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Scorpio Appoints New Director To The Board
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Vancouver, January 30, 2008 - Scorpio Mining Corporation (TSX:SPM) is
pleased to announce that Mr. Neil S. Seldon has accepted a position on
the Board of Scorpio Mining Corporation. Mr. Seldon's appointment is
effective as of January 22, 2008.
Mr. Seldon is currently President of Neil S. Seldon & Associates Ltd.
(NSA) and is Chairman of Bloomsbury Minerals Economics Ltd. (BME),
London, England.
Mr. Seldon is a graduate of the Royal School of Mines in London and
began his career working with metal merchants in London, including time
with a ring-dealer on the London Metal Exchange.
As Chairman of BME, an independent research company, based in London
with presence in Vancouver, Frankfurt and Santiago, Mr. Seldon focuses
on copper market analysis, modeling of "fair value" prices based on
market fundamentals, exchange and interest rates for aluminium, nickel,
zinc, lead, tin and gold.
In his work as President for NSA he has acted as consultant and advisor
in the marketing of non-ferrous concentrates to clients around the
world. This includes negotiation of sales contracts for copper, zinc
and lead concentrates and other minerals and metals, development of
sales and marketing strategies, hedging of metal prices on terminal
markets and development of policies and procedures for marketing raw
materials procurement, shipping, sales contracts and pricing, input
into due diligence on marketing for mining company projects worldwide
and co-operation with engineering groups and financial institutes for
marketing input. NSA has provided advice and services to around fifty
companies and organisations worldwide.
Peter J. Hawley, Chairman, CEO reports, "The addition of Neil to the
Board at this point in time as we approach production at Nuestra Senora
and are involved in negotiating off-take agreements and terms, further
strengthens Scorpio's expertise in the areas of corporate structure,
strategy, marketing of metals and finance. His experience and
association with smelters and up to date knowledge of metal terms
worldwide will greatly facilitate the Company's strategy for continued
growth and share value appreciation as a producer".
The Company has granted Mr. Seldon stock options to purchase up to
200,000 common shares, pursuant to the Company's stock option plan, at
an exercise price of $1.18 per share (based on the closing market share
price on January 21, 2008). The Company also wishes to announce that
its Board of Directors has granted an additional 1,775,000 incentive
stock options at the same price to directors, officers and employees of
the Company, subject to regulatory approvals.
ON BEHALF OF SCORPIO MINING CORPORATION
Peter J. Hawley
Chairman & CEO
For further information contact:
Glenn Little, Jackson Little Holdings Ltd: 604-930-4375; 1-888-930-4375
Email: jlconsulting@telus.net
Rich Kaiser, YES International: 1-800-631-8127; 001-757-306-6090
(outside North America)
Email: yes@yesinternational.com
This news release includes certain statements that may be deemed
"forward-looking statements". All statements in this news release,
other than statements of historical facts, that address future
exploration drilling, exploration activities and events or developments
that the Company expects, are forward looking statements. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may
differ materially from those in forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include metal prices, exploration success,
continued availability of capital and financing, and general economic,
market or business conditions.
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Copyright (c) 2008 SCORPIO MINING CORPORATION (SPM) All rights
reserved. For more information visit our website at
http://www.scorpiomining.com/ or send mailto:scorpio@scorpiomining.com
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