Trading Symbols: SVM (TSX/NYSE
American)
VANCOUVER,
BC, Jan. 14, 2025 /CNW/ - Silvercorp
Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE
American: SVM), reports the construction of tailings storage
facility ("TSF") No. 3 and the new 1,500 tonne per day ("tpd")
flotation production line at the Ying Mining District, Henan Province, China ("Ying") were completed in early
December 2024, on time and under
budget. Both facilities are now fully operating as designed,
following a one-month commissioning period. The addition of the new
flotation production line will enable the milling capacity at Ying
to be increased to over 1.3 million tonnes per year.
Operation of TSF No. 3
Currently the Company is operating three TSFs at
Ying, with TSF No. 1 in the process of closing and decommissioning,
and TSF No. 2. having 6 years of life remaining. The first
phase of TSF No. 3, with storage capacity of approximately 9.92
million cubic metres, will support Ying at the expanded operating
rate of 1.3 million tonnes of ore per year over 12 years. The
second phase of TSF No. 3 will have approximately 9.29 million
cubic metres of capacity. The total storage capacity of TSF No. 3
is 19.21 million cubic metres.
Phase 1 of TSF No. 3 was constructed for
approximately US$28 million, less
than the original budget of $38
million (February 24, 2022
news release); the main components of the project included:
- Land purchasing and compensation;
- Upstream "non-contact water" dam and 1,825 metre long
"non-contact water" discharge tunnel, with a 40 centimetre thick
steel reinforced concrete liner;
- A 3,200 metre long tailings water discharge tunnel, with a 40
centimetre thick reinforced concrete liner. Eleven decant
towers/wells (shown in Figure 1) at different elevations connected
to the 3,200 metre long tunnel to discharge re-settled water to a
recycling pond downstream;
- A 52 metre high starter dam;
- Non-contact water channels and emergency access road
surrounding the entire tailings impoundment area,
- Impoundment area covered by approximately 400,000 square metres
of high density poly-ethylene liner to prevent tailings water from
penetrating into the ground;
- Tailings discharge and water recycle pumping system; and
- Real-time tailings dam stability monitoring and video
surveillance system.
In accordance with Chinese safety regulations,
TSF No. 3 will be checked and assessed after a three month test run
for safety and quality by the Department of Emergency Response of
Henan Province, then have a safety
production license issued.
Figure 1: Impoundment Area of TSF No.
3
1,500 tpd New Flotation Production
Line
As previously announced (April 23, 2024 news release), the Company started
to construct a 1,500 tpd flotation production line at Ying's No. 2
Mill with a completion date by Q4 2024 and a cost of $7.2 million pursuant to a signed EPCM contract.
The 1,500 tpd line was completed on time and on budget, with
commissioning taking place in November 2024.
The relatively low capital expenditures are in
part due to taking advantage of existing facilities and
infrastructure at the No. 2 mill, including the crushing circuit,
concentrate thickener and dewatering system, and the existing
tailings discharge system.
The new 1,500 tpd flotation production line,
equipped with a Knelson gravity concentrator, is able to produce
silver-lead, zinc and copper concentrates, plus gold gravity
concentrate. The robust design of the production line allowed
it to achieve 1,700 tpd capacity after one month in operation, with
a final target of 1,800 tpd capacity.
With the addition of the new production line, the
total milling capacity at Ying is expected to reach over 1.3
million tonnes per year, enough to process increased mining
capacity at Ying, plus future production from the nearby Kuanping
mine.
Figure 2: Completion Ceremony for the 1,500 tpd New
Production Line
About Silvercorp
Silvercorp is a Canadian mining company producing
silver, gold, lead, and zinc with a long history of profitability
and growth potential. The Company's strategy is to create
shareholder value by 1) focusing on generating free cashflow from
long-life mines; 2) organic growth through extensive drilling for
discovery; 3) ongoing merger and acquisition efforts to unlock
value; and 4) a long-term commitment to responsible mining and ESG.
For more information, please visit our website at
www.silvercorpmetals.com.
For further information:
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
CAUTIONARY DISCLAIMER - FORWARD-LOOKING
STATEMENTS
This news release includes "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and "forward-looking
information" within the meaning of applicable securities laws
relating to, among other things statements regarding future milling
capacity; the timing of receipt of licenses and regulatory
approvals; remaining life and decomissioning of TSFs; processing of
ore stockpiles; and upcoming mine production from the proposed
Kuang-Ping underground mine . By their very nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. Forward-looking information may
in some cases be identified by words such as "will", "anticipates",
"expects", "intends" and similar expressions suggesting future
events or future performance.
We caution that all forward-looking information
is inherently subject to change and uncertainty and that actual
results may differ materially from those expressed or implied by
the forward-looking information. A number of risks, uncertainties
and other factors, including fluctuating commodity prices;
recent market events and condition; estimation of mineral
resources, mineral reserves and mineralization and metal recovery;
interpretations and assumptions of mineral resource and mineral
reserve estimates; exploration and development programs; climate
change; economic factors affecting the Company; timing, estimated
amount, capital and operating expenditures and economic returns of
future production; integration of future acquisitions into existing
operations; permits and licences for mining and exploration in
China; title to properties;
non-controlling interest shareholders; acquisition of commercially
mineable mineral rights; financing; competition; operations and
political conditions; regulatory environment in China; regulatory environment and political
climate in Bolivia and
Ecuador; integration and
operations of Adventus; environmental risks; natural disasters;
dependence on management and key personnel; foreign exchange rate
fluctuations; insurance; risks and hazards of mining operations;
conflicts of interest; internal control over financial reporting as
per the requirements of the Sarbanes-Oxley Act; outcome of current
or future litigation or regulatory actions; bringing actions and
enforcing judgments under U.S. securities laws; cyber-security
risks; public health crises; the Company's investment in New
Pacific Metals Corp. and Tincorp Metals Inc.; and the other
risk factors described in the Company's Annual Information Form and
other filings with Canadian and U.S. regulators
on www.sedarplus.ca and www.sec.gov; could cause
actual results and events to differ materially from those expressed
or implied in the forward-looking information or could cause our
current objectives, strategies and intentions to change.
Accordingly, we warn investors to exercise caution when considering
statements containing forward-looking information and that it would
be unreasonable to rely on such statements as creating legal rights
regarding our future results or plans. We cannot guarantee that any
forward-looking information will materialize and you are cautioned
not to place undue reliance on this forward-looking information.
Any forward-looking information contained in this news release
represent expectations as of the date of this news release and are
subject to change after such date. However, we are under no
obligation (and we expressly disclaim any such obligation) to
update or alter any statements containing forward-looking
information, the factors or assumptions underlying them, whether as
a result of new information, future events or otherwise, except as
required by law. All of the forward-looking information in this
news release is qualified by the cautionary statements herein.
A comprehensive discussion of other risks that
impact Silvercorp can also be found in their public reports and
filings which are available under its profile at
www.sedarplus.ca.
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SOURCE Silvercorp Metals Inc
