Silvercorp Refutes Allegation

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Silvercorp Metals Inc., a Canadian based company, following yet another false and misleading internet posting by the fictitious and anonymous Alfred Little, posted an open letter today to its shareholders that addresses recent allegations made about the Company.

"All of the allegations made against Silvercorp have been anonymous. All of the allegations are baseless and designed to be manipulative," said Rui Feng, Chairman of Silvercorp.

"At the risk of repeating this misinformation, we are making sure that every allegation is addressed in detail and investors have all of the information they need to have confidence in our company. While new attacks will keep coming, as is the past practice within the short and distort industry, with this open letter we are turning the corner and putting these allegations behind us," Feng added.

 In the past two weeks Silvercorp has appointed an independent committee of its Board to investigate the allegations. Legal advisors and independent accountants, KPMG Forensics Inc. ("KPMG"), have also been retained to investigate. Silvercorp is also working with securities regulators to investigate the source and nature of the allegations.

 "We have gone above and beyond all reasonable efforts to deal with this short and distort manipulation scheme. The facts and data are available. Our books have been properly audited, our resource numbers confirmed by independent Qualified Persons, and all our transactions have been fully disclosed. There is absolutely no substance to the allegations," concluded Rui Feng.