>

<TR height=20>

   <TD noWrap align=left width="44%"><SUP>&nbsp;</SUP></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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%"><SUP>1 </SUP>Ying Mining District includes mines: SGX, TLP, HPG&amp;LM.</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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%"><SUP>2 </SUP>X Mines includes the XBG project and XHP project.</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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="44%">* Represents development tunnelling ore at the X mines.</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 noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">11</P></DIV><BR>

<HR align=center width="100%" noShade SIZE=3>



</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>FINANCIAL STATEMENTS FOR THE 1ST QUARTER ENDED JUNE 30, 2013
<TEXT>

<HTML>
<HEAD>
   <TITLE>Exhibit 99.2</TITLE>
</HEAD>

<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">
<hr noshade size="3">
<p align="right" style="margin:0px"><b>Exhibit 99.2</b></p>
<!--$$/page=--><A name="page_1"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<P align=left>
<IMG src="exhibit99-2p1x1x1.jpg" border=0>&nbsp;</P>

<P style="TEXT-ALIGN: justify"><B>SILVERCORP METALS INC.</B></P>

<P style="TEXT-ALIGN: justify"><B>CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS<BR>For the three months periods ended June 30, 2013 and 2012<BR>(Expressed in thousands of US dollars, unless otherwise stated)<BR>(Unaudited)</B></P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<BR>

<!--$$/page=--><A name="page_2"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="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>Condensed Consolidated Interim Balance Sheets</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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 width="2%"></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="64%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center 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>June 30, 2013</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%">March 31, 2013</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="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=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="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=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="64%">

   <P style="MARGIN-LEFT: 4%">Cash and cash equivalents</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center 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>91,581</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%">72,283</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</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>20,410</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">45,623</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 4%">Trade and other receivables</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>1,382</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%">1,442</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 4%">Inventories</P></TD>

   <TD noWrap align=center width="8%">3</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>6,252</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">7,522</TD>

   <TD noWrap align=left width="2%">&nbsp;</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=center 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>57</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%">123</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 4%">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>6,249</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">5,118</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="64%">

   <P style="MARGIN-LEFT: 4%">Assets held for sale</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center width="8%">22</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; 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>18,718</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%">-</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="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>144,649</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">132,111</TD>

   <TD noWrap align=left 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%"></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="64%"><B>Non-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=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="64%">

   <P style="MARGIN-LEFT: 4%">Long-term prepaids and deposits</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>2,433</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%">1,877</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 4%">Investment in an associate</P></TD>

   <TD noWrap align=center width="8%">4</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>6,289</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">6,523</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 4%">Other investments</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="8%">5</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>11,903</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%">15,516</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 4%">Plant and equipment</P></TD>

   <TD noWrap align=center width="8%">6</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>103,694</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">103,517</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="64%">

   <P style="MARGIN-LEFT: 4%">Mineral rights and properties</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center width="8%">7</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; 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>321,504</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%">316,678</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="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>590,472</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%">576,222</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="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=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="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=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="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=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="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>40,930</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">29,285</TD>

   <TD noWrap align=left width="2%">&nbsp;</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>11,161</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%">11,497</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</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>4,062</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">4,204</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 4%">Income tax payable</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>89</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%">1,349</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 4%">Due to related parties</P></TD>

   <TD noWrap align=center width="8%">11</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%">1,207</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="64%">

   <P style="MARGIN-LEFT: 4%">Liabilities held for sale</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center width="8%">22</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; 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>3,185</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%">-</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="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>59,427</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">47,542</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><B>Non-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=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="64%">

   <P style="MARGIN-LEFT: 4%">Deferred income tax liabilities</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>24,523</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">24,603</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="64%">

   <P style="MARGIN-LEFT: 4%">Environmental rehabilitation</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>5,949</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%">5,974</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="64%"><B>Total Liabilities</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>89,899</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%">78,119</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="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=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="64%"><B>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=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="64%">

   <P style="MARGIN-LEFT: 4%">Share capital</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="8%">8</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>233,082</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%">233,082</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 4%">Share option reserve</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>9,029</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">8,314</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 4%">Reserves</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>24,717</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%">24,717</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 4%">Accumulated other comprehensive loss</P></TD>

   <TD noWrap align=center width="8%">9</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>(2,969</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%">(1,495</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="64%">

   <P style="MARGIN-LEFT: 4%">Retained earnings</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>156,206</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%">155,817</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="72%" colSpan=2><B>Total equity attributable to the equity holders of the Company</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>420,065</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">420,435</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center 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="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="64%"><B>Non-controlling interests</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="8%">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="10%"><B>80,508</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%">77,668</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="64%"><B>Total Equity</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>500,573</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%">498,103</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="64%"><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="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><B>TOTAL LIABILITIES AND EQUITY</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>590,472</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%">576,222</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%"><B>Commitments and contingencies</B></TD>

   <TD noWrap align=center width="8%">20</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">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 condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">1</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<BR>

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<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Income</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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="64%"></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="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">&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 June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="64%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center 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>2013</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%">2012</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%"><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="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><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>39,835</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%">44,549</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="64%"><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center 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>22,482</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%">18,994</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="64%"><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>17,353</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%">25,555</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">&nbsp;</TD>

   <TD noWrap align=center 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="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">General and administrative</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center 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>7,501</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%">6,846</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">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>1,048</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">966</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">Other taxes</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center 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>595</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%">806</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">Foreign exchange 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>(1,881</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%">(777</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">Loss on disposal of plant and equipment</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center 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>28</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%">20</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">Share of loss in associate</TD>

   <TD noWrap align=center width="8%">4</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>14</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">7</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">Loss on investments</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="8%">5</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>574</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%">1,286</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="64%">Other income</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>(115</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%">(75</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="64%"><B>Income from operations</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>9,589</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%">16,476</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">&nbsp;</TD>

   <TD noWrap align=center 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="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">Finance income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="8%">15</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>928</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%">991</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="64%">Finance costs</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="8%">15</TD>

   <TD 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</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(22</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="64%"><B>Income before income taxes</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>10,484</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%">17,445</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">&nbsp;</TD>

   <TD noWrap align=center 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="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">Income tax expense</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center width="8%">16</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; 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>4,000</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%">7,927</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="64%"><B>Net income</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>6,484</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%">9,518</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="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=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="64%"><B>Attributable to:</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="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><P style="MARGIN-LEFT: 4%">Equity holders of the Company</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>4,562</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%">6,114</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="64%"><P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="8%">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="10%"><B>1,922</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%">3,404</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="64%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>6,484</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%">9,518</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="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=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="64%"><B>Earnings per share 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=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 style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="64%"><B>Basic 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>0.03</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%">0.04</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="64%"><B>Diluted 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>0.03</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%">0.04</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="64%"><B>Weighted Average Number of Shares Outstanding - Basic</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>170,781,058</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%">170,693,325</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="64%"><B>Weighted Average Number of Shares Outstanding - Diluted</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>170,839,083</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%">171,082,201</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 condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">2</P></DIV><BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Comprehensive Income</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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="72%"></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="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>Three Months Ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>2013</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%">2012</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%"></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="72%"><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>6,484</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%">9,518</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>Other comprehensive 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=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="72%">Items that may subsequently be reclassified to net income or loss:</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="72%">

   <P style="MARGIN-LEFT: 4%">Currency translation adjustment, net of tax of $nil</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>2,506</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(6,193</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Items that will not subsequently be reclassified to net income or loss:</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 style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Unrealized loss on equity investments designated as FVTOCI, net of tax of $nil</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>(3,062</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(3,779</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%"><B>Other comprehensive loss, net of taxes</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>(556</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%">(9,972</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>Attributable to:</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=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="72%">

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(1,474</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%">(9,339</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="72%">

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>918</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%">(633</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="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(556</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(9,972</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="72%"><B>Total comprehensive income (loss), 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>5,928</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%">(454</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>Attributable to:</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=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="72%">

   <P style="MARGIN-LEFT: 4%">Equity holders of the Company</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>3,088</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%">(3,225</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="72%">

   <P style="MARGIN-LEFT: 4%">Non-controlling interests</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>2,840</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%">2,771</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="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>5,928</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%">(454</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">See accompanying notes to the condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">3</P></DIV><BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Cash Flow</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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 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="64%">&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 June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="64%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center 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>2013</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%">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="64%"><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=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="64%"><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=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="64%">

   <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>6,484</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%">9,518</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <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="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 8%">Unwinding of discount 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>33</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">22</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <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>3,932</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">4,076</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 8%">Share of loss in 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>14</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</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 8%">Income tax expense</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>4,000</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">7,927</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 8%">Loss on 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>574</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%">1,286</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 8%">Loss on disposal of plant and equipment</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>28</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">20</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 8%">Share-based compensation</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>715</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%">736</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 4%">Income tax paid</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>(3,349</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%">(8,515</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="64%">

   <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=center 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>5,194</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%">4,175</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="64%"><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>17,625</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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">19,252</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="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=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="64%"><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="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">

   <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="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <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>(13,643</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%">(12,316</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%">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="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <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>(5,553</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%">(9,628</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%">Other 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="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <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>-</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(515</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%">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>24,991</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%">(14,812</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="64%">

   <P style="MARGIN-LEFT: 4%">Deposit received for sale of subsidiaries</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="8%">22</TD>

   <TD 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>1,630</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><B>Net cash provided by (used in) investing 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>7,425</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%">(37,271</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="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=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="64%"><B>Financing activities</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="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 4%">Related parties</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="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">

   <P style="MARGIN-LEFT: 8%">Payments made</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>(1,410</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(277</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: 8%">Repayments received</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>270</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">334</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%">

   <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>(4,160</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%">(4,305</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="64%">

   <P style="MARGIN-LEFT: 4%">Proceeds from issuance of common shares</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%">94</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="64%"><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>(5,300</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%">(4,154</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="64%"><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%"><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="64%"><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>(400</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%">(4,132</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="64%"><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="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="64%"><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>19,350</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(26,305</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <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=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="64%"><B>Cash and cash equivalents, beginning of the period</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>72,283</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%">109,960</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="64%"><B>Cash and cash equivalents included in held for sale assets</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>(52</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%">-</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="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=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 2px solid" noWrap align=left width="64%"><B>Cash and cash equivalents, end of the period</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>91,581</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%">83,655</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="64%"><B>Supplementary cash flow information</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center 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=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 condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">4</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<BR>

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<TR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Condensed Consolidated Interim Statements of Changes in Equity</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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="22%"></TD>

   <TD width="6%"></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="6%"></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="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=left width="22%">&nbsp;</TD>

   <TD noWrap align=left width="6%">&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="14%" colSpan=3>Share capital</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" 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=right width="2%">&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%">&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%">&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></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">&nbsp;</TD>

   <TD noWrap align=left width="6%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=center width="14%" colSpan=3></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=left 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=left width="6%"></TD>

   <TD noWrap align=right width="2%"></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=left width="6%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=left 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=left 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=left width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="22%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%">Notes</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="6%">Number of<BR>shares</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%">Amount</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%">Share<BR>option<BR>reserve </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%">Reserves</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">Accumulated other<BR>comprehensive<BR>income (loss)</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%">Retained<BR>earnings</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%">Total equity attributable<BR>to the equity holders of<BR>the Company</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%">Non-<BR>controlling<BR>interests</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%">Total equity</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="22%"><B>Balance, April 1, 2012</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center 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="6%">170,681,974</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">232,678</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%">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="2%">$</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=right 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="22%">Options exercised</TD>

   <TD noWrap align=center width="6%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">99,084</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">404</TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(131</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="2%">&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%">273</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%">273</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">Share-based compensation</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center 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="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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%">2,893</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="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%">2,893</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="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%">2,893</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">Cash dividends</TD>

   <TD noWrap align=center width="6%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=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%">-</TD>

   <TD noWrap align=right width="2%">&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%">(16,974</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(16,974</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%">(16,974</TD>

   <TD noWrap align=left width="1%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">Distribution to non-controlling interests</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center 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="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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=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="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%">(15,248</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%">(15,248</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">Disposition of non-controlling interests upon sale of a subsidiary</TD>

   <TD noWrap align=center width="6%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=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%">-</TD>

   <TD noWrap align=right width="2%">&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%">173</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">173</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="22%">Comprehensive income (loss)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center width="6%">&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=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(26,780</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%">27,211</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%">431</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%">15,723</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%">16,154</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="22%"><B>Balance, March 31, 2013</B></TD>

   <TD noWrap align=center width="6%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">170,781,058</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">233,082</TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="6%">8,314</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="2%">$</TD>

   <TD noWrap align=right width="6%">(1,495</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="6%">155,817</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="6%">420,435</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="6%">77,668</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="6%">498,103</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">Share-based compensation</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="6%">8(b)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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%">715</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="2%">&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%">715</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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%">715</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="22%">Cash dividends</TD>

   <TD noWrap align=center width="6%">8(c)</TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=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%">-</TD>

   <TD noWrap align=right width="2%">&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%">(4,173</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(4,173</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%">(4,173</TD>

   <TD noWrap align=left width="1%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="22%">Comprehensive income (loss)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="6%">&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=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(1,474</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%">4,562</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%">3,088</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%">2,840</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%">5,928</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="22%"><B>Balance, June 30, 2013</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>170,781,058</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>233,082</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>9,029</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>24,717</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>(2,969</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>156,206</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>420,065</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>80,508</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>500,573</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center">See accompanying notes to the condensed consolidated interim financial statements</P>

<P style="TEXT-ALIGN: right">5</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

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   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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 condensed consolidated interim financial statements of the Company as at and for the three months ended June 30, 2013 were authorized for issue in accordance with a resolution of the Board of Directors dated on August 7, 2013.</P>

<P style="TEXT-ALIGN: justify">Operating results for the three months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending March 31, 2014.</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=center width="16%">&nbsp;</TD>

   <TD noWrap align=center width="16%">&nbsp;</TD>

   <TD noWrap align=center width="32%" colSpan=2>Proportion of ownership interest held</TD>

   <TD noWrap align=center width="16%">&nbsp;</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=center width="16%">Principal activity</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="16%">Place of<BR>incorporation</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="16%"><B>June 30,</B><BR><B>2013</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="16%">March 31,<BR>2013</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="16%">Mineral<BR>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=center width="16%">Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">Canada</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%"><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%">Silvercorp Metals (China) Inc.</TD>

   <TD noWrap align=center width="16%">Holding company</TD>

   <TD noWrap align=center width="16%">China</TD>

   <TD noWrap align=center width="16%"><B>100%</B></TD>

   <TD noWrap align=center width="16%">100%</TD>

   <TD noWrap align=center 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=center width="16%">Mining</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">Canada</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%"><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">Silvertip</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%">Fortune Mining Limited</TD>

   <TD noWrap align=center width="16%">Holding company</TD>

   <TD noWrap align=center width="16%">BVI (i)</TD>

   <TD noWrap align=center width="16%"><B>100%</B></TD>

   <TD noWrap align=center width="16%">100%</TD>

   <TD noWrap align=center width="16%">RZY</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=center width="16%">Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">BVI</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%"><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%">Fortune Gold Mining Limited</TD>

   <TD noWrap align=center width="16%">Holding company</TD>

   <TD noWrap align=center width="16%">BVI</TD>

   <TD noWrap align=center width="16%"><B>100%</B></TD>

   <TD noWrap align=center width="16%">100%</TD>

   <TD noWrap align=center width="16%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">Victor Resources Ltd.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">BVI</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%"><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%">Yangtze Mining Ltd.</TD>

   <TD noWrap align=center width="16%">Holding company</TD>

   <TD noWrap align=center width="16%">BVI</TD>

   <TD noWrap align=center width="16%"><B>100%</B></TD>

   <TD noWrap align=center width="16%">100%</TD>

   <TD noWrap align=center width="16%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">Victor Mining Ltd.</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">Barbados</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%"><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%">Yangtze Mining (H.K.) Ltd.</TD>

   <TD noWrap align=center width="16%">Holding company</TD>

   <TD noWrap align=center width="16%">Hong Kong</TD>

   <TD noWrap align=center width="16%"><B>100%</B></TD>

   <TD noWrap align=center width="16%">100%</TD>

   <TD noWrap align=center width="16%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">Fortune Gold Mining (H.K.) Limited</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">Holding company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">Hong Kong</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%"><B>100%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">100%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%">Wonder Success Limited</TD>

   <TD noWrap align=center width="16%">Holding company</TD>

   <TD noWrap align=center width="16%">Hong Kong</TD>

   <TD noWrap align=center width="16%"><B>100%</B></TD>

   <TD noWrap align=center width="16%">100%</TD>

   <TD noWrap align=center width="16%">&nbsp;</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=center width="16%">Mining</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">China</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%"><B>80%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">80%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center 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=center width="16%">Mining</TD>

   <TD noWrap align=center width="16%">China</TD>

   <TD noWrap align=center width="16%"><B>77.5%</B></TD>

   <TD noWrap align=center width="16%">77.5%</TD>

   <TD noWrap align=center 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=center width="16%">Mining</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">China</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%"><B>69.75%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">69.75%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">XBG</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="16%">Songxian Gold Mining Co., Ltd. ("SX Gold")</TD>

   <TD noWrap align=center width="16%">Mining</TD>

   <TD noWrap align=center width="16%">China</TD>

   <TD noWrap align=center width="16%"><B>77.50%</B></TD>

   <TD noWrap align=center width="16%">77.50%</TD>

   <TD noWrap align=center width="16%">XHP</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">Xinshao Yunxiang Mining Co., Ltd. ("Yunxiang")</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">Mining</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">China</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%"><B>70%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">70%</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=center width="16%">BYP</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="16%">Guangdong Found Mining Co. Ltd. (Guangdong Found")</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="16%">Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="16%">China</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="16%"><B>95%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="16%">95%</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="16%">GC</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">(i) British Virgin Island ("BVI")</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="16%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" 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=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=center width="40%" colSpan=2>Proportion of ownership interest held</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=center width="20%">Principal activity</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%">Place of<BR>incorporation</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%"><B>June 30,</B><BR><B>2013</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="20%">March 31,<BR>2013</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=center width="20%">Mining</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center width="20%">Canada</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center width="20%"><B>16.2%</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=center width="20%">16.1%</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">6</P></DIV><BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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 condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 &#8211; <I>Interim Financial Reporting </I>(&#8220;IAS 34&#8221;) in accordance with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;). These condensed consolidated interim financial statements should be read in conjunction with the Company&#8217;s audited consolidated financial statements for the year ended March 31, 2013. These condensed consolidated 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, 2013, and the policies set forth in Note 2(b).</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b)Adoption of new accounting standards</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.</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 11 <I>&#8211; Joint Arrangements </I>establishes the principle a joint arrangement is 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">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">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">Effective April 1, 2013, the Company adopted all of the above standards. The adoption of these standards did not have a material impact on the condensed consolidated interim financial statements.</P>

<P style="TEXT-ALIGN: right">7</P></DIV><BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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>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 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="72%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>June 30, 2013</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, 2013</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>775</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1,563</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%">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>1,378</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%">1,853</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>2,153</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,416</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%">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>4,099</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%">4,106</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>6,252</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%">7,522</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 amount of inventories recognized as expenses during the three months ended June 30, 2013 and 2012 were equivalent to the cost of sales.</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 June 30, 2013, the Company owned 10,806,300 common shares (March 31, 2013 &#8211; 10,806,300) of NUX, representing an ownership interest of 16.2% (March 31, 2013 &#8211; 16.1%).</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="60%"></TD>

   <TD width="10%"></TD>

   <TD align=right width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="60%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">Number of<BR>shares</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%">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=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">Value of NUX's<BR>common shares per<BR>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="60%">Balance, April 1, 2012</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">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%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="60%">Acquisition from market</TD>

   <TD noWrap align=right width="10%">850,000</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">595</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%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="60%">Share of loss</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(197</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="60%">Impairment</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(9,640</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="60%">Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(107</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=left width="10%">&nbsp;</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="60%">Balance, March 31, 2013</TD>

   <TD noWrap align=right width="10%">10,806,300</TD>

   <TD noWrap align=right width="4%">$</TD>

   <TD noWrap align=right width="10%">6,523</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">6,703</TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="60%">Share of loss</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(14</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</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="60%">Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">(220</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</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="60%"><B>Balance, June 30, 2013</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><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>6,289</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>6,065</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="TEXT-ALIGN: right">8</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<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>



<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 Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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>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 align=center 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=center 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>June 30, 2013</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="10%">March 31, 2013</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="2%">&nbsp;</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=center 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%">Publicly-traded companies</P></TD>

   <TD noWrap align=center width="8%">(a)</TD>

   <TD noWrap align=right width="2%"><B>$</B></TD>

   <TD noWrap align=right width="10%"><B>2,078</B></TD>

   <TD noWrap align=right width="4%">$</TD>

   <TD noWrap align=right width="10%">5,236</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=center width="8%">(b)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>9,777</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">9,653</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%">Jinduicheng Xise (Canada) Co. Ltd.</P></TD>

   <TD noWrap align=center width="8%">(c)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>-</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=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=center 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>48</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%">627</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=center 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>11,903</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%">15,516</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(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 fair value through other comprehensive income (&#8220;FVTOCI&#8221;) and are measured at fair value on initial recognition and subsequent measurement. As of June 30, 2013, none of the shares held by the Company represented more than 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 fair value through profit or loss (&#8220;FVTPL&#8221;). 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 months ended June 30, 2013, fair value changes in the amount of $574 are recorded in loss on investments (for the three months ended June 30, 2012 &#8211; loss of $1,286).</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 align=right width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="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>Fair value</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>Accumulated mark-to-</B><BR><B>market loss included in OCI</B></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%">Balance as at April 1, 2013</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5,236</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%">(2,403</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Unrealized loss on equity investments designated as FVTOCI</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(3,062</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(3,062</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="72%">

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(96</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%">-</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%"><B>Balance as at June 30, 2013</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>2,078</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>(5,465</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD></TR></TABLE></DIV>

<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 align=right width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="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>Fair value</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>Accumulated mark-to-market loss</B><BR><B>included in net income</B></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%">Balance as at April 1, 2013</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">627</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%">(935</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Loss on investments</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(574</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(574</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="72%">

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(5</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%">-</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%"><B>Balance as as June 30, 2013</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>48</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>(1,509</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%"><B>)</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">9</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<BR>

<!--$$/page=--><A name="page_11"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) 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 June 30, 2013, the Company&#8217;s total investment in Yongning Smelting is $9,777 (RMB 60 million) (March 31, 2013 - $9,653, RMB 60 million), representing 15% (March 31, 2013 - 15%) of Yongning Smelting&#8217;s equity interest. The Company determined that there were no significant changes in the fair value of the investment during the period. The investment in Yongning is for long-term investment purposes 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 June 30, 2013, the Company&#8217;s total investment in Jinduicheng represents 6% (March 31, 2013 - 6%) of Jinduicheng&#8217;s total equity interest. The fair value of the investment as at June 30, 2013 was determined to be $nil (CAD$nil) (March 31, 2013 - $nil, CAD$nil), using a market based approach taking into consideration of Jinduicheng&#8217;s mineral reserve and resource data and its financial position as at March 31, 2013. The investment in Jinduicheng is for long-term investment purpose and consists of common shares of Jinduicheng.</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>6.</B></TD>

   <TD noWrap align=left><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="28%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="8%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="28%"><B>Cost</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="8%"><B>Land and</B><BR><B>building</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=center width="8%"><B>Office</B><BR><B>equipment</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="8%"><STRONG>Machinery</STRONG></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=center width="8%"><B>Motor</B><BR><B>vehicle</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" align=center width="8%"><B>Construction</B><BR><B>in progress</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="8%"><B>Total</B></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="28%">Balance as at April 1, 2012</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">47,250</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">3,051</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">18,167</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">5,570</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">6,580</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">80,618</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Additions</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">7,193</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">1,619</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">2,862</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">887</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">28,110</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">40,671</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(53</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(108</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(96</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(440</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(697</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Reclassification of asset groups</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">956</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">700</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(1,177</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">758</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(1,237</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">660</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">27</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">257</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">84</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">393</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">1,421</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">Balance as at March 31, 2013</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">56,006</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">5,289</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">20,013</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">6,859</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">33,846</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">122,013</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Additions</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">532</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">210</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">828</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">394</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">3,213</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">5,177</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(31</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(15</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(4</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(30</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(80</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Reclassification of asset groups</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">534</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">2</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(536</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Reclassify to assets held for sale</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(4,182</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(57</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(793</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(43</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(49</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(5,124</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">607</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">249</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">82</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">443</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">1,386</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="28%"><B>Ending balance as at June 30, 2013</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>53,466</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>5,432</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>20,293</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>7,264</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>36,917</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>123,372</B></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="28%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="28%"><B>Accumulated depreciation and amortization</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">Balance as at April 1, 2012</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(4,370</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(1,355</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(4,193</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(1,912</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(11,830</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">10</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">74</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">25</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">359</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">468</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Depreciation and amortization</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(2,685</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(667</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(2,526</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(1,065</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(6,943</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Reclassification of asset groups</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">2</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(253</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">314</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(63</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(76</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(5</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(78</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(32</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">(191</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">Balance as at March 31, 2013</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(7,119</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(2,206</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(6,458</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(2,713</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="8%">(18,496</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Disposals</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">11</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">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="8%">2</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">27</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">52</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Depreciation and amortization</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(608</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(197</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(516</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(272</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="8%">(1,593</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Reclassify to assets held for sale</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">318</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">22</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">181</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">11</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">532</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%">

   <P style="MARGIN-LEFT: 4%">Impact of foreign currency translation</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">(72</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">9</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">(79</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">(31</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">(173</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>Ending balance as at June 30, 2013</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>(7,470</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>(2,360</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>(6,870</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>(2,978</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%"><B>(19,678</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="28%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="8%"></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%"><B>Carrying amounts</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="8%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="28%">Balance as at April 1, 2012</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">42,880</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">1,696</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">13,974</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">3,658</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">6,580</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="8%">68,788</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="28%">Balance as at March 31, 2013</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">48,887</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">3,083</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">13,555</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">4,146</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">33,846</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="8%">103,517</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="28%"><B>Balance as at June 30, 2013</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>45,996</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>3,072</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>13,423</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>4,286</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>36,917</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="8%"><B>103,694</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">10</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<BR>

<!--$$/page=--><A name="page_12"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">During the three months ended June 30, 2013, certain plant and equipment were disposed for proceeds of $nil (for the three months ended June 30, 2012 - $nil) and loss of $28 (for the three months ended June 30, 2012 &#8211; loss of $20).</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="MARGIN: 0px">&nbsp;</P>

<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="23%"></TD>

   <TD width="1%"></TD>

   <TD width="5%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="5%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="5%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="5%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="5%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="5%"></TD>

   <TD width="2%"></TD>

   <TD width="5%"></TD>

   <TD width="1%"></TD>

   <TD align=right width="1%"></TD>

   <TD width="5%"></TD>

   <TD width="1%"></TD>

   <TD align=right width="1%"></TD>

   <TD width="5%"></TD>

   <TD width="1%"></TD>

   <TD align=right width="1%"></TD>

   <TD width="5%"></TD>

   <TD width="1%"></TD>

   <TD width="1%"></TD>

   <TD width="5%"></TD>

   <TD width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="23%"><B>Cost</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="5%"><B>Ying</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=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="5%"><B>TLP</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=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="5%"><B>HPG</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=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="5%"><B>LM</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=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="5%"><B>BYP</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=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="5%"><B>GC</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="5%"><B>XBG</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="5%"><B>XHP</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="5%"><B>RZY</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="5%"><B>Silvertip</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="5%"><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="23%">Balance as at April 1, 2012</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">66,019</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="5%">14,043</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="5%">6,653</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="5%">11,374</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="5%">55,858</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="5%">76,980</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">12,334</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="5%">13,564</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="5%">-</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="5%">27,137</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="5%">283,962</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="23%">

   <P style="MARGIN-LEFT: 4%">Capitalized expenditures</P></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">17,316</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">4,607</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">3,017</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">8,372</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">5,715</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">15,763</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="5%">979</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">6,094</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">1,382</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">2,021</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">65,266</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="23%">

   <P style="MARGIN-LEFT: 4%">Mining exploration tax credit</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">(25</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="5%">(25</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="23%">

   <P style="MARGIN-LEFT: 4%">Environmental rehabiliation</P></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">17</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">886</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">496</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">21</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="5%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">1,420</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="23%">

   <P style="MARGIN-LEFT: 4%">Disposition of mineral property</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">(1,167</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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">(1,167</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="23%">

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">1,074</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="5%">242</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="5%">124</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="5%">248</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="5%">820</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="5%">1,195</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">178</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="5%">251</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="5%">14</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="5%">(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="5%">3,677</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="23%">Balance as at March 31, 2013</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">84,426</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="5%">19,778</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="5%">9,794</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="5%">19,994</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="5%">62,889</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="5%">93,959</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">13,491</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="5%">19,909</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="5%">229</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="5%">28,664</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="5%">353,133</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="23%">

   <P style="MARGIN-LEFT: 4%">Capitalized expenditures</P></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">5,007</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">1,076</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">1,134</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">2,520</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">1,599</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">6,207</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="5%">258</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">996</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">351</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">19,148</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="23%">

   <P style="MARGIN-LEFT: 4%">Reclassify to assets held for sale</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">(13,922</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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">(13,922</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="23%">

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">1,071</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="5%">257</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="5%">129</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="5%">265</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="5%">813</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="5%">1,177</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">173</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="5%">256</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="5%">(8</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="5%">(980</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="5%">3,153</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" align=left width="23%"><B>Ending balance as at June 30, 2013</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="5%"><B>90,504</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="5%"><B>21,111</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="5%"><B>11,057</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="5%"><B>22,779</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="5%"><B>65,301</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="5%"><B>101,343</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="5%"><B>-</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="5%"><B>21,161</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="5%"><B>221</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="5%"><B>28,035</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="5%"><B>361,512</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="23%"><B>&nbsp;</B></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="5%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="5%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="5%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="5%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="5%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=right width="5%"></TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=left width="5%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="5%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="5%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="5%"></TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"></TD>

   <TD noWrap align=left width="5%"></TD>

   <TD noWrap align=left width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=left width="23%"><B>Accumulated depletion</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="5%">&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="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">&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="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">&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="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">&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="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">&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="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="5%">&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="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="5%">&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="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="5%">&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="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="5%">&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="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="23%">Balance as at April 1, 2012</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="5%">(18,531</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="5%">(1,142</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="5%">(1,536</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="5%">(2,102</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="5%">(2,064</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="5%">-</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="5%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="5%">(66</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="5%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="5%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="5%">(25,441</TD>

   <TD noWrap align=left width="1%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="23%">

   <P style="MARGIN-LEFT: 4%">Depletion</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">(4,464</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="5%">(760</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="5%">(693</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="5%">(632</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="5%">(3,860</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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">(141</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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="5%">(10,550</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="23%">

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">(301</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="5%">(24</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="5%">(29</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="5%">(36</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="5%">(72</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="5%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">-</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="5%">(2</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="5%">-</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="5%">-</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="5%">(464</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="23%">Balance as at March 31, 2013</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">(23,296</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="5%">(1,926</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="5%">(2,258</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="5%">(2,770</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="5%">(5,996</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="5%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="5%">-</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="5%">(209</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="5%">-</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=center width="5%">-</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="5%">(36,455</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="23%">

   <P style="MARGIN-LEFT: 4%">Depletion</P></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">(1,191</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">(259</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">(220</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">(226</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">(860</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">-</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="5%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">(318</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">-</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="5%">(3,074</TD>

   <TD noWrap align=left width="1%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left width="23%">

   <P style="MARGIN-LEFT: 4%">Foreign currecy translation impact</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">(303</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="5%">(26</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="5%">(30</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="5%">(36</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="5%">(80</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="5%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">-</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="5%">(4</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="5%">-</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="5%">-</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="5%">(479</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="23%"><B>Ending balance as at June 30, 2013</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="5%"><B>(24,790</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="5%"><B>(2,211</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="5%"><B>(2,508</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="5%"><B>(3,032</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="5%"><B>(6,936</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="5%"><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="5%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="5%"><B>(531</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="5%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="5%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="5%"><B>(40,008</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="23%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="5%"></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="5%"></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="5%"></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="5%"></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="5%"></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="5%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="5%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="5%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="5%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="5%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="5%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="23%"><B>Carrying amounts</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=left width="5%">&nbsp;</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="5%">&nbsp;</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="5%">&nbsp;</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="5%">&nbsp;</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="5%">&nbsp;</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="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="5%">&nbsp;</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=left width="5%">&nbsp;</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=left width="5%">&nbsp;</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=left width="5%">&nbsp;</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=left width="5%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" align=left width="23%">Balance as at April 1, 2012</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">47,488</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">12,901</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">5,117</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">9,272</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">53,794</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">76,980</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="5%">12,334</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">13,498</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">-</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">27,137</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="5%">258,521</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 1px solid" align=left width="23%">Balance as at March 31, 2013</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">61,130</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">17,852</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">7,536</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">17,224</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">56,893</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">93,959</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="5%">13,491</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">19,700</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">229</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">28,664</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%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="5%">316,678</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" align=left width="23%"><B>Balance as at June 30, 2013</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="5%"><B>65,714</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="5%"><B>18,900</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="5%"><B>8,549</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="5%"><B>19,747</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="5%"><B>58,365</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="5%"><B>101,343</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="5%"><B>-</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="5%"><B>20,630</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="5%"><B>221</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="5%"><B>28,035</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="5%"><B>321,504</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: 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>

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   <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 June 30, 2013 were fully paid.</P>

<P style="TEXT-ALIGN: right">11</P></DIV><BR>

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<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b) 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>

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<TR>

   <TD width="74%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="74%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">Number of<BR>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=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">Weighted average<BR>exercise price per<BR>share CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="74%">Balance, March 31, 2013</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">4,503,969</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">6.58</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="74%">Options granted</TD>

   <TD noWrap align=right width="10%">400,000</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3.25</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%">Options expired</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(25,000</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%">7.54</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="74%"><B>Balance, June 30, 2013</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>4,878,969</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>6.31</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 three months ended June 30, 2013, a total of 400,000 options with a life of five years were granted to directors, officers, and employees at an exercise price of CAD$3.25 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: justify">The fair value of stock options granted during the three months ended June 30, 2013 and 2012 were calculated as of the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:</P>

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<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 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 June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="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>2013</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%">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%">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>1.21%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">1.05%</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=right width="4%">&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>57%</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">63%</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>3.1%</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1.5%</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></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&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>3.25</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%">6.53</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 three months ended June 30, 2013 was CAD$1.07 (three months ended June 30, 2012 - CAD$2.58). Volatility was determined based on the historical volatility of the Company&#8217;s shares over the estimated life of stock options. For the three months ended June 30, 2013, a total of $715 (three months ended June 30, 2012 - $736) in share-based compensation expenses was recognized and included in the general and administrative expenses on the consolidated statements of income.</P>

<P style="TEXT-ALIGN: right">12</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The following table summarizes information about stock options outstanding at June 30, 2013:</P>

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<TR>

   <TD align=right width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="16%"></TD>

   <TD width="16%"></TD>

   <TD align=right width="6%"></TD>

   <TD width="10%"></TD>

   <TD width="16%"></TD>

   <TD align=right width="6%"></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="20%" colSpan=2>Exercise price<BR>in CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="16%">Number of options<BR>outstanding at<BR>June 30, 2013</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="16%">Weighted average<BR>remaining contractual<BR>life (Years)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="16%" colSpan=2>Weighted average<BR>exercise price in<BR>CAD$</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="16%">Number of<BR>options<BR>exercisable at<BR>June 30, 2013</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="16%" colSpan=2>Weighted average<BR>exercise price in<BR>CAD$</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5.99</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">197,500</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">0.00</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5.99</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">197,500</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5.99</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3.05</TD>

   <TD noWrap align=right width="16%">60,000</TD>

   <TD noWrap align=right width="16%">0.25</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3.05</TD>

   <TD noWrap align=right width="16%">60,000</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3.05</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2.65</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">522,001</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">0.80</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2.65</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">522,001</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2.65</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="10%">7.00</TD>

   <TD noWrap align=right width="16%">305,500</TD>

   <TD noWrap align=right width="16%">1.52</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="10%">7.00</TD>

   <TD noWrap align=right width="16%">305,500</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="10%">7.00</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">7.40</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">178,250</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">1.80</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">7.40</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">178,250</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">7.40</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="10%">8.23</TD>

   <TD noWrap align=right width="16%">335,437</TD>

   <TD noWrap align=right width="16%">2.26</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="10%">8.23</TD>

   <TD noWrap align=right width="16%">207,189</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="10%">8.23</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">12.16</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">208,781</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">2.51</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">12.16</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">117,348</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">12.16</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="10%">14.96</TD>

   <TD noWrap align=right width="16%">181,500</TD>

   <TD noWrap align=right width="16%">2.77</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="10%">14.96</TD>

   <TD noWrap align=right width="16%">90,750</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="10%">14.96</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">9.20</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">255,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">2.93</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">9.20</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">111,569</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">9.20</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="10%">7.27</TD>

   <TD noWrap align=right width="16%">296,000</TD>

   <TD noWrap align=right width="16%">3.40</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="10%">7.27</TD>

   <TD noWrap align=right width="16%">111,003</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="10%">7.27</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">6.69</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">446,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">3.68</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">6.69</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">139,383</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">6.69</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="10%">6.53</TD>

   <TD noWrap align=right width="16%">299,000</TD>

   <TD noWrap align=right width="16%">3.96</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="10%">6.53</TD>

   <TD noWrap align=right width="16%">74,750</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="10%">6.53</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5.35</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">397,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">4.11</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5.35</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">74,447</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">5.35</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=right width="10%">5.40</TD>

   <TD noWrap align=right width="16%">381,000</TD>

   <TD noWrap align=right width="16%">4.43</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="10%">5.40</TD>

   <TD noWrap align=right width="16%">47,628</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=right width="10%">5.40</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3.91</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">416,000</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">4.68</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3.91</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%">26,005</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3.91</TD></TR>

<TR vAlign=bottom>

   <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="10%">3.25</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="16%">400,000</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="16%">4.92</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">3.25</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="16%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">-</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" align=right width="10%"><B>2.65-14.96</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%"><B>4,878,969</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%"><B>3.04</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>6.31</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="16%"><B>2,263,323</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>6.50</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 months ended June 30, 2013, dividends of $4,173 (three months ended June 30, 2012 -$4,224) were declared.</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>9.</B></TD>

   <TD noWrap align=left><B>ACCUMULATED OTHER COMPREHENSIVE LOSS</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 align=right width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="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>June 30, 2013</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%">March 31, 2013</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%">Unrealized loss 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>(27,467</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%">(24,404</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="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>24,498</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">22,909</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="72%">Balance, end of the period</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>(2,969</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"><B>)</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">(1,495</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The unrealized loss on equity investments designated as FVTOCI and change in currency translation adjustment are net of nil tax for all periods presented.</P>

<P style="TEXT-ALIGN: right">13</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<BR>

<A name="page_15"></A><BR>

<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<DIV align=left>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>10.</B></TD>

   <TD noWrap align=left><B>NON-CONTROLLING INTERESTS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The continuity of non-controlling interests is summarized as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="20%"></TD>

   <TD width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="6%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="20%">&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%">Henan Found</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">ZX/CX</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%">Henan<BR>Huawei</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%">Yunxiang</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%">Guangdong<BR>Found</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">SX Gold</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%">Qinghai<BR>Found</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">Total</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="20%">Balance, April 1, 2012</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">44,838</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%">5,110</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%">3,782</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%">15,525</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">2,197</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%">5,651</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%">(83</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%">77,020</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%">12,669</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(128</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">2,572</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">348</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(4</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(535</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(90</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">14,832</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 (loss)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">537</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">63</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">74</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="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%">201</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="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%">37</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(21</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</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%">891</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">Distribution</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(14,297</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(951</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=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%">(15,248</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%">Disposition upon sale of a subsidiary</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; 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=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%">173</TD>

   <TD style="BORDER-BOTTOM: #000000 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%">173</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="20%">Balance, March 31, 2013</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">43,747</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">5,045</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">5,477</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">16,074</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">2,230</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">5,095</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="6%">77,668</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%">1,807</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(21</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">320</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="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%">(39</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%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(146</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%">1,922</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%">Share of other comprehensive income</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">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="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">61</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">79</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">195</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">58</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%">918</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="20%"><B>Balance, June 30, 2013</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>46,079</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>5,085</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>5,876</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>16,230</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>2,289</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>4,949</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>80,508</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">As at June 30, 2013 and March 31, 2013, non-controlling interests in Henan Found, ZX/CX, Henan Huawei, Yunxiang, Guangdong Found and SX Gold were 22.5%, 30.25%, 20%, 30%, 5% and 22.5%, 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>11.</B></TD>

   <TD noWrap align=left><B>RELATED PARTY TRANSACTIONS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Related party transactions not disclosed elsewhere in the financial statements are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="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 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 style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>June 30, 2013</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, 2013</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>39</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">41</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=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>18</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">50</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%">Henan Xinhui Mining Co., Ltd. (g)</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">32</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>57</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%">123</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%"><B>&nbsp;</B></TD>

   <TD noWrap align=left 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" noWrap align=left width="72%"><B>Due to a related party</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>June 30, 2013</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, 2013</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%">GRT (h)</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></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%">1,207</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%">(a)</TD>

   <TD width="96%">

   <P align=justify>According to a services and administrative costs reallocation agreement between the Company and NUX, the Company recovers costs for services rendered to NUX and expenses incurred on behalf of NUX. During the three months ended June 30, 2013, the Company recovered $111 (for the three months ended June 30, 2012 - $126) from NUX for services rendered and expenses incurred on behalf of NUX. The costs recovered from NUX were recorded as a direct reduction of general and administrative expenses on the consolidated statements of income.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">&nbsp;</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>Henan Non-ferrous Geology Bureau (&#8220;Henan Geology Bureau&#8221;) is a 22.5% equity interest holder of Henan Found.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">&nbsp;</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 months ended June 30, 2013, the Company paid $102 (for the three months ended June 30, 2012 - $93) to McBrighton Consulting Ltd., a private consulting services company controlled by a director of the Company.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">&nbsp;</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 months ended June 30, 2013, the Company paid $102 (for the three months ended June 30, 2012 - $148) to R. Feng Consulting Ltd., a private consulting services company controlled by a director of the Company.</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: right">14</P></DIV><BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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%">(e)</TD>

   <TD width="96%">

   <P align=justify>For the three months ended June 30, 2013, the Company paid $58 (for the three months ended June 30, 2012 - $nil) to Parkside Management Limited, a private consulting services company controlled by a director of the Company.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">&nbsp;</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 Beijing office (6,700 square feet) from a relative of a director and officer of the Company for $12 (RMB 74,712) per month. During the three months ended June 30, 2013, total rents were $36 (for the three months ended June 30, 2012 - $36).</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">&nbsp;</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.</P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">&nbsp;</TD>

   <TD width="96%">

   <P align=justify></P></TD></TR>

<TR>

   <TD vAlign=top noWrap width="4%">(h)</TD>

   <TD width="96%">

   <P align=justify>GRT Mining Investment (Beijing) Co., Ltd. (&#8220;GRT&#8221;), a private company controlled by a relative of a director and officer, is a 5% equity interest holder of Guangdong Found. During the three months ended June 30, 2013, the Company repaid the payable balance of $1,207 to GRT.</P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify">Transactions with related parties are made on normal commercial terms and are considered to be at arms length. The balances with related parties are unsecured, non-interest bearing, and due on demand.</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>12.</B></TD>

   <TD noWrap align=left><B>COST OF SALES</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Cost of sales consists of:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="72%"></TD>

   <TD align=right 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 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 June 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="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>2013</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%">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%">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>18,904</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">15,330</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%">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>3,578</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%">3,664</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%"><B>Cost of sales</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>22,482</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%">18,994</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>13.</B></TD>

   <TD noWrap align=left><B>GENERAL AND ADMINISTRATIVE</B></TD></TR></TABLE></DIV>

<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="72%"></TD>

   <TD align=right 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 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 June 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="72%"><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>2013</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%">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%">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>3,191</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,949</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">Amortization and depreciation</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>354</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">412</TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">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>2,244</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">2,112</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">Share-based compensation</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>715</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">736</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%">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>997</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%">637</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>7,501</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%">6,846</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>14.</B></TD>

   <TD noWrap align=left><B>OTHER TAXES</B></TD></TR></TABLE></DIV>

<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>

<P style="TEXT-ALIGN: right">15</P></DIV><BR>

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<BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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>15.</B></TD>

   <TD noWrap align=left><B>FINANCE ITEMS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">Finance items consist of:</P>

<DIV align=left>

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<TR>

   <TD width="72%"></TD>

   <TD align=right 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 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 June 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="72%"><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>2013</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%">2012</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="72%">Interest income</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>928</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%">991</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="72%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=right width="24%" colSpan=3><B></B></TD>

   <TD noWrap align=right width="2%"><B></B></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=3><B>Three months ended June 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="72%"><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>2013</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%">2012</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%">Unwinding of discount 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>33</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%">22</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>16.</B></TD>

   <TD noWrap align=left><B>INCOME TAX EXPENSE</B></TD></TR></TABLE></DIV>

<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="72%"></TD>

   <TD align=right 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 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 June 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="72%"><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>2013</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%">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%">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>2,063</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">4,943</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%">Deferred</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>1,937</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%">2,984</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>4,000</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%">7,927</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>17.</B></TD>

   <TD noWrap align=left><B>CAPITAL DISCLOSURES</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company&#8217;s objectives of capital management are intended to safeguard the entity&#8217;s ability to support the Company&#8217;s normal operating requirement on an ongoing basis, continue the development and exploration of its mineral properties, and support any expansionary plans.</P>

<P style="TEXT-ALIGN: justify">The capital of the Company consists of the items included in equity. Risk and capital management are primarily the responsibility of the Company&#8217;s corporate finance function and is monitored by the Board of Directors. The Company manages the capital structure and makes adjustments depending on economic conditions. Funds have been primarily secured through profitable operations and issuances of equity capital. The Company invests all capital that is surplus to its immediate needs in short-term, liquid and highly rated financial instruments, such as cash and other short-term deposits, all held with major financial institutions. Significant risks are monitored and actions are taken, when necessary, according to the Company&#8217;s approved policies.</P>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>18.</B></TD>

   <TD noWrap align=left><B>FINANCIAL INSTRUMENTS</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">The Company manages its exposure to financial risks, including liquidity risk, foreign exchange 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="TEXT-ALIGN: right">16</P></DIV><BR>

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   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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)Fair value</I></P>

<P style="TEXT-ALIGN: justify">The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 7, Financial Instruments: Disclosures (&#8220;IFRS 7&#8221;).</P>

<P style="TEXT-ALIGN: justify">Level 1 &#8211; Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.</P>

<P style="TEXT-ALIGN: justify">Level 2 &#8211; Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.</P>

<P style="TEXT-ALIGN: justify">Level 3 &#8211; Unobservable inputs which are supported by little or no market activity.</P>

<P style="TEXT-ALIGN: justify">The following table sets forth the Company&#8217;s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy. As required by IFRS 7, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of June 30, 2013 and March 31, 2013, 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 align=right width="2%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD align=right width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="4%"></TD>

   <TD width="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 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%">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=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=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=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="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=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%">91,581</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%">91,581</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%">2,078</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=right 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%">2,078</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=right 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=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">9,777</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">9,777</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.<SUP>(1)</SUP></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%">&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=left width="4%">&nbsp;</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 1px solid" noWrap align=left width="44%">Warrants</TD>

   <TD 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="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">48</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=left width="4%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">48</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="44%"><SUP>(1) </SUP>Level 3 financial instrument</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="2%"></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 June 30, 2013 and March 31, 2013, respectively.</P>

<P style="TEXT-ALIGN: justify">Reconciliation of level 3 fair value measurement of financial assets is as follows:</P>

<DIV align=left>

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<TR>

   <TD width="58%"></TD>

   <TD align=right 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="10%"></TD>

   <TD width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="38%" colSpan=6><B>Fair value through other comprehensive income</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="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>Yongning Smelting</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>Jinduicheng</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>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Balance at April 1, 2012</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">9,525</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">22,050</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%">31,575</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="58%">Other comprehensive loss arising on revaluation</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(22,001</TD>

   <TD noWrap align=left width="2%">)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">(22,001</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="58%">Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; 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%">128</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%">(49</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%">79</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="58%">Balance at March 31, 2013</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">9,653</TD>

   <TD noWrap align=right width="4%">$</TD>

   <TD noWrap align=right width="10%">-</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">9,653</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Foreign exchange impact</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">124</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%">-</TD>

   <TD style="BORDER-BOTTOM: #000000 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%">124</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="58%"><B>Balance at June 30, 2013</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>9,777</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>-</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>9,777</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(b)Liquidity risk</I></P>

<P style="TEXT-ALIGN: justify">Liquidity risk is the risk that the Company will not be able to meet its short-term business requirements. The Company has in place a planning and budgeting process to help determine the funds required to support the Company&#8217;s normal operating requirements on an ongoing basis and its expansion plans.</P>

<P style="TEXT-ALIGN: right">17</P></DIV><BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">In the normal course of business the Company enters into contracts that give rise to commitments for future minimum payments. The following summarizes the remaining contractual maturities of the Company&#8217;s financial liabilities.</P>

<DIV align=left>

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<TR>

   <TD width="72%"></TD>

   <TD align=right 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" noWrap align=right width="10%"><B>June 30, 2013</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, 2013</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=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="24%" colSpan=3><B>Within a year</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="2%"><B>&nbsp;</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>40,930</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">29,285</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="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>4,062</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%">4,204</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>44,992</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%">33,489</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; therefore the majority of the Company&#8217;s assets, liabilities, revenues and expenses are denominated in RMB, which was tied to a basket of currencies of China&#8217;s largest trading partners.r</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="72%"></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 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>June 30, 2013</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, 2013</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>22,741</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">14,432</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>87,927</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%">102,294</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 June 30, 2013, with other variables unchanged, a 1% strengthening (weakening) of the RMB against the USD would have increased (decreased) net income by approximately $0.8 million.</P>

<P style="TEXT-ALIGN: justify">As at June 30, 2013, 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 June 30, 2013.</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: right">18</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<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>



<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 Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<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 June 30, 2013 is considered to be immaterial. There were no amounts in receivable which were past due at June 30, 2013 (at March 31, 2013 - $nil).</P>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify"><I>(f) Equity price risk</I></P>

<P style="TEXT-ALIGN: justify">The Company holds certain marketable securities that will fluctuate in value as a result of trading on Canadian financial markets. As the Company&#8217;s marketable securities holding are mainly in mining companies, the value will also fluctuate based on commodity prices. Based upon the Company&#8217;s portfolio at June 30, 2013, 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 $0.2 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>19.</B></TD>

   <TD noWrap align=left><B>SEGMENTED INFORMATION</B></TD></TR></TABLE></DIV>

<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%">Henan Songxian</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">SX Gold and Zhongxing</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">XHP and XBG</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%">

   <P style="MARGIN-LEFT: 4%">Hunan</P></TD>

   <TD noWrap align=left width="33%">Yunxiang</TD>

   <TD noWrap align=left width="33%">BYP</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">

   <P style="MARGIN-LEFT: 4%">Guangdong</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Guangdong Found</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">GC</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="33%">

   <P style="MARGIN-LEFT: 4%">Other</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="33%">Silvercorp Metals (China) Inc.</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="33%">N/A</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%"><B>Canada</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%">Silvertip</P></TD>

   <TD noWrap align=left width="33%">0875786 B.C. Ltd.</TD>

   <TD noWrap align=left width="33%">Silvertip</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%">Head Office</P></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">Silvercorp Metals Inc.</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="33%">N/A</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="33%"><B>Other Regions</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="33%">BVI and Barbados' holding companies</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="33%">RZY</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: right">19</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<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>



<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 Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">(a) Geographic information for certain long-term assets are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="25%"></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="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=26><B>June 30, 2013</B> <B></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center width="25%">&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="38%" colSpan=9><B>China</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="14%" colSpan=3><B>Canada</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD noWrap align=center width="1%"></TD>

   <TD noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%" rowSpan=2><B>Other</B><BR><B>Regions<BR>&nbsp;</B></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></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="25%"><B>Balance sheet items:</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%"><B>Henan</B><BR><B>Luoning</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%"><B>Henan</B><BR><B>Songxian</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%"><B>Hunan</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%"><B>Guangdong</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%"><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD noWrap align=center width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%"><B>Silvertip</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%"><B>Head Office</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD noWrap align=center width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD noWrap align=center width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>Total<BR>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%"><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><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="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 style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%"><B>Plant and equipment</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>42,673</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>9,568</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>5,007</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>42,239</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>1,633</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="1%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>1,461</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>1,113</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="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="1%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>103,694</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><B>Mineral rights and properties</B></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>112,910</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>20,630</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>58,365</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>101,343</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>28,035</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>221</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>321,504</B></TD>

   <TD noWrap align=right width="1%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%"><B>Investment in an associate</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>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="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%"></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="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>5,089</B></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="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>1,200</B></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="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>6,289</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="25%"><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>9,777</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=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%">&nbsp;</TD>

   <TD 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>-</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>1,598</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>528</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>11,903</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=25>&nbsp;</TD>

   <TD align=center width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="100%" colSpan=26>March 31, 2013</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%">&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="38%" colSpan=9>China</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="14%" colSpan=3>Canada</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD noWrap align=center width="1%"></TD>

   <TD noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%" rowSpan=2>Other<BR>Regions<BR>&nbsp;</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 2px solid" noWrap align=left width="25%">Balance sheet items:</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%">Henan<BR>Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%">Henan<BR>Songxian</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%">Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%">Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%">Other</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%">Silvertip</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%">Head Office</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD noWrap align=center width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD noWrap align=center width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">Total<BR>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%">&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=left 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=left 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 style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Plant and equipment</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">40,597</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">13,914</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">4,823</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">39,884</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,641</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="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,560</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,098</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="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="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">103,517</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%">Mineral rights and properties</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">103,742</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">33,191</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">56,893</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="6%">93,959</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%">28,664</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%">229</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%">316,678</TD>

   <TD noWrap align=right width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Investment in an associate</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="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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="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="1%">&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="6%">5,281</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="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">1,242</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="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">6,523</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="25%">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%">9,653</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=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%">&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=left width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%">5,030</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%">833</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%">15,516</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="1%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">(b) Geographic information for operating results are as follows:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="25%"></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=31><B>Three months ended June 30, 2013</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center width="25%">&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="38%" colSpan=13><B>China</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="14%" colSpan=4><B>Canada</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD noWrap align=center width="1%"></TD>

   <TD noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%" rowSpan=2><B>Other</B><BR><B>Regions<BR>&nbsp;</B></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></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="25%"><B>Statement of operations:</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%"><B>Henan</B><BR><B>Luoning</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%"><B>Henan</B><BR><B>Songxian</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%"><B>Hunan</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%"><B>Guangdong</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%"><B>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%"><B>Other</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD noWrap align=center width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%"><B>Silvertip</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="6%"><STRONG>Head Office</STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD noWrap align=center width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD noWrap align=center width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%"><B>Total<BR>&nbsp;</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=center width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%"><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>37,013</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>2,822</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=left width="1%"></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=left width="1%"></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=left width="1%"></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>39,835</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="25%"><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>(20,192</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>(2,290</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=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%"><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=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%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD 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%"><B>(22,482</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="25%"><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>16,821</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>532</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=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%"><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=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%"><B>-</B></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="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>17,353</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><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=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=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=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></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%"><B>Operating (expenses) income</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>(3,825</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>(472</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>(472</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>18</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>(357</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</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>(8</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>(4,235</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</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>1,587</B></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="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(7,764</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><B>Finance items</B></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>767</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>(10</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>(4</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>8</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>57</B></TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left 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>2</B></TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>75</B></TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%"><B>895</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="25%"><B>Income tax expenses</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>(3,785</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>(213</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>-</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>(1</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=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>-</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=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%"><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=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%"><B>(4,000</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><B>Net income (loss)</B></TD>

   <TD noWrap align=right width="1%"><B>$</B></TD>

   <TD noWrap align=right width="6%"><B>9,978</B></TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%"><B>$</B></TD>

   <TD noWrap align=right width="6%"><B>(483</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>(157</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>26</B></TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%"><B>$</B></TD>

   <TD noWrap align=right width="6%"><B>(301</B></TD>

   <TD noWrap align=left width="1%"><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>(8</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>(4,233</B></TD>

   <TD noWrap align=left width="1%"><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>1,662</B></TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%"><B>$</B></TD>

   <TD noWrap align=right width="6%"><B>6,484</B></TD>

   <TD noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%"><B>&nbsp;</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%"></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%"><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%"><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%"></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%"><B></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></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></B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B></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></B></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=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%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><B>Attributable to:</B></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=right 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%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left 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=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left 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%"></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 style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%"><B>Equity holders of the Company</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>7,851</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>(316</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>(118</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>25</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>(301</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</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>(8</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>(4,233</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</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>1,662</B></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="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>4,562</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="25%"><B>Non-controlling interests</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>2,127</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>(167</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>(39</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>1</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=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%"><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=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%"><B>-</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">&nbsp;</TD>

   <TD 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%"><B>1,922</B></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>Net income (loss)</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>9,978</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>(483</B></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="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(157</B></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="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>26</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>(301</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>

   <TD style="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="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(8</B></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="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>(4,233</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"><B>)</B></TD>

   <TD style="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="1%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%"><B>1,662</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></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>6,484</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center width="100%" colSpan=31>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="100%" colSpan=31>Three months ended June 30, 2012</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="25%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="38%" colSpan=13>China</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="14%" colSpan=4>Canada</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="6%" rowSpan=2>Other<BR>Regions<BR>&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%"></TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="6%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=left width="25%">Statement of operations:</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="6%">Henan<BR>Luoning</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="6%">Henan<BR>Songxian</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="6%">Hunan</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="6%">Guangdong</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="6%">Other</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="6%">Silvertip</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="6%">Head Office</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=right width="6%">Total<BR>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #ffffff" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Sales</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">42,296</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%">2,253</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=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%">-</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=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%">-</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="1%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">44,549</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%">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%">(17,190</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%">(1,804</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=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=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 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%">(18,994</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="25%">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%">25,106</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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%">449</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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=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=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="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%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">25,555</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%">&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=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=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=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=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></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Operating (expenses) income</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(3,784</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%">(589</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(454</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%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">69</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="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(12</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%">(4,486</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=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">215</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="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(9,079</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%">Finance items</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">865</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">(183</TD>

   <TD noWrap align=left width="1%">)</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%">&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%">209</TD>

   <TD noWrap align=left width="1%">&nbsp;</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%">73</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">3</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">969</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%">Income tax (expenses) recovery</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%">(6,094</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%">(3</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%">134</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%">(11</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="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=left width="1%">&nbsp;</TD>

   <TD style="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%">(1,953</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="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%">(7,927</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%">Net income (loss)</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="6%">16,093</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="6%">(775</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="6%">131</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="6%">(38</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="6%">267</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="6%">(12</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="6%">(4,413</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="6%">(1,735</TD>

   <TD noWrap align=left width="1%">)</TD>

   <TD noWrap align=left width="1%"></TD>

   <TD noWrap align=right width="1%">$</TD>

   <TD noWrap align=right width="6%">9,518</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">&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%"></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%"></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%"></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%"></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=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%"></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%"></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=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=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%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%">Attributable to:</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=right 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=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left 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=right width="1%">&nbsp;</TD>

   <TD noWrap align=right width="6%">&nbsp;</TD>

   <TD noWrap align=left width="1%">&nbsp;</TD>

   <TD noWrap align=left 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%"></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 style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="25%">Equity holders of the Company</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">12,530</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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%">(590</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%">92</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=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%">(36</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%">278</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="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(12</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%">(4,413</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=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(1,735</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=right width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">6,114</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%">Non-controlling interests</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%">3,563</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%">(185</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%">39</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</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%">(11</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="1%">)</TD>

   <TD 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=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=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%">3,404</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%">Net income (loss)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">16,093</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(775</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">131</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(38</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">267</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(12</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(4,413</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">(1,735</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%">)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="1%"></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="1%">$</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="6%">9,518</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: right">20</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<BR>

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<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (Expressed in thousands of U.S. dollars, unless otherwise stated)</I></TD></TR></TABLE></DIV>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">(c) Sales by metal</P>

<P style="TEXT-ALIGN: justify">The sales generated for the three months ended June 30, 2013 and 2012 comprise:</P>

<DIV align=left>

<TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>



<TR>

   <TD width="58%"></TD>

   <TD align=right width="2%"></TD>

   <TD width="10%"></TD>

   <TD 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="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="38%" colSpan=5><B>Three months Ended June 30, 2013</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="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%"><B>Henan Luoning</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%"><B>Hunan</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%"><B>Total</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%"><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>24,091</B></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></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>24,091</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="58%"><B>Gold (Au)</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>1,283</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>2,669</B></TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>3,952</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%"><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>9,833</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>-</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>9,833</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%"><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>1,806</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>153</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>1,959</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; BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>37,013</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>2,822</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>39,835</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="58%">&nbsp;</TD>

   <TD noWrap align=right width="2%"></TD>

   <TD noWrap align=center width="38%" colSpan=5></TD>

   <TD noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" noWrap align=center width="38%" colSpan=5>Three months Ended June 30, 2012</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #ffffff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="58%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">Henan Luoning</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%">Hunan</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%">Total</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Silver (Ag)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">28,129</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">-</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">28,129</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="58%">Gold (Au)</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">1,086</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">2,253</TD>

   <TD noWrap align=right width="4%">&nbsp;</TD>

   <TD noWrap align=right width="10%">3,339</TD>

   <TD noWrap align=right width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="58%">Lead (Pb)</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">11,183</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%">11,183</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="58%">Zinc (Zn)</TD>

   <TD 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%">1,898</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%">1,898</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="58%">&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%">42,296</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%">2,253</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%">44,549</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN-LEFT: 4%; TEXT-ALIGN: justify">(d) Major customers</P>

<P style="TEXT-ALIGN: justify">During the three months ended June 30, 2013, three major customers (three months ended June 30, 2012 - two) accounted for 12% to 37%, (three months ended June 30, 2012 - 18% and 57%, respectively) and collectively 71% (three months ended June 30, 2012 - 75%) of the total sales of the Company.</P>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>20.</B></TD>

   <TD noWrap align=left><B>COMMITMENTS AND CONTINGENCIES</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=left 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=left 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=left 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%">7,468</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">592</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,875</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,001</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%">8,232</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%">1,814</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 June 30, 2013, the Company has two office rental agreements totaling $7,468 for the next eleven years and commitments of $8,232 related to the GC property.</P>

<P style="TEXT-ALIGN: justify">Due to the size, complexity and nature of the Company&#8217;s operations, various legal and tax matters arise in the ordinary course of business. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. As at June 30, 2013 and March 31, 2013, no contingent liabilities were accrued.</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>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 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 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>June 30, 2013</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, 2013</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>37,822</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">40,511</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>53,759</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%">31,772</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>91,581</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%">72,283</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">21</P></DIV><BR>

<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>

<BR>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Notes to Condensed Consolidated Interim Financial Statements</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><I>(Unaudited) (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="72%"></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 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>Three Months Ended June 30,</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%"><B>Net change in non-cash working capital</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>2013</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%">2012</TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Trade and other receivables</P></TD>

   <TD noWrap align=right width="2%"><B>$</B></TD>

   <TD noWrap align=right width="10%"><B>61</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">5,031</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Inventories</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>1,373</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%">(655</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Prepaids and deposits</P></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>(1,242</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%">660</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Accounts payable and accrued 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>7,039</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%">2,416</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Income tax payable</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%">(163</TD>

   <TD noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Deposits received</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>(2,037</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%">(3,114</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">)</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="72%">&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>5,194</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%">4,175</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="72%"><B>&nbsp;</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left width="72%"><B>Non-cash transactions:</B></TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Additions of plant and equipment included in accounts payable and accrued liabilities</P></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>4,062</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%">3,569</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=left width="72%">

   <P style="MARGIN-LEFT: 4%">Capital expenditures of mineral rights and properties included in accounts payable and accrued liabilities</P></TD>

   <TD noWrap align=right width="2%"><B>$</B></TD>

   <TD noWrap align=right width="10%"><B>8,149</B></TD>

   <TD noWrap align=left width="2%">&nbsp;</TD>

   <TD noWrap align=right width="2%">$</TD>

   <TD noWrap align=right width="10%">1,969</TD>

   <TD noWrap align=left width="2%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

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<TR>

   <TD width="4%"></TD>

   <TD width="96%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><B>22.</B></TD>

   <TD noWrap align=left><B>ASSETS AND LIABILITIES HELD FOR SALE</B></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify">During the three month ended June 30, 2013, the Company entered into a share transfer agreement (&#8220;the Agreement&#8221;) with an arm&#8217;s length private Chinese company. Pursuant to the Agreement, the Company&#8217;s subsidiary, Henan Found will sell its 90% equity interest in ZX for $13.8 million (RMB 84 million). As of August 7, 2013, the Company received a deposit of $4,890 (RMB 30 million) (as at June 30, 2013 &#8211; deposit of $1,630 (RMB 10 million)) for the sale. Since the transaction is expected to be completed within 12 months, the Company has classified certain assets, liabilities and equity accounts as held for sale 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="86%"></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="86%"><B>Assets</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>June 30, 2013</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="86%">Cash and cash equivalents</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>52</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="86%">Trade and other receivables</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>10</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="86%">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>78</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="86%">Prepaids and deposits</TD>

   <TD noWrap align=right width="2%">&nbsp;</TD>

   <TD noWrap align=right width="10%"><B>64</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="86%">Plant and equipment</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>4,592</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="86%">Mineral rights and properties</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>13,922</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; BACKGROUND-COLOR: #e6efff" noWrap align=left width="86%"><B>Assets held for sale</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>18,718</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="86%"><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></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="86%"><B>Liabilities</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="10%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="86%">Accounts payable and accrued liabilities</TD>

   <TD noWrap align=right width="2%"><B>$</B></TD>

   <TD noWrap align=right width="10%"><B>705</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="86%">Deferred income tax liabilities</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>2,339</B></TD>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="86%">Environmental rehabilitation</TD>

   <TD 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>141</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; BACKGROUND-COLOR: #e6efff" noWrap align=left width="86%"><B>Liabilities held for sale</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>3,185</B></TD>

   <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="86%"><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></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="86%"><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=left width="2%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="86%">Accumulated comprehensive income</TD>

   <TD noWrap align=right width="2%"><B>$</B></TD>

   <TD noWrap align=right width="10%"><B>429</B></TD>

   <TD noWrap align=right width="2%"><B></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="86%">Non-controlling interests</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>5,084</B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>&nbsp;</B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="86%"><B>Amounts recognized directly in equity related to assets classified as held for sale</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>5,513</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">ZX is part of the Henan Songxian reporting segment. For the three months ended June 30, 2013, net loss incurred by ZX was $70 (three months ended June 30, 2012 &#8211; net loss of $139).</P>

<P style="TEXT-ALIGN: right">22</P></DIV><BR>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>MD&A FOR THE 1ST QUARTER ENDED JUNE 30, 2013
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.3</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 99.3</strong></div>
<A name="page_1"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
  <P align=left> <IMG src="exhibit99-2p1x1x1.jpg" border=0> </P>
  <P style="TEXT-ALIGN: justify"><B>SILVERCORP METALS INC.</B></P>
  <P style="TEXT-ALIGN: justify"><B></B>&nbsp;</P>
  <P style="TEXT-ALIGN: justify"><B>MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS </B></P>
  <P style="TEXT-ALIGN: justify"><B>For the Three Months Ended June 30, 2013</B></P>
  <P style="TEXT-ALIGN: justify"><B>(Expressed in thousands of US dollars, unless otherwise stated)</B></P>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
<!--$$/page=-->
<A name="page_2"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">
  <P style="TEXT-ALIGN: justify"><B>Table of Contents</B></P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%"></TD>
        <TD width="88%"></TD>
        <TD width="8%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%"><B>1.</B></TD>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="88%"><B>Core Business and Strategy</B></TD>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="8%"><B>2</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="4%"><B>2.</B></TD>
        <TD noWrap align=left width="88%"><B>First Quarter of Fiscal Year 2014 Highlights</B></TD>
        <TD noWrap align=right width="8%"><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="88%"><B>Operating Performance</B></TD>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="8%"><B>3</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="4%"><B>4.</B></TD>
        <TD noWrap align=left width="88%"><B>First Quarter Fiscal Year 2014 Financial Results</B></TD>
        <TD noWrap align=right width="8%"><B>8</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="88%"><B>Liquidity and Capital Resources</B></TD>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="8%"><B>10</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="4%"><B>6.</B></TD>
        <TD noWrap align=left width="88%"><B>Financial Instruments and Related Risks</B></TD>
        <TD noWrap align=right width="8%"><B>10</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="88%"><B>Off-Balance Sheet Arrangements</B></TD>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="8%"><B>13</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="4%"><B>8.</B></TD>
        <TD noWrap align=left width="88%"><B>Transactions with Related Parties</B></TD>
        <TD noWrap align=right width="8%"><B>13</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%"><B>9.</B></TD>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="88%"><B>Alternative Performance (Non-IFRS) Measures</B></TD>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="8%"><B>14</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="4%"><B>10.</B></TD>
        <TD noWrap align=left width="88%"><B>Critical Accounting Policies and Estimates</B></TD>
        <TD noWrap align=right width="8%"><B>15</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="88%"><B>Changes in Accounting Standards</B></TD>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="8%"><B>16</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="4%"><B>12.</B></TD>
        <TD noWrap align=left width="88%"><B>Other MD&amp;A Requirements</B></TD>
        <TD noWrap align=right width="8%"><B>17</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%"><B>13.</B></TD>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="88%"><B>Outstanding Share Data</B></TD>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="8%"><B>17</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="4%"><B>14.</B></TD>
        <TD noWrap align=left width="88%"><B>Risks and Uncertainties</B></TD>
        <TD noWrap align=right width="8%"><B>18</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="88%"><B>Disclosure Controls and Procedures</B></TD>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="8%"><B>18</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="4%"><B>16.</B></TD>
        <TD noWrap align=left width="88%"><B>Changes in Internal Control over Financial Reporting</B></TD>
        <TD noWrap align=right width="8%"><B>19</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="4%"><B>17.</B></TD>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=left width="88%"><B>Directors and Officers</B></TD>
        <TD style="BACKGROUND-COLOR: #ececec" noWrap align=right width="8%"><B>19</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="92%" colSpan=2><B>Forward Looking Statements</B></TD>
        <TD noWrap align=right width="8%"><B>19</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
<!--$$/page=-->
<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 noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</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>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 months ended June 30, 2013 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, 2013, 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 as issued by the International Accounting Standards Board (&#8220;IFRS&#8221;). Silvercorp&#8217;s significant accounting policies are set out in Note 2 of the unaudited condensed consolidated financial statements for the three months ended June 30, 2013, as well as Note 2 to the audited consolidated financial statements for the year ended March 31, 2013. This MD&amp;A refers to various non-IFRS measures, such as cash flow from operations per share and production costs per tonne. 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 August 7, 2013.</I></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>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. 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>
  <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>First Quarter of Fiscal Year 2014 Highlights</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <UL>
    <LI>
      <P style="MARGIN-LEFT: -24px" align=justify>Silver production of 1.4 million ounces and gold production of 3,777 ounces;</P>
    <LI>
      <P style="MARGIN-LEFT: -24px" align=justify>Lead production of 13.5 million pounds and zinc production of 3.7 million pounds;</P>
    <LI>
      <P style="MARGIN-LEFT: -24px" align=justify>Sales of $39.8 million;</P>
    <LI>
      <P style="MARGIN-LEFT: -24px" align=justify>Gross margin of 44% despite significant decline in precious metal prices;</P>
    <LI>
      <P style="MARGIN-LEFT: -24px" align=justify>Net income of $4.6 million or $0.03 per share;</P>
    <LI>
      <P style="MARGIN-LEFT: -24px" align=justify>Strong cash flow from operations of $17.6 million, or $0.10 per share;</P>
    <LI>
      <P style="MARGIN-LEFT: -24px" align=justify>GC mine continued to undergo trial mining and processing and is progressing towards commercial production; and</P>
    <LI>
      <P style="MARGIN-LEFT: -24px" align=justify>Return of value to our shareholders by the $4.2 million quarterly dividend payment of CAD$0.025 per share.</P>
    </LI>
  </UL>
  <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=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>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
<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 noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</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><B>3.</B></TD>
        <TD noWrap align=left><B>Operating Performance</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">The following table summarizes consolidated and each mining district&#8217;s operational information for the three months ended June 30, 2013:</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="12%"></TD>
        <TD width="2%"></TD>
        <TD width="12%"></TD>
        <TD width="2%"></TD>
        <TD width="12%"></TD>
        <TD width="2%"></TD>
        <TD width="12%"></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=8><B><FONT style="FONT-SIZE: 10pt; COLOR: #ffffff">Three months ended June 30, 2013</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="12%" bgColor=#993300><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>
        <TD noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=left width="12%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=left width="12%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=left width="2%" bgColor=#993300></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=left width="12%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=left width="2%" bgColor=#993300></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="12%" bgColor=#993300><B><FONT color=#ffffff>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>
        <TD noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=center width="12%" bgColor=#993300><B><FONT color=#ffffff>X Mines</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B></TD>
        <TD noWrap align=center width="2%" bgColor=#993300>&nbsp;</TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=center width="12%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>
        <TD noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=center width="12%" bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>
        <TD noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff></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%"></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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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%"></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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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%"></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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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>963</B></TD>
        <TD noWrap align=right 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=right width="12%"><B>-</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>963</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>232,294</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="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>29,075</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="12%"><B>261,369</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></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>233,257</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="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>29,075</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="12%"><B>262,332</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%"><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%"></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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B>Direct Smelting Ore </B><I>(tonne)</I></P></TD>
        <TD noWrap align=right width="12%"><B>963</B></TD>
        <TD noWrap align=right 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=right width="12%"><B>-</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>963</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>235,210</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="12%"><B>6,929</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>29,975</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="12%"><B>272,114</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></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>236,173</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="12%"><B>6,929</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>29,975</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="12%"><B>273,077</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%">+ <B>Mining cost per tonne of ore mined </B>($)</P></TD>
        <TD noWrap align=right width="12%"><B>65.09</B></TD>
        <TD noWrap align=right 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=right width="12%"><B>51.17</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>63.55</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>($)</P></TD>
        <TD noWrap align=right width="12%"><B>54.95</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>-</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%"><B>21.04</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>51.19</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Non cash mining cost per tonne of ore mined </B>($)</P></TD>
        <TD noWrap align=right width="12%"><B>10.14</B></TD>
        <TD noWrap align=right 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=right width="12%"><B>30.13</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>12.35</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"></TD>
        <TD noWrap align=right width="12%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="2%"><B></B></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="12%"><B></B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%">+ <B>Unit shipping costs($)</B></P></TD>
        <TD noWrap align=right width="12%"><B>3.98</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>-</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%"><B>-</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>3.54</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"></TD>
        <TD noWrap align=right width="12%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B></B></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=right width="12%"><B></B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B></B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%">+ <B>Milling cost per tonne of ore milled </B>($)</P></TD>
        <TD noWrap align=right width="12%"><B>13.62</B></TD>
        <TD noWrap align=right 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=right width="12%"><B>14.05</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>13.67</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>($)</P></TD>
        <TD noWrap align=right width="12%"><B>12.06</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>-</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%"><B>13.06</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>12.17</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Non cash milling cost per tonne of ore milled </B>($)</P></TD>
        <TD noWrap align=right width="12%"><B>1.56</B></TD>
        <TD noWrap align=right 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=right width="12%"><B>0.99</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>1.50</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B></B></P></TD>
        <TD noWrap align=right width="12%"><B>&nbsp;</B></TD>
        <TD noWrap align=right width="2%"><B></B></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="12%"><B></B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%">+ <B>Average Production Cost</B></P></TD>
        <TD noWrap align=left width="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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="12%">&nbsp;</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="12%"><B>9.63</B></TD>
        <TD noWrap align=right 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=right width="12%"><B>-</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>9.96</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>546</B></TD>
        <TD noWrap align=right 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=right width="12%"><B>926</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>616</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>0.41</B></TD>
        <TD noWrap align=right 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=right width="12%"><B>-</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>0.42</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>0.34</B></TD>
        <TD noWrap align=right 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=right width="12%"><B>0.44</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>0.34</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B></B>&nbsp;</P></TD>
        <TD noWrap align=left width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left 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>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%"></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="12%">&nbsp;</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>(%)</I></P></TD>
        <TD noWrap align=right width="12%"><B>92.3</B></TD>
        <TD noWrap align=right 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=left width="2%"></TD>
        <TD noWrap align=right width="12%"><B>92.3</B></TD>
        <TD noWrap align=right width="2%"><B></B></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%"></TD>
        <TD noWrap align=left width="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%"><B>92.5</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>92.5</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>94.6</B></TD>
        <TD noWrap align=right 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=left width="2%"></TD>
        <TD noWrap align=right width="12%"><B>94.6</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>68.4</B></TD>
        <TD noWrap align=right 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=left width="2%"></TD>
        <TD noWrap align=right width="12%"><B>68.4</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B></B>&nbsp;</P></TD>
        <TD noWrap align=left width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left 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>Head Grades of Run of Mine Ore</B></P></TD>
        <TD noWrap align=left width="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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="12%">&nbsp;</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>(gram/tonne)</I></P></TD>
        <TD noWrap align=right width="12%"><B>200</B></TD>
        <TD noWrap align=right 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=left width="2%"></TD>
        <TD noWrap align=right width="12%"><B>200</B></TD>
        <TD noWrap align=right width="2%"><B></B></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%"></TD>
        <TD noWrap align=left width="12%">&nbsp;</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="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>2.8</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>2.7</B></TD>
        <TD noWrap align=right 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=left width="2%"></TD>
        <TD noWrap align=right width="12%"><B>2.7</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>0.8</B></TD>
        <TD noWrap align=right 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=left width="2%"></TD>
        <TD noWrap align=right width="12%"><B>0.8</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><B>&nbsp;</B></TD>
        <TD noWrap align=left width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left width="12%"></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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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="12%">&nbsp;</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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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="12%">&nbsp;</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>(in thousands of ounces)</I></P></TD>
        <TD noWrap align=right width="12%"><B>1,364</B></TD>
        <TD noWrap align=right width="2%"><B></B></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="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>1,374</B></TD>
        <TD noWrap align=right width="2%"><B></B></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=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>0.2</B></TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=right width="12%"><B>2.3</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>3.8</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>13,063</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>405</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="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>13,468</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>2,926</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>484</B></TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=right width="12%"><B>282</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>3,692</B></TD>
        <TD noWrap align=right 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=left width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left width="12%"></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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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="12%">&nbsp;</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>(in thousands of $)</I></P></TD>
        <TD noWrap align=right width="12%"><B>24,091</B></TD>
        <TD noWrap align=right 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=right width="12%"><B>-</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>24,091</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>1,283</B></TD>
        <TD noWrap align=right 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=right width="12%"><B>2,669</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>3,952</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>9,833</B></TD>
        <TD noWrap align=right 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=right width="12%"><B>-</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>9,833</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>1,806</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="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>153</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="12%"><B>1,959</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></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>37,013</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="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>2,822</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="12%"><B>39,835</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="56%" colSpan=2><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%"><B></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="12%">&nbsp;</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>17.66</B></TD>
        <TD noWrap align=right 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=left width="2%"></TD>
        <TD noWrap align=right width="12%"><B>17.66</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>1,001</B></TD>
        <TD noWrap align=right 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=right width="12%"><B>1,141</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>1,092</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>0.75</B></TD>
        <TD noWrap align=right 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=left width="2%"></TD>
        <TD noWrap align=right width="12%"><B>0.75</B></TD>
        <TD noWrap align=right width="2%"><B></B></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>0.62</B></TD>
        <TD noWrap align=right 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=right width="12%"><B>0.54</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"><B>0.61</B></TD>
        <TD noWrap align=right width="2%"><B></B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify"><SUP>1 </SUP>Ying Mining District includes mines: SGX, TLP, HPG&amp;LM. <BR>
    <SUP>2 </SUP>X Mines includes the XBG project and XHP project.<BR>
    + Non-IFRS measures, see section 9 for reconciliation.<BR>
    * Represents development tunnelling ore at the X mines.</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 3</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
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<A name="page_5"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="100%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>(Expressed in thousands of U.S. dollars, unless otherwise stated)</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">The following table summarizes consolidated and each mining district&#8217;s operational information for the three months ended June 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="44%"></TD>
        <TD width="12%"></TD>
        <TD width="2%"></TD>
        <TD width="12%"></TD>
        <TD width="2%"></TD>
        <TD width="12%"></TD>
        <TD width="2%"></TD>
        <TD width="12%"></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=8><B><FONT style="FONT-SIZE: 10pt; COLOR: #ffffff">Three months ended June 30, 2012</FONT></B><FONT style="FONT-SIZE: 10pt; COLOR: #ffffff"> </FONT><B><FONT></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="12%" bgColor=#993300><B><FONT color=#ffffff>Ying Mining</FONT></B></TD>
        <TD noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=center width="12%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=center width="2%" bgColor=#993300>&nbsp;</TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=center width="12%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=center width="2%" bgColor=#993300></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=center width="12%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=center width="2%" bgColor=#993300></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="12%" bgColor=#993300><B><FONT color=#ffffff>District</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>
        <TD noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=center width="12%" bgColor=#993300><B><FONT color=#ffffff>X Mines</FONT></B><B><SUP><FONT color=#ffffff>2</FONT></SUP></B></TD>
        <TD noWrap align=center width="2%" bgColor=#993300>&nbsp;</TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=center width="12%" bgColor=#993300><B><FONT color=#ffffff>BYP</FONT></B></TD>
        <TD noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=center width="12%" bgColor=#993300><B><FONT color=#ffffff>Total</FONT></B></TD>
        <TD noWrap align=center width="2%" bgColor=#993300><B><FONT color=#ffffff></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%"></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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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%"></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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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%"></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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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%">2,250</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">-</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">-</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">2,250</TD>
        <TD noWrap align=right width="2%"></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%">178,768</TD>
        <TD 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%">2,382</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%">27,560</TD>
        <TD 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%">208,710</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right 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%">181,018</TD>
        <TD 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%">2,382</TD>
        <TD 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%">27,560</TD>
        <TD 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%">210,960</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right 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%"></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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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%">2,250</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">-</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">-</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">2,250</TD>
        <TD noWrap align=right width="2%"></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%">184,205</TD>
        <TD 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%">3,611</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%">26,599</TD>
        <TD 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%">214,415</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right 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%">186,455</TD>
        <TD 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%">3,611</TD>
        <TD 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%">26,599</TD>
        <TD 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%">216,665</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%">+ <B>Mining cost per tonne of ore mined </B>($)</P></TD>
        <TD noWrap align=right width="12%">69.02</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">8.70</TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=right width="12%">47.74</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">65.55</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Cash mining cost per tonne of ore mined </B>($)</P></TD>
        <TD noWrap align=right width="12%">55.47</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">8.70</TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=right width="12%">20.98</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">50.43</TD>
        <TD noWrap align=right width="2%"></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>($)</P></TD>
        <TD noWrap align=right width="12%">13.55</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">-</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">26.76</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">15.12</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">&nbsp;</TD>
        <TD noWrap align=right width="12%">&nbsp;</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=left width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%">+ <B>Unit shipping costs($)</B></P></TD>
        <TD noWrap align=right width="12%">3.85</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">8.58</TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=right width="12%">-</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">3.40</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">&nbsp;</TD>
        <TD noWrap align=right width="12%">&nbsp;</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=left width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%">+ <B>Milling cost per tonne of ore milled </B>($)</P></TD>
        <TD noWrap align=right width="12%">16.05</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">44.71</TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=right width="12%">14.63</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">16.35</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Cash milling cost per tonne of ore milled </B>($)</P></TD>
        <TD noWrap align=right width="12%">14.17</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">33.24</TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=right width="12%">13.57</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">14.41</TD>
        <TD noWrap align=right width="2%"></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>($)</P></TD>
        <TD noWrap align=right width="12%">1.88</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">11.47</TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=right width="12%">1.06</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">1.94</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B></B>&nbsp;</P></TD>
        <TD noWrap align=right width="12%">&nbsp;</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=left width="2%"><B></B></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 4%">+ <B>Average Production Cost</B></P></TD>
        <TD noWrap align=left width="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left width="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left width="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B>Silver </B><I>($ per ounce)</I></P></TD>
        <TD noWrap align=right width="12%">9.30</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">17.60</TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=left width="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=right width="12%">9.80</TD>
        <TD noWrap align=right width="2%"></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%">452</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">1,227</TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=right width="12%">1,046</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">536</TD>
        <TD noWrap align=right width="2%"></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%">0.33</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">0.55</TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=left width="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=right width="12%">0.35</TD>
        <TD noWrap align=right width="2%"></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%">0.26</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">-</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=right width="12%">0.27</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B></B></P></TD>
        <TD noWrap align=right width="12%">&nbsp;</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=right 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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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="12%">&nbsp;</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>(%)</I></P></TD>
        <TD noWrap align=right width="12%">91.7</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">49.7</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=right width="12%">90.9</TD>
        <TD noWrap align=right width="2%"></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%"></TD>
        <TD noWrap align=left width="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">90.1</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">90.1</TD>
        <TD noWrap align=right width="2%"></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%">94.0</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">49.7</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=right width="12%">93.2</TD>
        <TD noWrap align=right width="2%"></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="12%">63.0</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">41.9</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=right width="12%">62.6</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 12%"><B></B></P></TD>
        <TD noWrap align=right width="12%">&nbsp;</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=right 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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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="12%">&nbsp;</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>(gram/tonne)</I></P></TD>
        <TD noWrap align=right width="12%">227</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">26</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=right width="12%">225</TD>
        <TD noWrap align=right width="2%"></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%"></TD>
        <TD noWrap align=left width="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">2.2</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">2.2</TD>
        <TD noWrap align=right width="2%"></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%">3.6</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">1.3</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=right width="12%">3.6</TD>
        <TD noWrap align=right width="2%"></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%">1.1</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">1.3</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=right width="12%">1.1</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><B></B></TD>
        <TD noWrap align=right width="12%">&nbsp;</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=left width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=right width="2%"></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%"></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="12%">&nbsp;</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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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="12%">&nbsp;</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>(in thousands of ounces)</I></P></TD>
        <TD noWrap align=right width="12%">1,223</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">1</TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=right width="12%">-</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">1,224</TD>
        <TD noWrap align=right width="2%"></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%">0.8</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">0.1</TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=right width="12%">1.7</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">2.6</TD>
        <TD noWrap align=right width="2%"></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%">13,713</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">31</TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=right width="12%">-</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">13,744</TD>
        <TD noWrap align=right width="2%"></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%">2,974</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">-</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">-</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">2,974</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%"><P style="MARGIN-LEFT: 8%"><B></B></P></TD>
        <TD noWrap align=right width="12%">&nbsp;</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%"></TD>
        <TD noWrap align=right 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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></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="12%">&nbsp;</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>(in thousands of $)</I></P></TD>
        <TD noWrap align=right width="12%">28,109</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">20</TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=right width="12%">-</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">28,129</TD>
        <TD noWrap align=right width="2%"></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%">925</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">161</TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=right width="12%">2,253</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">3,339</TD>
        <TD noWrap align=right width="2%"></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%">11,161</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">22</TD>
        <TD noWrap align=left width="2%"><B>*</B></TD>
        <TD noWrap align=right width="12%">-</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">11,183</TD>
        <TD noWrap align=right width="2%"></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%">1,898</TD>
        <TD 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%">-</TD>
        <TD 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="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">1,898</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right 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%">42,093</TD>
        <TD 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%">203</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">2,253</TD>
        <TD 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%">44,549</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="56%" colSpan=2><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%"><B></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="12%">&nbsp;</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%">22.97</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">22.98</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=right width="12%">22.97</TD>
        <TD noWrap align=right width="2%"></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%">1,116</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">1,602</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">1,307</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">1,258</TD>
        <TD noWrap align=right width="2%"></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%">0.81</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">0.72</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=right width="12%">0.81</TD>
        <TD noWrap align=right width="2%"></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%">0.64</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="12%">-</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=right width="12%">0.64</TD>
        <TD noWrap align=right width="2%"></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify"><SUP>1 </SUP>Ying Mining District includes mines: SGX, TLP, HPG&amp;LM. <BR>
    <SUP>2 </SUP>X Mines includes the XBG project and XHP project.<BR>
    + Non-IFRS measures, see section 9 for reconciliation.<BR>
    * Represents development tunnelling ore at the X mines.</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 4</B></TD>
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        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
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        <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
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      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</B></TD>
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        <TD noWrap align=left>Mine Production</TD>
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  <P style="TEXT-ALIGN: justify">For the three months ended June 30, 2013 (&#8220;Q1 Fiscal 2014&#8221;), on a consolidated basis, the Company mined 262,332 tonnes of ore, a 24% increase compared to 210,960 tonnes in the three months ended June 30, 2012 (&#8220;Q1 Fiscal 2013&#8221;). The increased mine production was due to increased production from the Ying Mining District and the BYP Mine.</P>
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        <TD noWrap align=left>Milling</TD>
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  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, on a consolidated basis, the Company milled 273,077 tonnes of ore, a 26% increase compared to 216,665 tonnes in Q1 Fiscal 2013. 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 has a total milling capacity of 500 t/d.</P>
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        <TD noWrap align=left>Mining Cost</TD>
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  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, the consolidated total mining cost and cash mining cost were $63.55 and $51.19 per tonne compared to $65.55 and $50.43 per tonne, respectively, in Q1 Fiscal 2013. The slight increase in cash mining cost per tonne was primarily due to additional costs in mining preparation and infill drilling as part of the new mining strategy at the Ying Mining District; offset by lower contractor fees per tonne.</P>
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        <TD noWrap align=left>Milling Cost</TD>
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  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, the consolidated total milling cost and cash milling cost were $13.67 and $12.17 per tonne compared to $16.35 and $14.41 per tonne, respectively, in Q1 Fiscal 2013. The decrease in the consolidated total milling cost was due to an increase in tonnes of ore processed.</P>
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        <TD noWrap align=left>Metal Production</TD>
      </TR>
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  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, on a consolidated basis, the Company produced 1.4 million ounces of silver, 3,777 ounces of gold, 13.5 million pounds of lead, and 3.7 million pounds of zinc, compared to 1.2 million ounces of silver, 2,653 ounces of gold, 13.7 million pounds of lead, and 3.0 million pounds of zinc, respectively, in Q1 Fiscal 2013.</P>
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        <TD noWrap align=left>(f)</TD>
        <TD noWrap align=left>Operation Review</TD>
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  <P style="MARGIN: 0px">&nbsp;</P>
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        <TD noWrap align=left><I>Ying Mining District</I></TD>
      </TR>
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  <P style="TEXT-ALIGN: justify">The Ying Mining District consists of four mines (SGX, HPG, TLP, and LM) and is the Company&#8217;s primary source of production.</P>
  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, the total ore mined at the Ying Mining District was 233,257 tonnes, of which 963 tonnes was direct smelting ore, an increase of 29% compared to total ore production of 181,018 tonnes, of which 2,250 tonnes was direct smelting ore, in Q1 Fiscal 2013. The increased ore production is attributable to the change in mining strategy and an increase in production from the HPG, TLP, and LM satellite mines. Production from the satellite mines in Q1 Fiscal 2014 represented 45% of total production at the Ying Mining District compared to 33% in Q1 Fiscal 2013.</P>
  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, head grades at the Ying Mining District were 200 grams per tonne (&#8220;g/t&#8221;) for silver, 2.7% for lead, and 0.8% for zinc, compared to 227 g/t for silver, 3.6% for lead, and 1.1% for zinc, respectively, in Q1 Fiscal 2013.</P>
  <P style="TEXT-ALIGN: justify">With the increase in ore production, in Q1 Fiscal 2014, the Ying Mining District produced 1.4 million ounces of silver, 1,282 ounces of gold, 13.1 million pounds of lead, and 2.9 million pounds of zinc, compared to 1.2 million ounces of silver, 800 ounces of gold, 13.7 million pounds of lead, and 3.0 million pounds of zinc in Q1 Fiscal 2013.</P>
  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, total and cash mining costs per tonne were $65.09 and $54.95 compared to $69.02 and $55.47 in Q1 Fiscal 2013, respectively.</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 5</B></TD>
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        <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
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      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</B></TD>
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  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, total ore milled was 236,173 tonnes, an increase of 27% compared to 186,455 tonnes in Q1 Fiscal 2013. Cash milling costs were $12.06 compared to $14.17 in Q1 Fiscal 2013. The decrease is attributable to the increased tonnage milled.</P>
  <P style="TEXT-ALIGN: justify">As at the end of Q1 Fiscal 2014, the Company completed approximately 2,250 metres (&#8220;m&#8221;) of the 5,200m ramp at the SGX mine and approximately 2,000m of the development work for the 4,800m access ramp at the LM Mine West. During the quarter, the Company also completed approximately 18,000m of horizontal tunnels, raises and declines. In addition, construction for 20,000 square metres of surface facilities, consisting of offices and dormitories within the Ying Mining District, continued in this quarter.</P>
  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, exploration and development expenditures for the Ying Mining District were $9.7 million compared to $9.6 million in Q1 Fiscal 2013.</P>
  <P style="TEXT-ALIGN: justify">In light of the significant decline in precious metal prices, the Company is reviewing its short term operating plans to better adapt to the new price environment. As a result, in July 2013, the Company has suspended mining operations at the Portal PD820, PD850 and PD730 within the Ying Mining District as production from these locations was not economical. The impact of the suspension will reduce ore production by 63,000 tonnes for the remainder of the fiscal year, and is expected to reduce approximately 400,000 ounces from expected silver production in the Ying Mining District. Accordingly, the Company has revised its fiscal year 2014 production guidance for the Ying Mining District to 837,000 tonnes of ore, producing 5.5 million ounces of silver, 4,700 ounces of gold and 74.7 million pounds of lead and zinc.</P>
  <P style="TEXT-ALIGN: justify">As part of the capital cost savings review, the Company has also identified opportunities to reduce capital expenditures in the current fiscal year. These measures are expected to reduce fiscal year 2014 budgeted capital expenditures by $8 million to $40 million.</P>
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        <TD noWrap align=left><I>GC Mine</I></TD>
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  <P style="TEXT-ALIGN: justify">The Company has substantially completed the construction of GC mine and is progressing well with the preparations for safety and environmental regulatory inspections, prior to commercial production. The majority of the required surface environmental protection facilities together with water and soil conservation engineering work is completed and has undergone test operation. The key component required for passing the safety inspection, in accordance to safety requirements in the Mine Design, is to complete a water sump and pumping station at the -50m elevation. This component is expected to be completed by the end of September 2013, and as such the Company expects to pass the inspection and obtain its Safety Production Permit in the third quarter of fiscal year 2014.</P>
  <P style="TEXT-ALIGN: justify">During Q1 Fiscal 2014, approximately 3,100m of tunnels, including 425m of development tunnels, 2,225m of exploration tunnels and 450m of mining preparation tunnels, were completed.</P>
  <P style="TEXT-ALIGN: justify">The main access ramp totalling 2,210m in length was completed and has accessed the V2 vein at the +40m, +20m, and 0m elevations. The exploration ramp is completed to a length of 1,800m, representing 39% of the total designed length of 4,600m. To date, the exploration ramp has accessed the V9, V9-1, V9W-1, and V9W-2 veins at the 100m, 50m, 0m and -50 m elevations through cross-cuts and has developed transportation drifts and mining preparation drifts. Once the exploration ramp is completed, access to all known veins within a horizontal distance of 250m is possible. The exploration ramp has also been connected to the main ramp at the 100m and 0m elevations, as well as the main shaft at the +100m, +50m, 0m and -50m elevations to provide ventilation and a safety exit. During the course of fiscal year 2014, the Company will use the main ramp and the exploration ramp access points for mining.</P>
  <P style="TEXT-ALIGN: justify">As at the end of Q1 Fiscal 2014, the construction of the 628m main shaft was substantially completed down to its designed depth at elevation -370m. As part of cost savings review for fiscal year 2014, and to coordinate with the planned production schedule, the Company has decided to defer the installation</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 6</B></TD>
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        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
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        <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
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      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</B></TD>
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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>
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  <P style="TEXT-ALIGN: justify">of the hoist system to fiscal year 2015, reducing capital expenditures in the year by $3 million.</P>
  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, the Company continued equipment testing and trial processing to fine tune the mill circuit to achieve the desired metallurgical recovery rates for silver, lead, zinc, tin, and sulphur in concentrates. Testing will be on-going for the next several months.</P>
  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, $6.2 million (Q1 Fiscal 2013 - $3.1 million) of exploration and development expenditures were incurred at the GC mine.</P>
  <P style="TEXT-ALIGN: justify">From the capital cost review for fiscal year 2014, the Company has reduced the budgeted capital expenditures by approximately $8 million to $21 million at the GC mine.</P>
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        <TD noWrap align=left><I>BYP Mine</I></TD>
      </TR>
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  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, the total ore mined was 29,075 tonnes compared to 27,560 tonnes in Q1 Fiscal 2013.</P>
  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, the Company produced and sold 2,338 ounces of gold compared to 1,724 ounces of gold in Q1 Fiscal 2013. Gold head grade for Q1 Fiscal 2014 was 2.8 g/t compared to 2.2 g/t in Q1 Fiscal 2013. The increase in gold metal production is attributable to higher gold head grade in the current fiscal year.</P>
  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, the Company completed the installation of shaft equipment for the newly completed 265m shaft. The construction of the head frame is expected to commence in the next quarter. Once completed, this shaft will facilitate mining of the #3 gold mineralization body and the #5 zinc and lead ore body. In addition, the construction of a 1,500 t/d tailings-backfill facility has been substantially completed with expected trial runs to commence in the next quarter.</P>
  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, exploration and development expenditures at the BYP mine were $1.6 million compared to $1.3 million in Q1 Fiscal 2013.</P>
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        <TD noWrap align=left><I>(iv)</I></TD>
        <TD noWrap align=left><I>X Mines</I></TD>
      </TR>
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  </DIV>
  <P style="TEXT-ALIGN: justify">The X Mines consist of two mining projects: the XBG project and XHP project.</P>
  <P style="TEXT-ALIGN: justify">In Q1 Fiscal 2014, the Company entered into a share transfer agreement (&#8220;the Agreement&#8221;) with an arm&#8217;s length private Chinese company. Pursuant to the Agreement, the Company&#8217;s subsidiary, Henan Found Mining Co. Ltd., will sell its 90% equity interest in Zhongxing Mining Co. Ltd. (XBG project) for $13.8 million (RMB 84 million). As of the date of this MD&amp;A, an initial deposit of $4.9 million (RMB 30 million) has been received. As the transaction is expected to be completed within 12 months, the Company has classified certain assets, liabilities, and equity accounts as held for sale; (please see Note 22 of the accompanying condensed consolidated interim financial statements).</P>
  <P style="TEXT-ALIGN: justify">As at the end of this quarter, the Company has also suspended activities at the XHP project as part of its cost saving measures.</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%"></TD>
        <TD width="96%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><I>(v)</I></TD>
        <TD noWrap align=left><I>Silvertip Project</I></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">The Silvertip Project is located in British Columbia, Canada.</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>
  <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>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<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>
      <TR>
        <TD width="100%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</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><B>4.</B></TD>
        <TD noWrap align=left><B>First Quarter Fiscal Year 2014 Financial Results</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">The tables below set out selected quarterly results for the past eight quarters:</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="44%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>Jun 30, 2013</FONT></B></TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD align=right width="10%" bgColor=#993300><FONT color=#ffffff>Mar 31, 2013</FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD align=right width="10%" bgColor=#993300><FONT color=#ffffff>Dec 31, 2012</FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD align=right width="10%" bgColor=#993300><FONT color=#ffffff>Sept 30, 2012</FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Sales</TD>
        <TD noWrap align=right width="2%"><B>$</B></TD>
        <TD noWrap align=right width="10%"><B>39,835</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">33,147</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">58,717</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">45,209</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Gross profit</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>17,353</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">17,087</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">37,476</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">28,415</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Expenses and foreign exchange</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>(7,263</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%">(6,396</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(7,947</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(9,062</TD>
        <TD noWrap align=left width="2%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Other items</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>394</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,430</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(8,631</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,427</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Net income, attributable to the</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>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">shareholders of the Company</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>4,562</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">6,361</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">5,236</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">9,500</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Basic earnings per share</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>0.03</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.04</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.03</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.06</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Diluted earnings per share</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>0.03</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.04</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.03</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.06</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Cash dividend declared</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>4,173</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">4,204</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">4,291</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">4,255</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Cash dividend declared per share</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>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">(CAD)</TD>
        <TD 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>0.025</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%">0.025</TD>
        <TD style="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%">0.025</TD>
        <TD style="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%">0.025</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%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>
        <TD align=right width="10%" bgColor=#993300><FONT color=#ffffff>Jun 30, 2012</FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>
        <TD align=right width="10%" bgColor=#993300><FONT color=#ffffff>Mar 31, 2012</FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>
        <TD align=right width="10%" bgColor=#993300><FONT color=#ffffff>Dec 31, 2011</FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>
        <TD align=right width="10%" bgColor=#993300><FONT color=#ffffff>Sept 30, 2011</FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Sales</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">44,549</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">44,312</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">61,876</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">62,055</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Gross profit</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">25,555</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">29,983</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">43,550</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">47,620</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Expenses and foreign exchange</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(7,841</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(9,458</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(8,534</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(8,420</TD>
        <TD noWrap align=left width="2%">)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Other items</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(269</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,188</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,641</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">488</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Net income, attributable to the</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <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="44%">shareholders of the Company</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">6,114</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">9,700</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">20,025</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">18,471</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Basic earnings per share</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.04</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.06</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.12</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.11</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Diluted earnings per share</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.04</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.06</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.12</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.11</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Cash dividend declared</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">4,224</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">4,271</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">4,194</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,500</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Cash dividend declared per share</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <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="44%">(CAD)</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.025</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.025</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.025</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">0.02</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 income attributable to the shareholders of the Company </B>in Q1 Fiscal 2014 was $4.6 million, or $0.03 per share, a decrease of $1.6 million compared to net income of $6.1 million, or $0.04 per share, in Q1 Fiscal 2013.</P>
  <P style="TEXT-ALIGN: justify">Despite achieving increases of 12% and 46% in silver and gold production, respectively, net income decreased compared to prior year quarter mainly due to (i) significantly lower silver price; net realized silver price was $17.66 per ounce in this quarter, which is $5.31 or 23% lower compared to $22.97 per ounce in the same prior year quarter; (ii) lower base metal prices; net realized lead and zinc prices were 7% and 5% lower in this quarter as compared to the same prior year quarter; and (iii) higher overall production costs as more ore was processed.</P>
  <P style="TEXT-ALIGN: justify"><B>Sales </B>in Q1 Fiscal 2014 were $39.8 million compared to $44.5 million in Q1 Fiscal 2013. Silver and gold sales represented $24.1 million and $4.0 million, respectively, while by-product base metals represented $11.7 million of total sales.</P>
  <P style="TEXT-ALIGN: justify">Fluctuations in sales revenue are mainly dependent on metal production and the realized metal price. 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 Fiscal 2013, including a comparison with London Metal Exchange (&#8220;LME&#8221;) prices:</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=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>
  <P style="MARGIN: 0px">&nbsp;</P>
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        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</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="20%"></TD>
        <TD width="2%"></TD>
        <TD width="6%"></TD>
        <TD width="4%"></TD>
        <TD width="6%"></TD>
        <TD width="4%"></TD>
        <TD width="6%"></TD>
        <TD width="4%"></TD>
        <TD width="6%"></TD>
        <TD width="4%"></TD>
        <TD width="6%"></TD>
        <TD width="4%"></TD>
        <TD width="6%"></TD>
        <TD width="4%"></TD>
        <TD width="6%"></TD>
        <TD width="4%"></TD>
        <TD width="6%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="20%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="16%" bgColor=#993300 colSpan=3><B><FONT color=#ffffff>Silver (in US$/ounce)</FONT></B></TD>
        <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="16%" bgColor=#993300 colSpan=3><B><FONT color=#ffffff>Gold (in US$/ounce)</FONT></B></TD>
        <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="16%" bgColor=#993300 colSpan=3><B><FONT color=#ffffff>Lead (in US$/pound)</FONT></B></TD>
        <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="16%" bgColor=#993300 colSpan=3><B><FONT color=#ffffff>Zinc (in US$/pound)</FONT></B></TD>
        <TD noWrap align=right width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="20%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD align=right width="6%" bgColor=#993300><B><FONT color=#ffffff>Q1 2014</FONT></B></TD>
        <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="6%" bgColor=#993300><FONT color=#ffffff>Q1 2013</FONT></TD>
        <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="6%" bgColor=#993300><B><FONT color=#ffffff>Q1 2014</FONT></B></TD>
        <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="6%" bgColor=#993300><FONT color=#ffffff>Q1 2013</FONT></TD>
        <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="6%" bgColor=#993300><B><FONT color=#ffffff>Q1 2014</FONT></B></TD>
        <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="6%" bgColor=#993300><FONT color=#ffffff>Q1 2013</FONT></TD>
        <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="6%" bgColor=#993300><B><FONT color=#ffffff>Q1 2014</FONT></B></TD>
        <TD noWrap align=left width="4%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="6%" bgColor=#993300><FONT color=#ffffff>Q1 2013</FONT></TD>
        <TD noWrap align=right width="2%" bgColor=#993300><FONT color=#ffffff>&nbsp;</FONT></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="20%"><B>Net realized selling prices</B></TD>
        <TD noWrap align=right width="2%"><B>$</B></TD>
        <TD noWrap align=right width="6%"><B>17.66</B></TD>
        <TD noWrap align=right width="4%">$</TD>
        <TD noWrap align=right width="6%">22.97</TD>
        <TD noWrap align=right width="4%"><B>$</B></TD>
        <TD noWrap align=right width="6%"><B>1,092</B></TD>
        <TD noWrap align=right width="4%">$</TD>
        <TD noWrap align=right width="6%">1,258</TD>
        <TD noWrap align=right width="4%"><B>$</B></TD>
        <TD noWrap align=right width="6%"><B>0.75</B></TD>
        <TD noWrap align=right width="4%">$</TD>
        <TD noWrap align=right width="6%">0.81</TD>
        <TD noWrap align=right width="4%"><B>$</B></TD>
        <TD noWrap align=right width="6%"><B>0.61</B></TD>
        <TD noWrap align=right width="4%">$</TD>
        <TD noWrap align=right width="6%">0.64</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="20%"><B>Add back: Value added taxes</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>3.00</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="6%">3.90</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>-</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>-</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>0.13</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="6%">0.14</TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="6%"><B>0.10</B></TD>
        <TD noWrap align=right width="4%">&nbsp;</TD>
        <TD noWrap align=right width="6%">0.11</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="20%"><B>Add back: Smelter charges and recovery</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="6%"><B>2.96</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="6%">3.33</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="6%"><B>354</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="6%">356</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="6%"><B>0.15</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="6%">0.15</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="6%"><B>0.35</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="6%">0.32</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=left width="20%"><B>SME</B></TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="6%"><B>23.62</B></TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="6%">30.20</TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="6%"><B>1,446</B></TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="6%">1,614</TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="6%"><B>1.03</B></TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="6%">1.10</TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="4%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="6%"><B>1.06</B></TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="6%">1.07</TD>
        <TD style="BORDER-BOTTOM: #000000 3px double" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="20%" bgColor=#fde9d9><B>LME</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%" bgColor=#fde9d9><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%" bgColor=#fde9d9><B>23.23</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%" bgColor=#fde9d9>$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%" bgColor=#fde9d9>29.44</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%" bgColor=#fde9d9><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%" bgColor=#fde9d9><B>1,421</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%" bgColor=#fde9d9>$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%" bgColor=#fde9d9>1,609</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%" bgColor=#fde9d9><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%" bgColor=#fde9d9><B>0.93</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%" bgColor=#fde9d9>$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%" bgColor=#fde9d9>0.90</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%" bgColor=#fde9d9><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%" bgColor=#fde9d9><B>0.83</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%" bgColor=#fde9d9>$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="6%" bgColor=#fde9d9>0.87</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%" bgColor=#fde9d9>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify"><B>Cost of sales </B>in Q1 Fiscal 2014 was $22.5 million, an increase of 18%, compared to $19.0 million in Q1 Fiscal 2013. The cost of sales included cash costs of $18.9 million compared to $15.3 million in Q1 Fiscal 2013. The increase in cost of sales was due to more ore being mined and processed.</P>
  <P style="TEXT-ALIGN: justify"><B>Gross profit </B>in Q1 Fiscal 2014 was 44% compared to 57% in Q1 Fiscal 2013, which was impacted mainly by the decrease in realized metal price and increase in production cost.</P>
  <P style="TEXT-ALIGN: justify"><B>General and administrative (&#8220;G&amp;A&#8221;) expenses </B>in Q1 Fiscal 2014 were $7.5 million compared to $6.8 million in Q1 Fiscal 2013. Significant items included in general and administrative expenses 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%">(i)</TD>
      <TD width="96%"><P align=justify><B>Office and administrative expenses </B>of $3.2 million (Q1 Fiscal 2013 - $2.9 million);</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</TD>
      <TD width="96%"><P align=justify><B></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">(ii)</TD>
      <TD width="96%"><P align=justify><B>Salaries and benefits </B>of $2.2 million (Q1 Fiscal 2013 - $2.1 million);</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</TD>
      <TD width="96%"><P align=justify><B></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">(iii)</TD>
      <TD width="96%"><P align=justify><B>Stock based compensation expense </B>of $0.7 million (Q1 Fiscal 2013 - $0.7 million);</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</TD>
      <TD width="96%"><P align=justify><B></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">(iv)</TD>
      <TD width="96%"><P align=justify><B>Professional fees </B>of $1.0 million (Q1 Fiscal 2013 - $0.6 million).</P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify"><B>General exploration and property investigation expenses </B>in Q1 Fiscal 2014 were $1.0 million (Q1 Fiscal 2013 - $1.0 million).</P>
  <P style="TEXT-ALIGN: justify"><B>Foreign exchange gain </B>in Q1 Fiscal 2014 was $1.9 million compared to $0.8 million in Q1 Fiscal 2013. The foreign exchange gain was mainly driven by the strengthening of the RMB and US dollar against the functional currency of the entity (Canadian dollar) that held such deposits.</P>
  <P style="TEXT-ALIGN: justify"><B>Loss on disposal of plant and equipment </B>in Q1 Fiscal 2014 was $28 compared to $20 in Q1 Fiscal 2013, which was mainly due to the disposal of obsolete equipment.</P>
  <P style="TEXT-ALIGN: justify"><B>Share of loss in an associate </B>in Q1 Fiscal 2014 was $14 (Q1 Fiscal 2013 - $7), representing the Company&#8217;s equity pickup in New Pacific Metals Corp. (&#8220;New Pacific&#8221;). The Company 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>Loss on investments </B>in Q1 Fiscal 2014 was $0.6 million compared to $1.3 million in Q1 Fiscal 2013. 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 income </B>in Q1 Fiscal 2014 was $0.9 million compared to $1.0 million in Q1 Fiscal 2013. The Company invests in high yield short-term investments as well as long-term corporate bonds.</P>
  <P style="TEXT-ALIGN: justify"><B>Finance costs </B>in Q1 Fiscal 2014 were $33 compared to $22 in Q1 Fiscal 2013. As the Company does not hold any interest bearing debt, the finance cost in the current period relates to the unwinding of discount of environmental rehabilitation.</P>
  <P style="TEXT-ALIGN: justify"><B>Income tax expense </B>in Q1 Fiscal 2014 was $4.0 million compared to $7.9 million. The income tax expenses recorded in Q1 Fiscal 2014 included current income tax expense of $2.1 million (Q1 Fiscal 2013 &#8211; $4.9 million) and deferred income tax expense of $1.9 million (Q1 Fiscal 2013 &#8211; $3.0 million).</P>
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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>
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        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</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>
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      <TR vAlign=bottom>
        <TD noWrap align=left><B>5.</B></TD>
        <TD noWrap align=left><B>Liquidity and Capital Resources</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify"><B>Cash and cash equivalents and short-term investments </B>as at June 30, 2013 were $112.0 million.</P>
  <P style="TEXT-ALIGN: justify"><B>Working capital </B>as at June 30, 2013 was $85.2 million.</P>
  <P style="TEXT-ALIGN: justify"><B>Cash flows provided by operating activities </B>were $17.6 million or $0.10 per share in Q1 Fiscal 2014 compared to $19.3 million or $0.11 per share in Q1 Fiscal 2013.</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 prices as compared to the same prior year period.</P>
  <P style="TEXT-ALIGN: justify"><B>Cash flows provided by investing activities </B>were $7.4 million in Q1 Fiscal 2014, comprising mainly cash used in capital expenditures of $19.2 million offset by net redemption of short-term investments of $25.0 million and deposit received for sale of subsidiary of $1.6 million. In Q1 Fiscal 2013, cash flows used in investing activities were $37.3 million comprising mainly cash used in capital expenditures of $21.9 million and net purchase of short-term and other investments of $15.3 million.</P>
  <P style="TEXT-ALIGN: justify"><B>Cash flows used in financing activities </B>were $5.3 million in Q1 Fiscal 2014, comprising mainly cash dividends paid of $4.2 million and net payments made to related parties of $1.1 million. In Q1 Fiscal 2013, cash flows used in financing activities were $4.2 million, comprising mainly cash dividends paid of $4.3 million.</P>
  <P style="TEXT-ALIGN: justify"><B>Contractual commitments and contingencies </B>not disclosed elsewhere in this Management&#8217;s Discussion and Analysis are as follows:</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="44%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>Total</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>Less than 1 year</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>1-5 years</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>After 5 years</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%">Operating leases</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">7,468</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">592</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,875</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">3,001</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%">Commitments</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">8,232</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1,814</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">$</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 June 30, 2013, the Company has two office rental agreements totaling $7,468 for the next eleven years and commitments of $8,232 related to the GC property.</P>
  <P style="TEXT-ALIGN: justify">Due to the size, complexity and nature of the Company&#8217;s operations, various legal, and tax matters arise in the ordinary course of business. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. As at June 30, 2013 and March 31, 2013, no contingent liabilities were accrued.</P>
  <P style="TEXT-ALIGN: justify"><B>Available sources of funding</B></P>
  <P style="TEXT-ALIGN: justify">The Company does not have unlimited resources and its future capital requirements will depend on many factors, including, among others, cash flow from operations. To the extent that its existing resources and the funds generated by future income are insufficient to fund the Company&#8217;s operations, the Company may need to raise additional funds through public or private debt or equity financing. If additional funds are raised through the issuance of equity securities, the percentage ownership of current shareholders will be reduced and such equity securities may have rights, preferences or privileges senior to those of the holders of the Company&#8217;s common stock. No assurance can be given that additional financing will be available or that, if available, can be obtained on terms favourable to the Company and its shareholders. If adequate funds are not available, the Company may be required to delay, limit or eliminate some or all of its proposed operations. The Company believes it has sufficient capital to meet its cash needs for the next 12 months, including the costs of compliance with continuing reporting requirements.</P>
  <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>6.</B></TD>
        <TD noWrap align=left><B>Financial Instruments and Related Risks</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">The Company manages its exposure to financial risks, including liquidity risk, foreign exchange 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>
  <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 10</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<BR>
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  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="100%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</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>(a)</TD>
        <TD noWrap align=left>Fair value</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 7, Financial Instruments: Disclosures (&#8220;IFRS 7&#8221;).</P>
  <P style="TEXT-ALIGN: justify">Level 1 &#8211; Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets.</P>
  <P style="TEXT-ALIGN: justify">Level 2 &#8211; Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.</P>
  <P style="TEXT-ALIGN: justify">Level 3 &#8211; Unobservable inputs which are supported by little or no market activity.</P>
  <P style="TEXT-ALIGN: justify">The following table sets forth the Company&#8217;s financial assets that are measured at fair value on a recurring basis by level within the fair value hierarchy. As required by IFRS 7, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of June 30, 2013 and March 31, 2013, 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%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Cash and cash equivalents</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">91,581</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%">91,581</TD>
        <TD noWrap align=right width="2%">&nbsp;</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%">2,078</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%">-</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">&nbsp;2,078</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Yongning Smelting Co. Ltd.</TD>
        <TD noWrap align=right 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%">9,777</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">9,777</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%">Jinduicheng Xise (Canada) Co. Ltd.<SUP>(1)</SUP></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%">&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%">-</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="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%">48</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%">48</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN-TOP: 0px; TEXT-ALIGN: justify"><SUP>(1) </SUP>Level 3 financial instrument</P>
  <P style="TEXT-ALIGN: justify">Fair value of the other financial instruments excluded from the table above approximates to their carrying amount as of June 30, 2013 and March 31, 2013, respectively.</P>
  <P style="TEXT-ALIGN: justify">Reconciliation of level 3 fair value measurement of financial assets is as follows:</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="40%"></TD>
        <TD width="5%"></TD>
        <TD width="15%"></TD>
        <TD width="4%"></TD>
        <TD width="12%"></TD>
        <TD width="3%"></TD>
        <TD width="8%"></TD>
        <TD width="6%"></TD>
        <TD width="3%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center colSpan=5><B>Fair value through other comprehensive income</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>Yongning Smelting</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>Jinduicheng</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right><B>Total</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>Balance at April 1, 2012</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>9,525</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>22,050</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right>31,575</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left>Other comprehensive loss arising on revaluation</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>(22,001</TD>
        <TD noWrap align=left>)</TD>
        <TD noWrap align=right>&nbsp;</TD>
        <TD noWrap align=right>(22,001</TD>
        <TD noWrap align=left>)</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Foreign exchange impact</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>128</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>(49</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>79</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left>Balance at March 31, 2013</TD>
        <TD noWrap align=right>$</TD>
        <TD noWrap align=right>9,653</TD>
        <TD noWrap align=right>$</TD>
        <TD noWrap align=right>-</TD>
        <TD noWrap align=left>&nbsp;</TD>
        <TD noWrap align=right>$</TD>
        <TD noWrap align=right>9,653</TD>
        <TD noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>Foreign exchange impact</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>124</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>-</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right>124</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left><B>Balance at June 30, 2013</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>9,777</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right><B>9,777</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%"></TD>
        <TD width="96%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left>(b)</TD>
        <TD noWrap align=left>Liquidity risk</TD>
      </TR>
    </TABLE>
  </DIV>
  <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="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 11</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
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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 noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</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="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" noWrap align=right width="10%"><B>June 30, 2013</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, 2013</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=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="24%" colSpan=3><B>Within a year</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="72%">Accounts payable and accrued liabilities</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>40,930</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">29,285</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%">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>4,062</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%">4,204</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>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>44,992</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">33,489</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%"></TD>
        <TD width="96%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left>(c)</TD>
        <TD noWrap align=left>Foreign exchange risk</TD>
      </TR>
    </TABLE>
  </DIV>
  <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 a basket of currencies of China&#8217;s largest trading partners.</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="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" noWrap align=right width="10%"><B>June 30, 2013</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, 2013</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>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%"><B>22,741</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="4%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="10%">14,432</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%">Financial assets denominated in Chinese RMB</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%"><B>87,927</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">102,294</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 June 30, 2013, with other variables unchanged, a 1% strengthening (weakening) of the RMB against the USD would have increased (decreased) net income by approximately $0.8 million.</P>
  <P style="TEXT-ALIGN: justify">As at June 30, 2013, 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>
  <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>(d)</TD>
        <TD noWrap align=left>Interest rate risk</TD>
      </TR>
    </TABLE>
  </DIV>
  <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 June 30, 2013.</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>(e)</TD>
        <TD noWrap align=left>Credit risk</TD>
      </TR>
    </TABLE>
  </DIV>
  <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 June 30, 2013 is considered to be immaterial. There were no amounts in receivable which were past due at June 30, 2013 (at March 31, 2013 - $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>(f)</TD>
        <TD noWrap align=left>Equity price risk</TD>
      </TR>
    </TABLE>
  </DIV>
  <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</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 12</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
<A name="page_14"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="100%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</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">portfolio at June 30, 2013, 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 $0.2 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-Balance Sheet Arrangements</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 with Related Parties</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">Related party transactions not disclosed elsewhere in this MD&amp;A 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="14%"></TD>
        <TD width="13%"></TD>
        <TD width="2%"></TD>
        <TD width="13%"></TD>
        <TD width="14%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%"><B>Due from related parties</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="14%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"><B>June 30, 2013</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="13%">March 31, 2013</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%">NUX (a)</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="14%"><B>$</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%"><B>39</B></TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">41</TD>
        <TD style="BACKGROUND-COLOR: #e6efff" noWrap align=right width="14%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="44%">Henan Non-ferrous Geology Bureau (b)</TD>
        <TD noWrap align=right width="14%">&nbsp;</TD>
        <TD noWrap align=right width="13%"><B>18</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="13%">50</TD>
        <TD noWrap align=right width="14%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%">Henan Xinhui Mining Co., Ltd. (g)</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="14%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%"><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">32</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="14%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="44%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="14%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="13%"><B>57</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="13%">123</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="14%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=left width="44%"><B>&nbsp;</B></TD>
        <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right width="14%"></TD>
        <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right width="13%"><B></B></TD>
        <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right width="2%"></TD>
        <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right width="13%"></TD>
        <TD style="BACKGROUND-COLOR: #ffffff" noWrap align=right width="14%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="44%"><B>Due to a related party</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%"><B>June 30, 2013</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="13%">March 31, 2013</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="14%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=left width="44%">GRT (h)</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="14%"><B>$</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%"><B>-</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="2%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="13%">1,207</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid; BACKGROUND-COLOR: #e6efff" noWrap align=right width="14%">&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)</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 incurred on behalf of New Pacific. During the three months ended June 30, 2013, the Company recovered $111 (for the three months ended June 30, 2012 - $126) 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></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</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>Henan Non-ferrous Geology Bureau is a 22.5% equity interest holder of Henan Found Mining Co. Ltd.</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</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 months ended June 30, 2013, the Company paid $102 (for the three months ended June 30, 2012 - $93) to McBrighton Consulting Ltd., a private consulting services company controlled by a director of the Company.</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</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 months ended June 30, 2013, the Company paid $102 (for the three months ended June 30, 2012 - $148) to R. Feng Consulting Ltd., a private consulting services company controlled by a director of the Company.</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</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>For the three months ended June 30, 2013, the Company paid $58 (for the three months ended June 30, 2012 - $nil) to Parkside Management Limited, a private consulting services company controlled by a director of the Company.</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</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 a Beijing office (6,700 square feet) from a relative of a director and officer of the Company for $12 (RMB 74,712) per month. During the three months ended June 30, 2013, total rents were $36 (for the three months ended June 30, 2012 - $36).</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</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. is a 20% equity interest holder of Henan Huawei Mining Co. Ltd.</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</TD>
      <TD width="96%"><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">(h)</TD>
      <TD width="96%"><P align=justify>GRT Mining Investment (Beijing) Co., Ltd. (&#8220;GRT&#8221;), a private company controlled by a relative of a director and officer, is a 5% equity interest holder of Guangdong Found. During the three months ended June 30, 2013, the Company repaid the payable balance of $1,207 to GRT.</P></TD>
    </TR>
  </TABLE>
  <P style="TEXT-ALIGN: justify">Transactions with related parties are made on normal commercial terms and are considered to be at arm&#8217;s length. The balances with related parties are unsecured, non-interest bearing, and due on demand.</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 13</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<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>
      <TR>
        <TD width="100%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</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><B>9.</B></TD>
        <TD noWrap align=left><B>Alternative Performance (Non-IFRS) Measures</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">The following alternative performance measures are used by the Company to manage and evaluate operating performance of the Company&#8217;s mines and are widely reported in the silver mining industry as benchmarks for performance, but do not have standardized meaning. To facilitate a better understanding of these measures, the following tables provides the reconciliation of these measures to the financial statements for the three months ended June 30, 2013 and 2012:</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>(a)</TD>
        <TD noWrap align=left>Production Costs per Tonne</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="58%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
        <TD width="12%"></TD>
        <TD width="2%"></TD>
        <TD align=right width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%" bgColor=#993300><B><FONT color=#ffffff>Three months ended June 30, 2013</FONT></B></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>Total costs</FONT></B></TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="12%" bgColor=#993300><B><FONT color=#ffffff>Tonnage of ore</FONT></B><B><SUP><FONT color=#ffffff>1</FONT></SUP></B></TD>
        <TD noWrap align=right width="2%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>Per tonne costs</FONT></B></TD>
        <TD noWrap align=right width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%" bgColor=#993300>&nbsp;</TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>('000US$)</FONT></B></TD>
        <TD noWrap align=left width="2%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="12%" bgColor=#993300><B><FONT color=#ffffff>(tonne)</FONT></B></TD>
        <TD noWrap align=right width="2%" bgColor=#993300><B><FONT color=#ffffff></FONT></B></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="10%" bgColor=#993300><B><FONT color=#ffffff>(USD/tonne)</FONT></B></TD>
        <TD noWrap align=right width="2%" bgColor=#993300><B><FONT color=#ffffff>&nbsp;</FONT></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%">Cash mining costs</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">13,429</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">262,332</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">51.19</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%">Non-cash mining costs</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,241</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">262,332</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">12.35</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%">Shipping costs</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">929</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">262,332</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3.54</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%">Cash milling costs</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,239</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">266,148</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">12.17</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%">Non-cash milling costs</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">398</TD>
        <TD 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%">266,148</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1.50</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%"><B>Total</B></TD>
        <TD noWrap align=right width="2%"><B>$</B></TD>
        <TD noWrap align=right width="10%"><B>21,236</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=right width="2%"><B>$</B></TD>
        <TD noWrap align=right width="10%"><B>80.75</B></TD>
        <TD noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%">Add: stockpile and concentrate inventory - Beginning</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,416</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=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 noWrap align=left width="58%">Less: stockpile and concentrate inventory - Ending</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(2,153</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=left width="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%">Adjustment for foreign exchange movement</TD>
        <TD 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</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">)</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="12%">&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="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="58%"><B>Cost of sales</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>22,482</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="12%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%"><SUP>1 </SUP>Excluding development tunnelling ore at the X Mines.</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="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%"><SUP>&nbsp;</SUP></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="12%"></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 noWrap align=left width="58%" bgColor=#993300><FONT color=#ffffff>Three months ended June 30, 2012</FONT></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Total costs</FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="12%" bgColor=#993300><FONT color=#ffffff>Tonnage of ore</FONT></TD>
        <TD noWrap align=right width="2%" bgColor=#993300><FONT color=#ffffff></FONT></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>Per tonne costs</FONT></TD>
        <TD noWrap align=right width="2%" bgColor=#993300><FONT color=#ffffff>&nbsp;</FONT></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%" bgColor=#993300>&nbsp;</TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>('000US$)</FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#993300><FONT color=#ffffff></FONT></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="12%" bgColor=#993300><FONT color=#ffffff>(tonne)</FONT></TD>
        <TD noWrap align=right width="2%" bgColor=#993300><FONT color=#ffffff></FONT></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=right width="10%" bgColor=#993300><FONT color=#ffffff>(USD/tonne)</FONT></TD>
        <TD noWrap align=right width="2%" bgColor=#993300><FONT color=#ffffff>&nbsp;</FONT></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%">Cash mining costs</TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">10,639</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">210,960</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="2%">$</TD>
        <TD noWrap align=right width="10%">50.43</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%">Non-cash mining costs</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,190</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">210,960</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">15.12</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%">Shipping costs</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">717</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">210,960</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3.40</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%">Cash milling costs</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,123</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">216,665</TD>
        <TD noWrap align=right width="2%"></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">14.41</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%">Non-cash milling costs</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">420</TD>
        <TD 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%">216,665</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">1.94</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%"><B>Total</B></TD>
        <TD noWrap align=right width="2%"><B>$</B></TD>
        <TD noWrap align=right width="10%"><B>18,089</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=right width="2%"><B>$</B></TD>
        <TD noWrap align=right width="10%"><B>85.30</B></TD>
        <TD noWrap align=right width="2%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="58%">Add: stockpile and concentrate inventory - Beginning</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,976</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=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 noWrap align=left width="58%">Less: stockpile and concentrate inventory - Ending</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">(4,003</TD>
        <TD noWrap align=left width="2%">)</TD>
        <TD noWrap align=left width="12%">&nbsp;</TD>
        <TD noWrap align=left width="2%"></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="58%">Adjustment for foreign exchange movement</TD>
        <TD 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%">932</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="12%">&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="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="58%"><B>Cost of sales</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>18,994</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="12%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="10%">&nbsp;</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="4%"></TD>
        <TD width="96%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left>(b)</TD>
        <TD noWrap align=left>Average Production Cost</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="30%"></TD>
        <TD width="2%"></TD>
        <TD width="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>
        <TD width="12%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="30%" bgColor=#993300><B><FONT color=#ffffff>Average Production Cost</FONT></B></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=center width="52%" bgColor=#993300 colSpan=7><B><FONT style="FONT-SIZE: 10pt; COLOR: #ffffff">Three months ended June 30, 2013</FONT></B></TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=center width="12%" bgColor=#993300><B><FONT color=#ffffff>(in 000's)</FONT></B></TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="30%"><B>Direct mining and milling cost</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">18,904</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="30%"><B>Depreciation, 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=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">3,578</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="30%"><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=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">22,482</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="30%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>Silver</B></TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>Gold</B></TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>Lead</B></TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>Zinc</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%"><B>Total</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="30%"><B>Metals revenue</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">24,091</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,952</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">9,833</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,959</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">39,835</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="30%"><B>Ratio of metals 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%">60</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">%</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">10</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">%</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">25</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">%</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">5</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="12%">100</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">%</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="30%"><B>Cost of sales allocated to metals</B></TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">13,596</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">2,230</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">5,550</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,106</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">22,482</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="30%"><B>Metals produced</B><B><SUP>1</SUP></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%">1,364</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">3.6</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">13,063</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">3,208</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="12%">&nbsp;</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="30%"><B>Average production cost ($/unit)</B></TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">9.96</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">616</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">0.42</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">0.34</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="12%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="56%" colSpan=5><SUP>1 </SUP>Does not include metals produced from development tunnelling ore at the X mines.</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=left width="12%">&nbsp;</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="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 14</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
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<A name="page_16"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%;">
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="100%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</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="30%"></TD>
        <TD width="2%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="4%"></TD>
        <TD width="10%"></TD>
        <TD width="2%"></TD>
        <TD width="12%"></TD>
        <TD width="2%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="30%" bgColor=#993300><FONT color=#ffffff>Average Production Cost</FONT></TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=right width="2%" bgColor=#993300>&nbsp;</TD>
        <TD noWrap align=center width="52%" bgColor=#993300 colSpan=7><FONT style="FONT-SIZE: 10pt; COLOR: #ffffff" color=#ffffff>Three months ended June 30, 2012</FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
        <TD style="BORDER-LEFT: #ffffff 1px solid" noWrap align=center width="12%" bgColor=#993300><FONT color=#ffffff>(in 000's)</FONT></TD>
        <TD noWrap align=left width="2%" bgColor=#993300>&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="30%">Direct mining and milling cost</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=left width="10%">&nbsp;</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">15,330</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="30%">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=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">3,664</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="30%">Cost of sales</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="12%">18,994</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="30%">&nbsp;</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>Silver</B></TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>Gold</B></TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>Lead</B></TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%"><B>Zinc</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%"><B>Total</B></TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="30%">Metals revenue</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">28,129</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">3,339</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">11,183</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,898</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">44,549</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="30%">Ratio of metals 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%">63</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">%</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">8</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">%</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">25</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">%</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">4</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="12%">100</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="2%">%</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="30%">Cost of sales allocated to metals</TD>
        <TD noWrap align=right width="2%">&nbsp;</TD>
        <TD noWrap align=right width="10%">11,993</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">1,424</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">4,768</TD>
        <TD noWrap align=left width="4%">&nbsp;</TD>
        <TD noWrap align=right width="10%">809</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
        <TD noWrap align=right width="12%">18,994</TD>
        <TD noWrap align=left width="2%">&nbsp;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="30%">Metals produced</TD>
        <TD 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%">1,224</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2.6</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">13,744</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="4%">&nbsp;</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="10%">2,974</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="12%">&nbsp;</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="30%">Average production cost ($/unit)</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="2%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">9.80</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">536</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="4%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 2px solid" noWrap align=right width="10%">0.35</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%">0.27</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="12%">&nbsp;</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="4%"></TD>
        <TD width="96%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>10.</B></TD>
        <TD noWrap align=left><B>Critical Accounting Policies and Estimates</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 June 30, 2013, as well as the audited consolidated financial statements as of and ended March 31, 2013.</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%"></TD>
        <TD width="96%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left>(i)</TD>
        <TD noWrap align=left>Ore reserve and mineral resource estimates</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">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>
  <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%">-</TD>
        <TD noWrap align=left width="96%">Future production estimates &#8211; which include proved and probable reserves, resource estimates and committed expansions;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="4%">-</TD>
        <TD noWrap align=left width="96%">Expected future commodity prices, based on current market price, forward prices and the Company&#8217;s assessment of the long-term average price; and</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="4%">-</TD>
        <TD noWrap align=left width="96%">Future cash costs of production, capital expenditure and rehabilitation obligations.</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">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>
  <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%">-</TD>
        <TD noWrap align=left width="96%">The carrying value of mineral rights and properties and plant and equipment may be affected due to changes in estimated future cash flows;</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="4%">-</TD>
        <TD noWrap align=left width="96%">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</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="4%">-</TD>
        <TD noWrap align=left width="96%">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.</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 15</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
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  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="100%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</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>(ii)</TD>
        <TD noWrap align=left><I>Impairment of assets</I></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">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="4%"></TD>
        <TD width="96%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>11.</B></TD>
        <TD noWrap align=left><B>Changes in Accounting Standards</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <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.</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 11 &#8211; <I>Joint Arrangements </I>establishes the principle a joint arrangement is classified as joint operation or joint venture 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">IFRS 12 &#8211; <I>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">IAS 28 &#8211; <I>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">Effective April 1, 2013, the Company adopted all of the above standards. The adoption of these standards did not have a material impact on the condensed consolidated interim 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="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 16</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
<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 noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</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><B>12.</B></TD>
        <TD noWrap align=left><B>Other MD&amp;A Requirements</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>
      <TD vAlign=top noWrap width="4%">&nbsp;</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>
      <TD vAlign=top noWrap width="4%">&nbsp;</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>
      <TD vAlign=top noWrap width="4%">&nbsp;</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, 2013.</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</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="4%"></TD>
        <TD width="96%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>13.</B></TD>
        <TD noWrap align=left><B>Outstanding Share Data</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">As at the date of this MD&amp;A, 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>170,781,058 </B>common shares with a recorded value of <B>$233.1 million </B><br>
    <br>
  Shares subject to escrow or pooling agreements - $nil.</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%"></TD>
        <TD width="96%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="4%">(b) </TD>
        <TD noWrap align=left width="96%">Options</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">As at the date of this report, the outstanding options comprise the following:</P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="33%"></TD>
        <TD width="33%"></TD>
        <TD width="33%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%" bgColor=#993300><B><FONT color=#ffffff>Number of Options</FONT></B></TD>
        <TD noWrap align=right width="33%" bgColor=#993300><B><FONT color=#ffffff>Exercise Price (CAD$)</FONT></B></TD>
        <TD noWrap align=right width="33%" bgColor=#993300><B><FONT color=#ffffff>Expiry Date</FONT></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%">60,000</TD>
        <TD noWrap align=right width="33%">3.05</TD>
        <TD noWrap align=right width="33%">October 1, 2013</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%">522,001</TD>
        <TD noWrap align=right width="33%">2.65</TD>
        <TD noWrap align=right width="33%">April 19, 2014</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%">305,500</TD>
        <TD noWrap align=right width="33%">7.00</TD>
        <TD noWrap align=right width="33%">January 5, 2015</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%">178,250</TD>
        <TD noWrap align=right width="33%">7.40</TD>
        <TD noWrap align=right width="33%">April 20, 2015</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%">327,437</TD>
        <TD noWrap align=right width="33%">8.23</TD>
        <TD noWrap align=right width="33%">October 3, 2015</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%">205,781</TD>
        <TD noWrap align=right width="33%">12.16</TD>
        <TD noWrap align=right width="33%">January 4, 2016</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%">178,500</TD>
        <TD noWrap align=right width="33%">14.96</TD>
        <TD noWrap align=right width="33%">April 7, 2016</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%">250,000</TD>
        <TD noWrap align=right width="33%">9.20</TD>
        <TD noWrap align=right width="33%">June 4, 2016</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%">291,000</TD>
        <TD noWrap align=right width="33%">7.27</TD>
        <TD noWrap align=right width="33%">November 24, 2016</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%">441,000</TD>
        <TD noWrap align=right width="33%">6.69</TD>
        <TD noWrap align=right width="33%">March 5, 2017</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%">294,000</TD>
        <TD noWrap align=right width="33%">6.53</TD>
        <TD noWrap align=right width="33%">June 17, 2017</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%">388,000</TD>
        <TD noWrap align=right width="33%">5.35</TD>
        <TD noWrap align=right width="33%">August 8, 2017</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%">374,000</TD>
        <TD noWrap align=right width="33%">5.40</TD>
        <TD noWrap align=right width="33%">December 3, 2017</TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%">409,000</TD>
        <TD noWrap align=right width="33%">3.91</TD>
        <TD noWrap align=right width="33%">March 7, 2018</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="33%">400,000</TD>
        <TD noWrap align=right width="33%">3.25</TD>
        <TD noWrap align=right width="33%">June 2, 2018</TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="33%"><B>4,624,469</B></TD>
        <TD noWrap align=left width="33%">&nbsp;</TD>
        <TD noWrap align=left width="33%">&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="33%"></TD>
        <TD width="15%"></TD>
        <TD width="19%"></TD>
        <TD width="33%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=right width="33%" bgColor=#993300><B><FONT color=#ffffff>Number of Warrants</FONT></B></TD>
        <TD noWrap align=right width="34%" bgColor=#993300 colSpan=2><B><FONT style="FONT-SIZE: 10pt; COLOR: #ffffff">Exercise Price (CAD$)</FONT></B></TD>
        <TD noWrap align=right width="33%" bgColor=#993300><B><FONT color=#ffffff>Expiry Date</FONT></B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="33%">50,000</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="15%">$</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="19%">6.76</TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=right width="33%">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="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 17</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</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 noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</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><B>14.</B></TD>
        <TD noWrap align=left><B>Risks and Uncertainties</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.</P>
  <P style="TEXT-ALIGN: justify">Management and the Board of Directors continuously assess risks that the Company is exposed to, and attempt to mitigate these risks where practical through a range of risk management strategies.</P>
  <P style="TEXT-ALIGN: justify">These and other risks are described in the Company&#8217;s Annual Information Form and NI 43-101 technical reports, which are available on SEDAR at www.sedar.com; Form 40-F; Audited Consolidated Financial Statements; and Management&#8217;s Discussion and Analysis for the year ended March 31, 2013. 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>
  <P style="TEXT-ALIGN: justify">Due to the recent decline in metal prices, readers are especially encouraged to understand the significant impact of metal prices on the Company&#8217;s operations.</P>
  <UL>
    <LI>
      <P style="MARGIN-LEFT: -24px" align=justify>Metal Price Risk</P>
    </LI>
  </UL>
  <P style="TEXT-ALIGN: justify">The Company&#8217;s sales price for lead and zinc pounds is fixed against the Shanghai Metals Exchange, while gold ounces are fixed against the Shanghai Gold Exchange and silver ounces are fixed against the Shanghai White Platinum &amp; Silver Exchange. These metal prices traditionally move in tandem with and at marginally higher prices than those quoted on the North American and European market places. The Company&#8217;s revenues are expected to be in large part derived from the mining and sale of silver, lead, zinc, and gold contained in metal concentrates. The prices of those commodities has fluctuated widely, particularly in recent years, and are affected by numerous factors beyond the Company&#8217;s control including international and regional economic and political conditions, expectations of inflation; currency exchange fluctuations; interest rates; global or regional supply and demand for jewellery and industrial products containing silver and other metals; sale of silver and other metals by central banks and other holders, speculators and producers of silver and other metals; availability and costs of metal substitutes; and increased production due to new mine developments and improved mining and production methods. The price of base and precious metals may have a significant influence on the market price of the Company&#8217;s shares and the value of the properties. The effect of these factors on the price of base and precious metals, and therefore the viability of the Company&#8217;s exploration projects, cannot be accurately predicted.</P>
  <P style="TEXT-ALIGN: justify">If silver and other metals prices were to decline significantly or for an extended period of time, the Company may be unable to continue operations, develop the properties or fulfil obligations under agreements with the Company&#8217;s joint venture partners or under its permits or licenses.</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>15.</B></TD>
        <TD noWrap align=left width="96%"><B>Disclosure Controls and Procedures</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 Chief Executive Officer (&#8220;CEO&#8221;) and the Chief Financial Officer (&#8220;CFO&#8221;), as appropriate to allow for timely decision about public disclosure.</P>
  <P style="TEXT-ALIGN: justify">Management, including the CEO and CFO, has evaluated the effectiveness of the design and operation of the Company&#8217;s disclosure controls and procedures as at June 30, 2013, as defined in the rules of the U.S. Securities and Exchange Commission and Canadian Securities Administration. The evaluation included documentation review, enquiries and other procedures considered by management to be</P>
  <DIV align=left>
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        <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 18</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
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      <TR vAlign=bottom>
        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</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">appropriate in the circumstances. Based on this evaluation, management concluded that the disclosure controls and procedures (as defined in Rule 13a-15(e) under Securities Exchange Act of 1934) are effective in providing reasonable assurance that the information required to be disclosed in annual filings, interim filings, and other 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>
    <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>16.</B></TD>
        <TD noWrap align=left><B>Changes in Internal Control over Financial Reporting</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>
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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="96%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>17.</B></TD>
        <TD noWrap align=left><B>Directors and Officers</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>
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      <TR vAlign=bottom>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%"><B>Directors</B></TD>
        <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="50%"><B>Officers</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="50%">&nbsp;</TD>
        <TD noWrap align=left width="50%"></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 width="50%">&nbsp;</TD>
        <TD noWrap align=left width="50%"></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 width="50%">&nbsp;</TD>
        <TD noWrap align=left width="50%"></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 width="50%">&nbsp;</TD>
        <TD noWrap align=left width="50%"></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 width="50%">&nbsp;</TD>
        <TD noWrap align=left width="50%"></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 width="50%">&nbsp;</TD>
        <TD noWrap align=left width="50%"></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 width="50%">&nbsp;</TD>
        <TD noWrap align=left width="50%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="50%">Robert Gayton, Director</TD>
        <TD noWrap align=left width="50%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: justify">Myles J. 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 Looking Statements</B></P>
  <P style="TEXT-ALIGN: justify"><I>Certain of the statements and information in this MD&amp;A constitute &#8220;forward-looking statements&#8221; within the meaning of the United States Private Securities Litigation Reform Act of 1995 and &#8220;forward-looking information&#8221; within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as &#8220;expects&#8221;, &#8220;is expected&#8221;, &#8220;anticipates&#8221;, &#8220;believes&#8221;, &#8220;plans&#8221;, &#8220;projects&#8221;, &#8220;estimates&#8221;, &#8220;assumes&#8221;, &#8220;intends&#8221;, &#8220;strategies&#8221;, &#8220;targets&#8221;, &#8220;goals&#8221;, &#8220;forecasts&#8221;, &#8220;objectives&#8221;, &#8220;budgets&#8221;, &#8220;schedules&#8221;, &#8220;potential&#8221; or variations thereof or stating that certain actions, events or results &#8220;may&#8221;, &#8220;could&#8221;, &#8220;would&#8221;, &#8220;might&#8221; or &#8220;will&#8221; be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things:</I></P>
  <UL>
    <LI>
      <P 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="TEXT-ALIGN: justify"><I>Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to,</I></P>
  <UL>
    <LI>
      <P style="MARGIN-LEFT: -24px" align=justify><I>fluctuating commodity prices;</I></P>
    </LI>
  </UL>
  <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>
        <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 19</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
</DIV>
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        <TD width="100%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>SILVERCORP METALS INC.</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>Management&#8217;s Discussion and Analysis</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left><B>For the Three Months Ended June 30, 2013</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>
  <UL>
    <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>
  <P style="TEXT-ALIGN: justify"><I>This list is not exhaustive of the factors that may affect any of the Company&#8217;s forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in this MD&amp;A under the heading &#8220;Risks and Uncertainties&#8221; and elsewhere. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.</I></P>
  <P style="TEXT-ALIGN: justify"><I>The Company&#8217;s forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this MD&amp;A, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management&#8217;s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.</I></P>
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        <TD width="33%"></TD>
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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 20</B></TD>
      </TR>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>FORM 52-109F2 CERTIFICATE OF INTERIM FILINGS- FULL CERTIFICATE- CFO
<TEXT>
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<TITLE>Exhibit 99.4</TITLE>
</HEAD>
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<P style="MARGIN-TOP: 0px" align=right><B>Exhibit 99.4</B></P>
<A name="page_1"></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
  <P style="TEXT-ALIGN: center"><B>Form 52-109F2<BR>
    Certification of interim filings - full certificate</B></P>
  <P style="TEXT-ALIGN: justify">I, <B>Maria Tang, Chief Financial Officer of Silvercorp Metals Inc. </B>certify the following:</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%">1.</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>June 30, 2013</B>.</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</TD>
      <TD width="96%"><P align=justify><B><I>&nbsp; </I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">2.</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%">&nbsp;</TD>
      <TD width="96%"><P align=justify><B><I>&nbsp; </I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">3.</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%">&nbsp;</TD>
      <TD width="96%"><P align=justify><B><I>&nbsp; </I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">4.</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%">&nbsp;</TD>
      <TD width="96%"><P align=justify><B><I>&nbsp; </I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">5.</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>
  </TABLE>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%"></TD>
        <TD width="4%"></TD>
        <TD width="92%"></TD>
      </TR>
      <TR vAlign=top>
        <TD width="4%"><P></P></TD>
        <TD width="4%"><P>&nbsp;&nbsp; </P></TD>
        <TD width="92%"><P>&nbsp;</P></TD>
      </TR>
      <TR vAlign=top>
        <TD width="4%"><P></P></TD>
        <TD width="4%"><P>(a)</P></TD>
        <TD width="92%"><P>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</P></TD>
      </TR>
    </TABLE>
  </DIV>
  <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%">&nbsp;</TD>
      <TD width="88%">&nbsp;</TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="8%"></TD>
      <TD vAlign=top noWrap width="4%">(i)</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%">&nbsp;</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)</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>
  </TABLE>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="92%">&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD width="4%"><P></P></TD>
        <TD width="4%"><P>(b)</P></TD>
        <TD width="92%"><P>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>
    </TABLE>
  </DIV>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</TD>
      <TD width="96%"><P align=justify>&nbsp; </P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">5.1</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%">&nbsp;</TD>
      <TD width="96%"><P align=justify>&nbsp; </P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">5.2</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%">&nbsp;</TD>
      <TD width="96%"><P align=justify><B><I>&nbsp; </I></B></P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</TD>
      <TD vAlign=top noWrap width="4%">(a)</TD>
      <TD width="92%"><P align=justify>a description of the material weakness;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</TD>
      <TD vAlign=top noWrap width="4%">&nbsp;</TD>
      <TD width="92%"><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD vAlign=top noWrap width="4%">(b)</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>
  </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%">
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%"></TD>
        <TD width="4%"></TD>
        <TD width="92%"></TD>
      </TR>
      <TR vAlign=top>
        <TD width="4%"><P></P></TD>
        <TD width="4%"><P>(c)</P></TD>
        <TD width="92%"><P>the issuer&#8217;s current plans, if any, or any actions already undertaken, for remediating the material weakness.</P></TD>
      </TR>

    </TABLE>
  </DIV>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%">&nbsp;</TD>
        <TD width="96%">&nbsp;</TD>
      </TR>
      <TR>
        <TD vAlign=top noWrap width="4%">5.3</TD>
        <TD width="96%"><P align=justify>N/A</P></TD>
      </TR>
      <TR>
        <TD width="4%">&nbsp;</TD>
        <TD width="96%">&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD width="4%"><P>6.</P></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 April 1, 2013 and ended on June 30, 2013 that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</P></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="MARGIN: 0px">&nbsp;</P>
  <P style="TEXT-ALIGN: justify">Date: <B>August 8, 2013<BR>
    </B></P>
  <P style="TEXT-ALIGN: justify"><I>&#8220;Maria Tang&#8221;<BR>
    </I>______________<BR>
    Meng (Maria) Tang<BR>
    Chief Financial Officer</P>
     <P style="TEXT-ALIGN: center">2</P>
</DIV>
<BR>
<HR width="100%" noShade SIZE=3 align-:center?>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>FORM 52-109F2 CERTIFICATE OF INTERIM FILINGS- FULL CERTIFICATE- CEO
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.5</TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">
<HR noShade SIZE=3>
<P style="MARGIN-TOP: 0px" align=right><B>Exhibit 99.5</B></P>
<A name="page_1"></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
  <P style="TEXT-ALIGN: center"><B>Form 52-109F2<BR>
    Certification of interim filings - full certificate</B></P>
  <P style="TEXT-ALIGN: justify">I, <B>Rui Feng, Chief Executive Officer of Silvercorp Metals Inc. </B>certify the following:</P>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%">1.</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>June 30, 2013</B>.</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</TD>
      <TD width="96%"><P align=justify><B><I>&nbsp; </I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">2.</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%">&nbsp;</TD>
      <TD width="96%"><P align=justify><B><I>&nbsp; </I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">3.</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%">&nbsp;</TD>
      <TD width="96%"><P align=justify><B><I>&nbsp; </I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">4.</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%">&nbsp;</TD>
      <TD width="96%"><P align=justify><B><I>&nbsp; </I></B></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">5.</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%">&nbsp;</TD>
      <TD width="96%"><P align=justify>&nbsp; </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="4%"></TD>
        <TD width="4%"></TD>
        <TD width="92%"></TD>
      </TR>
      <TR vAlign=top>
        <TD width="4%"><P></P></TD>
        <TD width="4%"><P>(a)</P></TD>
        <TD width="92%"><P>designed DC&amp;P, or caused it to be designed under our supervision, to provide reasonable assurance that</P></TD>
      </TR>
      <TR vAlign=top>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>

  <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)</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%">&nbsp;</TD>
      <TD vAlign=top noWrap width="4%">&nbsp;</TD>
      <TD width="88%"><P align=justify></P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="8%">&nbsp;</TD>
      <TD vAlign=top noWrap width="4%">(ii)</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>

  </TABLE>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="92%">&nbsp;</TD>
      </TR>
      <TR vAlign=top>
        <TD width="4%"><P></P></TD>
        <TD width="4%"><P>(b)</P></TD>
        <TD width="92%"><P>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 vAlign=top>
 <TD width="4%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="92%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>

  <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</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%">&nbsp;</TD>
      <TD width="96%"><P align=justify>&nbsp; </P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">5.2</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%">&nbsp;</TD>
      <TD width="96%"><P align=justify><B><I>&nbsp; </I></B></P></TD>
    </TR>
  </TABLE>
  <TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 width="100%" border=0>
    <TR>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD vAlign=top noWrap width="4%">(a)</TD>
      <TD width="92%"><P align=justify>a description of the material weakness;</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;&nbsp;&nbsp; </TD>
      <TD vAlign=top noWrap width="4%">&nbsp;&nbsp;&nbsp; </TD>
      <TD width="92%"><P align=justify>&nbsp;&nbsp;&nbsp; </P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%"></TD>
      <TD vAlign=top noWrap width="4%">(b)</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>
  </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%">
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="4%"></TD>
        <TD width="4%"></TD>
        <TD width="92%"></TD>
      </TR>
      <TR vAlign=top>
        <TD width="4%"><P></P></TD>
        <TD width="4%"><P>(c)</P></TD>
        <TD width="92%"><P>the issuer&#8217;s current plans, if any, or any actions already undertaken, for remediating the material weakness.</P></TD>
      </TR>
      <TR vAlign=top>
 <TD width="4%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="92%">&nbsp;</TD>
      </TR>
    </TABLE>
  </DIV>

  <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</TD>
      <TD width="96%"><P align=justify>N/A</P></TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">&nbsp;</TD>
      <TD width="96%">&nbsp; </TD>
    </TR>
    <TR>
      <TD vAlign=top noWrap width="4%">6.</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 April 1, 2013 and ended on June 30, 2013 that has materially affected, or is reasonably likely to materially affect, the issuer&#8217;s ICFR.</P></TD>
    </TR>
  </TABLE>
  <br>
  <br>
  <P style="TEXT-ALIGN: justify">Date: <B>August 8, 2013<br>
  </B></P>
  <P style="TEXT-ALIGN: justify"><I>&#8220;Rui Feng&#8221;<BR>
    </I>______________<BR>
    Rui Feng<BR>
    Chief Executive Officer</P>
         <P style="TEXT-ALIGN: center">2</P>
</DIV>
<BR>
<HR width="100%" noShade SIZE=3 align-:center?>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>NEWS RELEASE - AUGUST 8, 2013
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 99.6</TITLE>
</HEAD>
<BODY bgcolor="#ffffff" style="font-family: 'Times New Roman';font-size: 10pt;">
<A name="page_1"></A>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
  <HR noShade SIZE=3>
  <P style="MARGIN-TOP: 0px" align=right><B>Exhibit 99.6</B></P>
  <DIV align=left>
    <TABLE style="FONT-SIZE: 10pt; WIDTH: 100%; FONT-FAMILY: 'Times New Roman'" cellSpacing=0 border=0>
      <TR>
        <TD width="50%"></TD>
        <TD width="50%"></TD>
      </TR>
      <TR height=20>
        <TD vAlign=bottom noWrap align=left width="50%"><B> <IMG src="exhibit99-1x1x1.jpg" border=0></B></TD>
        <TD noWrap align=right width="50%"><B> <IMG src="exhibit99-1x1x2.jpg" border=0></B></TD>
      </TR>
      <TR height=20>
        <TD noWrap align=left width="50%"><B>&nbsp;</B></TD>
        <TD noWrap align=left width="50%"><B>&nbsp;</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="50%"><B>NEWS RELEASE</B></TD>
        <TD noWrap align=left width="50%"><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="10%"></TD>
        <TD width="90%"></TD>
      </TR>
      <TR vAlign=bottom>
        <TD noWrap align=left width="10%"><B>Trading Symbol:</B></TD>
        <TD noWrap align=left width="90%"><B>TSX: SVM</B></TD>
      </TR>
      <TR vAlign=bottom>
        <TD width="10%" align=left noWrap>&nbsp;</TD>
        <TD noWrap align=left width="90%"><B>NYSE: SVM</B></TD>
      </TR>
    </TABLE>
  </DIV>
  <P style="TEXT-ALIGN: center"><B>SILVERCORP DECLARES QUARTERLY CASH DIVIDEND OF CAD$0.025</B></P>
  <P style="TEXT-ALIGN: justify">VANCOUVER, British Columbia &#8211; August 8, 2013 &#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 (CAD$0.10 per share on an annual basis) to be paid on or before October 21, 2013, to shareholders of record at the close of business on September 30, 2013. 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 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">Silvercorp Metals Inc.<BR>
    Investor Relations <br>
    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">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</P>
  <P style="TEXT-ALIGN: center">1</P>
</DIV>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" noShade SIZE=1>
<BR>
<!--$$/page=-->
<A name="page_2"></A><BR>
<DIV style="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
  <P style="TEXT-ALIGN: justify">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">Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licenses; title to properties; First Nations title claims and rights; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company&#8217;s existing operations; competition; operations and political conditions; regulatory environment in China and Canada; environmental risks; foreign exchange rate fluctuations; insurance; risks and hazards of mining operations; key personnel; conflicts of interest; dependence on management; internal control over financial reporting as per the requirements of the Sarbanes-Oxley Act; and bringing actions and enforcing judgments under U.S. securities laws.</P>
  <P style="TEXT-ALIGN: justify">This list is not exhaustive of the factors that may affect any of the Company&#8217;s forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company&#8217;s Annual Information Form for the year ended March 31, 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">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">2</P>
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<SEQUENCE>10
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
