2006

Environment Assessment T Report for developing the Ying Silver Project receives approval - Mining Permit Application Accepted for Filing

VANCOUVER, BRITISH COLUMBIA - February 14, 2006 - Silvercorp Metals Inc. ("Silvercorp") is pleased to announce it has received approval from the Department of Environment Protection Bureau of Henan Province, regarding the Environmental Assessment Report ("EAR") for mining and development of the SGX area of the Ying Silver project. The proposed mine development area covers the approximate 9.97 square kilometers (km) that has been the focus of Silvercorp's exploration and development effort, where over 25 km of exploration and development tunnels plus 11,500 metres of underground and surface drilling have been completed to date.

The key reports and their filing or approval required by regulation for the issuance of the mining permit were reported on October 3, 2005 . The current status of these reports are:

1. The Resource Utilization Plan ("RUP") Report has been reviewed by an independent engineering firm certified by the Ministry of Land and Resource , with the Health and Safety section of the Report reviewed by the Provincial Safety Production Bureau. As required, the RUP together with positive review conclusions have been filed with, and accepted for filing by, the Henan Province Department of Land and Resources ("DOLAR");

2. The EAR has been completed by qualified engineering firm and has been reviewed and approved by a government-appointed independent review panel together with environmental protection agents from county, municipal, and provincial governments. The EAR has been submitted to and approved by the Environment Protection Bureau of Henan Province; and

3. The Geological Hazards Assessment Report has been prepared by a qualified geo-engineering firm and reviewed by a qualified third party, with the report and its approval filed with, and accepted for filing by, DOLAR.

With the completion and approval of all these required documents, including the key EAR, Silvercorp's subsidiary, Henan Found has filed the mining permit application with DOLAR. DOLAR has accepted the filing of the application, and in accordance with the Mining Law of China, now has 40 working days after accepting the application to make a determination on the issuance of the mining permit.


For further information: SILVERCORP METALS INC., Rui Feng, Chairman & CEO
Phone: (604) 669-9397, Fax: (604) 669-9387, Email: info@silvercorp.ca, Website: www.silvercorp.ca

Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.