SYI

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.


Silvermet Inc. ("Silvermet" or the "Company") (TSX VENTURE:SYI) is pleased to
announce the release of its financial and operating results for 2011 Q1.




Highlights                                                                  

--  Operations are cash flow positive and profitable in 2001 Q1 
--  Production increased by 43% to 3,144 DMT (Dry Metric Tonnes zinc
    concentrate containing 68% zinc on average) from 2,195 DMT in Q1 2010
    despite a 15 day planned shutdown in March for maintenance. 
--  Sales volumes increased by 6% to 3,626 DMT in Q1 2011 from 3,434 DMT in
    Q1 2010. (Q1 2010 sales included 1,581 DMT that had been shipped to port
    in Q3 2009 but were not accounted for as sales until Q1 2010.) 
--  Revenues increased by 14% to $5.0 million (at 100%) in Q1 2011
    (Silvermet's share - $2.4 million) from $4.3 million in Q1 2010. 
--  Monthly production increased by 43% from 731 DMT per month in Q1 2010 to
    1,048 DMT per month in Q1 2011. 
--  Repaid the C $500,000 convertible debenture financing in February 2011. 

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                                     For the three months ended March 31,   
                                          2011            2011         2010 
                                          100%    proportional         100% 
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Gross sales revenues               $ 4,963,404  $    2,432,068  $ 4,345,210 
                                                                            
Direct operating costs               2,311,754       1,084,387    2,512,673 
Treatment & transportation           1,366,470         669,570    1,522,362 
General and administration             137,671         137,671      212,303 
                                                                            
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EBITDA(1)                          $ 1,147,508  $      540,440  $    97,872 
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Interest and financing                                  38,403       15,797 
Amortization - Turkey                                   65,063      110,287 
Amortization - Canada                                      991        2,370 
Investment & other (gain) loss                         (72,081)      (3,241)
Foreign exchange loss                                   11,859       50,982 
Stock option expense                                    27,357       14,687 
Accretion of liabilities                               135,715       65,672 
Income tax                                             120,772            - 
Future income tax expense                                                   
 (recovery)                                            (31,340)           - 
Non-controlling interest in net                                             
 income of consolidated affiliates                           -       92,054 
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Net income (loss) available to                                              
 common shareholders                            $      243,701  $  (250,736)
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  (1) EBITDA is a non-GAAP measure, does not have a standardized meaning    
  prescribed by GAAP and may not be comparable to similar terms and measures
  presented by other issuers. EBITDA comprises net income (loss) before     
  income taxes, interest and financing expense (including accretion of      
  liabilities), amortization expense, gain on dilution, non-controlling     
  interest and stock option expense. The Company believes it is appropriate 
  to exclude stock option expense, gain on dilution and non- controlling    
  interest from EBITDA as a measure of operating performance that excludes  
  non-recurring items.                                                      



"Results of the first quarter reflect a continuation of the production stability
that was achieved at the Turkish operation, beginning in Q3 2010. Our engineers
continue to improve throughput and efficiency of the Waelz kiln, with a view of
achieving a higher grade zinc content and increased throughput." said Stephen G.
Roman, Silvermet's Chairman, President and CEO. "We are now aggressively seeking
a suitable location for construction of a new state of the art facility to
address the EAFD processing capacity deficiency in Turkey."


About Silvermet:

Silvermet's principal business activity is the recycling of electric arc furnace
dust ("EAFD") obtained from steel companies through a Waelz kiln to recover zinc
concentrates that are then sold to zinc smelters throughout the world. The
Company owns 49% of a joint venture, Befesa Silvermet Turkey S.L. ("BST"), which
operates a Waelz kiln facility located in Iskenderun, Turkey.


Caution concerning forward-looking statements: The information in this release
may contain forward-looking information under applicable securities laws. This
forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause actual results to differ materially from those
implied by the forward-looking information. Factors that may cause actual
results to vary include, but are not limited to, inaccurate assumptions
concerning the exploration for and development of mineral deposits, political
instability, currency fluctuations, unanticipated operational or technical
difficulties, changes in laws or regulations, the risks of obtaining necessary
licenses and permits, changes in general economic conditions or conditions in
the financial markets and the inability to raised additional financing. Readers
are cautioned not to place undue reliance on this forward-looking information.
The Company does not assume the obligation to revise or update this
forward-looking information after the date of this release or to revise such
information to reflect the occurrence of future unanticipated events except as
may be required under applicable securities laws. The TSX Venture Exchange does
not accept responsibility for the adequacy or accuracy of this release.

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