Feb 23, 2010
Scorpio Boosts Q4 2009 Metal Output and Presents Overview of First Year of Commercial Production
Vancouver, February 23, 2010 - Scorpio Mining Corporation (TSX: SPM) is pleased to present an overview of its first year in commercial production and report that it has set another record for metal production in the fourth quarter ended December 31, 2009 ("Q4").
Peter J. Hawley, Chairman, CEO comments, "The fourth quarter mine production and mill throughput is another record quarterly performance for the Company since we declared commercial production at the Nuestra Señora mine in January 2009. The Company continues to ramp up operations for 2010 with the Q1 2010 mill throughput scheduled for 30,000 tonnes per month. It has been a great first year with the team, mine and mill facility out-performing all targets set for each quarter. As the Platte River Gold acquisition nears completion, the Company continues to look forward to increased production and a planned mill expansion for 2010."
Fourth Quarter 2009 Highlights:
(1) Cash operating cost is a non-GAAP performance measure; please see "Non-GAAP Performance Measures" on page 12 of the Company's Q3 MD&A for a discussion of how this non-GAAP measure varies from GAAP amounts.
Further information is available on the Company's web site at: www.scorpiomining.com.
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: [email protected]
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 increasing mill throughput and metal production, completing pending acquisitions 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 development and operation 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, 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 27, 2009. 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 herein, except as required by applicable securities laws.