GC Mine Safety Production Permits Renewed
Trading Symbol: TSX: SVM
NYSE AMERICAN: SVM
VANCOUVER, British Columbia – September 5, 2023 – 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.