Mar 18, 2013
Scorpio Mining Reports Fourth Quarter and Year-End Financial Results for 2012
Toronto, March 18, 2013 - Scorpio Mining Corporation (TSX: SPM) ("Scorpio Mining" or the "Corporation") reports its financial and operating results for the year and fourth quarter ("Q4") ended December 31, 2012. This press release should be read in conjunction with the Corporation's audited Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2012, available on the Corporation's website at www.scorpiomining.com and on SEDAR at www.sedar.com. All monetary figures are expressed in Canadian dollars unless otherwise specified.
HIGHLIGHTS FOR THE YEAR AND THREE MONTHS ENDED DECEMBER 31, 2012
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FOURTH QUARTER 2012 HIGHLIGHTS
(1) This is a non-IFRS performance measure; see Non-IFRS Performance Measures section.
(2) Silver equivalent ounces were calculated using the following metal prices: silver US$24/oz.; zinc US$0.90/lb.; copper US$3.50/ lb.; and lead US$0.90/ lb.
OUTLOOK FOR 2013
Scorpio Mining Corporation is a silver producer operating in Mexico with significant base metal by-product credits. The 100% owned Nuestra Señora Mine in the Cosalá District of Sinaloa State, Mexico, has flexible mining methods and diversified metal production. It has a fully mechanized underground operation and a processing facility with capacity for expansion to 4,000 tonnes per day. The plant produces zinc, copper and lead concentrates, with a significant silver component in the copper and lead concentrates. In addition, the Corporation has numerous exploration targets in the vicinity of its current operations and has recently updated its NI 43-101 compliant mineral resource estimates for the San Rafael and El Cajón development projects. The El Cajón deposit is scheduled for mine development upon receipt of permitting. Scorpio Mining also holds a 100% interest in the advanced, high-grade La Revancha silver and Tepozán silver-gold projects, both located in the productive Parral District within the respective states of Chihuahua and Durango, Mexico. The Company's strategy for near-term growth is currently focused on development and production of the El Cajón deposit.
Scorpio Mining's Interim President and CEO, Peter J. Hawley P. Geo., is a Qualified Person for the Corporation's Mexico projects and has reviewed and approved the content of this release.
ON BEHALF OF SCORPIO MINING CORPORATION
Peter J. Hawley
Interim President & CEO
For further information contact:
Victoria Vargas, Vice President Investor Relations and Corporate Communications +1 416-585-2200
Email: [email protected]
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 the Company's operations, exploration and development plans, expansion 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 Company'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 14, 2013. 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.