Rui Feng Geology – Chairman and Chief Executive Officer Maria Tang – Chief Financial Officer

All participants please standby your conference in ready to begin. Good morning ladies0 and gentlemen, welcome to the Silvercorp Metals 3Q Fiscal year 2012 earnings conference call. I would like to turn the meeting over to Mr. Jonathan Hackshaw. Please go ahead Mr. Hackshaw

Thank you operator and good morning everyone. Welcome to Silvercorp investor conference call for 3Q fiscal 2013. Joining me today on the call is Rui Feng, Silvercorp’s Chairman and Chief Executive Officer, and Maria Tang, Silvercorp’s Chief Financial Officer. Before we began, I would like to draw your attention to the first slide and remind you that during today’s call forward-looking statements will be made relating to future production, development and expiration, capital expenditures, business expansion and other items. Such forward-looking statements are subjected to risks and uncertainties many of which are detailed in our 2012 annual information form filed on (inaudible). There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events (inaudible) materially. Presentation slides are available as part of this webcast or on Silvercorp’s Web site. (Inaudible) I’ll now turn the call over to Rui.

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Thanks Rui. Turning to slide 2. I am going to review the 3Q financial and operational highlights. During the quarter, the Company recorded a net income of $5.2 million or $0.03 per share, which include a $9.6 million non-cash accounting charge that will write down on the investment in an associated company to its current share price. Adjusted net income was a $14.9 million, or $0.09 per share. For the quarter ended December 31, 2011 (inaudible) is the same quarter last year. The company reported net income of $20 million or $0.12 per share. And compared to net income of $9.5 million in the second quarter of fiscal 2013, which is the last quarter. The adjusted net income in the current quarter increased by $5.4 million or 56%. As a result of more matters being produced. Moving to slide 3, for the nine months ended December 31, 2012 the company recorded net income of $20.9 million or $0.12 per share. The adjusted net income was $13.5 million or $0.18 per share compared to a $64.1 million or $0.37 per share in the same nine months period last year. Slide 4, in the third quarter of fiscal 2013, cash flow from operations was $27.8 million or $0.16 per share compared to $31.6 million or $0.18 per share in the third quarter of fiscal 2012. After paying dividends of $4.3 million and a capital expenditure of $24.6 million. The company ended quarter with $130 million in cash and a short-term investment and no debt. Slide five, for the nine-month period ended December 31, 2012, cash flow from operations was $71 million or $0.41 per share, compared to $100 million or $0.58 per share in the same nine months period last year. Turning to slide six, sales for this quarter was $58.7 million…

Thank you, Maria. As announced, I’ll provide an update on recent development activities at three of our main project and also outline our projection for our fiscal 2014. Now turning to slide 11, I think SLZ, our main producing asset in the Ying Mining District, there are two main [transition involved] companies. The first one, a reduction of cut-off grade for the Ying Mining District following the recommendation by that 2012 Technical Report, and as a result, we were switched from more re-suing mining method to feature more shrinkage method. And as a result of that, the reduction of cut-off grade, the company began to gradually reduce the use of re-suing mining method and increase the use of the shrinkage mining method and now that it’s change to reduce to head grade because if you pull, we don’t produce a great amount of metal a year and now we have to produce almost 90,000 ounces a year. But there are lot of the blank, planning on the ores on given districts. The returning volume has – it now has a high efficiency and shouldn’t be the matter through to the long term will be more beneficial. Let’s make one main transition and we’ve been doing this almost three months now and over next couple of quarter or two, we will gradually reduce the mining down to less than 10%. Next slide, please. So moving to slide 12, because of these more shrinkage in the mining method and in the low column grade, there are a lot of ore body, we used to be able to identify with our video identification, that never came out because there are a lot of silver in addition which we don’t have much lead, zinc, so far linear. And so the one thing that I…

Operator, we’d like to now open the call up for questions please.

Thank you, Mr. Hackshaw. (Operator Instructions) There are no questions registered on the telephone lines at this time, I’d now like to turn the meeting back (Operator Instructions). There are no questions registered at this time, I’d like to turn the meeting back over to Mr. Hackshaw.

Thank you operator, to wrap up, I’d like to thank again for joining us for today’s conference call. We look forward to speaking with you again when we report our results for the fourth quarter and year-end of fiscal 2013 later on this year. Thank you and good bye.

Thank you.

Thank you, the conference call has now ended. Please disconnect your lines at this time, thank you for your participation.