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Silvercorp Reports Net Income Of $9.8 Million And Cash Flow Of $23.8 Million In Fourth Quarter; Provides Outlook For FY2011
VANCOUVER, British Columbia – May 12, 2010 – Silvercorp Metals Inc. (“Silvercorp” or the “Company”) reports today its unaudited financial and operating results for the fourth quarter and fiscal year that ended March 31, 2010, and provides an outlook for its fiscal 2011 year. The following financial results are expressed in US dollars (US$) unless stated otherwise.
FOURTH QUARTER HIGHLIGHTS
During the quarter ended March 31, 2010, highlights included:
- Net earnings of $9.8 million, or
.06 per share, compared to earnings of $1.2 million, or
.01 per share, in the same quarter last year;
- Quarterly cash flows from operations of $23.8 million, or
.14 per share, up 123% from the same quarter last year of $10.6 million;
- Production of 1.08 million ounces of silver in the quarter, resulting in record annual production of 4.62 million ounces and the fourth consecutive year of silver production growth;
- Total production costs of negative $4.61 per ounce of silver and cash costs of negative $5.64 per ounce of silver;
- Proven and Probable reserves established for the first time at the Ying mining district of 63.4 million ounces of silver, 384,837 tonnes of lead and 117,559 tonnes of zinc -- giving the Ying mine over a10-year mine life after four years of production;
- Acquisition of the high-grade Silvertip silver-lead-zinc property in northern British Columbia, Canada;
- Payment of $3.1 million, or CAD
.02 per share, in quarterly dividends to shareholders; and
- Increase in total cash and short term investments to $95.0 million from $65.0 million a year ago.
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