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December 26, 2012
05:13 EDTSVMSilvercorp Metals changes auditors to Deloitte & Touche from Ernst & Young
Silvercorp Metals announced that it has changed its auditors from Ernst & Young to Deloitte & Touche, on November 27. Ernst & Young was re-appointed as the company's auditors at the company's most recent annual general meeting held on September 28. Upon Ernst & Young's submission of their fee budget, which was increased substantially, for the audits of the company's financial statements for the fiscal year ending March 31, 2013, the Audit Committee then undertook an audit tender process and four proposals were received. As a result of this tender process Deloitte & Touche has been appointed auditors of the company for the year ending March 31, 2013. There were no reservations or modified opinions in Ernst & Young's audit reports for the fiscal years ended March 31, 2012 and 2011 or any subsequent period, and there are no reportable events, as such term is defined in National Instrument 51-102, between the company and Ernst & Young. The Company will be filing the required reporting package on SEDAR in accordance with National Instrument 51-102.
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