Silvercorp Metals Inc. (TSX:SVM) filed a Notice of Intention and received approval from the Toronto Stock Exchange to commence a normal course issuer bid on January 29, 2013. Under the bid, the company will repurchase up to 8,500,000 shares, representing 4.98% of its issued and outstanding shares. The shares will be repurchased at the discretion of the Directors at prevailing market prices, through the facilities of the TSX and the NYSE and other alternative Canadian marketplaces in compliance with the regulatory requirements.

The repurchased shares will be cancelled. The company believes that the prevailing market conditions have resulted in its shares being undervalued relative to the immediate and long term value of the company's portfolio of producing and development properties in China and Canada. There can be no assurance as to the precise number of shares that will be repurchased under the bid.

The maximum number of shares that may be repurchased on the TSX during any trading day may not exceed a daily total of 55,693 shares. This limit, for which there are permitted exceptions, is determined in accordance with TSX regulatory requirements and does not apply to the repurchases made by the company on the NYSE. The company may discontinue its purchases at any time, subject to the compliance with the applicable regulatory requirements.

The bid will commence from February 1, 2013 and will continue till January 31, 2014. As at January 29, 2013, Silvercorp Metals has 170,766,058 common shares issued and outstanding.