Apr 01, 2011
Scorpio Announces Fourth Quarter and Year-End Financial Results for 2010
Toronto, April 1, 2011 - Scorpio Mining Corporation (TSX: SPM) ("Scorpio" or the "Corporation") is pleased to announce its financial and operating results for the fourth quarter ("Q4") and the year ended December 31, 2010.
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Parviz Farsangi, President and Chief Executive Officer comments, "We are very pleased with our 2010 financial results, in particular with the fourth quarter which forms the basis for an improved 2011 forecast. In 2011, the Corporation aims to produce nearly 50% more silver equivalent ounces than in 2010 and also carry out an aggressive exploration program. We believe these results place the Corporation among the best performing silver producers with significant base metal by-product credits in Mexico. I thank our team for its focus and commitment and for setting the stage for our next level of success, including plant expansion."
Highlights for the Year and Fourth Quarter Ended December 31, 2010, and Subsequent Events:
This press release should be read in conjunction with the Corporation's audited consolidated financial statements for the years ended December 31, 2010 and 2009 and the Corporation's management's discussion and analysis of the financial condition and results of operations of the Corporation for the year ended December 31, 2010, which are available on the Corporation's website at www.scorpiomining.com and on SEDAR at www.sedar.com.
Further information is available on the Corporation's website at: www.scorpiomining.com. Scorpio Mining's Mexico Country Manager, John A. Sadek, B.Eng. (Mining), MAusIMM, is a Qualified Person for the Corporation's Mexico projects and has reviewed the content of this release.
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)
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 the Corporation's operations, plans, estimates, expectations, forecasts, objectives, predictions and projections of the future. 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 Corporation's projects in Mexico, 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 29, 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.