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Ownership in Tincorp climbing,
"https://finance.yahoo.com/news/tincorp-announces-credit-facility-cancels-175800033.html"
Boing X 2
Another hurdle to cross,
"https://www.miningreview.com/gold/silvercorps-takeover-offer-for-orecorp-faces-regulatory-challenges/"
Boing X 2
A lightbulb just went off, I know, I know, No jokes.
BTG is in the same office as SVM.
Six months ago BTG said they were looking to expand in the Philliipines
How about SVM an BTG do a joint buy out of CLA.AX. not a big cost to either that way and we get a fully permit operation going.
They both win.
Boing X 2
Just wow!
I thought I would check on Celsius. Stock has tanked.
Celsius Resources Limited (CLA.XA)
Cboe AU - Cboe AU Real Time Price. Currency in AUD
Follow
0.0125+0.0005
Lon might want to consider grabbing 51percent of shares at this price and just take them over.
I think they tried to shake him down and he wasn't going to have it.
Boing X 2
Silvercorp Adds New General Manager for Tanzania Project
December 28 2023 - 07:30AM
PR Newswire (US)
VANCOUVER, BC, Dec. 28, 2023 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) is pleased to announce the hiring of Mr. Kevin Moxham as General Manager of Tanzania Projects effective January 1, 2024.
Reporting to the CEO and the President, Mr. Moxham's main responsibility will be to lead the construction and commissioning of the Nyanzaga Gold Project, along with related infrastructure, in Tanzania, once Silvercorp has assumed effective control of the project.
Prior to joining Silvercorp, Mr. Moxham most recently served as Executive General Manager of the Khoemacau Copper Mine in Botswana where he was instrumental in facilitating its sale to MMG Limited for approximately US$2 billion in November 2023. Mr. Moxham led Khoemacau's mine development efforts from 2017, that culminated in the commencement of production in June 2021, accomplishing all targeted milestones and ramping up to full capacity of 10,000 tonnes per day by the time of its sale to MMG Limited.
Mr. Moxham started his mining career with Anglo American and has held General Manager roles at Barrick Gold's North Mara Gold Mines in Tanzania, Bisha Mining Share Company in Eritrea, and Newmont's Golden Ridge Akyem Gold Mine in Ghana, among other senior leadership positions. He is a past president and honorary lifetime member of the Association of Mine Resident Engineers of South Africa and a Founding Board Member of the Centre of Mechanization, Witwatersrand University. He had also played professionally in first-class cricket in the past for South Africa's Easterns franchise.
Dr. Rui Feng, Chairman and CEO of Silvercorp, commented, "We are very pleased to welcome Kevin to the Silvercorp team. Kevin brings decades of experience in the African mining industry and his deep industry knowledge on that continent will make a great contribution to Silvercorp's future growth."
About Silvercorp
Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China. The Company's goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects. Silvercorp balances profitability, social and environmental relationships, employees' wellbeing, and sustainable development. For more information, please visit our website at www.silvercorp.ca.
This came in right after I left town.
High grade gold and silver drill results,
"https://finance.yahoo.com/news/silvercorp-reports-high-grade-gold-003900731.html"
Setting up for a great new year.
Boing X 2
It looks like Lon just might have pulled it off.
https://finance.yahoo.com/news/silvercorp-announces-takeover-offer-orecorp-221000635.html"
And, OreCorp is agreeing with him. Great going Lon.
Boing X 2
It further sucks that the court said that SVM can't vote their shares while Persus can????? Totally unfair. They paid for their shares just the same as Persus.
Australia is going down the tubes lately.
Boing X 2
Not happy I had to dig to find this,
"https://www.orecorp.com.au/upload/documents/investor/asx/231130220511_231101SchemeMeetingPostponed.pdf"
Meeting postponed to Jan 18th.
Boing X 2
Omai finds more gold,
"https://finance.yahoo.com/news/omai-gold-announces-7-69-130100643.html"
Boing X 2
Some thoughts on OreCorp.
I note on 11/27 there were 50M shares traded. Then on 11/30 there were 57M shares traded.
We know Lon said he was going to consider his options.
It would seem less probable that Persus would buy those shares with a potential value of .60 cents a share that were bought at an average cost of around .48 cents a share over those two days and then vote no. That would be in addition to the 19 percent they already own.
It would seem more probable that SVM bought the shares and would then vote the shares and then cancel them and not have to pay .60 cents in stock and cash out there by saving money and less share dilution.
Not sure why that volume would be sold at .48 cents average vs. holding out for the higher figure.
At any rate the vote takes place at 9PM our time tonight. That will be 10am. Perth time Friday. So, we should know late tonight or early tomorrow if the plan was approved.
Good luck Lon and SVM.
Boing X 2
I notice it says they will pay the dividends on or before Dec. 15th.
It would be a nice holiday present for them to pay them early while the market is down. They have already kissed the money off and it would be great to get to reinvest them at this lower price. Helps them on shareholder ownership likewise.
Boing X 2
Lon to the rescue,
"VANCOUVER, BC, Nov. 30, 2023 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) notes the announcements made by Perseus Mining Limited ("Perseus") (ASX: PRU) (TSX: PRU) in relation to its acquisition of a 19.9% interest in OreCorp Limited ("OreCorp") (ASX: ORR). Silvercorp is considering these announcements to determine an appropriate course of action in the best interests of Silvercorp shareholders.
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorp.ca.
For further information
Silvercorp Metals Inc.
Lon Shaver
President
Phone: (604) 669-9397
Toll Free 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorp.ca
"
Boing X 2
Orecorp update,
"https://www.miningmx.com/top-story/55089-perseus-builds-19-9-stake-in-tanzania-gold-developer-orecorp/"
Time will tell. Must be a good property.
Boing X 2
Orecorp update,
"https://ih.advfn.com/stock-market/TSX/SVM/stock-news/92642557/silvercorp-and-orecorp-enter-into-amending-agreememt"
Boing X 2
Towards the end of the video Lon says some additions coming on to the Ying district shortly.
My best guess is regarding gold. We shall see.
Boing X 2
Just posted video,
"https://www.youtube.com/watch?v=TExRBdpdsDY"
Boing X 2
SVM had a solid close above the 50 day moving average of 2.32 on Friday.
One analyst opinion,
Analyst Forecast
According to one analyst, the rating for SVM stock is "Strong Buy" and the 12-month stock price forecast is $8.0.
Price Target
$8.0
(238.98% upside)
Analyst Consensus: Strong Buy
Hope he is right.
Boing X 2
New video for New Pacific.
:
Sorry about the typo on Omai.
Hot off the press for the Ying mine,
"https://www.youtube.com/watch?v=TnlWrS8G1Qo"
Looks like a lot of potential for mining more gold.
Boing X 2
Omar keep getting good drill results,
"https://finance.yahoo.com/news/omai-gold-drills-5-89-131400962.html"
Boing X 2
Silvercorp Provides Update on OreCorp Transaction Progress
November 16 2023 - 07:30AM
PR Newswire (US)
OreCorp's Scheme Booklet, including a fair and reasonable conclusion from the Independent Expert's Report, sent to OreCorp shareholders last week
Scheme Meeting of OreCorp shareholders to take place at 10:00 am (AWST) on December 8, 2023
Approval from the Tanzanian Fair Competition Commission for the proposed acquisition has been issued to Silvercorp
Silvercorp generated $28.8 million in operating cash flow during Q2 Fiscal 2024 and held $189.1 million in cash, cash equivalents and short-term investments, plus a further equity investment portfolio with a total market value of $124.0 million as at September 30, 2023, after it invested $18.5 million into the equity of OreCorp to finance its Resettlement Action Plan ("RAP") for the Nyanzaga Gold Project
VANCOUVER, BC, Nov. 16, 2023 /PRNewswire/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) is pleased to provide an update on the proposed transaction (the "Transaction") with OreCorp Limited (ASX: ORR) ("OreCorp") as first announced on August 6, 2023.
Transaction Progress
The extensive documentation necessary to seek OreCorp shareholder approval of the Australian scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth) (the "Scheme") has been sent to OreCorp shareholders
On November 2, 2023 the Federal Court of Australia approved: the convening of the OreCorp shareholders meeting to consider and vote on the Scheme (the "Scheme Meeting"), currently scheduled to take place at 10am (AWST), December 8, 2023, and the delivery on November 8, 2023 of the explanatory statement and notice of Scheme meeting (together, the "Scheme Booklet") to OreCorp shareholders for their consideration
The Scheme Booklet sets out the key terms of the Transaction, the reasons for OreCorp's directors' recommendation, and includes an Independent Expert's Report that concluded the Scheme, in the absence of a superior proposal, is fair and reasonable and in the best interests of OreCorp shareholders
In late October, representatives of both companies attended the Tanzanian Mining & Investment Forum and held constructive meetings with several representatives of the Tanzanian government who continue to express enthusiasm and support for the Transaction and development of the Nyanzaga mine
Tanzanian FCC Approval
After the Silvercorp team held meetings with the Government of Tanzanian, on November 6, 2023, Silvercorp received a Merger Clearance Certificate (dated November 3, 2023) from the Tanzanian Fair Competition Commission (the "FCC") approving the Transaction without conditions. The FCC approval represents the sole Tanzanian regulatory requirement needed to complete the Transaction.
Silvercorp Chairman and CEO, Dr. Rui Feng commented: "We would like to express our gratitude to the FCC for their support throughout the approval process. We also thank everyone involved for their collective efforts over the past few months, resulting in successfully achieving numerous milestones for the transaction—paving the way for the creation of a new globally diversified precious metals producer. We eagerly anticipate continuing Nyanzaga's project execution in close partnership with the Government of Tanzania to ensure a successful development that benefits all stakeholders."
Silvercorp has the financial strength to close the Transaction and advance the development of the Nyanzaga Gold Project
Silvercorp reported strong Q2 Fiscal 2024 financial results on November 9, 2023. During the quarter, cash flow from operating activities totaled $28.8 million, and with $189.1 million in cash, cash equivalents, and short-term investments at the end of Q2, Silvercorp has the financial strength to close the Transaction and advance the development of the Nyanzaga Gold Project.
Silvercorp's equity investment portfolio, valued at $124.0 million as of September 30, 2023, includes a $18.5 million private placement in OreCorp, completed in August 2023. Proceeds from this investment have been applied towards resettlement activities outlined in the RAP. This important step will assist in facilitating the prompt development of the Nyanzaga Gold Project. As of OreCorp's report for the quarter ended September 30, 2023, issued October 19th, compensation payments in relation to the implementation of the RAP are well advanced, with approximately 84% of the agreements fully executed and approximately US$6 million paid to date. The tender process for constructing resettlement housing is well underway.
Transaction Details Recap
Silvercorp intends to acquire all fully-paid ordinary shares of OreCorp not held by Silvercorp (the "OreCorp Shares") by way of the Scheme, with each holder of OreCorp Shares (other than ineligible shareholders and Silvercorp) receiving, for each OreCorp Share held on the record date for the Scheme, A$0.15 in cash and 0.0967 of a Silvercorp common share, or at the OreCorp shareholder's election, 0.0967 of a new Silvercorp CDI (subject to ASX admitting Silvercorp to the official list of ASX and approving Silvercorp CDIs for official quotation). The Transaction is subject to the satisfaction and/or waiver of various remaining conditions, including OreCorp shareholders approving the Scheme at the Scheme Meeting, final approval of the Federal Court of Australia, and acceptance from the TSX and NYSE American, including in respect of the issuance and listing of new Silvercorp common shares issuable pursuant to the Scheme.
The OreCorp Board has unanimously approved the Transaction and has recommended that all OreCorp shareholders vote in favour of the Scheme at the Scheme Meeting, in the absence of a superior proposal and subject to the independent expert appointed by OreCorp (the "Independent Expert") continuing to conclude that the Scheme is in the best interests of OreCorp shareholders.
About Silvercorp
Silvercorp is a Canadian mining company producing silver, gold, lead, and zinc with a long history of profitability and growth potential. The Company's strategy is to create shareholder value by 1) focusing on generating free cashflow from long life mines; 2) organic growth through extensive drilling for discovery; 3) ongoing merger and acquisition efforts to unlock value; and 4) long term commitment to responsible mining and ESG. For more information, please visit our website at www.silvercorp.ca.
Silvercorp and Orecorp timeline.
"https://www.orecorp.com.au/upload/documents/investor/asx/231106015646_231103RegistrationbyASICwithSchemeBooklet.pdf"
Approval by Tanzania,
"https://www.orecorp.com.au/upload/documents/investor/asx/231107010236_231107FCCApproval.pdf"
Boing X 2
Just found this,
"https://www.youtube.com/watch?v=IvUkFfucBRE"
He is thinking SVM is a buy.
Boing X 2
Found this on Orecorp. No PR yet. Nov.3rd.
"Australian Federal Court Orders OreCorp to Seek Shareholder Approval for Takeover"
Boing X 2
Tincorp video,
Two new videos on New Pacific,
Just found this,
"Summary Previous dividend Next dividend
Status Paid Forecast
Type Final Interim
Per share 1.656c (1.25c) Sign Up Required
Declaration date 26 May 2023 (Fri) 06 Nov 2023 (Mon)
Ex-div date 09 Jun 2023 (Fri) 23 Nov 2023 (Thu)
Pay date 29 Jun 2023 (Thu) 15 Dec 2023 (Fri)"
Looks like dividend to be declared Tuesday if correct. It says payable Dec. 15th.
Boing X 2
Surfer44,
Good find.
Beat me to it. I had just found the video, listened to it and then saw you already posted it. No PR, so found it by accident. This is awesome. Just a matter of time until this stock explodes IMHO.
Two pages of Very High gold g/t numbers. The analysts are going to need to re value the company after the updated mineral reserves come out at the end of this year. Not long. As an almost 86 to 1 gold ratio this should likely make for a big pop. He said low cost and easy to mine.
They have only just started to find out how big this gold area is going to be. Lot's of unexplored area to explore still.
We are already permitted, so hopefully it is just a matter of find it and mine it. A must watch video for all.
Glad I was able to accumulate shares on the cheap before this news. Dividend again around the 25th of this month and more shares.
Best of luck to all long time holders. Our time is coming soon. One has to have patience with miners.
Boing X 2
Building a Gold Mine Within the Ying Silver Mine (new presentation)
" rel="nofollow" target="_blank">https://www.youtube.com/watch?v=
Silvercorp (TSX:SVM) - Transformational Acquisition of Permitted Gold Project
" rel="nofollow" target="_blank">https://www.youtube.com/watch?v=
We will be Increasing our ownership.
"https://finance.yahoo.com/news/tincorp-announces-non-brokered-private-232400948.html"
Latest figures gold production up. Slower last quarter due to lower grades and weeks lost with electric grid update. Overall likely to be much better this quarter.
Boing X 2
2 days old. Well worth the listen. Some new mines in China,
"https://www.youtube.com/watch?v=YHagEYfs_uo"
Lon said they are valuing the co. at 100M and it should be 600M.
Boing X 2
There is a solution...
Bob Seger & The Silver Bullet Band - Against The Wind
“ Citi requested delivery of about 100,000 tons of aluminum and 40,000 tons of zinc”
I attempted to write this memo five times yesterday and deleted it due to the sensitive nature of what is going on. So here it goes again since I saw what Citi is doing today.
If all the banks now start to become like hedge funds, this could be major.
My memo said brass is made of 65 percent copper and 35 percent zinc.
Munitions are made of brass. With Gaza and Ukraine the munitions being dropped are likely going to impact copper and zinc prices.
It is said there is already a 13 year shortage of munitions.
As the Gaza and Ukraine unfortunate situations are likely to go on a long time it will likely impact the price of copper and zinc.
While SVM zinc produced is likely kept in China, any increase in zinc price should still impact them favorably. Not sure yet if the gold mine they are buying will also produce copper.
Boing X 2
Omai Gold,
Came across this by accident. Some how not reported of yahoo finance,
"https://finance.yahoo.com/news/omai-gold-drills-4-54-112500216.html?fr=sycsrp_catchall"
Very good drill results. check out the enlarged chart. Quite impressive g/t numbers.
Boing X 2
Increased our ownership in New Pacific Metals,
"https://ih.advfn.com/stock-market/AMEX/new-pacific-metals-NEWP/stock-news/92119855/new-pacific-metals-announces-c-35-million-bought-d"
Boing X 2
Some thoughts,
SVM is greatly under valued IMHO. Based on a sever silver shortage for several years to come. Silver and gold have no counterparty risk.
Things that could go wrong shortly and likely will.
National debt exploding.
Govt. keeps on spending more.
Interest payments on National debt exploding. 100 BILLION right now before any more rate hikes.
I expect many banks are yet to fail.
Commercial Real estate facing possible bankruptcy over the next years as interest rates keep going up and refinance cost can’t be afforded.
Mortgage backed loans likely start to collapse with higher interest rates.
Student debt starting to be paid Oct. 1st. That is in 17 days in case anyone is counting. Many saying they will not pay. Good luck with your credit rating going down the tubes.
Bankruptcies climbing. Small business going to have a hard time surviving.
Auto’s are being reposed due to loan delinquencies.
Houses being reposed due to loan delinquencies.
Food and energy inflation hurting families.
Credit card debt at new highs. People not able to pay off monthly charges.
Buying auto’s becoming unaffordable.
Italy in trouble as well as Europe.
China having financial problems.
People unable to get credit to buy house.
Insurance rates going up dramatically due to all the losses. Some now going self insured.
Store theft out of control, will not be dealt with and it costs us more each day.
I lived through the prior depression and the potential increases I might have to do it again . People who never lived though one have no idea what is coming if it happens. Had to have coupons to buy butter, gas, tires etc.
I feel we are already in a recession and well could get into stagflation or a depression should there be a major shock.
Many people lost most of their property. My grandfather lost a tavern, grocery store, dance hall with a bowing alley and restaurant, Was able to save his farm.
The Fed has boxed themselves in and has no way out IMHO.
Those that position and prepare ahead will be much more likely to survive.
Boing X 2
share buyback,
"https://finance.yahoo.com/news/silvercorp-announces-share-repurchase-program-113000992.html"
Boing X 2
Great results with more drilling to be done,
"https://finance.yahoo.com/news/pacific-metals-reports-inaugural-estimate-110000832.html"
Boing X 2
GC MINE SAFETY PRODUCTION PERMITS RENEWED
September 05 2023 - 05:15PM
PR Newswire (Canada)
VANCOUVER, BC, Sept. 5, 2023 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM) (NYSE American: SVM) reports its "Safety Production Permits" for the GC Mine and its tailing storage facility were renewed and issued by the Department of Emergency Response and Administration of Guangdong Province, valid for a period of three years. The previous permits expired on September 3, 2023.
Prior to the renewal, the Company implemented a series of improvement measures within the mine requested by the authorities, such as upgrading all electric cables to flame retardant cables and backfilling certain open areas, which has impacted production activities. Combined with a district-wide cessation of industrial activity associated with improvements made to the provincial power grid this summer and a fatality in the GC Mine, there has been a production disruption of between four to five weeks this quarter.
The fatality at the GC Mine was an employee of the contractor operating within the mine. The Mine management immediately followed appropriate protocols and notified the relevant authorities. A full investigation has been completed. Silvercorp extends its sincere condolences and is supporting the family in this time of need. The Company places the safety and well-being of all workers as its highest priority and has reminded all personnel of the appropriate safety policies and protocols to minimize the risk of any future accidents.
About Silvercorp
Silvercorp is a profitable Canadian mining company producing silver, lead and zinc metals in concentrates from mines in China. The Company's goal is to continuously create healthy returns to shareholders through efficient management, organic growth and the acquisition of profitable projects. Silvercorp balances profitability, social and environmental relationships, employees' wellbeing, and sustainable development. For more information, please visit our website at www.silvercorp.ca.
For further information
Lon Shaver
Vice President
Silvercorp Metals Inc.
Phone: (604) 669-9397
Toll Free: 1 (888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com
Looking good,
"https://www.marketscreener.com/quote/stock/ORECORP-LIMITED-12786430/news/OreCorp-Limited-Announces-Results-of-Metallurgical-Test-Work-for-the-Kilimani-Deposit-41010407/"
Sounds like it will be included.
I also see OrrCorp has projects in Australia. One would presume we pick them up if we are buying the company.
No words so far otherwise, and they are applying to be listed in Australia. Will be interested to hear more about the other projects if we indeed are picking them up with our purchase.
Boing X 2
Tincorp just might be in a sweet spot,
"https://www.kitco.com/news/2023-08-24/Myanmar-apos-s-Wa-militia-takes-over-ownership-of-tin-ore-statement.html"
Boing X 2
We struck some great drill results,
"https://finance.yahoo.com/news/omai-gold-drills-4-54-112500216.html"
Boing X 2
Good drill results,
"https://finance.yahoo.com/news/tincorp-intersects-120-35-meters-110000330.html"
Boing X 2
Nice write up on SVM,
"https://silverseek.com/article/silvercorp-metals-path-sustained-growth-todays-new-electrification-economy"
Boing X 2
Just a thought,
https://ih.advfn.com/stock-market/london/CLA/stock-news/91771731/celsius-resources-limited-holdings-in-company
We still might participate by being bought out or holding all the shares we have left. This might be a big win without having to spend to build out the mines. Depends who they now partner with. We know the value of the mines already. Let someone else overpay and we get the benefits.
Boing X 2
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Facilitated by China's 1997 Mineral Resource Law (click here), Silvercorp first entered China in 2003 to capitalize on the country's vastly underexplored geological potential. While the Chinese government invested tremendously in geological exploration in the 1950s and 1960s, leading to many discoveries, very little capital or advanced exploration technology were available to exploit them fully. China's 1997 Mineral Resource Law was adopted specifically to enable foreign mining companies to explore and mine in the country -- inviting in the advanced exploration technology, expertise and funding China needed to truly develop its tremendous resources.
In 2004, Silvercorp acquired the Ying project, a small producing mine in the Henan province, and exploration over the next two years led to the discovery of exceptionally high-grade silver-lead-zinc mineralization in a multitude of narrow veins similar to the prolific Coeur d'Alene silver district in Idaho, U.S.A. On March 31, 2006, Silvercorp received its first mining permit from the Ministry of Labour & Resources and commercial production of silver, lead and zinc from the Ying mine began the next day.
Today, Silvercorp is China's largest primary silver producer, achieving production of approximately four million ounces of silver in fiscal 2008. Due to the exceptionally low costs of operating in China, along with the high efficiency of a skilled labour force, Silvercorp has enjoyed industry-leading profitability and returns among its industry peers. In fiscal 2008, the company generated net profits of $59.9-million on sales of $108-million, representing earnings of $0.41 per share. As testament to its profitability - and a demonstration of its ability to repatriate profits - the company paid its first annual dividend to shareholders of $0.05 per share on October 21, 2007.
Following upon its success at the Ying mine, Silvercorp acquired three nearby mines and consolidated the district in 2007. The company now has four mining permits in the Henan province along with a newly acquired development project in the Guangdong province, which is currently in the mining permit application process. In addition to its operational success Silvercorp is considered a preferred mining company in the Henan district, having built a solid reputation for upholding high safety and environmental standards and supporting local community initiatives. Silvercorp plans on continuing its growth through increasing mine capacity and production, resource expansion and continuing acquisitions with a focus in China.
Silvercorp is listed on the Toronto Stock Exchange under the symbol "SVM", and is a reporting issuer in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Nova Scotia and New Brunswick, Canada. The company is also a reporting issuer in the United States and commenced trading on the New York Stock Exchange under the symbol "SVM" on November 5, 2009. Prior to the NYSE listing, the company traded on the NYSE Amex beginning on Feb. 17, 2009.
The Company was formed as Spokane Resources Ltd. pursuant to an amalgamation of Julia Resources Corporation and MacNeill International Industries Inc., under the British Columbia Company Act, on October 31, 1991. By special resolution dated October 5, 2000 Spokane Resources Ltd. consolidated its share capital on a 10:1 basis and altered its Memorandum and Articles of Incorporation by changing its name to SKN Resources Ltd. On May 2, 2005, the Company filed a Notice of Alteration with the Registrar of Companies changing its name from 'SKN Resources Ltd.' to 'Silvercorp Metals Inc.'.
Prior to being listed on the Toronto Stock Exchange on October 24, 2005, Silvercorp Metals was listed on the TSX Venture Exchange from July 26, 2001, to May 1, 2005.
Myles Gao, President and COO of Silvercorp, joined the company as a director on November 25, 2002, just before the company acquired its first project in China. Dr. Rui Feng,Chairman CEO, joined on September 5, 2003.
Operating in China poses great opportunities but also unique challenges. Management of Silvercorp has built up a record of success in this environment by formulating and executing a distinct long-term strategy characterized by three key steps:
1) Acquire a project and conduct selective exploration to further delineate its potential
2) Develop mine operations and generate profits before the project's potential is fully drilled
3) Use cash flow generated from operations to fund further exploration, resource expansion and production ramp up.
Silvercorp's strategy has been effectively applied at its Ying mining and exploration project, where over 74,619 metres of underground workings (tunnels and stopes) and 78,581 metres of underground and surface drilling in 280 holes were completed between 2004 and 2007. Most of the work was financed by profits from the sale of ore taken out during mine development, which produced three key benefits critical to our continued success:
1) Local Employment - mine development creates jobs for neighbouring communities, boosting the local economy and creating an immediate sense of community involvement in the project.
2) Tax Revenue for Local Government - boost in local support and the taxes collected from profits ensures the support of the local government for the continuation and success of the project.
3) Minimum Dilution for Shareholders - immediate profits and returns means immediate value appreciation for Silvercorp's shareholders and minimum dilution of shareholders' equity.
Because the full potential of Silvercorp's projects has not been realized due to limited drilling, the projects are still open to tremendous exploration potential. For instance, only a small portion of Ying's 50 km2 project block has been fully explored. As of the date of the last technical report on August 16, 2007, silver-lead-zinc-gold-copper resources have been defined at only 18 out of 28 veins identified at the Ying property. Continuing work in these areas may find new veins as well as new mineralized shoots in known veins, potentially extending the life of the company's mines for many years.
Silvercorp plans on continuing its growth through increasing mine capacity and production, resource expansion through exploration of existing projects and continuing acquisitions with a focus in China.
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