2006

2006 Drill intersects 0.49 Metres Grading 7,399 Grams(238 Ounces) per Tonne Silver and 44% Lead & Zinc on S16W1 Vein at the Silver Project, China

VANCOUVER, BRITISH COLUMBIA - March 27, 2006 - Silvercorp Metals Inc. ("Silvercorp") is pleased to report the new and compiled results for the drill programs completed between April 2005 up to the end of February, 2006 on the high-grade Ying Silver-Lead-Zinc project in Henan province, China. A total of 12,785 metres (m) of diamond drilling was completed during the period in 62 underground (8,646 metres) and 8 surface (4,139 metres) drill holes. Silvercorp is operating two surface and 5 underground rigs at the SGX camp with an additional underground rig operating at the YLG camp. In addition to drilling, Silvercorp continues to complete nearly 2,500 metres (m) of access and drifting tunnels per month.

The underground holes are systematically drilled from tunnels to a maximum depth of 300m , along the strike of the veins to test the continuity of massive galena sheet mineralization. The underground holes were drilled at elevations ranging from 460m to 570m , with spacing of 50- 100m along the strike direction and 40 -80m on the dipping direction. The surface holes are part of the 10,000m deep drill program announced November 7, 2005 , and designed to test the continuation of mineralization at depth and to test vein structure below 350m from surface.

Highlights of drill hole interceptions include:

> Of the 86 holes drilled so far, every hole intercepted the mineralized vein structure and 30 of the holes hit massive galena sheets (MGS) exceeding a 1,250 g /t Ag-equivalent grade cut-off giving a 35% drilling success rate. This success rate is comparable to the average of 32% ratio of mineralization (or tunneling success rate) for tunneling on all 9 veins (S2, S2E, S4, S6, S7, S8, S14, S16E and S16W), based on almost 15,000 m of drifting completed. The ratio of mineralization (or tunneling success rate) is calculated on the projected longitudinal section of a vein based on the total area of MGS blocks with Ag equivalent grade above the 1,250 g /t Ag-equivalent grade cutoff divided by the entire area of the veins exposed by tunnels.

> Based on the deep hole drilling, all above 9 veins extend to 500 m in depth along the down dip direction from surface, with the S16W being traced to nearly 600m from surface and the S14 vein to nearly 700m from surface;

> Surface drill hole ZK0812 intersected 0.3m of massive galena sheet (core length) in the S2 Vein grading 3,124 g /t ( 100.45 oz /t) Ag, 47.53% Pb, and 0.79% Zn at 284.67m elevation, over 400m from surface;

Underground hole ZK5602 intersected 0.49m of massive galena sheet (core length) in the S16W1 Vein carrying 7,399 g /t ( 23 7.88 oz /t) Ag, 39.65% Pb, and 4.40% Zn;

Underground hole ZK134 intersected 0.50m of massive sphelarite sheet (core length) in the S16E Vein containing 3,062 g /t ( 98.45 oz /t) Ag, 7.25% Pb, and 48.70% Zn; and

Underground hole ZK601 cut 0.92m of massive galena sheet (core length) in the S8 Vein grading 961 g /t ( 30.90 oz /t) Ag, 23.05% Pb, 9.22% Zn, and 4.26% Cu;

Drilling assay results are listed in the Table below:



*Previously reported results; Silver equivalent grade is calculated on the basis of US$6.5/oz Ag, US$0.40/lb for Pb, and US$0.45/lb for Zn. Cu is not in silver equivalent grade calculation.

Collar Co-Ordinates of the drill holes are as follows:


Diamond drill hole locations are available on the Company's website: www.silvercorp.ca.

Exploration and development of the Ying Project is carried out through Silvercorp's 77.5% subsidiary, Henan Found Mining Co. Ltd., a Sino-foreign joint venture company which holds 100% of the Ying Project and operates under a 30-year business license. Myles Gao, P.Geo, is the Company's Qualified Person on the project under NI 43-101.

Quality Control
The Company's Quality Control/Quality Assurance Program is disclosed in the January 4, 2006 Press Release.


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.