Aug 13, 2009
Scorpio Announces Second Quarter 2009 Results
Vancouver, August 13, 2009 - Scorpio Mining Corporation (TSX: SPM) ("Scorpio" or the "Company") today reported unaudited financial and operating results for the second quarter ended June 30, 2009 and provided an update on its operations.
Peter J. Hawley, Chairman, CEO reports, "We, as a team, are very proud to report a record second quarter for commercial production with positive mine operating cash flows, positive net earnings, an increase in concentrate sales, underground production, mill throughput and silver grades and lower than budgeted Mexican cash operating costs per tonne, smelter treatment charges and underground development costs.
Since the end of second quarter, metal prices have strengthened, changes in mill blending have resulted in increased silver grades and long-term mining extraction plans have been implemented to begin mine and mill ramp-ups. For example, in the month of July, the mill throughput was in excess of 18,000 tonnes compared to approximately 15,000 tonnes per month for the second quarter. These positive factors should begin to be recognized in the third quarter resulting in increased revenues per tonne of concentrates sold. The Company has set strict mandates for 2009 to show profitability, and to date has exceeded all goals set. The Company continues to aggressively seek acquisitions of near-term, high-grade development projects and/or operating assets in Mexico."
This earnings release should be read in conjunction with the Company's MD&A, Financial Statements and Notes to Financial Statements for the corresponding period, which are available on the Company's website at www.scorpiomining.com and have been posted on SEDAR at www.sedar.com.
Second Quarter Highlights: