GoldMinerPulse Report on Silvercorp Metals Inc.: (NI) 43-101 Metal Valuation Report

Silvercorp Metals Inc. (SVM)

Company Web Site: www.silvercorpmetals.com
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-03-01. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-09-02.
External Links: Yahoo News and Quotes  |  Yahoo Message Board (SVMFF.PK)  |  StockCharts  |  Stockhouse
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Recent Production
2009 : 9 months ending Dec 31: 3.545M oz silver, 1.1K oz gold, 47.453 M lbs lead, and 11.993M lbs lead.
2008 : 9 months ending Dec 31: 3.153M oz silver, 1.1K oz gold, 39.884 M lbs lead, and 9.484M lbs lead.
2007 : 1.935M oz Ag, all mines
Source(s):
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-09-02
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Copper Lead Zinc
    Ying CN $26.45 41% 0 59% 31.27 K oz     116.25 M oz     2.80 K t     746.92 K t     233.37 K t
    GC Claim CN $14.22 0 48% 52%      56.18 M oz          199.42 K t     405.76 K t
    Silvertip CA $9.73 0 84% 16% 44.18 K oz     31.66 M oz          186.51 K t     264.32 K t

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal Gold Silver Copper Lead Zinc
    Metal Totals 75.45 K oz     204.08 M oz     2.80 K t     1.13 M t     903.45 K t
    Metal Prices in US$ (from 2010-09-02) $1,251.30 per oz     $19.69 per oz     $3.46130 per lb     $0.96240 per lb     $0.94810 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $0.56     $24.04     $0.13     $14.38     $11.30
    Percentage of Total Metal Value 1.12%     47.69%     0.25%     28.53%     22.41%
    PP% | MI% | I% 15% | 54% | 31%     24% | 26% | 50%     51% | 0 | 49%     26% | 22% | 52%     10% | 47% | 43%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
    Metal Value per Share (MVpSh)    US$50.40
    Average Ore Value per Tonne    US$326.4
    Metal Value Leverage (MVL)    6.74
    Market Capitalization as % of Metal Value    14.8%
    Recent Stock Price    C$7.88   (TSX/TSXV close on 2010-09-02.)
Conversion rate used: 1 Cnd$ = 0.949244 US$ )
    Fully Diluted Share Count    167.18 M    ( Fully diluted share count taken from Share Structure Web page, visited February 2010. An estimated 1.1M shares added to account for Silvercorp To Acquire Advanced Stage Silver-Lead-Zinc Project In British Columbia, Canada. )
    PP% | MI% | I%    21% | 30% | 49%
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    245.9 g/t
    Market Capitalization
    per oz of Silver In Ground    $6.13   US$  |   6.46   C$
    Silver Eq Oz Estimate    427.94 M oz   ( 204.08 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $2.92   US$  |   3.08   C$

See terms for more about GoldMinerPulse metrics.
Additional Notes:
February 2010 Update    -    Resource estimates are taken from Resource Summary & Technical Reports viewed February 2010 and Silvercorp Metals Fact Sheet for mine ownership percentages. The estimates for the Silvertip deposit are based on Silvercorp To Acquire Advanced Stage Silver-Lead-Zinc Project In British Columbia, Canada.

GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of Silvercorp Metals Inc. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Copper	Lead	Zinc
Ying	CN	$26.45	41%	0	59%	31.27 K oz	116.25 M oz	2.80 K t	746.92 K t	233.37 K t
GC Claim	CN	$14.22	0	48%	52%		56.18 M oz		199.42 K t	405.76 K t
Silvertip	CA	$9.73	0	84%	16%	44.18 K oz	31.66 M oz		186.51 K t	264.32 K t

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Sept-02
Metric / Metal	Gold	Silver	Copper	Lead	Zinc
Metal Totals	75.45 K oz	204.08 M oz	2.80 K t	1.13 M t	903.45 K t
Metal Prices in US$ (from 2010-09-02)	$1,251.30 per oz	$19.69 per oz	$3.46130 per lb	$0.96240 per lb	$0.94810 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$0.56	$24.04	$0.13	$14.38	$11.30
Percentage of Total Metal Value	1.12%	47.69%	0.25%	28.53%	22.41%
PP% \| MI% \| I%	15% \| 54% \| 31%	24% \| 26% \| 50%	51% \| 0 \| 49%	26% \| 22% \| 52%	10% \| 47% \| 43%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Sept-02
Metal Value per Share (MVpSh)	US$50.40
Average Ore Value per Tonne	US$326.4
Metal Value Leverage (MVL)	6.74
Market Capitalization as % of Metal Value	14.8%
Recent Stock Price	C$7.88 (TSX/TSXV close on 2010-09-02.) Conversion rate used: 1 Cnd$ = 0.949244 US$ )
Fully Diluted Share Count	167.18 M ( Fully diluted share count taken from Share Structure Web page, visited February 2010. An estimated 1.1M shares added to account for Silvercorp To Acquire Advanced Stage Silver-Lead-Zinc Project In British Columbia, Canada. )
PP% \| MI% \| I%	21% \| 30% \| 49%
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	245.9 g/t
Market Capitalization per oz of Silver In Ground	$6.13 US$ \| 6.46 C$
Silver Eq Oz Estimate	427.94 M oz ( 204.08 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$2.92 US$ \| 3.08 C$

See terms for more about GoldMinerPulse metrics.

GC Claim - ^top^

(NI) 43-101 Report:

Title: NI 43-101 Technical Report Update on the GC Ag-Zn-Pb Project in Guangdong Province, People’s Republic of China
Date: 2009-06-22 (145 pages)

Project Location: Guangdong, China

Map View: View GC claim on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $3.18    27.01 M oz     138.000 g/t     6.41 M t
   Lead $1.15    90.71 K t       14,900.000 g/t     6.41 M t
   Zinc $2.54    203.33 K t       33,400.000 g/t     6.41 M t
Estimate notes: See Interpretation and Conclusions on p. 87 of 145 in the NI 43-101 dated June 2009.
Resource quantities adjusted for ownership percentage of 95.0%.
150 g/t recovered Ag Equivalent cut-off

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$3.18	27.01 M oz	138.000 g/t	6.41 M t
Lead	$1.15	90.71 K t	14,900.000 g/t	6.41 M t
Zinc	$2.54	203.33 K t	33,400.000 g/t	6.41 M t
Estimate notes: See Interpretation and Conclusions on p. 87 of 145 in the NI 43-101 dated June 2009. Resource quantities adjusted for ownership percentage of 95.0%. 150 g/t recovered Ag Equivalent cut-off

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $3.44    29.17 M oz     121.000 g/t     7.89 M t
   Lead $1.38    108.71 K t       14,500.000 g/t     7.89 M t
   Zinc $2.53    202.43 K t       27,000.000 g/t     7.89 M t
Estimate notes: See tableOrFigureTitle on p. xxOfyy in the NI 43-101 dated mmYY.
Resource quantities adjusted for ownership percentage of 95.0%.
See Measured + Indicated notes.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$3.44	29.17 M oz	121.000 g/t	7.89 M t
Lead	$1.38	108.71 K t	14,500.000 g/t	7.89 M t
Zinc	$2.53	202.43 K t	27,000.000 g/t	7.89 M t
Estimate notes: See tableOrFigureTitle on p. xxOfyy in the NI 43-101 dated mmYY. Resource quantities adjusted for ownership percentage of 95.0%. See Measured + Indicated notes.

Silvertip - ^top^

(NI) 43-101 Report:

Title: NI43-101 TECHNICAL REPORT RESOURCE UPDATE ON THE SILVERTIP PROPERTY, NORTHERN BRITISH COLUMBIA, CANADA
Date: 2010-02-19 (100 pages)

Project Location: British Columbia, Canada

Map View: View the Silvertip project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.31    40.78 K oz     0.540 g/t     2.35 M t
   Silver $3.13    26.58 M oz     352.000 g/t     2.35 M t
   Lead $2.01    158.09 K t       67,300.000 g/t     2.35 M t
   Zinc $2.76    221.05 K t       94,100.000 g/t     2.35 M t
Estimate notes: See Table 1.1 Global Resource Estimate on p. 10 of 100 in the NI 43-101 report dated February 2010.
Cut-off 200 g/t Ag Eq.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.31	40.78 K oz	0.540 g/t	2.35 M t
Silver	$3.13	26.58 M oz	352.000 g/t	2.35 M t
Lead	$2.01	158.09 K t	67,300.000 g/t	2.35 M t
Zinc	$2.76	221.05 K t	94,100.000 g/t	2.35 M t
Estimate notes: See Table 1.1 Global Resource Estimate on p. 10 of 100 in the NI 43-101 report dated February 2010. Cut-off 200 g/t Ag Eq.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.03    3.40 K oz     0.230 g/t     459.90 K t
   Silver $0.60    5.07 M oz     343.000 g/t     459.90 K t
   Lead $0.36    28.42 K t       61,800.000 g/t     459.90 K t
   Zinc $0.54    43.28 K t       94,100.000 g/t     459.90 K t
Estimate notes: See Indicated note.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.03	3.40 K oz	0.230 g/t	459.90 K t
Silver	$0.60	5.07 M oz	343.000 g/t	459.90 K t
Lead	$0.36	28.42 K t	61,800.000 g/t	459.90 K t
Zinc	$0.54	43.28 K t	94,100.000 g/t	459.90 K t
Estimate notes: See Indicated note.

Ying - ^top^

(NI) 43-101 Report:

Title: NI 43-101 TECHNICAL REPORT and Pre- Feasibility Study November 2008
Date: 2008-11-20 (163 pages)

Updates: See SILVERCORP REPORTS PROVEN &PROBABLE RESERVES ESTIMATE AT YING MINING DISTRICT, HENAN PROVINCE, CHINA viewed March 2010 and Silvercorp Metals Fact Sheet for mine ownership percentages. In this update, Measured + Indicated are inclusive of Proven + Probable reserves. Therefore, Measured + Indicated are not reported to avoid double counting of reserves.

Project Location: Henan Province, China

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $3.84    32.59 M oz     492.000 g/t     2.66 M t
   Lead $2.66    209.96 K t       101,900.000 g/t     2.66 M t
   Zinc $1.07    85.51 K t       41,500.000 g/t     2.66 M t
Estimate notes: SGX mining area -- SILVERCORP REPORTS PROVEN &PROBABLE RESERVES ESTIMATE AT YING MINING DISTRICT, HENAN PROVINCE, CHINA.
Resource quantities adjusted for ownership percentage of 77.5%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$3.84	32.59 M oz	492.000 g/t	2.66 M t
Lead	$2.66	209.96 K t	101,900.000 g/t	2.66 M t
Zinc	$1.07	85.51 K t	41,500.000 g/t	2.66 M t
Estimate notes: SGX mining area -- SILVERCORP REPORTS PROVEN &PROBABLE RESERVES ESTIMATE AT YING MINING DISTRICT, HENAN PROVINCE, CHINA. Resource quantities adjusted for ownership percentage of 77.5%.

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Silver $1.08 9.20 M oz 158.000 g/t 2.34 M t
Lead $0.79 62.30 K t 34,400.000 g/t 2.34 M t
Estimate notes: TLP mine area.
Resource quantities adjusted for ownership percentage of 77.5%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$1.08	9.20 M oz	158.000 g/t	2.34 M t
Lead	$0.79	62.30 K t	34,400.000 g/t	2.34 M t
Estimate notes: TLP mine area. Resource quantities adjusted for ownership percentage of 77.5%.

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Silver $0.31 2.63 M oz 289.000 g/t 405.00 K t
Lead $0.10 8.19 K t 28,900.000 g/t 405.00 K t
Estimate notes: LM mine area.
Resource quantities adjusted for ownership percentage of 70.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.31	2.63 M oz	289.000 g/t	405.00 K t
Lead	$0.10	8.19 K t	28,900.000 g/t	405.00 K t
Estimate notes: LM mine area. Resource quantities adjusted for ownership percentage of 70.0%.

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.06    8.53 K oz     0.890 g/t     426.02 K t
   Silver $0.11    920.42 K oz     96.000 g/t     426.02 K t
   Lead $0.16    12.35 K t       41,400.000 g/t     426.02 K t
   Zinc $0.05    4.38 K t       14,700.000 g/t     426.02 K t
Estimate notes: HPG mine area.
Resource quantities adjusted for ownership percentage of 70.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.06	8.53 K oz	0.890 g/t	426.02 K t
Silver	$0.11	920.42 K oz	96.000 g/t	426.02 K t
Lead	$0.16	12.35 K t	41,400.000 g/t	426.02 K t
Zinc	$0.05	4.38 K t	14,700.000 g/t	426.02 K t
Estimate notes: HPG mine area. Resource quantities adjusted for ownership percentage of 70.0%.

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.02    2.50 K oz     4.110 g/t     27.00 K t
   Silver $0.00    14.58 K oz     24.000 g/t     27.00 K t
   Lead $0.00    0.11 K t       5,600.000 g/t     27.00 K t
   Zinc $0.00    0.08 K t       4,400.000 g/t     27.00 K t
Estimate notes: HPG (Au) mine area.
Resource quantities adjusted for ownership percentage of 70.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.02	2.50 K oz	4.110 g/t	27.00 K t
Silver	$0.00	14.58 K oz	24.000 g/t	27.00 K t
Lead	$0.00	0.11 K t	5,600.000 g/t	27.00 K t
Zinc	$0.00	0.08 K t	4,400.000 g/t	27.00 K t
Estimate notes: HPG (Au) mine area. Resource quantities adjusted for ownership percentage of 70.0%.

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $0.36    3.06 M oz     471.000 g/t     289.00 K t
   Copper $0.06    1.42 K t       7,000.000 g/t     289.00 K t
   Lead $0.04    2.91 K t       14,400.000 g/t     289.00 K t
   Zinc $0.01    0.59 K t       2,900.000 g/t     289.00 K t
Estimate notes: HZG mine area.
Resource quantities adjusted for ownership percentage of 70.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.36	3.06 M oz	471.000 g/t	289.00 K t
Copper	$0.06	1.42 K t	7,000.000 g/t	289.00 K t
Lead	$0.04	2.91 K t	14,400.000 g/t	289.00 K t
Zinc	$0.01	0.59 K t	2,900.000 g/t	289.00 K t
Estimate notes: HZG mine area. Resource quantities adjusted for ownership percentage of 70.0%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $6.26    53.14 M oz     814.000 g/t     2.62 M t
   Lead $4.64    365.49 K t       180,000.000 g/t     2.62 M t
   Zinc $1.69    134.82 K t       66,400.000 g/t     2.62 M t
Estimate notes: SGX mine area.
Resource quantities adjusted for ownership percentage of 77.5%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$6.26	53.14 M oz	814.000 g/t	2.62 M t
Lead	$4.64	365.49 K t	180,000.000 g/t	2.62 M t
Zinc	$1.69	134.82 K t	66,400.000 g/t	2.62 M t
Estimate notes: SGX mine area. Resource quantities adjusted for ownership percentage of 77.5%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.05    6.34 K oz     0.090 g/t     2.83 M t
   Silver $1.12    9.51 M oz     135.000 g/t     2.83 M t
   Lead $0.82    64.87 K t       29,600.000 g/t     2.83 M t
Estimate notes: TLP mine area.
Resource quantities adjusted for ownership percentage of 77.5%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.05	6.34 K oz	0.090 g/t	2.83 M t
Silver	$1.12	9.51 M oz	135.000 g/t	2.83 M t
Lead	$0.82	64.87 K t	29,600.000 g/t	2.83 M t
Estimate notes: TLP mine area. Resource quantities adjusted for ownership percentage of 77.5%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Silver $0.06 505.01 K oz 265.000 g/t 84.68 K t
Lead $0.02 1.45 K t 24,500.000 g/t 84.68 K t
Estimate notes: LM mine area.
Resource quantities adjusted for ownership percentage of 70.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.06	505.01 K oz	265.000 g/t	84.68 K t
Lead	$0.02	1.45 K t	24,500.000 g/t	84.68 K t
Estimate notes: LM mine area. Resource quantities adjusted for ownership percentage of 70.0%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.10    13.90 K oz     1.690 g/t     365.45 K t
   Silver $0.11    937.61 K oz     114.000 g/t     365.45 K t
   Lead $0.21    16.30 K t       63,700.000 g/t     365.45 K t
   Zinc $0.09    7.32 K t       28,600.000 g/t     365.45 K t
Estimate notes: HPG mine area.
Resource quantities adjusted for ownership percentage of 70.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.10	13.90 K oz	1.690 g/t	365.45 K t
Silver	$0.11	937.61 K oz	114.000 g/t	365.45 K t
Lead	$0.21	16.30 K t	63,700.000 g/t	365.45 K t
Zinc	$0.09	7.32 K t	28,600.000 g/t	365.45 K t
Estimate notes: HPG mine area. Resource quantities adjusted for ownership percentage of 70.0%.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Silver $0.44    3.73 M oz     552.000 g/t     271.04 K t
   Copper $0.06    1.39 K t       6,600.000 g/t     271.04 K t
   Lead $0.04    3.00 K t       14,300.000 g/t     271.04 K t
   Zinc $0.01    0.67 K t       3,200.000 g/t     271.04 K t
Estimate notes: HGZ mine area.
Resource quantities adjusted for ownership percentage of 77.5%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Silver	$0.44	3.73 M oz	552.000 g/t	271.04 K t
Copper	$0.06	1.39 K t	6,600.000 g/t	271.04 K t
Lead	$0.04	3.00 K t	14,300.000 g/t	271.04 K t
Zinc	$0.01	0.67 K t	3,200.000 g/t	271.04 K t
Estimate notes: HGZ mine area. Resource quantities adjusted for ownership percentage of 77.5%.