Silvercorp Responds to Class Action Lawsuits
January 24, 2013
1. The KPMG Forensic report, which was reviewed by regulatory authorities, verified that the Company fairly presented its financial results (see news release dated
October 24, 2011), plus a subsequent full audit of the Company for the year ended March 31, 2012has been completed by Ernst & Young LLP; 2. The completion of updated technical reports by AMC Mining Consultants( Canada) Ltd. (see news releases of June 5, 2012with respect to the Ying Mining Districtand January 31, 2012with respect to the GC project), reconfirmed the Company's resources and reserves and verified that the Company's properties are viable economic resources. Furthermore, the report for the Ying Mining Districtconcluded that the asset had a Net Present Value of US$890 million. Regulatory authorities reviewed both technical reports.
To date, from public court documents, only two people representing only 7,000 Company shares initiated the class actions. It is the Company's belief that there is no merit to the allegations set out in the class action lawsuits since they are based on previously made false accusations and as such represent nothing new and are a non-event; the Company will defend itself accordingly.
Silvercorp is a low-cost silver-producing Canadian mining company with multiple mines in
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Certain of the statements and information in this press release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategies", "targets", "goals", "forecasts", "objectives", "budgets", "schedules", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information. Forward-looking statements or information relate to, among other things: the price of silver and other metals; the accuracy of mineral resource and mineral reserve estimates at the Company's material properties; the sufficiency of the Company's capital to finance the Company's operations; estimates of the Company's revenues and capital expenditures; estimated production from the Company's mines in the
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuating commodity prices; calculation of resources, reserves and mineralization and precious and base metal recovery; interpretations and assumptions of mineral resource and mineral reserve estimates; exploration and development programs; feasibility and engineering reports; permits and licences; title to properties; First Nations title claims and rights; property interests; joint venture partners; acquisition of commercially mineable mineral rights; financing; recent market events and conditions; economic factors affecting the Company; timing, estimated amount, capital and operating expenditures and economic returns of future production; integration of future acquisitions into the Company's existing operations; competition; operations and political conditions; regulatory environment in
This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company's Annual Information Form for the year ended
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Silvercorp Metals Inc. Jonathan HackshawDirector, Investor Relations 604-669-9397 or Toll Free: 1-888-224-1881 604-669-9387 (FAX) email@example.com www.silvercorp.ca