Silvercorp Repurchases Over $31 Million of Shares Under NCIB

Silvercorp Metals Inc. SVM announced it has acquired a total of 3,918,012 of its common shares at a total cost of $31,290,657 (average price of CDN$7.97 pursuant to its normal course issuer bid announced on June 17, 2011. Under the existing NCIB the Company intends to acquire up to 10 million common shares. All common shares purchased under the NCIB will be cancelled. The Company is purchasing its owns shares because it believes that prevailing market conditions have resulted in Silvercorp's shares being undervalued relative to the immediate and long term value of Silvercorp's portfolio of producing and development properties in China and Canada.