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Mar 19, 2009
Scorpio Provides February 2009 Update

Vancouver, March 19, 2009 - Scorpio Mining Corporation (TSX: SPM) is pleased to provide an operations update for February 2009 for the 100% owned Nuestra Senora mine, Sinaloa State, Mexico.

Peter J. Hawley, Chairman, CEO reports, "February 2009 was another productive and cost-efficient month for the Company. When compared with the budgeted costs, mill throughput rates, concentrate production and recoveries, the Scorpio team continues to outperform expectations set for 2009. Development within the mine continues on schedule in preparation for future access to mineable, low-cost, high-grade stopes. The forward thinking of the team has allowed the Company to continue to sell its concentrates offshore while the in-country Penoles smelter strike continues, thus not effecting the revenue stream. Nuestra Senora operational details for the month of February are as follows:"

February 2009 Concentrate Synopsis

Concentrate Shipped

2009 February

Contained Ag Ounces

Lead Concentrate  (tonnes)

452.65

42,101

Zinc Concentrate* (tonnes)

423.20

1,293

Cu Concentrate (tonnes)

98.25

8,797

Total

974.10 tonnes

52,191 ounces

* Zinc concentrate shipped in lots of 250 tonnes or greater.

Concentrate Inventory at Month End

2009 February

Contained Ag Ounces

Lead Concentrate (tonnes)

142

12,801

Zinc Concentrate (tonnes)

704

2,852

Cu Concentrate (tonnes)

0

0

Cu / Pb Concentrate (tonnes)

191

14,860

Total

1,037 tonnes

30,513 ounces



Concentrate Produced During the 17 Days of February

2009 February

Contained Ag Ounces

Calculated Lead Concentrate (tonnes)

269.45

27,848

Calculated Zinc Concentrate  (tonnes)

462.86

1,854

Calculated Cu Concentrate (tonnes)

66.32

5,488

Total

798.63 tonnes

35,190 ounces



Total Tonnes Mined & Milled

2009 February

2009 Budget

Tonnes Mined

9,042

5,750

Tonnes Milled

12,152

11,500

Days Milling

17

17



Average Mill Recoveries

2009
February

2009
Budget

Ag (%)

88 %

84 %

Pb (%)

84 %

79 %

Cu (%)

82 %

67 %

Zn (%)

77 %

83 %



February 2009 Update
  • Mexican cash operating costs for mining, milling and administration for February were US$36.96(1) per tonne (budgeted US$37.11 per tonne).
  • Mill throughput in February reached 12,152 tonnes (budgeted 11,500 tonnes) for the 17 days of milling, or 715 tonnes per day.
  • Recoveries at the mill increased to 84% for Pb (78.5% budgeted), 82% for Cu (66.5% budgeted), 77% for Zn (83% budgeted) and 88% for Ag (83.5% budgeted).
  • High-grade ore extracted from the mine totalled 9,042 tonnes and was mixed at a 3:2 ratio with development ore. At month end, total stockpiled ore was 48,315 tonnes including 42,877 tonnes of development ore in stockpile #1 and 5,438 tonnes of high-grade ore in stockpile #2.
  • A total of 35,190 ounces of silver were recovered for the month in addition to lead, zinc, copper credits.
  • A total of 52,191 ounces of silver were shipped/sold for the month in addition to lead, zinc, copper credits.
  • The Scorpio Mining team has balanced revenues and spending at the Nuestra Senora operation and will continue to fortify this achievement in the months ahead. As presented in its December 22, 2008 news release, the Company is reviewing metal prices related to cash flow and will be prepared to increase the mine and mill throughput by 10% and for every 10% increase in metal prices.
  • The Penoles smelter in México is currently on strike and cannot receive and smelt the Company's concentrate for the foreseeable future. As such, the Company has committed to deliver 500 wet metric tonnes ("wmt") for shipment to China by April 30, 2009 and plans to continue sending its concentrate offshore until the Penoles strike is settled. The Company will receive an advance payment of 100%(2) of the value upon delivery to the Manzanillo, Mexico loading facility and upon receiving the assay results from a sample of the concentrate for each 250-tonne lot shipped.
  • The Company has also agreed to deliver 1,500 wmt of zinc concentrate for shipment to a second smelter facility in China by the same date. The company will receive an advance payment of 100%(2) of the value upon delivery to the Manzanillo, Mexico loading facility and upon receiving the assay results from a sample of the concentrate for each 250-tonne lot shipped.
  • The Company continues to send its copper and copper/lead concentrates to Belgium with similar advance payments upon delivery to the loading facility in Manzanillo, Mexico, located 700 km by road from the mill site.

Further information is available on the Company's web site at: www.scorpiomining.com.

President, Mr. D. Roger Scammell, PGeo, is the Company's Qualified Person for the Nuestra Señora project. Mr. Scammell has reviewed the content of this release.

ON BEHALF OF SCORPIO MINING CORPORATION

Peter J. Hawley
Chairman & CEO

For further information contact:

Rich Kaiser, YES International: 1-800-631-8127; 001-757-306-6090 (outside North America)
Email: yes@yesinternational.com

(1) Cash operating costs per tonne is a non GAAP measure. The Company believes that, in addition to cost of sales, cash operating costs per tonne is a useful and complementary benchmark for performance and is well understood and widely reported in the silver mining industry. However, cash operating costs per tonne does not have a standardized meaning prescribed by Canadian GAAP. Investors are cautioned that cash operating costs per tonne should not be construed as an alternative to cost of sales determined in accordance with Canadian GAAP as an indicator of performance. The Company's method of calculating cash costs per tonne may differ from the methods used by other entities and, accordingly, the Company's cash operating costs per tonne may not be comparable to similarly titled measures used by other entities. Cash operating costs per tonne is calculated as the cost of sales adjusted for change in inventories.

(2) This is based on the company fixing the prices for lead, zinc, copper and silver prior to the payment for the concentrate being based on the assay values for the metals being determined.

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 concentrate shipments and Scorpio Mining Corporation's commitment to, and plans for developing the Nuestra Senora Project. 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 potential development and construction of the Nuestra Senora Project, risks related to international operations, construction delays and cost overruns, 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, 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 26, 2008. 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.
 

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