2006

Silvercorp closes financing to raise $47,773,875

VANCOUVER, BRITISH COLUMBIA – April 26, 2006 - Silvercorp Metals Inc. ("Silvercorp") is pleased to announce that it has closed the "bought deal" financing announced April 3, 2006 for gross proceeds of $47,773,875. Sprott Securities Inc. and GMP Securities L.P. as co-leader managers and co-book runners, together with a syndicate of other dealers including, CIBC World Markets Inc., MGI Securities Inc., Salman Partners Inc. and BMO Nesbitt Burns Inc. (the "Underwriters") , collectively bought 2,501,250 units from the Company ("Units")at a price of $19.10 per Unit. Each Unit is comprised of one common share of the Company and one half share purchase warrant. Each whole warrant is exercisable for a period of eighteen months from the closing date at a strike price of $24 per common share. The total Units purchased includes 326,250 Units issued upon exercise of the Underwriter's over-allotment option.

The net proceeds of the financing will be used for general corporate purposes including potential future acquisitions.

Silvercorp has commenced mining operations on the Ying High-Grade Silver project in Henan Province, China.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. These securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.


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.