Wednesday, December 15, 2010

Silvercorp Metals Firms More Than 1% on Drilling Results

Silvercorp Metals (SVM) says it issued drilling results from the 2010 drill program on the Silvertip silver-zinc-lead project in Northern British Columbia, Canada.

A total of 10,913 meters (m) in 36 diamond drill holes was completed, of which, 24 holes reached their planned depth while 12 holes were abandoned. The high drilling success rate of 67% - that's 16 hits out of 24 drill holes - demonstrates that the high grade mineralization is continuous in these areas, and the drilling has expanded the current resource blocks in the March 2010 Resource Estimate. In addition, a new zone was discovered 300 meters south of the existing 65 Zone, which could add a significant amount of high grade resources to the project.

Silvercorp Metals shares are trading up over 1.25% pre-market Wednesday, on the news.

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