Scorpio Mining Announces High-Grade Results from San Rafael Drilling;
Six Rigs Operating on Multiple Projects
Toronto, November 7, 2011 - Scorpio Mining Corporation (TSX: SPM)
("Scorpio" or the "Corporation") is pleased to report that
a total of six diamond drills are currently active on the Corporation's
projects in the Cosal� District, Sinaloa and Parral District, Chihuahua. In Cosal�
District, two drills are active at each of Nuestra
Senora and San Rafael deposits; while one drill is active at the La Verde Mine.
The sixth rig has commenced drilling at the La Revancha
project, Parral District.
Drilling at the San Rafael silver-lead-zinc-copper-gold deposit has focused
thus far on defining proposed open pit boundaries of the Main Zone and in-fill drilling
of widely-spaced intersections from prior drilling campaigns. The Corporation
expects these drill results to add to the existing resource base as well as
increase overall grade estimations. Completion of the current program is
expected early in the first quarter of 2012. Table 1 summarizes the results of
holes intersecting strong mineralization. A drill hole location map is
available at www.scorpiomining.com/i/maps/pr/SanRafael-DHplan.pdf.
Table 1. San Rafael Deposit - Highlights of
2011 Definition/Infill and Step-Out Drilling
|
Hole #
|
Azm
(deg)
|
Incl
(deg)
|
From
(m)
|
To
(m)
|
Width
(m)
|
Ag
(g/t)
|
Zn
(%)
|
Pb
(%)
|
Cu
(%)
|
Au
(g/t)
|
|
SR231
|
60
|
-77
|
46.6
|
59.2
|
12.6
|
68
|
4.98
|
2.64
|
0.010
|
0.102
|
|
SR233
|
60
|
-75
|
41.3
|
51.9
|
10.6
|
62
|
4.46
|
2.29
|
0.009
|
0.095
|
|
Including
|
|
|
41.3
|
41.65
|
0.35
|
434
|
15.85
|
17.25
|
0.03
|
1.015
|
|
SR235
|
240
|
-75
|
23.35
|
28.9
|
5.55
|
51
|
3.74
|
1.59
|
0.011
|
0.235
|
|
|
|
|
52.9
|
55.4
|
2.5
|
50
|
3.17
|
1.63
|
0.005
|
0.150
|
|
SR236
|
0
|
-90
|
42.7
|
53.25
|
10.55
|
80
|
5.94
|
2.68
|
0.013
|
0.256
|
|
SR237
|
60
|
-45
|
74.9
|
79.5
|
4.6
|
141
|
8.61
|
4.08
|
0.012
|
0.253
|
|
SR238
|
60
|
-68
|
74.1
|
78.55
|
4.45
|
81
|
2.96
|
2.18
|
0.008
|
0.183
|
|
SR240
|
60
|
-50
|
66
|
73.8
|
7.8
|
65
|
3.38
|
2.08
|
0.015
|
0.230
|
|
SR241
|
60
|
-68
|
59.7
|
65.8
|
6.1
|
54
|
5.08
|
1.43
|
0.013
|
0.105
|
|
SR246
|
60
|
-79
|
162
|
173.2
|
11.2
|
88
|
5.58
|
3.18
|
0.021
|
0.042
|
|
Including
|
|
|
162
|
167.3
|
5.3
|
144
|
8.60
|
5.13
|
0.029
|
0.037
|
|
SR247
|
0
|
-90
|
60.1
|
72.55
|
12.45
|
80
|
5.26
|
3.06
|
0.017
|
pending
|
|
Including
|
|
|
65.5
|
69.1
|
3.6
|
149
|
8.66
|
5.62
|
0.024
|
pending
|
|
SR248
|
60
|
-51
|
27
|
33.8
|
6.8
|
133
|
7.54
|
5.03
|
0.020
|
pending
|
|
SR249
|
60
|
-66
|
10.2
|
18
|
7.8
|
209
|
17.46
|
7.62
|
0.022
|
pending
|
|
Including
|
|
|
11.85
|
16.5
|
4.65
|
303
|
27.14
|
11.02
|
0.028
|
pending
|
|
SR250
|
60
|
-45
|
49.55
|
55
|
5.45
|
129
|
9.17
|
4.52
|
0.026
|
pending
|
|
SR252
|
60
|
-68
|
44
|
66.5
|
22.5
|
86
|
6.27
|
2.88
|
0.020
|
pending
|
Exploration drilling at Nuestra Senora has discovered
alteration and mineralization visually similar to the Candelaria
Deposit, approximately 80 metres down dip from
current workings. Drilling is currently targeting extensions to connect the
mineralization; assays are pending.
Approximately 3,000 metres of underground drilling is
targeting extensions of known mineralization at the La Verde silver-copper mine
in preparation for a mineral resource estimate. Drilling is expected to finish
early in the first quarter of 2012. The La Verde Mine historically produced a
reported 1.5 million tonnes of ore at grades ranging
105-180 g/t Ag and 0.53-0.65% Cu. The mine is currently undergoing
refurbishment to improve safety and production efficiency.
In the Parral District, drilling has commenced on the
La Revancha silver deposit as part of a 7,000 metre drill program that will also include drilling on the Tepozan silver-gold vein system. Drilling at La Revancha will expand oxide mineralization currently traced by drilling over a distance of 300 metres
and test for higher-grade sulphide mineralization
more commonly exploited in the Parral district. At Tepoz�n, drilling will test a previously undrilled 1.3 kilometre long quartz vein system believed to be related to
mineralization in the Parral District. The
Corporation believes that mineralization encountered at La Revancha
and Tepozan are high- level expressions of high-grade
sulphide mineralization currently being mined in the
District, such as Grupo Mexico's Santa Barbara Mine
and Minera Frisco's San Francisco del Oro Mine. The
drill program is expected to continue through the first quarter 2012.
Scorpio Mining's President and CEO, Parviz Farsangi, MEng, MBA, PhD, PEng, is a Qualified Person for the Corporation's Mexico
projects and has reviewed the content of this release. Drill hole
data in Table 1 reflects down hole core lengths and actual (uncut) grades; true
widths cannot be reliably estimated at this time. All technical information for
the Corporation's Mexico projects is obtained and reported under a formal
quality assurance and quality control (QA/QC) program. Samples are shipped to
the ALS Chemex preparation laboratory in Hermosillo,
Mexico for drying, crushing and pulverizing. ALS Chemex,
Hermosillo then sends the pulps for assaying to ALS Chemex,
Vancouver, an ISO 9001:2000 accredited facility. Details of the QA/QC program
are available on the Company's website at: www.scorpiomining.com.
About Us
Scorpio Mining Corporation is a silver producer operating in Mexico with
significant base metal by-product credits. The 100%-owned Nuestra
Senora Mine and plant located in the Cosal� district
of Sinaloa State, Mexico, has proven to be a low-cost operation with the
benefit of flexible mining methods and diversified metal production. It boasts
a fully mechanized underground operation and a processing facility built for
expansion to 4,000 tonnes per day. The plant produces
zinc, copper and lead concentrates; with a significant silver component in the
copper and lead concentrates. In addition, the company has over 40 exploration
targets mostly in the vicinity of its current operations. The Corporation also
holds a 100% interest in the prospective La Revancha
silver and Tepoz�n silver-gold projects in the Parral District of Chihuahua State, Mexico.The
Corporation's strategy focuses on exploring and developing its existing mineral
properties.
ON BEHALF OF SCORPIO MINING CORPORATION
Parviz Farsangi
President & CEO
For further information contact:
Victoria Vargas, Vice President Investor Relations and Corporate Communications
+1 416-585-2200
Email: vvargas@scorpiomining.com
Rich Kaiser, YES International: 1-800-631-8127; 001-757-306-6090 (outside North
America)
Email: rkaiser@scorpiomining.com
Website: www.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 and forecasts, 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 and
La Verde projects, 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 30, 2011. 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.
Copyright �
2011 SCORPIO MINING CORPORATION (TSX: SPM) All rights reserved. For more
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