SILVERCORP METALS INC.
CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2010
(Expressed in thousands of US dollars, unless otherwise stated)
Management's Responsibility for Financial Reporting
The consolidated financial statements have been prepared by management and are in accordance with Canadian
generally accepted accounting principles. A system of internal control is maintained by management to provide
reasonable assurance that assets are safeguarded and financial information is accurate and reliable.
The Board of Directors approves the financial statements and ensures that management discharges its financial
responsibilities. The Board’s review is accomplished principally through the audit committee, which is composed
of non-executive directors. The audit committee meets periodically with management and the auditors to review
financial reporting and control matters.
(Signed) Rui Feng
(Signed) Maria Tang
Chairman and Chief Executive Officer
Interim Chief Financial Officer
INDEPENDENT AUDITORS’ REPORT ON
To the Shareholders of Silvercorp Metals Inc.
We have audited the consolidated balance sheets of Silvercorp Metals Inc. (the “Company”) as at March 31,
2010 and 2009 and the consolidated statements of operations, comprehensive income (loss), cash flows and
shareholders’ equity for each of the years in the three-year period ended March 31, 2010. These financial
statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards
of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and
perform an audit to obtain reasonable assurance whether the financial statements are free of material
misstatement. An audit includes examining, on