Silvercorp Metals : Extends Mineralized Veins By Drilling And Tunneling At The TLP And LME Mines, Ying Mining District, China

VANCOUVER, British Columbia - August 24, 2017 - Silvercorp Metals Inc. ('Silvercorp' or the 'Company') (TSX:SVM / NYSE AMERICAN: SVM) is pleased to report results of the first half of its 2017 exploration programs at the TLP and LME mines, Ying Mining District, Henan Province, China.

In the first half of 2017, the Company completed 17,230 meters ('m') of underground diamond drilling and 6,196m of exploration tunneling at the TLP and LME mines. Underground drilling continuously extended the major mineralized vein structures along strike and downdip, and drift tunneling exposed high-grade mineralized zones at both mines.

Highlights of selected intersections of drill holes:

LME Mine:

• Hole ZKL51A21 intersected a 6.85m interval from 21.32m to 28.17m, 6.74m true width, of vein LM5E1 grading 419 grams per tonne ('g/t') silver ('Ag'), 0.96% lead ('Pb') and 0.38% zinc ('Zn') at the 546m elevation, including a 0.58m interval from 23.46m to 24.04m, 0.57m true width grading 1,151g/t Ag, 5.81% Pb and 1.99% Zn, and a 2.16m interval from 41.33m to 43.49m, 2.12m true width, of vein LME grading 1,347 g/t Ag, 1.45% Pb and 0.68% Zn at the 539m elevation; and

• Hole ZKL5337 intersected a 7.50m interval from 297.36m to 304.86m, 5.38m true width, of vein LM5 grading 558g/t Ag, 3.31% Pb and 0.56% Zn at the 240m elevation, including a 0.60m interval from 300.94m to 301.54m, 0.43m true width grading 4,229g/t Ag, 19.76% Pb and 0.96% Zn.

TLP Mine:

• Hole ZKT2541 intersected an 1.17m interval from 86.19m to 87.36m, 0.80m true width, of vein T39W grading 1,577g/t Ag, 10.40% Pb and 3.10% Zn at the 796m elevation.

Highlights of selected mineralization zones exposed in exploration drift tunnels:

LME Mine:

• Drift Tunnel PD900-LM5E2-550-51NSYM exposed mineralization of 75m long and 1.07m wide (true width) grading 595 g/t Ag, 2.29% Pb and 0.78% Zn within vein structure LM5E on the 550m level.

TLP Mine:

• Drift Tunnel PD846-T16E-846-4SYM exposed mineralization of 45m long and 0.54m wide (true width) grading 1,621g/t Ag, 2.60% Pb and 0.24% Zn within vein structure T16E on the 846m level; and

• Drift Tunnel PD820-T14-700-2NYM exposed mineralization of 119m long and 0.86m wide (true width) grading 406g/t Ag, 5.03% Pb and 0.54% Zn within vein structure T14 on the 700m level.

Diamond drill holes are designed to define and upgrade inferred mineral resource blocks and test for new mineral resources. Underground drilling is mainly conducted from current production levels to delineate the downdip and along-strike extensions of known mineralized vein structures in the production area and test for new veins in the previous less-explored areas.

The first half of 2017 drilling program at TLP and LME mines is briefly summarized in the following table:

The 2017 exploration tunneling, comprising drifting, crosscutting and raising, was driven along and across major mineralized vein structures to upgrade drill defined mineral resources and test for new parallel and splay structures. The first half of 2017 tunneling program at TLP and LME mines is briefly summarized in the following table:

Tables 1 and 2 below list the assay results of some selected mineralized intersections in drill holes and mineralized zones exposed in drift tunnels in the first half of 2017 exploration programs.

Table 1: Selected drilling results from the 2017 drilling program at TLP and LME mines

*Test: intersections in open areas without known mineralization for new resource delineation
**Infill: intersections within known resource blocks for resource upgrade
***Stepout: intersections adjacent to existing resource blocks for resource expansion

Table 2: Selected mineralized zones exposed by drift tunneling at TLP and LME mines

Quality Control

Drill cores are NQ size. Drill core samples, limited by apparent mineralization contact or shear/alteration contact, were split into halves by saw cutting. The half cores are stored in the Company's core shacks for future reference and checking, and the other half core samples are shipped in security sealed bags to the Chengde Huakan 514 Geology and Minerals Test and Research Institute in Chengde, Hebei Province, China, 226 km northeast of Beijing, and the Zhenzhou Nonferrous Exploration Institute Lab in Zhengzhou, Henan Province, China, and both labs are ISO9000 certified analytical lab. For analysis thesample is dried and crushed to minus 1mm and then split to a 200-300g subsample which is further pulverized to minus 200 mesh. Two subsamples are prepared from the pulverized sample. One is digested with aqua regia for gold analysis with AAS, and the other is digested with two-acids for analysis of silver, lead, zinc and copper with AAS.

Channel samples are collected along sample lines perpendicular to the mineralized vein structure in exploration tunnels. Spacing between sampling lines is typically 5m along strike. Both the mineralized vein and the altered wall rocks are cut with continuous chisel chipping. Sample length ranges from 0.2m to more than 1m, depending on the width of the mineralized vein and the mineralization type. Channel samples are prepared and assayed with AAS at Silvercorp's mine laboratory (Ying Lab) located at the mill complex in Luoning County, Henan Province, China. The Ying lab is officially accredited by the Quality and Technology Monitoring Bureau of Henan Province and is qualified to provide analytical service. The channel samples are dried, crushed and pulverized. A 200g sample of minus 160 mesh is prepared for assay. A duplicate sample of minus 1mm is made and kept at the laboratory archives. Gold is analysed by fire assay with AAS finish, and silver, lead, zinc and copper are assayed by two-acid digestion with AAS finish.

A routine quality assurance/quality control (QA/QC) procedure is adopted to monitor the analytical quality at the lab. Certified reference materials (CRMs), pulp duplicates and blanks are inserted into each lab batch of samples. QA/QC data at the lab are attached to the assay certificates for each batch of samples.

The Company maintains its own comprehensive QA/QC program to ensure best practices in sample preparation and analysis of the exploration samples. Project geologists regularly insert CRM, field duplicates and blanks to each batch of core samples to monitor the sample preparation and analysis procedures at the labs. The analytical quality of the labs is further evaluated with external checks by sending about 3-5% of the pulp samples to higher level labs to check for lab bias.

Data from both the Company's and the labs' QA/QC programs are reviewed on a timely basis by project geologists.

Ruijin Jiang, P. Geo, reviewed the exploration data and prepared the scientific and technical information regarding exploration results contained herein. Alex Zhang, P. Geo, VP exploration of the Company, is the Qualified Person on the project as defined under National Instrument 43-101 and he has verified and approved the contents of this news release.

About Silvercorp

Silvercorp is a low-cost silver-producing Canadian mining company with multiple mines in China. 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.

For further information

Gordon Neal
Vice President, Corporate Development
Silvercorp Metals Inc.

Phone: (604) 669-9397
Toll Free: 1(888) 224-1881
Email: investor@silvercorp.ca
Website: www.silvercorpmetals.com

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