Silvercorp Metals to develop the Condor gold project in southern Ecuador

Silvercorp Metals (SVM) is pleased to report its plans to develop the Condor gold project located in southern Ecuador. A preliminary economic assessment was completed on the Project1 by a previous operator, which outlined a high tonnage, low-grade, open pit gold project. The Project comprises a cluster of gold deposits in the Condor North area, with Camp and Los Cuyes contributing the majority of the known mineral resources. Each deposit is unique and different from the others on a deposit scale. Previous drilling reported numerous long core intersections of gold mineralization, usually consisting of higher-grade intervals and surrounding lower-grade halos. After reviewing the technical Project data, including re-logging of the historical core, the company believes that high-grade gold mineralization mostly occurs in subvertical vein/rhyolitic dyke structures containing pyrite and sphalerite. Minor amounts of galena and chalcopyrite are also present and may form low grade halos, which can be quite extensive along certain volcanic layers.