Apr 20, 2015
Scorpio Mining Provides First Quarter Production Update
SCORPIO MINING PROVIDES FIRST QUARTER PRODUCTION UPDATE
TORONTO, ONTARIO—April 20, 2015—Scorpio Mining Corporation (TSX: SPM)(OTCQX: SMNPF) (“Scorpio Mining” or “the Company”) today announced production for the first quarter of 2015 for its Cosalá Operations and Galena Complex. All figures in $USD unless otherwise indicated.
“Despite the integration and some difficult restructuring in Mexico, we had a very solid operational quarter as both mines performed at or above budget,” said Scorpio Mining President & CEO Darren Blasutti. “For the remainder of the year, we will stay focused on further reducing costs and improving productivity across the organization while continuing to ramp up silver-lead production at the Galena Complex.”
Consolidated First Quarter Production Details
Consolidated silver production was 708,241 ounces for the first quarter of 2015 which represents an increase of 9% over the previous quarter and 4% year-over-year. Silver equivalent production was approximately 1.25 million ounces, up 13% over the previous quarter and 25% year-over-year; while, grade rose 14% and 9% respectively. Consolidated cash costs fell 13% to $12.46 compared with the fourth quarter of 2014 and 25% year-over-year; while all-in sustaining costs dropped 26% to $17.15 compared with the prior quarter and 24% year-over-year. In addition, lead production increased 110% year-over-year, as the Galena Complex continued its focus on increasing silver-lead ore production.
Cosalá Operations Production Details
Galena Complex Production Details
The Galena Complex produced 391,625 ounces of silver during the first quarter of 2015 and 596,089 ounces of silver equivalent during the same period at a cash cost of $14.59 per ounce and an all-in sustaining cost of $19.57 per ounce. Silver production was up 9% compared with the previous quarter, while silver equivalent production rose 10% over the same period and 29% compared with the first quarter of 2014. Cash costs were down 15% compared with the previous quarter and 22% year-over-year and all-in sustaining costs fell 9% and 18% respectively. Increased silver and lead production will continue throughout 2015, as more developed working faces will facilitate a ramp up of throughput after planned capital expenditures last year and in the first half of 2015.
About Scorpio Mining
For more information:
Darren Blasutti Nikki Richard
President and CEO Investor Relations