| | Published : October 18th, 2011 | Reports Third Quarter Production Results |
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News - Tuesday, October 18, 2011 Scorpio Mining Reports Third Quarter Production Results
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Toronto, October 18, 2011 - Scorpio Mining Corporation (TSX:SPM) ("Scorpio Mining" or the "Corporation") reports that production in the third quarter ended September 30, 2011 ("Q3 2011") from the Nuestra Se�ora operation totalled 604,975 silver equivalent ounces*, representing a 13% increase over Q3 2010.
Third Quarter 2011 Production Highlights:
|
Quarter Ended September 30, 2011 |
Quarter Ended September 30, 2011 |
% Change |
Total plant throughput (tonnes) |
126,975 |
106,636 |
19% |
Total silver ounces produced |
308,211 |
252,450 |
22% |
Total pounds zinc produced |
4,028,925 |
3,628,163 |
11% |
Total pounds copper produced |
451,017 |
385,082 |
17% |
Total pounds lead produced |
1,410,286 |
1,767,900 |
-20% |
Total silver equivalent ounces* produced |
604,975 |
537,698 |
13% | * For comparative purposes the metal prices used to calculate silver equivalent ounces recovered are based upon the following: lead at US$1.02 per lb.; zinc at US$1.01 per lb.; copper at US$3.58 per lb. and silver at US$24 per oz.
At the end of Q3 2011, year-to-date zinc and silver production were 10% and 1% ahead of forecast respectively, whereas the lower value credit metals, lead and copper, were 20% and 34% behind forecast respectively. While realized silver and zinc grades are in line with geological models, copper and lead grades have been lower than expected. As a result, it is anticipated that silver and zinc production for 2011 will meet forecast, whereas copper and lead will be lower than forecast. Scorpio Mining is evaluating contingencies to reduce the deficit of lead and copper; however, the overall objective of the Corporation is to maximize silver production.
During Q3 2011, continued problems with mobile mining equipment disrupted production from higher grade mining areas; however, the operation was able to maintain a high processing rate with the introduction of profitable lower grade ore from contingent sources. The Corporation is currently advancing mining equipment purchases to replace all of its aging fleet and correct these production deficiencies in the affected areas. Most of the new equipment will be available in 2012, until which time the Corporation will use outside resources as required to mitigate the impact of unreliable equipment.
Other Developments:
During the quarter, the Corporation conducted production-scale processing tests of ore from the La Verde Mine through the Nuestra Se�ora plant and commenced the latest phase of in-fill drilling at the San Rafael deposit. The extraction and processing of ore from the Candelaria Mine is also underway with the best mining method under evaluation.
The Corporation has retained Mine Development Associates of Reno, Nevada to update mineral reserve and resource estimates for the San Rafael, El Caj�n, La Verde and Nuestra Se�ora deposits. Golder Associates has been retained to perform geomechanical aspects of Cosal� Norte feasibility study and discussions are ongoing with several other engineering companies interested in participating in the feasibility study and the Nuestra Se�ora plant expansion project.
Scorpio Mining has further strengthened its management team in Mexico with the recent addition of Marcos Hernandez, B.S. (Metallurgical Engineering), M.S. (Minerals Processing), as Process Manager. Mr Hernandez has a wealth of processing experience in the Mexican mining industry in technical, operational and managerial roles, having worked at several operations for Pe�oles Mexico, Mexichem Fluor and Farrallon Minera Mexicana.
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.
ON BEHALF OF SCORPIO MINING CORPORATION
Parviz Farsangi President & CEO
For further information contact: 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 information visit our website at http://scorpio.pubco.net/ or send email to scorpio@scorpiomining.com .. To Unsubscribe from this email list, please click on the link below: http://www.scorpiomining.coms/Contact.asp?ReportID=437771
Data and Statistics for these countries : Mexico | All Gold and Silver Prices for these countries : Mexico | All
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Scorpio Mining Corporation
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PRODUCER |
CODE : SPM.TO |
ISIN : CA80917V1058 |
CUSIP : 80917V |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Scorpio Mining is a silver and zinc development stage company based in Canada. Scorpio Mining produces silver, zinc, copper, gold and lead in Mexico, and holds various exploration projects in Mexico. Its main asset in production is NUESTRA SENORA in Mexico and its main exploration properties are SAN RAFAEL - MAIN & UPPER ZONE, SAN RAFAEL - 120 ZONE, EL CAJON DEPOSIT, LA VERDE SINALOA, COSALA DISTRICT and LA REVANCHA in Mexico. Scorpio Mining is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 27.8 millions as of today (US$ 20.0 millions, € 17.9 millions). Its stock quote reached its highest recent level on April 16, 2004 at CA$ 4.00, and its lowest recent point on February 05, 2016 at CA$ 0.06. Scorpio Mining has 347 230 016 shares outstanding. |
Annual reports of Scorpio Mining Corporation |
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Nominations of Scorpio Mining Corporation |
Financials of Scorpio Mining Corporation |
Project news of Scorpio Mining Corporation |
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4/4/2013 | Announces 2013 Exploration Program |
1/18/2013 | Reports Q4 Operating Results and 2012 Production for Nuestra... |
10/9/2012 | Deepens Hole EC-109 at New El Caj=F3n La Emma Zone and Inter... |
10/1/2012 | Announces Increased Mineral Resources and Contained Metals a... |
9/24/2012 | Announces Increase in Resource Estimate for El Caj=F3n |
1/30/2012 | (Nuestra Senora)Advances Expansion Planning to Increase Production Capacity ... |
1/27/2012 | Reports Record 2011 Production Results and2012 Guidance for ... |
6/27/2011 | (Nuestra Senora)to Advance Feasibility Study of an Additional Plant and Plan... |
3/17/2011 | (Cosala District)Acquires Additional Mineral Concessions inCosal=E1 District ... |
3/13/2011 | (Nuestra Senora)Reports Nuestra Senora Mineral Reserve of 2.764 Mt @287 AgEq... |
5/6/2010 | (Nuestra Senora)Drilling Reports 42.4 metres grading 198.03 g/t Silver, 1.37... |
11/5/2009 | (San Rafael - Main & Upper Zone)Reports Drill Highlights of Platte River Gold=E2??s La Verde... |
2/26/2009 | (Nuestra Senora)Reports on Drilling of the Main Zone from the 9th Level |
11/6/2008 | Drilling of the North West Main Zone from the 10th Level Co... |
11/4/2008 | (Nuestra Senora)Provides October Operations Update on Nuestra Senora Mine, M... |
9/6/2008 | (Nuestra Senora)?s Drilling of the North West Main Zone Intersects 13,671 g/... |
9/3/2008 | (Nuestra Senora)Provides Operations Update on Nuestra Senora Project, Mexico |
7/3/2008 | (Nuestra Senora)Drilling on 9th Level of the Main Zone Reports 5.80 metres g... |
6/16/2008 | (Nuestra Senora)Mexican Subsidiary Enters Into Agency Agreement for Marketin... |
5/13/2008 | (Nuestra Senora)Receives New Resource Estimate |
5/5/2008 | (Nuestra Senora)Drilling of the Main Zone from the 8th Level of the Nuestra ... |
4/24/2008 | (Nuestra Senora) Commences Production Mining at the Nuestra Senora Project, ... |
4/11/2008 | (Nuestra Senora)Discovers Another New Zone Reporting 11.50 metres grading 16... |
3/31/2008 | (Nuestra Senora)Receives Mill Facility Construction Completion Certificate A... |
3/18/2008 | (Nuestra Senora)Santa Teresa Extension Continues to Produce High-Grade Resul... |
3/12/2008 | (Nuestra Senora)Nuestra Senora Main Zone Increases In Size With Underground ... |
2/28/2008 | (Nuestra Senora)Santa Teresa Deposit Continues to Deliver with Underground D... |
2/26/2008 | (Nuestra Senora) Reports on Mineralized Stockpile for Initial Mill Throughpu... |
2/14/2008 | (Nuestra Senora) Provides Nuestra Senora Project Update, Sinaloa State, Mexi... |
1/16/2008 | (Nuestra Senora)Underground Drilling of Santa Teresa Deposit Reports 32.8 me... |
11/2/2007 | (Nuestra Senora)Deep Drilling of Nuestra Senora Deposit From 11th level Hits... |
10/2/2007 | Reports High-Grade Intercept of 1,158 g/t Ag, 29.95% Zn, 4.2... |
9/25/2007 | (Nuestra Senora)Scorpio's Underground Drilling of Sept 9 Zone Hits 1,483 g/t... |
9/19/2007 | (Nuestra Senora)Underground Drilling of Nuestra Señora Deposit Hits 21 metr... |
8/30/2007 | (Nuestra Senora)Mexico Team Fully Staffed and Ready for Production |
8/20/2007 | (Nuestra Senora)Scorpio's Underground Drilling from the 9th Level of Nuestra... |
8/13/2007 | (Nuestra Senora)Scorpio's Underground Drilling of Nuestra Senora Deposit Hi... |
8/8/2007 | (Nuestra Senora) Provides Nuestra Senora Project Update, Sinaloa State, Mexi... |
7/30/2007 | (Nuestra Senora)First Ever Surface Drilling of Santo Domingo Satellite Depos... |
7/10/2007 | (Nuestra Senora)8 Level Underground Drilling of Nuestra Señora Deposit Repor... |
6/14/2007 | AMENDED: Scorpio Receives Positive Results from the Pre-Feas... |
6/13/2007 | (Nuestra Senora)Receives Positive Results from the Pre-Feasibility Study on ... |
6/8/2007 | (Nuestra Senora)2007 Technical report |
4/23/2007 | (Nuestra Senora)Drilling of Nuestra Señora Main Zone Reports 4.4 metres grad... |
3/26/2007 | (Nuestra Senora)Drilling of Nuestra Senora Zone Hits 11 Mineralized Intercep... |
3/19/2007 | (Nuestra Senora)Drilling of Nuestra Senora Zone Hits 8 Mineralized Intercept... |
2/21/2007 | (Nuestra Senora)Receives Metallurgical Test Work and Moves Forward |
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Corporate news of Scorpio Mining Corporation |
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