Silvercorp Announces Change of Auditors
December 24 2012 - 2:30PM
Marketwired
Silvercorp Metals Inc. (TSX:SVM)(NYSE:SVM) ("Silvercorp" or the
"Company") today announced that it has changed its auditors from
Ernst & Young LLP ("Ernst & Young") to Deloitte &
Touche LLP ("Deloitte & Touche"), on November 27, 2012.
Ernst & Young was re-appointed as the Company's auditors at
the Company's most recent annual general meeting held on September
28, 2012. Upon Ernst & Young's submission of their fee budget,
which was increased substantially, for the audits of the Company's
financial statements for the fiscal year ending March 31, 2013, the
Audit Committee then undertook an audit tender process and four
proposals were received. As a result of this tender process
Deloitte & Touche has been appointed auditors of the Company
for the year ending March 31, 2013.
There were no reservations or modified opinions in Ernst &
Young's audit reports for the fiscal years ended March 31, 2012 and
2011 or any subsequent period, and there are no reportable events,
as such term is defined in National Instrument 51-102, between the
Company and Ernst & Young. The Company will be filing the
required reporting package on SEDAR in accordance with National
Instrument 51-102.
About Silvercorp
Silvercorp is a low-cost silver-producing Canadian mining
company with multiple mines in China which has paid a cash dividend
since 2007. The Company is currently developing the GC project in
southern China which it expects will become its next operating mine
in early 2013. The Company's vision is to deliver shareholder value
by focusing on the acquisition of under developed projects with
resource potential and the ability to grow organically. For more
information, please visit our website at www.silvercorp.ca.
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
Certain of the statements and information in this press 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 provincial securities laws. 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
or information. Forward-looking statements or information 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 Camp; timing of receipt
of permits and regulatory approvals; availability of funds from
production to finance the Company's operations; and access to and
availability of funding for future construction, use of proceeds
from any financing and development of the Company's properties.
Forward-looking statements or information 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 or information,
including, without limitation, risks relating to: 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; First Nations title claims and rights; 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 and Canada;
environmental risks; foreign exchange rate fluctuations; insurance;
risks and hazards of mining operations; key personnel; conflicts of
interest; dependence on management; internal control over financial
reporting as per the requirements of the Sarbanes-Oxley Act; 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 or information.
Forward-looking statements or information 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 or
information due to a variety of risks, uncertainties and other
factors, including, without limitation, those referred to in the
Company's Annual Information Form for the year ended March 31, 2012
under the heading "Risk Factors". 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 or information.
The Company's forward-looking statements and information are
based on the assumptions, beliefs, expectations and opinions of
management as of the date of this press release, and other than as
required by applicable securities laws, the Company does not assume
any obligation to update forward-looking statements and information
if circumstances or management's assumptions, beliefs, expectations
or opinions should change, or changes in any other events affecting
such statements or information. For the reasons set forth above,
investors should not place undue reliance on forward-looking
statements and information.
Contacts: Silvercorp Metals Inc. Jonathan Hackshaw Director,
Investor Relations (604) 669-9397 or Toll Free: 1(888)
224-1881investor@silvercorp.ca www.silvercorp.ca
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