Scorpio Announces Further Corporate Update
Toronto, December 15, 2010 � Scorpio Mining Corporation (TSX:SPM)
("Scorpio Mining" or the "Corporation") is pleased to
provide an update on the Corporation�s operations and affairs.
Update From CEO
On November 15, 2010, the Corporation continued its planned leadership
transition when Parviz Farsangi took over as Chief Executive Officer and Peter
J. Hawley retired from this position and will assume the role of non-executive
Chairman effective January 1, 2011. After one month in his position as CEO, Mr.
Farsangi is pleased to provide an update on the status of the Corporation�s
operations and affairs.
Mr Farsangi reports, �I have been in this role exactly for one month and I
am very excited about the current state of the Corporation and our future
prospects. We have an exciting combination of short, medium and long-term
opportunities and the internal skills to take full advantage of our potential.
I am pleased to have assumed leadership of a compact, low cost operation in
terms of mining, processing and exploration costs. We have a producing mine and
processing plant that are operating better month after month. In addition, we
are also fortunate to be the major owner of a prime, relatively unexplored land
package, which management believes holds significant exploration promise. Our
exploration upside, diversified metal production and flexibility to employ
different mining methods all give us very exciting opportunities, now and in
the near future.�
�Previous management has done a great job getting the Corporation to its
current level. With our current team, we now intend to take the Corporation to
the next stage of success. I am very impressed with the quality, drive, and
expertise that we have within this team. Under my leadership, we plan to
continue to build on our management�s existing strength and past successes and
execute our current strategy aimed to achieve increased growth and greater
shareholder value.�
�On behalf of the Corporation, I thank our shareholders, employees and
service providers for their past support and I look forward to sharing our
exciting future with you�.
ON BEHALF OF SCORPIO MINING CORPORATION
Parviz Farsangi
CEO & Director
For further information contact:
Rich Kaiser, YES International: 1-800-631-8127; 001-757-306-6090 (outside North
America)
Email: rkaiser@scorpiomining.com
This news release includes certain statements
that may be deemed �forward-looking statements� within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities legislation. Forward-looking statements include, but are
not limited to, statements with respect to production, objectives, strategy,
mine operations, exploration, future performance, our management team, and
plans. Generally, these forward-looking statements can be identified by the
forward-looking terminology such as �plans�, �expects� or �does not expect�,
�is expected�, �budget�, �scheduled�, �estimates�, �projects�, �intends�,
�anticipates�, or �does not anticipate�, or �believes�, or �variations of such
words and phrases or state that certain actions, events or results �may�,
�can�, �could�, �would�, �might�, or �will� be taken�, �occur� or �be
achieved�. Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of Scorpio Mining Corporation to be
materially different from those expressed or implied by such forward-looking
statements, including but not limited to: risks related to the exploration and
development and operation of the Nuestra Se�ora Project, risks related to
international operations, construction delays and cost overruns, equipment
breakdowns, the actual results of current exploration, development and
construction activities, conclusions of economic evaluations, changes in
project parameters as plans continue to be refined, future prices of silver,
zinc, copper, lead and gold, risks relating to completing acquisition transactions
as well as those factors discussed in the sections relating to risk factors of
our business filed in Scorpio Mining Corporation�s required securities filings
on SEDAR, including its Annual Information Form dated March 29, 2010. Although
Scorpio Mining Corporation has attempted to identify important factors that
could cause results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results to be
materially different from those anticipated, described, estimated, assessed or
intended.
There can be no assurance that any
forward-looking statements will prove accurate, as actual results and future
events could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Scorpio Mining Corporation does not undertake to update any
forward-looking statements that are incorporated by reference herein, except in
accordance with applicable securities laws.