UPDATE 1-Silvercorp gets mining permit for China project

* Permit for silver-lead-zinc project has 30-year term

* Project cost estimated at $30 mln

* Initial production capacity seen at 700 tons per day

Dec 16 (BestGrowthStock) – Canada’s Silvercorp Metals Inc (SVM.TO: )
said it got a mining permit with a 30-year term for its
silver-lead-zinc project in China’s Guangdong province.

Silvercorp expects the project, estimated to cost about $30
million, to reach initial production capacity of 700 tons per
day in 12 months.

The project is expected to run at full capacity of 1,500
tons per day in 18 months, said the company, which is a primary
silver producer in China.

The project is held through a 95 percent owned Chinese
unit, Silvercorp said.

Shares of Vancouver, British Columbia-based Silvercorp
closed at C$12.55 on Wednesday on the Toronto Stock Exchange.
They have risen 8 percent since the company reported higher
second-quarter results in November.
(Reporting by Amruta Sabnis in Bangalore; Editing by Anne
Pallivathuckal)

UPDATE 1-Silvercorp gets mining permit for China project