GC

Silvercorp Metals announced an updated mineral resource estimate for its GC silver-lead-zinc project located in the Guangdong Province, Southern China. The resources consist of a Measured resources of 374,000 tonnes at 233g/t Ag, 1.83% Pb and 3.19% Zn, Indicated resources of 6.03 million tonnes at 132g/t Ag, 1.47% Pb and 3.35% Zn and an Inferred resources of 7.89 million tonnes with 121g/t Ag, 1.45% Pb and 2.70% Zn. Mineralization in the GC Project consists of narrow-vein type deposits which occur as discrete planes of variable grade and variable thickness.

A total of 15 new mineralized veins have been discovered on the property and a Phase II 3,000-meter drill program to follow up on the the initial exploration program is planned for March 2009. A soil geochemical survey (1:10,000 scale) was carried out through the collection of 535 samples within a 2.22 km2 area in the southern part of the property where no drilling had been previously performed. Three new Ag-Zn-Pb geochemical anomalies observed to be over 500 m long and up to 250 m wide were identified, providing priority drill targets with the potential to host additional veins. Hole ZK2404 intersected three high-grade veins on Section 24 such as Vein V2 over 12.87 m assayed 215 g/t (6.92 oz/t) Ag, 2.78% Pb, 4.81% Zn and 0.54% Tin (Sn), including a 3.03 m interval grading 310 g/t (9.97 oz/t) Ag, 7.88% Pb, 7.06% Zn and 0.94% Sn; Vein V6 over 5.5 m assayed 248 g/t (7.98 oz/t) Ag, 1.02% Pb, 3.21% Zn and 0.15% Sn, including a 1.45 m interval grading 836 g/t (26.88 oz/t) Ag, 2.23% Pb, 9.58% Zn and 0.25% Sn; and Vein V6-0 over 2.29 m assayed 461 g/t (14.82 oz/t) Ag, 4.48% Pb, 3.42% Zn and 0.23% Sn. Hole ZK3606 intersected 0.91 m of the V2-1 vein on section 36 containing 780 g/t (25.08 oz/t) Ag, 0.65% Pb, 1.90% Zn and 1.49% Sn. Hole ZK4402 intersected 2.67 m of the V5 vein on section 44 containing 399 g/t (12.82 oz/t) Ag, 3.09% Pb, 5.52% Zn and 0.32% Sn, including a 1.05 m section grading 838 g/t (26.88 oz/t) Ag, 7.15% Pb, 12.05% Zn and 0.40% Sn.