Silvercorp reports revenue of $61.9 million and operating cash flow of $31.6 million in the 3rd quarter of fiscal 2012

For the nine months ended December 31, 2011, the Company recorded revenue of $193.7 million, a 55% increase from $124.9 million in the same period last year. Net income attributable to the shareholders for the same period is $64.1 million, or $0.37 per share, an increase of 15% over net income of $55.6 million, or $0.34 per share a year ago.

THIRD QUARTER HIGHLIGHTS AND SIGNIFICANT EVENTS

• Revenue of $61.9 million, up 19% from $51.8 million in the third quarter of fiscal year 2011 (“Q3 2011”);
• Silver production of 1.55 million ounces, a 2% increase compared to Q3 2011, gold production of 2,879 ounces, a 256% increase compared to Q3 2011. Silver and gold sales accounted for 69% of the total sales in the quarter, compared to 61% a year ago;
• Cash flow from operations of $31.6 million, or $0.18 per share, compared to $32.2 million, or $0.19 per share in Q3 2011;
• Income from operations increased 2% to $35.0 million from $34.3 million in Q3 2011.
• Net income attributable to shareholders of $20.0 million, or $0.12 per share, compared to $29.1 million, or $0.17 per share, in Q3 2011;
• Completed the acquisition of the high grade XHP silver-gold-lead-zinc mine in Henan Province, China;
• Continued to maintain low cost producer status with a cash production cost per ounce of silver of negative $4.56; and
• Increased quarterly dividends by 25%, from CAD$0.02 per share to CAD$0.025 per share.