Complete PR/Article: http://www.silvercorpmetals.com/_resources/news/svm_nr_2012_05_17.pdf

(“Silvercorp” or the “Company”) reported today its financial and operating results for the fourth quarter and fiscal year ended March 31, 2012. The following financial results are expressed in US dollars (US$) unless stated otherwise.

FISCAL 2012 YEAR HIGHLIGHTS

Record net income attributable to equity holders of the Company of $73.8 million, or $0.43 per share,

an increase of 9% compared to net income of $67.7 million, or $0.40 per share, in year ended March

31, 2011 (“fiscal 2011”);

Record revenue of $238.0 million, an increase of 42% compared to $167.3 million in fiscal 2011;

Record cash flows from operations, excluding non-cash working capital, of $123.8 million or $0.72 per

share, an increase of 34%, compared to $92.2 million or $0.55 per share in fiscal 2011;

Record production of 5.6 million ounces of silver, or 6.06 million ounces of silver equivalent

(including 8,800 ounces of gold), being the sixth consecutive year of production growth with an

increase of 6% in silver production compared to 5.3 million ounces in fiscal 2011;

Total production costs of negative $3.25 per ounce of silver and cash costs of negative $5.13 per ounce

of silver;

Commenced mine development and mill construction at the GC mine. In fiscal 2012, 717 metres (“m”)

of the 2,210m main access ramp, 42m of the 618m main shaft and 400m of a 3.7m by 4m water

diversion tunnel were completed. The construction of mill, office building and lab facilities are also

well underway;

Completed XBG and XHP project acquisitions, further consolidating mines in the high-grade silver,

gold and base metal belt in the southwest Luoyang City district region;

Increased quarterly dividend by 25% to $0.025 per share, and declared $15.6 million, or $0.09 per

share, of dividends in aggregate; and

Repurchased and cancelled 4.5 million shares under a normal course issuer bid, at an average cost of

$7.90 per share, totaling $35.4 million.

FOURTH QUARTER HIGHLIGHTS

Net income attributable to equity holders of the Company of $9.7 million, or $0.06 per share,

compared to net income of $12.0 million, or $0.07 per share, in the fourth quarter of fiscal 2011 (“Q4

2011”);

As in every fourth quarter, production stopped for 28 days due to the Chinese New Year holiday;

Revenue of $44.3 million, an increase of 4% compared to $42.4 million in Q4 2011;

Quarterly cash flows from operations, excluding non-cash working capital, of $20.9 million, or $0.12

per share, compared to $20.3 million, or $0.12 per share, in Q4 2011;

Produced 1.1 million ounces of silver in the quarter, compared to 1.0 million ounces in Q4 2011;

Total production costs of negative $1.84 per ounce of silver and cash costs of negative $4.22 per ounce

of silver; and

Payment of $4.2 million, or CAD$0.025 per share, in quarterly dividends to shareholders.

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