2007

Silvercorp discovers Five New Veins at the Ying Silver Project, Henan, China

VANCOUVER, BRITISH COLUMBIA - March 27, 2007 - Silvercorp Metals Inc. ("Silvercorp") is pleased to provide exploration results at the SGX area of the Ying Silver Project from August 15th 2006 to January 15th 2007, excluding the S21 Vein released recently (January 22, 2007). The program is an ongoing effort to convert inferred resources to indicated and measured resources, to expand inferred resources at depth and along strike, and to intersect and define additional mineralized veins in the area. A total of 4,783 metres ("m") of exploration tunnels and a total of 45 drill holes totaling 9,270m (8 surface and 37 underground drill holes) have been completed. Out of the 45 drill holes, 11 holes intercepted massive galena sheets with silver equivalent grade exceeding 1,250 grams per tonne (g/t), representing a 24.4% drilling success rate, which is comparable to results obtained in our previous drill programs.

The tunneling and drilling program has discovered five new veins which contain massive galena mineralization: S7-3, S16E1, S16E2, S16E3, and S8E. The assay results from the new tunnels and drill holes are set out in the Tables below.

Significant results from the new tunnels and drill holes are:

> 0.20m true width grading 5,200 g/t or 167.18 ounces per tonne (oz/t) Silver (Ag), 65.49% lead (Pb), and 4.87% zinc (Zn) on 480-m elevation on the S6 Vein.

> Underground drill hole ZK1409 intercepted 0.5m (core length) in S7 Vein at 597-m elevation containing 1,938 g/t ( 62.31 oz/t) Ag, 3.51% Pb, and 9.96% Zn.

> Tunneling intercepted 0.20m true width massive galena in S7-1 Vein grading 3,352 g/t (107.76 oz/t) Ag, 17.97% Pb, and 5.25% Zn at 600-m elevation.

> Surface drill hole ZK1905 intersected 0.37m (core length) in S7-3 Vein containing 2,711 g/t (87.16 oz/t) Ag, 23.02% Pb, and 13.18% Zn.

> Tunneling intercepted 0.4m true width containing 2,364 g/t (76.01 oz/t) Ag, 1.47% Pb, and 12.88% Zn in a raise at 596-m elevation on the S8 Vein.

> Tunneling intercepted 0.30m true width grading 3,689 g/t or 118.61 oz/t Ag, 24.26% Pb, and 3.44% Zn in a raise in CM101 at 710-m elevation on the newly discovered S8E Vein.

> Tunneling intercepted 0.30m true width grading 7,288 g/t (234.32 oz/t) Ag, 46.77% Pb, and 9.32% Zn in a raise at 480-m elevation tunnel on the S14 Vein.

> Underground drill hole ZK14A03 intersected 0.70m wide (core length) massive galena in S14 Vein carrying 1,919 g/t (61.7 oz/t) Ag, 56.86% Pb, and 0.52% Zn at 386-m elevation.

> Tunneling intercepted 1.65m true width grading 2,902 g/t (93.3 oz/t) Ag, 14.02% Pb, and 6.57% Zn in a drift at 534-m elevation on the S16E Vein.

> Tunneling intercepted 1.00m true width grading 3,012 g/t (96.84 oz/t) Ag, 79.11% Pb, and 1.72% Zn in a drift at 600-m elevation on the S16W Vein.

Newly Discovered Veins

S7-3 Vein
The S7-3 Vein does not outcropped on the surface and was discovered by tunneling and surface drilling. It branches a few meters east of the S7-1 Vein; and extends northeasterly and dips to southwest at 65 to 80 degrees. The length of the vein is not yet defined due to limited tunneling. A drift was driven along the vein exposed continuous massive galena sheet for over 42m. Three surface drill holes intercepted the vein at depth with one hole showing 0.37m wide massive galena sheet grading 2,711 g/t (87.61 oz/t) Ag, 23.03% Pb, and 13.18% Zn at 374m elevation. One hole cut through the vein at 186-m elevation with an 1.35m interception of shear zone (core length), indicating the vein extends at least 400m in depth.

S8E Vein
The S8E Vein branches immediately east of the S8 Vein extending northeasterly to northwesterly with a strike length of over 400m, and dips southeast and northeast. At 640-m and 700-m elevations through CM101 and CM104, a total of 643m tunneling was completed in delineating the vein. The work included 52m of raises, 50m of crosscuts, and 540m of drifting at 640-m and 700-m elevations.

S16E1 Vein
The S16E1 Vein was discovered by underground drilling and was further defined by additional drill holes and tunneling through CM102. The vein is located east of the S16E Vein and is a branch vein of S16E. To date, seven drill holes and tunneling at three different elevations have defined the vein strike over a length exceeding 200 m and a depth over 200m.

S16E2 Vein
The S16E2 Vein branches from the S16E Vein and extends 7 to 8m east of S16E1 Vein. The S16E2 Vein has a defined striking length of 200m. A crosscut at 610m level intersected the vein and an 18m long drift was developed along the vein through CM102. A drill hole (ZK133) also intercepted the vein at 573-m elevation.

S16E3 Vein
The S16E3 Vein is a branch of the S16E Vein and is located on the west side of the S16E Vein. It strikes northeasterly over 150m in length and dips southwesterly for a depth of over 80m with 55 to 70 degree dipping angles.

Tunnel Assay Results



*Ag Equivalent is calculated on the basis of US$6.5/oz Ag, US$0.40/lb for Pb, and US$0.45/lb for Zn.
Calculations reflect gross metal content and have not been adjusted for metallurgical recoveries.

Drill Hole Assay Results


*Ag Equivalent is calculated on the basis of US$6.5/oz Ag, US$0.40/lb for Pb, and US$0.45/lb for Zn.
Calculations reflect gross metal content and have not been adjusted for metallurgical recoveries.
**Surface diamond drill holes

Tunnel and drill hole plans, cross sections and longitudinal maps of the veins are available on Silvercorp's website: www.silvercorp.ca.

Myles Gao, P.Geo., is the Qualified Person on the project under NI 43-101. Exploration and mining at the Ying mine is being 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.

Quality Control
Quality Control/Quality Assurance Program is disclosed in the January 22, 2007 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 Silvercorp'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 Silvercorp'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. Production and revenue projections are based not on mineral reserves but on mineral resources which do not have demonstrated economic viability