Silvercorp Metals Inc. (NYSE: SVM) shares dropped more than 5% in today’s trade. The Vancouver, Canada-based company is engaged in the acquisition, exploration, development and mining of high-grade silver-related properties in China and Canada, last week reported record silver production and sales of the first quarter of fiscal 2012.
Silvercorp reported record revenue of $69.7 million, representing an increase of 90% over the same period in the previous fiscal year. The company reported record silver production of 1.6 million ounces for the first quarter of fiscal 2012, representing an increase of 15% over the same period in the previous year. The company’s gold production for the quarter was 1,390 ounces, representing an increase of 30% over the same period in the previous year.
Read more: http://www.beaconequity.com/silver-sale-3-precious-metal-stocks-on-the-down-2011-07-19/#ixzz1SauTIYAq
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