Trading Symbol: TSX: SVM
TSXV:
SRL
NYSE
AMERICAN: SVM
OTCQB: SRLZF
VANCOUVER, BC, Nov. 15,
2024 /CNW/ - Silvercorp Metals Inc. ("Silvercorp" or
the "Company") (TSX: SVM) (NYSE American: SVM) and Salazar
Resources Ltd. ("Salazar") (TSXV: SRL) (OTCQB: SRLZF) are pleased
to announce that on November 12,
2024, the Provincial Court of Bolivar (the "Court"), in the
province of Ecuador where the El
Domo project (the "Project") is located, dismissed the appeal filed
by the plaintiffs in respect of the Curipamba – El Domo
constitutional protective action, affirming the rights of the
Company's Ecuadorian subsidiary, Curimining S.A. ("Curimining"), to
continue construction of the Project. Additionally, the Company
announced the repayment of funds previously drawn by Adventus
Mining Corporation ("Adventus") from Wheaton Precious Metals
International Ltd. ("Wheaton") under the precious metals purchase
agreement ("PMPA").
Constitutional Protective Action Against El Domo Project
Dismissed
The Court dismissed the appeal and affirmed the
lower court decision that the Ministry of Environment, Water, and
Ecological Transition of Ecuador
("MAATE") correctly discharged its environmental consultation
obligations prior to issuing an environmental license for the
Project (See News Release of July 31,
2024). MAATE was supported by the Attorney General's Office,
Curimining (as an interested third party), and over 800 individuals
who participated in the process as additional supporting third
parties.
Repayment of US$13.25 Million
El Domo Early Deposit to Wheaton
As at September 30, 2024, Wheaton had advanced a total
of $13.25 million. Pursuant to the
PMPA, Adventus was required to deliver approximately 92.3 ounces of
gold per month (at today's gold prices, this is equivalent to an
annual interest rate of approximately 18.5%), starting July 2024, until the construction of El Domo
reached certain milestones or these funds were repaid.
As a result of the repayment, the PMPA's full $175.5 million cash contribution will be
available to be drawn by Silvercorp during construction, subject to
certain conditions.
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.silvercorpmetals.com.
About Salazar
Salazar Resources Limited is focused on
creating value and positive change through discovery, exploration,
and development in Ecuador. The
team has an unrivalled understanding of the geology in-country and
has played an integral role in the discovery of many of the major
projects in Ecuador, including the
two newest operating gold and copper mines. Salazar Resources has a
wholly owned pipeline of copper-gold exploration projects across
Ecuador with a strategy to make
another commercial discovery and farm-out non-core assets. The
Company actively engages with Ecuadorian communities and together
with the Salazar family it co-founded The Salazar Foundation, an
independent non-profit organization dedicated to sustainable
progress through economic development. The Company already has
carried interests in three projects. At its maiden discovery,
Curipamba, Salazar Resources has a 25% stake fully carried through
to production. At two copper-gold porphyry projects, Pijili and
Santiago, the Company has a 20%
stake fully carried through to a construction decision.
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.silvercorpmetals.com
Salazar Resources Ltd.
Nick DeMare
Director
Phone: (604) 685 9316
Email: ndemare@chasemgt.com
Website: www.salazarresources.com
CAUTIONARY DISCLAIMER - FORWARD-LOOKING STATEMENTS
Certain of the statements and information in this news release
constitute "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian and US securities laws (collectively, "forward-looking
statements"). Any statements or information that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects", "is expected", "anticipates", "believes", "plans",
"projects", "estimates", "assumes", "intends", "strategies",
"targets", "goals", "forecasts", "objectives", "budgets",
"schedules", "potential" or variations thereof or stating that
certain actions, events or results "may", "could", "would", "might"
or "will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions) are not statements of
historical fact and may be forward-looking statements.
Forward-looking statements relate to, among other things: the price
of silver and other metals; the accuracy of mineral resource and
mineral reserve estimates at the Company's material properties; the
sufficiency of the Company's capital to finance the Company's
operations; estimates of the Company's revenues and capital
expenditures; estimated production from the Company's mines in
the Ying Mining District and the GC Mine; timing of receipt of
permits and regulatory approvals; availability of funds from
production to finance the Company's operations; the validity of the
environmental license; construction and operation of the
El Domo project; and access to and availability of funding for
future construction, use of proceeds from any financing and
development of the Company's properties.
Actual results may vary from forward-looking statements.
Forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ from those reflected in the
forward-looking statements, including, without limitation, risks
relating to: global economic and social impact of public health
pandemic; fluctuating commodity prices; calculation of resources,
reserves and mineralization and precious and base metal recovery;
interpretations and assumptions of mineral resource and mineral
reserve estimates; exploration and development programs;
feasibility and engineering reports; permits and licences; title to
properties; property interests; joint venture partners; acquisition
of commercially mineable mineral rights; financing; recent market
events and conditions; economic factors affecting the Company;
timing, estimated amount, capital and operating expenditures and
economic returns of future production; integration of future
acquisitions into the Company's existing operations; competition;
operations and political conditions; regulatory environment in
China, Canada, and Ecuador; environmental risks; regulatory
investigations, claims and legal proceedings; foreign exchange rate
fluctuations; insurance; risks and hazards of mining operations;
key personnel; conflicts of interest; dependence on management;
internal control over financial reporting; and bringing actions and
enforcing judgments under U.S. securities laws.
This list is not exhaustive of the factors that may affect any
of the Company's forward-looking statements. Forward-looking
statements are statements about the future and are inherently
uncertain, and actual achievements of the Company or other future
events or conditions may differ materially from those reflected in
the forward-looking statements due to a variety of risks,
uncertainties and other factors, including, without limitation,
those referred to in the Company's Annual Information Form under
the heading "Risk Factors" and in the Company's Annual Report on
Form 40-F, and in the Company's other filings with Canadian and
U.S. securities regulators. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be as anticipated, estimated, described or intended.
Accordingly, readers should not place undue reliance on
forward-looking statements.
The Company's forward-looking statements are based on the
assumptions, beliefs, expectations and opinions of management as of
the date of this news release, and other than as required by
applicable securities laws, the Company does not assume any
obligation to update forward-looking statements if circumstances or
management's assumptions, beliefs, expectations or opinions should
change, or changes in any other events affecting such statements.
Assumptions may prove to be incorrect and actual results may differ
materially from those anticipated. Consequently, guidance cannot be
guaranteed. For the reasons set forth above, investors should not
place undue reliance on forward-looking statements.
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SOURCE Silvercorp Metals Inc
