Technical Review of the Ying, HPG and NZ Projects, Henan Province and Tuobuka Project, Yunnan Province, People’s Republic of China Report Prepared by September 2007 SRK Consulting China Registration No. 023801 SRK Consulting Independent Expert Report – Silvercorp Page i Technical Review of the Ying, HPG and NZ Projects, Henan Province and the Tuobuka Project, Yunnan Province, People’s Republic of China Report Prepared for Silvercorp Metals Inc. Suite 1378-200 Granville Street Vancouver, B.C. Canada, V5C 3B4 SRK Project Number SCN082 SRK Consulting B1408 COFCO Plaza, Beijing, China Contact : Anson Xu Email:
[email protected] URL: www.srk.cn September 2007 Compiled by: Endorsed by: _________________________ _________________________ Mike Warren Dr Peter Williams Principal Consultant Principal Consultant (Project Evaluations) (Geology) Authors: Dwight Crossland Kevin Holley Richard Kosacz Keith Leather Peter Smith Zhaojun Wang Dr Anson Xu AX/DC/KH/KL/PS/MJW SRK Report for Silvercorp's HKSE IPO Final signed.doc September 2007 SRK Consulting Independent Expert Report – Silvercorp Page ii Executive Summary Summary of Principal Objectives SRK Consulting (“SRK”) was retained to review all relevant technical aspects of the project to provide Silvercorp Metals Inc. (“Silvercorp” or “the company”) with an independent expert report on the Ying mine and concentrator, Haopinggou (“HPG”) mine and concentrator, NZ project, and the smelter project in Henan Province, and Tuobuka project in Yunnan Province (“the Projects”). The SRK report is required by Silvercorp for inclusion in documents for a proposed listing on The Stock Exchange of Hong Kong Limited (“HKSE”). Outline of Work Program The work program involved two phases: • Phase 1 comprised a review of information provided, a site visit to the Ying and HPG projects and the smelter project in Luoning County, the NZ project in Nanzhao County, Henan Province, and the Tuobuka project in Yunnan Province.