Jan 21, 2011
Scorpio Mining Announces Appointment and Resignation of Director
Toronto, January 21, 2011 -- Scorpio Mining Corporation (TSX:SPM) ("Scorpio Mining" or the "Corporation") announced today that Jonathan Berg has been appointed to the Corporation's Board of Directors (the "Board"), effective January 20, 2011. Mr. Berg replaces Roger Scammell who resigned from the Board, effective on the same date.
Mr. Berg has more than 35 years' experience in finance and investments. Most recently, he was VP Finance of PeriCor Therapeutics, Inc., a small bio-pharmaceutical start-up, where he was responsible for the various medical support and business activities of the company; during that same time period, he was also the non-executive Chairman of Colombia Goldfields, Ltd. Formerly, Mr. Berg was President, CIO, and founder of Berg Capital Corporation, a registered investment advisor, based in NYC. He has been involved with the start up of several companies, acting as a consultant on finance and corporate structure; he has assisted in the funding of early stage companies in the fields of energy, technology, healthcare, and consumer electronics. Prior to Berg Capital, he held positions as VP/ Portfolio Manager with Oppenheimer Capital Corporation, and Standard & Poor's InterCapital. He holds a B.S. from the University of California, Berkeley, and an MBA from the Wharton School of Finance at the University of Pennsylvania.
Mr. Scammell has been a Board member since May 2005. Mr. Scammell has contributed to the development of the Corporation over the past several years, culminating in the emergence of Scorpio Mining as a sustainable producing mining company with new leadership and with an exciting growth strategy.
As previously announced, Peter Hawley assumed the role of non-executive Chairman effective January 1, 2011. Mr. Hawley added, "We are very pleased to welcome Mr. Berg to the Board. In addition, we thank Roger for his hard work, support and contributions developing Scorpio Mining to what it is today and wish him the best in his future endeavours."
The Corporation also announced today that Parviz Farsangi, the Corporation's Chief Executive Officer, has been appointed as President and Chief Executive Officer and will continue to lead the Corporation with this new title.
ON BEHALF OF SCORPIO MINING CORPORATION
President & CEO
For further information contact:
Rich Kaiser, YES International: 1-800-631-8127; 001-757-306-6090 (outside North America)