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UPDATE: Silvercorp Up 1.5%, But Off Day Highs After Operations Update

Silvercorp Metals Inc. (SVM.TO) is up 9 cents at $6.48 but is off a day high $6.64 after the company announced it has retained two internationally recognized independent consulting firms to prepare updated NI 43-101 reports on four of its properties. AMC Mining Consultants (Canada) Ltd., which is already nearing completion of a pre-feasibility study on the company's GC Project in Guangdong Province, has also been retained to prepare updated NI 43-101 technical reports for the company's Ying Property (including the SGX mine) in Henan Province and the BYP Project in Hunan Province. The company has also retained Golder Associates Limited, to update the Silvertip NI 43-101 technical report.

It said: "The company, by using these internationally recognized firms in 2012 to update its technical reports, intends to ensure that there is brand name verification of its resource and reserve estimates; which helps alleviate any concerns that may linger from the anonymous third party allegations circulated in 2011. Also these new independent technical reports will take into account additional exploration and development work completed on the respective properties over the last fiscal year, including the 186,627 meters of underground and surface drilling completed at the company's properties."

It added: "The release of the first updated NI 43-101 report will be the GC Project pre-feasibility study (currently being prepared by AMC) which is expected in January 2012. Work on the remaining NI 43-101 reports will commence in January 2012 with planned completion dates within 120 days of commencement."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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